How to Start a Home Based Business and Grow It

One of the downsides to opening a home-based business that operates with local clients if they can come off as unprofessional that you simply work out of your home as it pertains to the services that you render. As such, you may want to work directly with the client at their location or providing services such as bookkeeping or other personal services that do not necessarily need to be rendered within your home. Over time, you may want to be to able to afford a small office space that will allow you to give your business and more professional look as it pertains to working with local clients.

It should be noted, on a side discussion, as it pertains to financing a small business it is somewhat typical. The small business administration typically does not allow for loans made to home-based businesses. This is primarily due to the fact that one of the reasons why the small business administration was created was so that traditional businesses could be launched and individuals would hire other people within their small business facilities. As such, you may be an excellent candidate for a SBA loan however you are going to need to move into a traditional facility before you’re able to receive this type of financing. However, there are a number of other types of financing methodologies available to you. This may include using some of your own savings, using some income from your 401(k) or IRA accounts, taking out a personal loan, using credit cards, or working with a potential investor that can provide you with the financing that you need in order to launch a business. Of course, there is no proper way to ever play in the business, there are a million ways to skin a cat, and as such you may want to tap some unconventional means as it pertains to obtain financing for your home-based business. As it pertains to using credit cards or personal loans in order to finance your home-based business, this can be a very expensive endeavor. Most personal loans are unsecured by any type of tangible property more tangible asset typically has a substantially higher interest rates in the back associated with a secured loan. In most cases, your interest rate can vary anywhere from 9% to 20% per year depending on your overall credit score. As such, it is absolutely imperative for use loan financing in order to start your home-based business recommend that you very carefully to all potential financing options for using personal loans or credit cards. In time, there are other types of lending facilities that you can use as it pertains to receiving the financing that you may need on the ongoing basis.

After you determine which type of home-based business one a start, it is time to start the preparation of your business plan. Here, you’re going to want to create a blueprint of how you intend to provide your services or products the general public, how you will integrate certain procedures and protocols into your day-to-day activities relating your to your home-based business, developing a well focused financial model that has a profit and loss statement, cash flow analysis, balance sheet, pregame analysis, business reaches page, and general assumptions page that will be used in conjunction with your company, and a detailed overview of how you intend to market your business.

Protecting Your Business Structure As a Separate Entity

There are a wide variety of business entities to choose from and they vary from state to state. Which type of entity you choose will have a significant impact on your exposure to liability, your responsibilities as the business owner, and the taxes you and the business will be responsible for paying. Each type of structure has advantages and disadvantages, and should be chosen with care after consulting a business or legal professional.

Regardless of business structure, one of the most common mistakes business owners make is to believe that the entity they choose will provide unlimited legal protection. Yes, many of the business structures offer legal protection in the abstract, a sort of legal shield, so to speak. However, reality can be quite different. Your legal protection is dependent on whether you honor the structure. Simply filing the requisite documents establishing the business is insufficient to truly protect the business owner. The business owner also must operate the business as a distinct entity from him- or herself.

To start with, a basic rule of business ownership is the rule against the co-mingling of personal and business funds. It is vitally important for the business owner to keep his or her personal funds separate from the business accounts. This sounds so simple and, yet, many entrepreneurs co-mingle funds, rendering legal protection meaningless in the extreme. There is a legal doctrine called “piercing the corporate veil,” which allows a litigant to actually pierce the business structure of the entity being sued, and make a claim against the individual owner and his or her personal assets. This doctrine is only applied in the extreme, but it is an important doctrine to use as a litmus test when operating a business. One of the biggest factors a court will consider when deciding whether to “pierce the veil” is whether or not the business owner has co-mingled his or her personal and business funds. Rule of thumb: Keep them separate!

Another common mistake made by business owners is the failure to adhere to the legal formalities required of whatever type of business entity they chose. If you do not treat the business as a separate entity, then a court may not do so either. Alas, the protection you thought you had been entitled to may no longer exist! One of the easiest ways to treat the business as separate is to maintain great business records. If you are required to keep minutes or show proof of an annual meeting for your corporation, do so. If you are required to maintain proof of business expenses, make sure you have those documents and can find them (a good professional organizer can work wonders here!). In other words, create the paper trail required by law. That paper trail serves as strong evidence that the business is, indeed, a real business.

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The Easy Way to Borrow Money

The kind of loans one can apply for
In India, it is possible to apply online for short or long term loans. The money obtained this way can be used for various purposes, such as marriage, education, car, land or home purchase and so on. Loans generally start at Rs. 10,000. Make sure to pay maximum attention when you agree on the repayments period – you must make sure you can make repayments as promised.

Eligibility criteria
To obtain a loan online without any hassle, just make sure you follow the guidelines. Also, you need to meet the eligibility criteria. Before applying, the individual needs to gather all the documents required. The PAN card will usually be necessary, as well as Aadhar card. The client must provide an address proof. The electricity bills required are not always a substitute for this proof of address. As soon as all the documents are gathered, the client should scan these and send the copies online in the provided form. Lenders require to see each client’s credit score before they decide whether to approve the loan or not. In addition, borrowers definitely need to have a valid bank account, so the money can be delivered. Nationality and residency are also important matters here. Applicants need to make proof of their Indian nationality.

How the Aadhar card helps
Having an Aadhar card can help you obtain a loan on fair terms. The purpose of the project involving it was to secure everyone’s social identity permanently. A card with a unique identification number holding biometric data can easily and accurately provide proof of identity and residency. It’s the perfect solution for today’s technological advancements that have also made quick online loans possible.

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Business Integrity Is For Sale

How realistic is it to expect integrity from other people in the knowledge that it is almost impossible for us to maintain our own integrity? Sure, it is easy to maintain a high level of integrity as long as it doesn’t hurt or doesn’t cost money. But what do we do the moment our integrity stands in the way of a lot of money or a promotion or keeping our job? We don’t always realize it, but we do ‘stretch’ our integrity quite often.

Let me give you some examples.

Sales

Sales reps have a tendency to stretch their integrity to the max and beyond when it comes to closing deals:

“The customer is always right”. Sales people will almost never contradict a customer out of fear for losing the deal.

Customers can be rude. Very rude. I have seen sales people accepting behavior from customers that they would not accept from family or close friends. All integrity down the drain, just for money.

Every sales rep (including myself) has sold his product/service, despite that he was fully aware of the fact that a competitor had something better to offer. Did I tell the customer to take his business elsewhere after he agreed to our proposition? Hell no, that would have cost me my commission!

Management

Managers stretch their integrity as well, almost daily:

An employee asks about his career chances. The manager answers:”In our organization, everything is possible for ambitious and motivated people.” It is a carrot on a stick, instead of telling how it is out of fear that the employee might leave.

Relaying a not so popular message to their employees, emphasizing that they don’t like it either, but it’s the boss’ decision. That’s unethical and cowardly behavior, not to say that it shows very poor management skills.

These are just a few examples of stretching integrity. We start selling our integrity when our ‘normal’ level of integrity will cost us money, respect, reputation or whatever is of value to us.

I don’t trust on somebody’s integrity, mainly because I don’t trust my own integrity. I know for sure if I had to choose between my principles and integrity on one side and going broke on the other side, my principles and integrity would fly out of the window faster than you can blink your eyes. And I bet that the same goes for the vast majority of us.

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Your Real Path To An Easy Home Based Business

Why Some People Make The Easy Home Based Business Claim

First of all, you need to understand the difference between an easy home based business and people who make it appear to be easy. Recalling a particular event I attended, I listened as a team member boldly announced “this is the easiest thing I have ever done in my life.” While she found the process easy to implement and make money with, it can send the wrong message to people. It can force people to setting unrealistic expectations concerning their personal results, since everybody brings various skills and personalities to the table. Background, previous experience, and established skills are all part of the reason that some people are being honest about working with an easy home based business. In her case, it was easy because she already developed business skills, people skills, and already carried a certain level of influence with people. Not everybody starts a business in the same way, with the same skills.
Guidelines For Your Easy Home Based Business Journey

1. Begin with proper expectations. When a result doesn’t match the expectation it is easy to get frustrated and give up. If you have never run a business before, never been self employed before or never worked from home before, it wouldn’t be realistic to assume the same easy home based business claim that others might. Most likely it will take time for you to develop the necessary skills and self discipline required to build a serious business. Overnight success is an anomaly in the home business arena. When you hear the stories about people who attain quick success, you are not hearing the whole story. For most of those people, that success was the result of failing forward, meaning they probably made several attempts before they found a niche where they could use the skills they learned. Expectations are a double edge sword, because you need to have positive expecations for results while expecting that challenges are a part of the process.

2. Commit yourself completely. Building a flourishing home business takes time and patience. If you are not naturally a patient person, you need to learn it quickly. Commitment means seeing your goals through completion. This will require that you learn new skills and become devoted to mastering those skills. Making a commitment also means that you will discipline yourself to investing a specific amount of time to your business each day or week. An easy home based business is not found, it is created by your commitment to follow through.

3. Make appropriate sacrifices. Learn to view everything as short term sacrifices for the long term gain. If you genuinely want to grow to be a professional you will have to give up to go up. This means saying good bye to certain habits or luxuries like watching TV, evening outings with friends, or relaxing after a day at work. You have a new business now, and much like a new baby, it requires your time and attention in order to flourish. In the beginning you have to expect that your life will get out of balance, where working becomes a bigger priority. Eventually when you build it right, you can say good bye to your day job and resume rewarding yourself with some fun!