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Monthly Archives: May 2017

Business Credit Cards

In many cases, start-up companies seek out a loan at the beginning of their business. For business owners who are not comfortable taking out a large loan, there are other options that can be considered as an alternative.

A credit card designed specifically for business is an option many companies will choose to pursue. This is just like a traditional credit card, but it also provides a variety of business directed incentives.

Credit card companies generally offer low interest rates to attract new business enterprises. While the credit history of the owner of a small business is going to be considered in factoring how much credit a company can receive, other factors are considered to carry greater significance.

The business plan and financial projections of a new company are going to be the most important categories available for banks to examine. Lenders and credit givers are fundamentally interested in learning about your projected financial expectations.

For companies that have been around for awhile, an in-depth look at its financial history and business projections are going to be the most vital pieces of information a credit card company will want to know.

A business credit card provider is going to be most concerned with the stability of the company. Some banks are so concerned about the stability of a business that they will not risk the investment of offering any type of credit to a start-up company, even if that company has a checking account at their bank, until the company has maintained their business checking account for at least one year.

This is by no means meant to discourage a business owner from pursuing business financing. Instead, it is simply an observation of the difficulties that many business owners face when trying to establish business credit. Each bank has their own policies on business credit cards, and some banks will prefer to be more cautious than other banks.


Reasons Why Most People Fail

1. They don’t carve out their own niche – Many aspiring singers fail for instance, because they’re too busy trying to become the next Kelly Clarkson, James Brown or Michael Jackson. Same thing goes for wannabe models, writers and business people. Does the world really need what it already has? Stop trying to clone somebody else, learn from successful people by all means but project your uniqueness too. On a sheet of paper list your talents, hobbies, life experiences, educational background and practical skills. Can you infuse your culture into your work? For instance American author, Amy Tan, has made a fortune writing stories about the trials and triumphs of Chinese immigrants. If she’d tried to become the next Joan Collins she would have failed to convince her audience. Think, ‘how can my life experiences, education and practical skills contribute toward creating my desired lifestyle?’ Thoughtfully write down the answers to these questions. If you require further insight, get some feedback from family and friends. Work with what you’ve got- it’s more than enough.

2. They don’t perfect their craft – You’d be surprised how many times an actor rehearses for a single movie scene or how many times a writer has to proofread a manuscript. Some dreamers think that raw talent will fetch them a fortune overnight. When crude oil is drilled out of the earth’s crust is it supplied to gas stations right away? No one shells out their hard earned money to amateurs. Work on your skills so that you can compete with the best in the world. Get a guru to mentor you, enrol in a refresher course or practice devotedly. The more you work at your craft, the better it’ll become and the more remuneration you can command for what you do. Strive for excellence if you want to make a living doing what you love.

3. They don’t establish demand – Many dreamers assume that there is an instant market for the products and services they aim to provide. If you plan to make a living doing what you love, don’t make assumptions- do some market research. Is there really a demand for your homemade scented candles? Will people outside of Hollywood queue up to buy your doggie haute couture? Test the waters thoroughly before stepping out of the boat. Hand out questionnaires to friends and neighbours, visit local shops and find out what sort of items sell best. Read newspapers and learn to spot and analyse emerging trends. Think big by all means but if you don’t start small you may well be sorry.

4. They don’t sell to persistent needs – You don’t want to invest precious time and money crafting a product, only to find out that demand isn’t steady. You want the need (for whatever you plan to sell) to be as regular as your utility bill. One can’t go wrong in the food industry for instance because whatever happens people have to eat and in order to serve their customers, cooks have to buy crockery from the manufacturing industry. People who eat also have to defecate at some point and that’s where toilet roll production comes in. Think strategically. Seek to meet a genuinely pressing need or at least have the ability to convince your target audience that they can’t do without your offering. Again, determine persistent needs and sell accordingly.

5. They give up too soon – If it was that easy then everyone would make a living doing what they love. A lot of people have failed not because they weren’t talented enough but because they gave up way too soon. Is your dream worth waiting for? Are you willing to leave (and stay outside) your comfort zone or endure rejection for the sake of what you want to accomplish? Can you really bear to live your life burdened with the pain of unfulfilled dreams? Sylvester Stallone endured poverty and abuse in his childhood. It is said that Sylvester was often beaten up by his father and advised to develop his body as he had no brains. Stallone struggled as an actor for many years but one day whilst watching a Mohammed Ali boxing match, he was inspired to write the script for the movie ‘Rocky’. He finished the script in less than a week and peddled it to producers demanding that he be cast in the lead role. His persistence paid off and today ‘Rocky’ (asides earning Sly millions of dollars) has become one of the most loved American movies of all time.

Common Fears that Many Business Owners Have

# You don’t really know what marketing is and how to apply it to your business, so you can’t really use it until you know all about it.

How To Conquer Your Business Fear : If you wait for everything in your business to be perfect before you start, you will never start. Instead of waiting to learn a lot about marketing, start marketing now. For example, write an article relevant to your business and submit it to article directories. This will give you a start in marketing your business.

# You will not appear very genuine to your clients if you market yourself. You are a professional and your clients should just magically find you themselves.

How To Conquer Your Business Fear : If your potential clients don’t know who you are, they can’t hire you. You need to get your name out there and become seen as an expert in your field to get clients.

You can become a highly visible person in your field by writing and publishing articles in your field of expertise, publishing a newsletter, and participating in online networking. Use these as opportunities to share information with your potential customers and educate them about you and your business.

# People don’t need what you are offering.

How To Conquer Your Business Fear : There is a great way to make sure that people you are marketing your products and services want them. Market your products and services to members of your target market. These are the people who already want, need and can afford your products and services.

When you promote your products and services to people who want them, things happen. It becomes easy to get clients and make money. Your products and services are in demand. You become the go-to person in your field of expertise.