Why Coming Out With A Dragon Is The Ultimate Objective When Entering The Den
Most people in the world of business will agree that hard work and dedication are prerequisites of success. One of the best ways to achieve success is to ensure your bank has your best interests at heart at all times. If you are looking for success stories in the world of business a great place to start is the BBC’s television show ‘Dragon’s Den’. The board members on this show represent the ultimate of British entrepreneurial talent who have built up personal fortunes pursuing profits in a variety of industry sectors.
For those who have not seen the show, the premise is that those who have ideas or inventions present them to a board of business experts. The hope of the interviewees is to gain a financial investment from members of the board. Many of these hopefuls have already tried to gain funding from their bank but have been rejected for a number of reasons. For most interviewees the hope is that one of the Dragons will see potential in their business and decide to invest.
There is a price to pay however for gaining the Dragons’ financial backing and business acumen; interviewees will always have to give up some of their equity or future profits in order to secure a deal. In comparison, if funding is loaned from the bank, although there will be interest no equity will be relinquished. For most who are peddling their wares on the show however, the surrendering of equity is a small price to pay to gain the expertise, contacts and know-how of one or more of the Dragons.
One of the success stories from the Den was that of Levi Roots. Levi had been a MOBO music award winner in 1998 and came to the Den hoping to sell his idea of a unique sauce. His pitch included a catchy tune advertising his ‘Reggae Reggae Sauce’ and the Dragons bough into the idea. Levi managed to secure the support of two of the Dragons as well as a fifty thousand pounds investment to further develop and distribute his product. Thanks to the Dragon’s contacts he managed to place his sauce onto the shelves of a major supermarket chain and remains a popular condiment in many homes. Recently, Levi has also struck up a deal with a fast food chain to include his sauce in outlets across the country.
Another success story from the Den was a board game named ‘About Time’. While the Dragons normally reject items such as board games the inventor Iain McGill had won over the board with an inventive pitch. The bank had invested already but after a period had withdrawn their support as they thought the idea was a non-starter. Unfortunately for Iain the board game was in a critical part of its development and this loss of support had hit his idea hard. He visited the Dragons as his last chance to achieve a major investment.
The board game was based upon historical events and had a strong educational element. Seemingly this appealed to the Dragons who appreciated the educational aspect of the idea. The game is now stocked in specialist shops around the country and has experienced a great response from the public, obviously helped by the appearance on the BBC show.
So far the Dragons have helped many entrepreneurs who have lost the support of their bank. After many series the sum invested has entered the millions; while not all of the deals brokered on the show have experienced success, those that were pursued vehemently have managed to bring popular services and products to the marketplace. Most of the interviewees will agree that it is not the financial investment that they want when entering the Den, to secure the knowledge and contacts of these behemoths of business is the ultimate objective.
Business expert Thomas Pretty looks into why a business bank loan can be compared to investment from a well established entrepreneur.
How to Establish Business Credit – Avoid These Common Mistakes When Using Your Business Credit Card
When you finally get that business credit card, it opens a lot of doors and creates opportunity for you and your business. One opportunity for a business with no credit is to establish business credit. However many business owners make mistakes that impact the business to the point of no recovery. What happens is the credit limit is so high on these cards that some business owners go on a spending spree and through the business in debt within a few months. Here are common mistakes businesses make.
They don’t have a spending plan for the business credit card.
You need to know how what you are going to buy with the business credit card. Remember, the reason for getting a business credit card is to establish business credit. Plus you can use it to increase your company’s purchasing power. Also, keep in mind that business credit cards come with an extremely high limit.
It’s amazing what happens after some business owners get the credit card and see that limit. The feeling of euphoria sets in. Then all of a sudden they feel they have a pile of money to spend. However, nothing can be further from the truth. All it is a limit of how much money you can borrow and you have to be meticulous on how you plan to use the card.
In all honesty, you want to start out simple, start with a few expenses you can charge on the card and then pay the balance when the bill comes. The best expenses to start with are reoccurring expenses from vendors that offer auto pay. It’s a great way to pay your bills on time. This leads me to my next mistake I would like to discuss.
They don’t pay their bills on time.
Not paying your credit card bill on time is one of the worst actions you can take if you are trying to establish credit for your business. For one, credit card company’s like to slap you with late fees if you’re only a few days late! If you are really late it can put a blemish on your credit report that lasts for many years. You are basically giving yourself permission to let things slide. When you own your own business you cannot let things slide or you’ll be sliding right back to being an employee. When you’re a business owner, you need to stay on top of a lot of things in order to be successful. Most importantly stay on top of your bills.
Owning a business credit card to establish business credit is a great responsibility to any business owner. Unfortunately, many business owners who get a credit card for the first time make the common mistakes discussed above. However, with proper planning and making prompt payments will help you establish the credit that you need to apply for bigger loans to expand your business.
Do you want to know how to establish business credit? Get all the information you need to get started at: http://establishyourbusinesscredit.blogspot.com.
Education 902B Grants for Improved Learning
The government offers grants for numerous research programs. The education 902B grant is just one of these grants. This grant allows money for research in discovering methods for improved learning among students, especially students that have faced adversity in the past.
The 902B education grant is just one of the many grants that the federal government offers to individuals. If you are looking for something different, government grants for women and government grants for small business can give you the challenge you are looking for in life. Government grants offer unique opportunities. The money is free and does not have to be paid back, but just because the money is free does not mean it is a free ride. The government will expect something in return.
These grants come with conditions and there are usually a lot of conditions, but do not let that discourage you. You can get the money you need to start a business or possibly pay debts, but you also have to know how to find out what grants the government has available.
The tricky part about government grants is finding the grants that are available and doing the paperwork to get them. There are a number of websites that list these grants. They are generally listed by category on these websites. There are also databases that list all of the government grants that are being offered at the current time.
You may have something specific in mind when searching for a grant, but you may just want to search to see what is available. There may be offers there that you never would have thought of, but would be a good fit for the business you are in or are considering. One thing you have to keep in mind is the government will expect something in return. Not only are they giving you money, but they are expecting you to help a certain group of people or a certain area of the country. Free government grants can be a win-win situation for all involved.
Get started in business and getting an education can be expensive. Before you look into getting a loan, you should consider a government grant. You may find some free money that can help you realize one of your goals. Take the time to research all your options before you make any decisions when it comes to money. An education 902B grant is just one of the free grants that the government offers for education research.
Find out how an education 902B grant can give you the funds for learning research. Get a free CD with a list of free government grants.
Financing Your Office Furniture, Good or Bad?
Well we all know that if you are running an office business that office furniture is one of the most important aspects of setting up a good working environment. Whether you are upgrading or completely moving to a new location. State of the art office furniture is a must.
If I was to walk into an office and somebody told me to take a seat while I waited and directed me to an old ripped sofa at the end of the room, I would not be very impressed. But if on the other hand the room was full of elegancy and luxury it would give me a great first impression and would defiantly have set me up on the good side of things rather than the bad.
Although buying this type of furniture may set you back slightly it is well worth it. If you cannot afford to buy the furniture outright there are many companies available that will be able to offer you some sort of finance deal depending on the quantity of products that you want. We all know that financing companies have there bad sides, so there are a few things that you should look out for when entering into an agreement. Firstly how much will your premium be, this indicates that if your furniture cost you 10 thousand for arguments sake, how much would you actually be paying back. More importantly how much are you willing to pay back?
Another important fact to take into account is whether or not your furniture finance will be based on the furniture itself. Meaning that if you cannot meet your monthly payments is the furniture secured or unsecured? In all honestly I do feel that getting finance can be a great idea, because although it is like renting out the items, you actually get to keep them after paying off your bill. This cannot be said for leasing, I feel leasing office furniture is quite a risky way to actually get hold of any sort of furniture because if you miss your payments you will end up having a practically empty office.
So to sum up I feel that getting finance to redecorate your office is a great idea, but take it at a pace that you know you can afford. There is nothing wrong with purchasing a few items here and there. Just do not be fooled to believe you can afford the world otherwise things may take a deep downfall.
Get your Office Furniture and Modern Office Furniture
The Importance Of Building A Good Business Relationship With Your Bank
When you own a business your choice of bank is a vital decision that needs careful deliberation. Fundamentally your bank should be more than just a place to store your finances; it should make your business operations easier and your financial situation simpler to manage. In addition, your bank should be able to offer essential information, guidance and advice on all manner of business problems.
To build a fruitful relationship with your bank there are two important factors that should be present at all times; these are the integrity and services on offer. While online services are now par for the course in modern business banking, the quality of these services can vary immensely. Ultimately the reason you pay your banking charges is to reduce the time spent on administrative financial responsibilities.
Essentially important when selecting a bank to care for your business finances is how secure the institution is. Ideally you want to see an institution that has a long history of financial security and management of businesses in a variety of industry sectors. If the bank has a history of terminating relationships and contracts unexpectedly it may be worth avoiding their services.
Fees and charges are naturally a vital consideration of any business when entrusting finances to a bank. Investigating how overdraft fees and loans are calculated is obviously important, but it is also worth looking into factors such as maximum withdrawal amounts and interest rates. In addition to these considerations it is important to take note of how easy it is to contact a bank; for instance asking how many branches there are as well as what are the hours of phone and internet banking are both essential questions that must be answered. Another important question concerns the security put in place for internet banking provisions.
It is normal that when striking up a relationship with a bank they will want to see a detailed business plan. At this stage it is important for the banking staff to understand and support your aspirations. If they have a true understanding of your vision, the support they can give will be that much greater; progress naturally comes hand in hand with cooperation, having the bank on side can augment your efforts and result in progression. This support usually comes in the form of a business advice team that is on hand to deal with any problems that may arise; if however your business operates in a specific industry sector, having a team that has knowledge of this sector can be extremely useful.
The issue of specialist knowledge is contentious in many banking circles. While some major banks have the provisions to devote resources to creating departments for all manner of industry sectors, smaller banks do not. For instance, one major bank has now opened a department that is purely there to cope with the needs of the wine making industry.
In many cases the bank will be lending money to help a business start up operations. As a lender the bank will want certain sureties that the business will do all it can to succeed. This where it is vital to build a good relationship with the account manager, if they have intimate knowledge of your operations and can put a face to a name, the fact they are lending huge sums of money is a smaller pill to swallow.
Hopefully this information will supply the small business owner with the knowledge they need to find a bank that supports their needs perfectly. Remembering to always keep the bank informed of changes and being cordial at all times is essential. A good relationship with the bank will create solid financial base for any business.
Financial expert Thomas Pretty looks into the importance of having a good working relationship with your bank and how this will help your business.
Government Business Grants-Expanding Your Horizons
Government business grants are readily available, but they are very detailed and can be quite complicated when it comes to understanding them, especially if you are getting your information from a government website. If you think the government is just handing out money for you to start a business, think again.
Now don’t get me wrong, you can get grants through the government. But they are going to expect something in return. You may be awarded money but there will most likely be specific requirements associated with this money. For example, one of the current grants available is Veterans Entrepreneurial Training and Counseling. The award is $150,000 and that is what you are expected to do with the money–give entrepreneurial training and counseling to veterans.
Most grants are similar to this in the respect that you are given money to perform a specific job. That does not mean that you cannot use this to fund your business, if your business is helping others start their own businesses. Many of the specific requirements of government grants can be quite fulfilling and they may not be exactly what you had anticipated, but that does not mean that you cannot make it work for your business.
Grants.gov is a good place to start looking for government grants, but these listing can be somewhat detailed. You may want to consider using a database that lists the many grants that the government has available. You may also need assistance when it comes to writing proposal to get this money. That can get be a complex task also. There are several sources that exist that can provide you with the information necessary to apply for a government grants for small businesses.
Starting a business or taking your business a different direction can be a very exciting time in your life. Taking on a project that comes with a government grant can be just the challenge you are looking for to expand your horizons. Most people do not like the unknown, but that is sometimes where we have our best experiences–by trying something new and different.
There are government grants for many things. Are you thinking about going back to school? Would you like to buy a home and renovate it? Would you like to start a day care center in a community that badly needs one? These are just a few of the other things that you can do with a government grant.
Find out how government business grants can help you take your business to the next level. A government business grant is your first step towards moving your business forward. Get more information on government grants.
A Credit Card Advance Or A Small Business Loan?
We all know that having enough working capital is an essential component for every business venture. Even established small businesses will run into cash flow problems at one point or another, understanding your funding options is simply vital.
A business cash flow can be easily disrupted because of many reasons: debt payments, the need to purchase or lease new equipment or simply be able to meet the daily costs that all merchants go through. As there are many options business owners can choose, it’s very important that such options are properly understood. The financing option you may choose is a very important element, which could determine the ability of running a successful business.
Now days, a credit card advance is a very popular way to obtain business funding. This type of funding greatly differs when compared with a traditional business loan, a credit card cash advance is perfect for a merchant to get funds even when he lacks of perfect credit or doesn’t have the ability to get funds by other means.
One of the simple requirements that credit card advances have, is that the business owner accepts credit cards as a form of payment; especially it’s required that the merchant processes Visa and Master Card. The payback is much simpler than a loan as there are no fixed monthly payments and the payments are automatically deducted from every credit card transaction as a small percentage.
On the other hand, a small business loan is the most common funding choice for small business owners. But if compared with cash advances, getting funded is extremely complicated.
The requirements for the debtor are many, like: the credit score of the debtor has to be perfect, over 750; the merchant has to have important personal assets that can be used as guaranty and many other factors are carefully examined before acceptance of small business loan. Instead, most small businesses can qualify for a fast and simple credit card advance, which is completely unsecured, meaning that there are no personal assets to risk.
Acquiring a small business loan requires lots of paperwork and anywhere between 2 to 4 months until the actual funding takes place. That certainly doesn’t apply to a credit card advance or business cash advance, as the application process is a simple 2 pages application, and the funding can take place in as little as 7 days.
When acquiring a traditional small business loan, your business will be strained with strict fixed monthly payments, whether you sell or not. That’s not the case when it comes to credit card advances, as you make small payments only when you sell your products or services in credit card transactions. Failing to repay a credit card advance won’t put in risk your personal credit nor it will risk any personal assets the merchant may have, however in the case of a small business loan, if the debtor fails to pay the loan, it will not only harm your personal credit score, but it will also pose the risk of losing your assets.
Keeping all these in mind, you can easily tell that a credit card advance is a much easier and risk-free way to obtain the much needed funding your business needs.
Gaston Castro writes Credit Card Advance and Business Cash Advance articles for Merchant Resources International – To Learn more Visit Us at http://www.creditcardadvance.us
My Guide to Debt Counseling Businesses
Here’s a business idea that meets all the aspirations of the American Dream.
You can start small with little or no investment, develop it in your spare time, and parlay it into a $100,000 a year income – all within the next twelve months or so.
Really, all it takes to move on this one is empathy for people, a basic understanding of money management, about 500 business cards, some smart advertising, and you’re in business. Your greatest expense or investment, of course, will be for advertising.
The first and most important thing to learn is the ‘thought processes’ in the minds of the people or firms that lend money. No one lends money with the thoughts of foreclosing on the loan and taking away a borrower’s collateral. Whenever the lender is forced into such a situation, everybody loses. The borrower loses his possessions, and the lender ends up with about one tenth of the money he originally loaned out.
Therefore, the lending institution will generally do everything possible to work with the borrower as long as he continues to show good faith in attempting to repay the full amount of the loan. The most important thing a borrower should do, once he finds himself in a financial bind, is get in touch with his creditors and apprises them of his situation. Usually, the lender will set up a meeting for an open discussion between himself and the borrower, in order to adjust or work out a more convenient repayment schedule.
Most people who borrow money are having money management problems to begin with, and are actually terrified to death at the thought of people from the loan company calling them. Although they generally won’t admit it, most are aware that they are having problems managing their money. They are embarrassed about it, and instead of openly seeking help, they attempt to cover up the problem, and then hide from or avoid the very people who want to help them.
Over the past three years, personal and small business bankruptcies have been soaring to record levels. At the bottom line, very few people want to file bankruptcy against their creditors, because regardless how easy it is, the thought of having ‘gone bankrupt’, still leaves a stigma.
And this is where you step in with your Professional Credit and Debt Counseling Service. You should never have any trouble finding clients.
Remember, step one is always to notify the client’s creditors. This is the first instruction (or job) that you give to the client after you’ve heard his story. The borrower should be the one to notify the creditors, and ideally, he should call each on the phone, set up a meeting and then discuss with the lender his current financial situation as well as his plans to rectify the problems, and resume payments. The plan he’ll discuss with the lender will be the plan you assist him in setting up.
If the borrower is in over his head and with no other alternative, you should immediately advise him to file for relief under ‘The Wage Earner’s Plan’, as explained in Chapter 13 of the Federal Bankruptcy Act. In essence, this ‘plan’ gives the debtor time to regroup and reorganize his financial situation without being hounded by bill collectors.
Uchenna Ani-Okoye is an internet marketing advisor.
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The Money Lending Telephone Procedure
Once you are organized in a work area and with the basics for operating your business, the next move will be to get the word out that you’re ready to offer your services to people needing money, and for people who are willing to invest. This means advertising, visiting, making contact in some way with both the people needing money, and those wanting to realize a profit in the process of lending their money. And don’t forget – often those who do not go with you for one reason or another may supply you with fine referrals.
The more you advertise and talk to people about your services, the more successful your business is going to be. So first of all, we suggest you run an ad in the classified section of your local newspapers. It might read like this:
Money available! Business start-ups, expansion needs,
construction loans, cash-flow problems. Call 123-4567.
You should run such an advertisement in as many of your area papers as you can afford, every day, for at least a month. This means that you’ll have to have an advertising budget; with the money either coming in (or available) to meet these costs before you even contract to run your first ad. (This is part of the necessary planning that has to be done before you actually open for business.)
At the same time you’re running the ad inviting people to come to you for their money needs, you should also be running a daily ad such as this one:
$350,000 Needed! Will pay maximum interest. Growing business,
excellent profits and tax benefits. Call 123-4567.
Now the purpose of the first ad is to build your list of people wanting money – needing loans that you can process. The purpose of the second ad is to build your list of investors in your area with money to put into some of these business proposals you get from the first ad. Obviously, you’ll get more people wanting to borrow money than people with money to invest; but once you begin running these two advertisements, you’ll be on your way.
When you place your first ads, start checking and following up on similar ads you see running in your area newspapers. Usually, they will be listed under “Financial Loans Wanted,” or “Money to Loan.” However, don’t neglect to check the “Business Opportunities Wanted” classification as well.
When someone calls in response to your “Money Available” advertisement, who ever is acting as your secretary should get the name of the caller, the name of the business, the telephone number, amount of money needed, kind of business, and most appropriate time for a consultation. This can be handled most efficiently with pre-printed telephone message pads. So you simply collect information from all these incoming calls, look it all over and start making your call-backs.
Basically, your call-back conversation should sound something like this: “Hello, John Jones? This is Mr. Money Broker returning your call about money for business financing. I understand that you’re looking for about $100,000 in order to set up an auto tune-up shop. You stated that you are already pretty well organized with a business plan and location, and that you feel you have pretty good collateral. That’s very good. Before we talk any further, however, I’d like to tell you a little about our company.
“We represent a number of large lending organizations for business financing, as well as a number of private investors who are looking for new ideas and businesses to invest in. Their primary requirement, of course, is that they be assured of getting their money back, but further that they will make money from such an investment”.
“What I do is work with you in preparing your loan or investment package so that it will be attractive when it is presented to prospective lenders. It is very important that your proposal be complete and in the proper order. It is also of the greatest importance that it “looks good,” and “sell” the people it is taken to. The prospective lender must feel confident in granting you a loan or investing in your business. Once we’ve got your presentation together, I then take it to some of my lending or investment sources and work toward obtaining you the money you need”.
“As I’m sure you’re already aware, it’s most important that your proposal be prepared properly, and presented to the people who are in a position to give you the money you’re asking for. I work with you to see that your proposal is the best my people have ever seen, and then I take it to the people who have the money and are looking for a good investment. For this, I require a $100 broker’s retainer fee. I then go to work on your specific money needs. What we need to do now is set up a time and date for me to meet with you so that I may review your proposal. Would tomorrow morning at 10:00 be all right with you, or would 11:00 be better?”
The important thing is to be in control of this telephone conversation; to tell the prospect only what you want him to think about; and to sell him on the idea of getting on with it by paying the broker’s retainer fee of $100. Only after you have collected that, of course, will you start to work on evaluating his plan and getting him the money he needs.
Uchenna Ani-Okoye is an internet marketing advisor.
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How You Should Go About Financing Your Business
Generally, the money broker or person operating a business financing service will work with his or her clients in putting the loan application package together in such a way that it will receive favourable consideration by the lender. You’ll have the names, addresses and telephone numbers of lenders from all over the world, people and firms interested in investing in all kinds of different business ideas and for virtually any amount of money. When you have a complete loan application ready for presentation, you’ll select the lenders or firms interested in that kind of business or investment.
Either send or present the loan application package to them. One thing is most important: When you present a loan application package to a lender, be sure to have the date and time of your presentation certified by a notary public. When you send a loan application to a lender, be sure to certify the mailing of your package with the Post Office.
Once you ‘open your doors’ for business, there will be no shortage of people coming to you for their money needs. The problem will be electing just the requests you know, logically, stand a reasonable chance of approval. Everybody wants and needs money; once you announce that you can get loans for people who need them, you will be overwhelmed with requests. It will be up to you to utilize your time, expertise, and effort according to the greatest profit potential.
Setting Up Your Business
You can start from the kitchen table in your home if necessary. You’ll need a telephone and unless you have someone to act as a secretary, you should employ a telephone answering service. You can probably get by with a telephone answering machine, but because you’re dealing with money, it’s important that you project an image of success (and a telephone answering machine quickly identifies you as being a one-person operation).
In addition to a telephone, you will also need business cards. These, of course, should be of a fine quality (this is not a very large expenditure). They, should simply state your name, followed by the name of your services – Business Financial Services. You may list your phone number in the upper left-hand corner, something such as “Money for Every Need” in the lower right-hand corner, and of course your name and firm name centered in the middle. Assuming you are working out of your home, once you have moved into an office, you would certainly want to make new cards showing your business address.
It wouldn’t hurt to have a calculator, a typewriter, and at least a small file cabinet as you set up your business. But just as people got along before without these amenities, you can make do until you can afford this equipment.
Uchenna Ani-Okoye is an internet marketing advisor.
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