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What Is Business Compliance?

It’s important when you’re starting a new business to understand how to set your model up. If you’re a business that’s already established and making it, you might not have the same issues as a new business starting out. This article will be for the business owner looking to get financing. It doesn’t matter if you’re an existing business or new business either way you need to know what to do. There are important steps you should take as a business to line yourself up with the lending market requirements. The banks and lenders have a model of a business they want to lend money to. It’s important you know where to start. Let’s talk about what compliance is and means.

Before applying for credit for your business you should have a game plan or a business plan in place. This plan acts as a guide to keep you on course. Talk to your local professionals and seek their advice. Let them know what your plans are and how setting up your business will best benefit your needs and goals. You’re going to be setting up a Corporation or an LLC. After establishing your new entity you need to get your EIN number. Now once all this is complete your have set the boundary. You now have a clear separation between yourself and your business. Your business has an EIN number and you have a Social Security Number (same number of digits if you count them just sequenced differently).

Next take this “new” identity you set up and get yourself out there. Establish a separate business phone number in the company name. Set up business emails for you in just the company name something like <a href=”mailto:[email protected]”>[email protected]</a>. Make sure the business land line is registered with 411. Banks will want to pick the phone up and dial 411 and see that you’re registered. Always answer the business phone in the Company name. Get exposure online. When you look for a car mechanic you look in the phone book or online and find what you feel to be the best mechanic. Now you don’t know much about this mechanic but you felt comfortable because they were easy to find and looked like they have great reviews. This is how your business needs to look. Make sure to register your business online with all free directories you can find, the more the better. You want people to feel just as comfortable as you did when you looked up the mechanic. Get all the exposure you can. Once you done this give it a week or 2 and then go online and simply put your business name into the search bar and see what you find. If you see yourself showing up in the search engines then you know you’re starting to get exposed. If you can easily find your business so can anyone else.

Your almost compliant at this point and lined up with the lending market requirements. Before applying for ANY credit you need to finish the process. Get registered with the business credit bureaus. They will establish you a separate number for your business that you can now use to access credit from vendors and lending institutions. Use your business credit profile numbers that were issued to you by the business bureaus and start building credit. Remember if you don’t want to use your personal credit to fund your initial business start-up then you need to know what compliance is and align yourself properly. Not doing this will hurt your chances of establishing proper business credit. Now that you have all these items in place you can feel comfortable knowing your Business Compliant.

Keys to Success in a Brand New Home Based Business

To accomplish great success in a new or any home based business isn’t about some complicated strategy… it is rather simple, and the keys to success in a brand new home based business I outline below, if adopted, can lead you down the path of monetary transformation in your network marketing business as soon as you start.

It’s common for brand new work-at- home business proprietors to feel overwhelmed and frustrated when they’re just getting started. Everybody has struggles with their home business at one time and experiences a time of doubt, however with these keys to success you will be able to remain on track.

1. Be Committed: Your choice to begin a brand new Home Based Business is not something that needs to be taken gently. Being an entrepreneur dealing with a business of your own, and giving 100% of your efforts is the only method to become successful. While you will see occasions in which you may doubt the reason why you ever began an online business in the first place, but if you concentrate on learning your profession and makes it your ultimate goal to do all you can to achieve success, you’ll be fine.

2. Be Willing To Invest In Your Business: If you wish to earn significant earnings in your home-based business, you should realize that for your business to develop in a rapid pace, you’ve got to be willing to invest in yourself as well as your business. Building your business with free techniques may end up costing you in the long run. Find out the knowledge you need to acquire to improve your business and start learning those skills at once, also find out the amount required for smooth running of your business and provide that also. Don’t make mistakes beginners always make by building their online Network marketing business with FREE methods.

3. Prepare a Success Plan: There’s no get rich quick when it involves creating a lasting and profitable business. Preparing a regular routine that keeps you on track and centered on income producing activities is paramount to your success. You simply have 24 hours per day – and individuals who use their work hours sensibly begin to see the utmost success. Therefore replace non-income producing habits with ones that will increase your profits.

4. Attend Company Events and Trainings: Provide your business an opportunity to expand and also grow by attending events, not just company events, but industry events and trainings. Events are a good spot to learn most of the fundamental business building concepts that may increase your earnings rapidly. Events will also be good for networking and developing close ties with other business owners like you.

5. Be Realistic: Understand from inception that not all prospect will join you in your business, knowing this from beginning will help you stay focus… all you need to do is make yourself a leader of value that everyone that is interested in home base business want to work with. People don’t join business they join people. Your work is to provide solutions to most needs in your market, expose the company, its products, compensation plan, and advantages to others and allow them to decide if it’s a great fit or otherwise. Many people you speak with won’t partner with you in business and that’s okay as not everybody nurses the ambition to be a business owner.

Don’t hold back until situations are perfect before you start having faith that you will succeed in business.

Don’t holds back until you understand fully the compensation plan, understand how to handle each and every rejection that could show up, or hone all your technical abilities.

Realize that all network entrepreneurs start at the very least stage, however they manage to get started. So, wherever you’re and whatever skills sets you are starting with, regardless of what they’re, the bottom line is to simply get started!

Why Business Plans Don’t Get Funded

Failure is guaranteed if a man does not understand the formula for success and apply them correctly. I say this without any hesitation and I speak from experience in this area. You can be assured that there is a formula for success in all endeavours of life and ignorance of the law is no excuse. The fact that some of us are wise in areas of our success and foolish in other areas where we experience failure goes to show that we all have something to offer each other. The same principle applies when it comes down to raising securing funding. If you do not know what the secrets are for raising finance successfully, then you will need to get an expert to help you learn and master the techniques to obtain a well-grounded knowledge for future success. One thing is certain, you do not wish to become like the masses that are unconsciously incompetent in this subject, often running to the banks and investors with poorly prepared business plans only to be faced with failure. In this article, I will now provide you with an insight into the world of writing an effective business plan for funding to help you raise finance successfully and to do so very quickly. The key to raising finance successfully is your business needs to be ‘Investment Ready’. Unless you have green traffic lights on all these areas I will soon be covering in this article, you will be met with numerous challenges and not be able to raise funding.

The secret for raising finance successfully for business growth was revealed to me whilst working for many years with financial institutions awarding funding to businesses, in my role as a Financial Advisor & Appraisal Manager, spending 50% of my time reviewing and analysing business plans for funding and the remaining 50% managing clients’ relationships post funding to ensure they comply with financial covenants. I can honestly tell you that many of the businesses that were consistently raising funding, used the same tried and tested systems. Those who frequently had challenges were using a multitude of different systems and hardly understood why they were unsuccessful often using petty claims to support their ignorance. You are being warned not to fall into the category of the latter group and, reading this article will put you one step ahead of the pack.

These are the five top reasons why a business plan will be rejected for funding:

1. The marketing strategy shows the business lacks competitive edge in its industry or the business lacks a robust marketing strategy and is likely to fail.

2. The management team is inadequate and in some cases lack the competencies required for business success.

3. The business strategy is unclear with the risk of exposing the funder’s capital to losses.

4. Financial projections are based on a rather optimistic assumptions, which when stress-tested show that the business will fail if the most likely outcomes in the marketplace materialised.

Unless your business has a plan to address all the above problems if they emerge in your business you are guaranteed to fail in your bid to raise funds. The reason is simple; the business plan is a management tool that funders use to carry out their due diligence on businesses that need their hard earn cash. Funders have a range of tools that they use to assess the viability of a business for funding and sadly many small businesses are clue-less about these evaluation techniques for funding decisions. This means that many businesses are not investment ready when they approach a funder and are shocked that their time and money producing the business plan has been wasted. Unless small businesses understand how they are evaluated for funding, the risk of businesses being unable to raise finance for growth even with the proliferation of government backed loans will continue to increase.

In conclusion, before you as a business owner or manager approaches lenders or investors for funding, you are advised to ensure you take on board the points I have shared in this article with you, very seriously. If you are challenged with the technical details of business planning, by all means, seek professional help from experts, as you are more likely to obtain the funding you need, with the right business support solution than attempting to go it alone and be faced with rejections.

I wish you great success with your business funding journey and do keep reading my articles in this subject area and management issues in general.