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February 19, 2016, 9:18 am

Business lending tips; What you Need to Consider when Looking at Additional Finance

by: The Financial Blogger    Category: Business

Starting and maintaining a business can be time consuming and financially stressful. If you have a business which is just starting out or your business is looking to expand having additional finance could benefit your company as long as your business and the lending company are up front with one another- you don’t want to be left with a bad credit loan.

Be Honest

If your business is looking to lend some money and is in need of a loan there is no point in trying to hide your businesses previous financial history. Company credit reports insist that all necessary information about your business should all be true so potential lenders can figure out the best options that are available to your company.

If your business is looking for additional finance and you choose to lend money from a bank or a lending company they will check to see if your business has been profitable in the past three years. All lenders will also look closely at your previous credit history so be sure to keep an eye on your credit rating and be up front with the lenders as lying won’t benefit your business long-term.

As well as being honest about your financial history inform the lenders or lending company why you’re in need of additional finance. Your business will have a higher chance of being granted a loan if your reveal what your businesses future prospects or expansions are.

Seek Advice

When applying for a business loan you don’t have to go at it alone why not seek out advice? The business loan market is an ever changing process so ensure you seek out advice to help explain the procedure so your business is aware of all aspects before taking out a loan. Expert knowledge can make it easier to assess the pros and cons of taking out a loan before you do so.

Be Wise

The current business loan market is in high demand and lenders are aware of this. There are still options available to businesses that are looking for reasonable terms when it comes to loans. Just be aware that headline interest rate figures on business loans are used to attract those who are in need of loans but they don’t always reveal all their rates, so it’s best to search around for the best deal. It could seem like a great deal but it might not suit your companys’ needs and you won’t want to be left with a bad credit loan as this could affect your future credit history. So seek out advice and really think about it before making any brash decisions.

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February 19, 2016, 9:17 am

If you own a sole proprietorship what are the best ways to avoid large costs with an international business

by: The Financial Blogger    Category: Business


If you’re the sole proprietor of your business it can be difficult as everything is down to you but there are advantages as you make all the profits and expenses are normally lower than other complex business structures. Expanding to an international market can be expensive so make sure you create a business plan and implement a budget for the expansion of an international business.

One benefit of having a sole proprietorship is that there are normally less expenses which will apply to a domestic market as well as an international one. Once you have got your business license it is always a good idea to get an accountant that way you can track your income and expenses. Having a sole proprietorship means that you won’t pay as much tax as other complex business structures. The tax will vary depending on which country your international business expands to. If you invest in an accountant at the beginning they can take care of the international business as well as your domestic one as there will be different tax laws and requirements depending on the country.

Before any business expands to accommodate an international market as the sole proprietor you will need to prepare an international business plan. Take in to consideration all expenses that you will you have to pay out for which as a sole proprietor there will be fewer expenses and you can easily set up a budget for the expansion of your company.  As the sole proprietor you get the benefit of collecting all the profits so make sure you leave some reserve in case any unexpected emergencies appear.

Once your international business is up and running the use of technology will be the biggest money saver. If you need to check up on your international business you no longer have to take lots of expensive business trips you can communicate constantly with your business thanks to modern technology. Technology allows you to make free conference calls from anywhere in the world with your businesses landline or your Smartphone meaning that you can be calling Poland for less or any other place on the planet for that matter. As well as international calls you can communicate with your international business through online VOIP calls and through e-mails which both only cost virtually nothing as well. E-mails and conference calls have an advantage as well as them being free they can be done from anywhere so you won’t be just limited to your office you can communicate on the go.




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February 9, 2016, 8:06 am

How Merchant Accounts are Evolving for Customers’ needs in the Digital Age

by: The Financial Blogger    Category: Business


If you’re a business owner, entering the digital age can be daunting but unfortunately it’s now a necessity. The start-up of a business’s virtual presence doesn’t have to be pricey and long term it could actually promote more success and more profit for your company. Businesses that don’t accommodate to the customers’ needs of using technology will unfortunately fall behind and lose out to their competitors who do offer a virtual shopping experience.

More and more retailers are switching to using merchant accounts to process payments. Ultimately merchant accounts make it easier for customers to pay with debit and credit cards whether that’s in store or online. Merchant accounts are a quick and easy method of processing payments securely as well. Retailers should invest in multiple merchant accounts for their stores and website as they distribute sales across the accounts decreasing the monthly volume per account and lowers your businesses risk profile.

Shopping habits have changed dramatically over the years due to the opportunities technology has opened up. Online shopping has really taken off in the past few years as customers are able to browse your website in the comfort of their own home. Merchant accounts make shopping easier for customers and retailers, as card payments are accepted and processed quicker through merchant accounts whether they are in store or online purchases.

Online shopping is also great for those who struggle with mobility or for those shopping in a different country. Most retailers recognise the popularity of online shopping and merchant accounts make this process easier for retailers. By using merchant accounts it opens up sales from different countries as they can accept all currencies. Always make sure that the physical store matches the online one as it’s important to have a clear brand image so customers won’t get confused. The physical store is still just as important as having a virtual presence, as some customers mostly older ones will want to visit the store and have a personal interaction.

So you’ve bought your business into the digital age and have an online presences as well as a physical store now what? With the digital age you need to be aware of where your customers are looking and as of 2014 people are using their smartphones more and more rather than their desktops. Many people will be looking at your website through their smartphones or tablet devices so it’s important your website is mobile friendly too. Another option to make sure your business is as accessible to all customers is to adapt your virtual presence and create an app for the use of smartphones and tablets. With merchant accounts retailers can take payments from customers who are ordering from their smartphones and tablet devices. That way you are making the most of your multiple merchant accounts and keeping up-to-date with all of your customers as well as knowing where they are looking from.


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January 29, 2016, 11:24 am

Comparing Business Lending: The Best Routes whether you have Good or Bad Credit

by: The Financial Blogger    Category: Business

If you’re in the position where you want to start your own business then you might be wondering about the best ways to secure funding. Unfortunately, if you are a start-up then the established banks will rarely provide you with a loan to finance your new venture, which means you will probably have to investigate into other means of funding. Luckily there are still a lot of options on the table that are being used by business owners every day to finance new ideas, and below we’ll talk you through some of the most effective ones.

Use your home as equity

Homeowners with more than 15% equity could qualify for a loan based on the value of the home. In general, the banks will allow homeowners to borrow between 70-85% of the value of their home, including the mortgage. The main benefit of this method is that it provides you with capital at a much lower interest rate, compared to credit cards, etc. This means it’s becoming a popular choice when people need money to finance their start-up, however the downside is the potential risk of losing your home if you can’t keep on top of things.

Use friends and family

You can use friends and family if you need funding for your start-up business. You can do this in two different ways, by either selling them a share of your business or taking their money as a loan. It’s typically easier to take their money as a loan, as sometimes even small equity owners can believe they should have a say in the strategy of the business, leading to some tricky conversations down the line.

Look into crowdfunding

Crowdfunding allows you to raise small amounts of money from a number of different people, usually through dedicated crowdfunding websites. Some business owners try crowdfunding based purely on the strength of their new idea, whereas others like to offer incentives for supporters who invest. Elsewhere you get some start-ups who offer shares of the company to particularly big investors, and this encourages more people to get involved.

Get a microloan

There are some non-profit lenders who specialise in providing microloans for start-ups. You can borrow a relatively small sum of money, such as $20,000, for your start-up to get going, as long as you have adequate cash flow to make the loan payments. If you do want to go down this route then you might have to show a source of income that is independent of the business.

As you can see there are a few different choices to make when you want to finance your start-up. You should think carefully before making any firm commitments, whether it’s using your home as equity or securing a microloan. If you have explored other options then a payday loan could even provide the funding you’re looking for, as long as you look around for the best deal and know what you’re getting into. As long as you do the homework you should be able to secure the money you need to get your new venture off the ground.

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April 8, 2014, 5:00 am

How I earned a second paycheque in my spare time

by: The Financial Blogger    Category: Business


This is a guest post from a blogger fella Robb Engen. After some discussion, I realized that he was running several online gigs on the side and his wife has even stopped working! He would definitely qualify for my post “Successful Double Income Stories That Don’t Lead to Quitting Your Job.” Enjoy!


One thing I’ve always admired about Mike is that he has managed to negotiate a four day work week so he could devote more time to his side business.  He’s struck the perfect balance between entrepreneurship and a steady paycheque.

I don’t have a four day work week but I left the job where I was working 60 hours a week in the busy hospitality industry and headed to the public sector where the hours are much more flexible and I’m home from work before 5:00pm every night.

Rather than spend my ample free time on the couch watching television or lurking on Facebook, I research and write about personal finance and investing on my blogs as well as for a national newspaper.

It all started the year my first child was born and – after she settled into a sleep routine – I found that I had nothing to do in the evenings after 7:00pm.  I started reading blogs like Million Dollar Journey and The Financial Blogger and realized that instead of consuming content all night long I could be creating my own.

Most personal finance blogs were all the same: 30-something guys trying to save and invest their way to financial independence.  I wanted something different to stand out from the pack so I talked to my mother, a former financial advisor with one of the big banks, about a tag-team approach to the blog.

The Boomer & Echo blog was launched a few months later.  We split the writing responsibilities and managed to publish five articles a week for two years.  Within eighteen months we had 100,000 page views per month and earned over $3,000 per month in advertising revenue.  The extra income allowed my wife to stay home full time to look after our two kids.

I’ve learned that you need to diversify in order to be successful online.  I went on a guest posting spree for a few months to promote my blog and got noticed by the personal finance editor at the Toronto Star.  Now I get paid to write a bi-weekly column for a major media outlet!

I also found a niche that I liked to write about – rewards cards and loyalty programs – so I started the Rewards Cards Canada blog.  The niche happened to be underserved at the time and had the potential to be highly profitable with the right affiliate partners.

Earlier this year my mom and I started a fee-only financial planning service where we help clients identify their financial goals and write a plan to achieve them.

The point is: I spread my risk from one online income source to many different ones, and even though my main blog has suffered from lower search traffic in the last year or so, my side income has continued to grow.

I expect to generate about $65,000 in revenue this year from advertising, referrals, freelance writing, and the new planning service.  The best part is that I can do all of this during the evenings and on weekends and still have plenty of spare time to play with my kids, go out with my wife, or stay home and watch Netflix.

Robb Engen is one-half of the Boomer & Echo blogging team.  He recently started a new blog called Earn Save Grow that features stories on how to earn more rather than spend less.


A Few Notes from TFB…


Last week, I discussed about four other guys doing what Robb is doing; use their free time to work harder for themselves instead of working harder for the boss. The result is always the same: more money in your pocket than you can even imagine.


I appreciate the insider view of the personal finance Boomer & Echo provides. I try to give a similar feel to this blog as I think people should know more about the banking and financial industry. This is definitely a great and unique angle to approach personal finance. But you can find your angle too, or find something completely different to talk about and still make money.


Turn off that darn TV, find something you are passionate about and start working on your website. I’ll make a bet with you: I bet you won’t quit your job with your new site but I bet you will beat your day job hourly wage!


If you have other stories to share like this, I definitely want to hear about them!

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