Overcoming the 6 Biggest Fears of Business Ownership

  1. Sailing the Ship Alone

I’m sure you have seen the Honest cleaning products in recent commercials, but did you know Jessica Alba, famous actress, founded it? During the 2015 Forbes Women Summit Jessica commented on how people saw her as only being capable of acting or endorsing products, not creating them when she said, “It took three and a half years of condescending nods and pats on the back of ‘good luck,’ or ‘go back to endorsing things’ or ‘go do a perfume’.” Had she decided to rely on any fear-based assumptions that she wouldn’t be successful because of non-support, she probably wouldn’t now own a billion dollar company. What she did do was seek out business people and manufacturers that could help make her dream come true.

  1. Not Being At the Master Level

Whether you think you’re not good enough at your craft to start your business, or that your product or service isn’t at the professional level of others in your line of work undermines your goal of business ownership. Start small with your best item and improve upon it over time while continuing to introduce new items or services. All start-ups experience learning curves. Progression leads to perfection, most businesses don’t start at the top.

  1. Not Knowing Where to Start

There are so many people that want their own business but just don’t know where to start. They look at others successes and feel defeated before they begin. Instead, follow those you admire who are doing what it is you want to do. Read up on them. Research their beginnings or better yet, reach out directly via twitter, Facebook or see if they will do a Skype interview.

  1. Fear of Failing

We all fail, but the key is getting back up and dusting your self off. It took Thomas Edison 1,000 unsuccessful tries to invent the light bulb, but he pressed on and didn’t give up. He’s been quoted as saying, “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.” “Great success is built on failure, frustration, even catastrophe.” What tenacity, what great faith he possessed!

  1. Not Attracting Enough Loyal Customers

It’s common to think, “What if people don’t buy my product or value my service?” Being in business for your self is a risk, but seasoned business owners wouldn’t have it any other way. Keeping a job is a risk. Focus on delivering exactly what you are promising and overtime the customers will come.

  1. Not Having Enough, or Running Out of Money

I’m willing to bet that almost everyone would be a business owner if all it took were to walk into the bank and say, “Show me the money,” and the banker hands you a check for $100,000 and no terms for the payback. But, it doesn’t work like that and entrepreneurs oftentimes use their own savings or depend on friends and family members to finance their business ventures. Losing a close friend or family member’s money can be scarier than defaulting on a bank loan. If personal investment loss is stopping you from starting your business, consider alternative funding, like business credit cards. The application and qualification process is less stringent from traditional banking, and you can get a funding estimate within 24 hours of applying.

In Conclusion

Being an entrepreneur isn’t just for the courageous. It’s for those who are willing to embrace their fears and work through them. Knowing that obstacles lie up ahead, but victory, aka the sweet spot, is just a round the corner on the road to success.

Access the link below for further information on getting business credit:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

Step Up Your Business Through Delegation

Have you ever thought that if it’s going to be done right, then you have to do it yourself? There is not enough time in the day to accomplish everything that needs to be done when taking your business to the next level.

Everything accomplished effectively in business is done through delegation. The act of delegating is entrusting a task or responsibility to another person, typically one who is less senior than oneself.

Delegation is a powerful activity because it removes the business owner from being responsible for the daily tasks and re-directs responsibility of the daily operations to highly skilled employees, while allowing the owner to focus on growing the business.

This in turn can build trusting relationships between the business owner and employees. People who feel trusted oftentimes perform at their best creating and producing high quality products or services, that deem you the business owner with a greater appeal of professionalism to your customers and colleagues alike, resulting in more business.

Delegating can be used as a tool to develop the gifts and skills of staff that will profit the business, as well as provide them the encouragement they need to continuously produce at a level expected of them.

In Order to Delegate Effectively:

Decide on the type of delegation you will use. Will it be one to one supervision? This is where you instruct your staff on what to do and they report to you once tasks are completed. The downfall to this approach is you are still spending your time involved in the day-to-day operations preventing you from focusing on leveraging your business.

Will you delegate by being an overseer? This is where you allow your employees the opportunity to select the procedures to be used to accomplish the desired results, but within boundaries set by you. With this method, you have to ensure everyone has clear understanding and that they are committed to obtaining those defined results.

What Should You Look For When Selecting Staff:

Select doers. These are people who are known to take action. They are more likely to produce higher quality results. Also, select people with suitable talent for each task needing to be accomplished. This way the moral of the company will remain positive and offer a pliable environment for growth of the business and of the staff. Finally, select people that exhibit initiative; they have the potential for leadership. You’ll gain a sense of confidence that they are handling your business with upmost care.

Delegating tasks not only frees up your, as the business owner’s time, but it allows you to focus your energy on next level pursuits. As Stephen Covey recognized, “Effectively delegating to others is perhaps the single most powerful high-leverage activity there is.”

Alternative funding to grow your business is available if you have a good credit score and a timely payment history. Apply for a business credit today at the link below and receive a funding estimate within 24 hours of application:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

Exploring the Possibilities of being a Woman-Owned Business

There are approximately 11.3 million businesses in the United States owned by women generating over One trillion dollars annually. These businesses are credited for providing over 9 million jobs and make up 38% of the business population, yet on average, women start their business with half as much capital as men. Despite access to capital challenges, women do more with less.

In order to be a part of, and to help raise the success rate for women-owned businesses in the United States, it will take exploring the basics of what’s needed to achieve success, knowing the benefits of being in business for yourself, and discovering the type of business you should start.

3 Things Needed to Achieve Success in Business

  1. Attitude –

Successful business owners know how important it is to stay dedicated to their plan, and no matter how hard it gets they refuse to give up. They persist with tenacity.

  1. Networking –

Networking is crucial to connecting with potential clients and partners. No woman is an island. There are a vast array of online networks and social opportunities to meet people.

  1. Adaptability –

You may have done your due diligence and feel that you have all your ducks in a row, but take it from someone with more experience when being offered constructive criticism. It will help you avoid unforeseen problems up ahead.

3 Benefits of Being in Business for Yourself

  1. Expression –

When you own your own business, you have the chance to express your creative self while having more control over what you will be doing in your future.

  1. Prosperity –

Being in business for yourself comes with a greater risk of financial loss, but even with that, you still have greater control over your financial success.

  1. Pace –

Having your own business allow for you to stay engaged, productive and to effectively balance your work and personal life. You are the one calling the shots.

What Type of Business Should You Start

  1. Flexibility –

* How much time can you dedicate to your business?

* Will it be home-based, online, brick and mortar?

* Can the business model change with the times?

  1. Concept –

*What is your skill set, expertise or experience?

*What interests you and do you desire it as a line of work?

*Can you make use of existing technologies?

  1. Financing –

*Do you have access to capital to start this venture?

*Is the earning potential greater than the cost to start?

*Are you willing to seek out alternative financing options?

Most businesses are started when someone sees a need in the marketplace that they can fill, whether it is creating a new product or service or improving upon an existing one. Women are naturally more adept than their male counterparts at seeing a breach. This may very well be the time for you to seize the opportunity and be added to the statistics of success for being a woman-owned business.

Apply for business credit today and get a funding estimate tomorrow.

 

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

 

 

4 Resolutions for 4 Concerns of Business Owners in 2017

“The object of a new year is not that we should have a new year. It is that we should have a new soul.”
— G.K. Chesterton

Every business owner knows the joy of being in business for oneself, and every business owner knows the pain of being in business for oneself. Business owners give up much of their family and vacation time to operate their business. Most of their money is tied up into the business, and business owners often physically and mentally exhaust themselves by performing multiple job functions while they accept it as the norm.

There are four concerns that business owners can resolve to free up time and effort, which can eventually tip the scale toward experiencing more joy in being a business owner.

1. Cash Flow Problems
There are some businesses that depend entirely on a single client as their main source of revenue. Putting all your eggs in one basket can mean waiting extended periods of time for payments to come in, or what’s worse is if this client decides to shop elsewhere. Then there’s the unexpected emergencies or outstanding bills hanging over your head.

Resolutions-

  • Find several new clients by first asking your current clients what are their must-haves and what they think you could improve upon.
  • Establish good relationships with new clients and implement any changes or improve upon existing ones. And if one client is late or leaves you for someone else, you still have other cash flowing clients.
  • Put together a budget to handle emergencies and set up automatic bill pay.
  • For late or no paying clients, implement regular reminders of their obligation to pay.

2. Slow Sales
From time to time sales will be slow for many businesses. This could be due to what is going on in the economy, or it could be due to changing trends. As a business owner, you may not be keeping up with the times because you are too busy working on your business.

Resolutions-

  • Have a sale and offer your clients or customers an incentive to buy.
  • Take time and schedule blocks of time specifically for searching out industry trends.
  • Go out into the market place and see for yourself what your competitors are doing different than you.
  • Join a trade association to keep up on issues that your industry faces and aware of new changes.

3. Exhaustion
There’s 24 hours in a day and many small business owners still don’t think that amount of time is enough. As mention earlier, many of them give up precious personal time to handle the daily operations of the business. This can be due to limited staff, or it can be attributed to the owner feeling that things can only be done right if done by them. Whichever the case, it becomes exhausting for the business owner both mentally and physically and it can take a toll on the business.

Resolutions-

  • Get some rest.
  • Schedule regular personal time for exercise and family fun.
  • Outsource specialized functions like accounting.
  • Hire qualified and possibly more staff members.

4. Expenses
All that glitters is not gold. It may seem good on the surface, but when you look at it closely it isn’t, as with overheads. Business owners want to add value to their product or services, but some things just don’t fit the budget or the business model at the time being. Is it really necessary to lease office space starting out, or can you set up an office in the spare bedroom?

Resolutions-

  • Pay close attention to your company needs.
  • Analyze your business’s transactions and if you have reached the point that you need to expand your product line, services and operating space, maybe it’s time to apply for business credit.
  • Revolving business credit are credit cards that can be used to make purchases for all your business’s needs and most cards can be converted to cash.
  • The application process is simple and estimates are given within 24 hours of applying.

By employing prudence and determination, the concerns of businesses can be resolved. You as the business owner have already proven that you can do it, just by having invested your time, energy and money into your dream.

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

The Nitty Gritty of Business Credit

It so easy for people to pull out a credit card and swipe it when they want to buy, rent or book something; sometimes without ever considering the cost. And it’s nearly impossible to make a purchase online without one. We live in a society where credit matters, that many establishments disfavor accepting an all cash transaction without at least having a credit card on file. Take airlines, car rental places and some hotels for example. Small and mid-size businesses encounter many of these same instances and more, where they need access to credit with suppliers to stock inventory in stores or warehouses, purchase materials for remodels, and ongoing business expenses. So it’s worth getting down to the nitty-gritty of business credit so that you can empower your business to achieve greater results.

Many big businesses have the resources available to sustain the financial needs of the company. Many small businesses do not. Obtaining lines of credit for the small to mid-size business enables the cash flow needs of the day to be met.

Some of the best lines of credit for limited size businesses are revolving in that the line of credit is unsecured, open-ended and not fixed as with installment loans. Basically, this means that if a business is approved for $50,000, the business doesn’t have to access it all at once, or ever access the full amount. The business can use $10,000, $20,000, $30,000, or any amount, knowing that $50,000 is available.

Not so with an installment loan. If the business is approved for $50,000, then the whole $50,000 must be received by the business. With a revolving line of credit, the business is only responsible to pay back the amount used.

Now with business lines of credit the owner falls into one of two categories depending on credit worthiness. There are secured and unsecured lines of credit. Secured business credit requires collateral. The debt is usually paid over a longer period of time and the interest rates are lower. The collateral may consist of the business’s inventory, which can be sold if the borrower defaults on the loan. Unsecured business credit doesn’t require collateral, but the interest rate may be higher because the lender will not have access to the assets if the borrower defaults, and the pay back period is shorter than a secured loan. Also, the amount of credit approved is less than a secured loan, and the credit requirements aren’t as substantial.

Many limited in size businesses get revolving credit to support start-up costs or to fund the daily operations. These lines of credit can be used for buying inventory, purchasing equipment, making repairs, meeting payroll, advertising and social media promotions, and leasing office or warehouse space, or anything the owner can think of; unlike term loans that can only be used for specific purposes approved by the lender.

Revolving credit is much more beneficial to the owner because it’s unsecured. The interest rate is based on a 30-day cycle and not a daily cycle; it is also based on the amount used and not the amount awarded. Revolving credit allows for the business to build credit based on the repayment history. Whereas, with term loans once repaid, the borrower has to reapply for another loan, which ultimately affects the borrowers credit score.

There is a personal guarantee with revolving credit. Not everyone is aware that new start-ups and mid-size business owners are often approved. The criterion isn’t all that extensive. The borrower should have a 720 credit score, no bankruptcies, no foreclosures, no late payments within the past 24 months, and have already have a credit card with a $5,000 limit.

The U.S economy is built on small and mid-sized businesses and getting down to the nitty-gritty of business credit can certainly empower your business to achieve greater results. Apply today and get a funding estimate within 24 hours:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

 

 

Don’t Retire Early: Retire Rich

Most people think that to retire early means retiring at a younger age than 65, the age set by the Social Security Administration. Some go as far as thinking of retiring as early as 30 years old. Why would anyone want to retire so young? You don’t have to retire early, but you should retire rich.

All people want a happy and fulfilled life and oftentimes a job just isn’t cutting it. There are those who may have worked a multitude of jobs and have drawn the conclusion that working for someone else isn’t for them any longer.

They may be tired of being in a mentally toxic environment for eight hours out of their day, or the thought of not being given room for growth or advancement is disheartening. Some give up because they fail to realize that their true calling isn’t in being an employee.

As always, there are exceptions to the rule. People get laid-off, get sick, decide to travel, or go back to school full-time and cannot continue to work a 9-5 job. Instead of quitting your search for the right job it may be time to discover what real job satisfaction is all about by awakening your entrepreneurial spirit.

Any way you slice it, completely retiring from the work force to sit at home and collect a pension check or living off your spouses income may not be the right answer, especially if you are still physically able to work and don’t have enough saved up for retirement. Becoming a small business owner or an entrepreneur may give you the satisfaction you desire from working. It can open up your creativity to succeed in areas where you’ve been dormant in your current position.

The odds of being successful at business are even greater the older you are. Research dictates that middle age people are two times more likely to establish flourishing companies, mainly because of 6-10 years of industry experience has equipped older adults with prior knowledge and existing skills that are transferrable.

If your skill set doesn’t match your newfound pursuits, you can still learn new skills through education, training and coaching opportunities. Finding a new outlet through business ownership can increase your productivity, keep you fulfilled and contribute financially to your retirement where you alone or with your spouse can retire rich.

The oldest way to get rich is through real estate and it doesn’t have to take a lifetime. You have to buy, develop, and eventually sell the property to acquire wealth. And if you don’t understand how real estate investing works, you can link up with 100 Percent Financed for coaching, eBooks and events on real estate, personal finance, business credit, property management, online businesses and more.

Their business credit card model could be the ideal funding for your new venture that will assist you in your plan to retire rich. Even if you have a limited credit file or credit history, you still can apply without providing the stringent requirements of traditional banks.

Like with all credit, business credit does have certain qualifications for approval:

  • 720 credit score
  • No bankruptcies
  • No foreclosures
  • No late payments in the past 24 months
  • Possession of a credit card with a $5k limit.

Apply today and receive a funding estimate within 24 hours so you can start planning how you are going to retire rich, not early.

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

 

Retire Rich: Use Biz Credit to Buy and Hold Real Estate

By Janine H.

An alarming number of, somewhere around 75 million, baby boomers are entering into their retirement years and unfortunately don’t have the financial means to support themselves throughout the rest of their lives. Many did not take retirement into consideration when planning and “doing” their life by not saving for it. A good majority had their faith in pension plans until companies they worked for went under. Regardless, you can retire rich.

Oh, some may very well feel that the good old days consisted of working for a company 30 years, retire, and then be taken care of the rest of their lives. But that’s not obtainable for everyone anymore.

The National Institute on Retirement Security determined that two-thirds of American households between the ages of 55 and 64 have savings about the same or less than their yearly salary. The remaining does not have any money saved up.

What’s worse is how these statistics affect older women. Mainly, because women in this age group have a much shorter work history than their male counterparts. A lot of these women are from back in the day when women stayed home to raise their children and didn’t begin working until their kids were in elementary school. And sometimes the work was menial.

Often it was just enough to bring in extra money to help out here and there with groceries, the kids clothing and household goods. So you can see how having had this lifestyle wouldn’t promise a substantial pension plan if there was one available anyway.

And, as we all know women were not paid the same amount of money as men doing the same job; so that has hindered many women’s ability to save and it has limited the amount of money women could possibly receive through a pension. This same principle is applicable to minorities during that timeframe as well.

What this really equates too is that a good majority of the baby boomers of today will likely be dependent upon Social Security for an income during their remaining years. The amount of money received will be contingent upon the amount of money made over a specific time period. Keep that in mind.

The average payout for Social Security today is around $1,300 per month, roughly $15,600 annually. For some, that will be enough to live off especially if the house is paid for, no medical issues and there aren’t any plans for traveling to see the world.

But if you happen to be a baby boomer and haven’t saved up for your retirement, or have a pension to fall back on, your future really doesn’t have to be bleak. You can create the retirement you want by beginning today with buying and holding real estate.

The simplicity of it is that you buy a good property at a fair or replacement price and add value to it through rehabilitating it and renovating it.

Next, you rent it out to have passive income. With the equity increasing in the property, you take it out and buy more real estate and continue to repeat the process over and over and watch your income grow and grow.

This way, you don’t have to worry as much about being short on an income during your retirement years. And don’t think that you are too old to invest in real estate either because of the remodeling requirements. Any heavy lifting or hard type jobs can be outsourced and so can managing the property.

You really just need to learn some basic investment concepts. You can find free resources at 100 Percent Financed website. There you will find eBooks and other information to help you get started in understanding and buying real estate.

From there, you can begin sorting out how you will personally finance the beginning stages of your new real estate venture. One great way is to get business credit cards with a personal guarantee. Business credit cards are a quick way to get resources for short-term needs since time is not on your side, and at the same time they can increase your business’s purchasing power.

Like with all credit, business credit cards do have certain qualifications for approval:
• 720 credit score
• No bankruptcies
• No foreclosures
• No late payments in the past 24 months
• Possession of a credit card with a $5k limit.

If you know upfront that you don’t meet these qualifications apply anyway. Business Credit Consultants will guide you on what you need to do so that you eventually do get approved. So, don’t just sit by and be one of those baby boomers heading for retirement without the financial means to support themselves. Get up and take control of your future today; ensure those golden years are just that: golden.

Apply today and receive a funding estimate 24 hours later without a hard inquiry hit to your credit file.
https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

Business Credit Cards: Give Your Business the Advantage it Needs

There are a lot of business owners who want to accelerate the growth of their business, but it’s usually dependent upon having a little bit more ready money. With this, they would be able to advertise more, replace old or buy new equipment, increase their inventory in order to sell more items, etc.

Some business owners take matters into their own hands by funding these expenses from their personal stash. However, using personal credit cards for business ventures is a risky-business since you assume total liability. If your company, God forbid, is ever sued or goes under, you risk losing your personal possessions and the good credit rating that took you years to build.

Now what if there was a way to free up some of that needed money you are currently using to support your business, by matching some of your expenses with items your business is already buying on a regular basis? Well, there is and it is in the form of business credit cards.

In other words, if you dish out $500 cash each week on realty supplies to make repairs on your properties, but now instead you make those same purchases using business credit cards for just one month, that would temporarily free up $2000 cash from your usual operating budget.

Of course, you are responsible to pay the balances on any business credit cards you receive, but that would be over a period of time giving you enough occasion to make a profit from the $2000 utilized on the business credit cards before the first payment is due. Are you seeing how having business credit is to your advantage? Let’s go a little further.

Business credit cards are a pretty darn quick way to get resources for short-term needs and at the same time they can increase your business’s purchasing power. But it has to be used economically and not to go all out on spending sprees just because it is available.

Other advantages include:

•Business owners with a limited credit file or credit history can apply without
providing the stringent requirements of traditional banks.

•It is much easier to make purchases online and make cash withdrawals from these credit lines.

•Bookkeeping becomes simplified with the use of monthly statements and year-end statements to track expenses and pay taxes.

•Unlike installment loans, business credit cards offer discounts and rewards that can be used toward air travel and the like.

•Business credit builds credit. By paying on time and paying more than the monthly minimum fee, incentivizes lenders to increase credit limits and lower interest rates.

Like with all credit, business credit does have certain qualifications for approval:

• 720 credit score
• No bankruptcies
• No foreclosures
• No late payments in the past 24 months
• Possession of a credit card with a $5k limit

Building a good strong business credit report allows you to stop relying on your personal credit to support your business endeavors. It also helps you to qualify for future financing your company may need from traditional lenders.

You can apply today and receive a funding estimate 24 hours later without a hard inquiry hit to your credit file:

https://mwcc.wufoo.com/forms/janine-herrera-prequalification-form/

Outsourcing Using Business Credit: Small Businesses Aim for the 6 Figure Mark

credit-card-1730085_960_720There are many small business owners who have exceptional talents and assume that their natural abilities can take their business to the next level. But in all actually, doing something single-handedly can impede the expansion of the business just as easily as evading certain tasks will.

The key to taking the small business to the next level, over time of course, in order to achieve the six-figure mark is through outsourcing. Outsourcing encompasses the everyday back-office tasks and work that require specialized knowledge, thus allowing the business owner more time to focus on generating revenue.

The time to outsource is different for every small business. Depending on the size and type of the business and what the daily duties require, some companies may make use of employees to handle the everyday operations. While other companies may need help from time to time from freelancers/subcontractors who have the expertise, and when hiring someone fulltime for the job doesn’t warrant the costs.

There are very few small businesses, if any that have an operating budget to handle all the needs of the business. And there aren’t any CEOs who have the time or the energy to place all of his or her attention on every aspect of the functioning of the business. Outsourcing helps businesses look beyond secondary undertakings to concentrate on assisting and satisfying the needs of its customers, allowing for the businesses priorities to be more defined.

Managers don’t have to burden themselves anymore with the “Only I can do it best” mentality. They can relinquish control by outsourcing to others proven qualified. Back in the day, it was normal practice to wait until a business grows exponentially to outsource tasks the staff could no longer handle. But it has been recently reported that the way technology has developed, it often makes more sense to outsource from the start-up.

There are several things to consider outsourcing from the beginning. A business can outsource the bookkeeping; contract a virtual assistant, web designer, writer, graphic designer, project manager. Many of these people can be found on job boards located on the Internet. A business can find contacts through professional networking, or by simply asking someone trusted for a referral.

Also, subcontractors keep the overhead expenses such as payroll taxes, health insurance and worker’s compensation low so that business owners can use their money on more suited expenditures. It also limits the business owner’s risk in dealing with government regulations, competition and the like. Mainly, because freelancers are better equipped to handle the risks particular to their market.

As you now contemplate the costs associated with outsourcing the needs of your particular business model to reach the 6-figure mark, you may end up concluding that you don’t have the funding available to outsource. However, one resource available to business owners is business credit cards. You can apply today and receive a funding estimate tomorrow without it showing on your personal credit reports, and if approved you will be on your way to outsourcing the tasks that has been keeping your business from increasing financially.

Business credit cards are based on a personal guarantee. So, there are several criteria that must be met to be approved: 720 credit score, 30% debt-to-credit ratio, no bankruptcies, no foreclosures, no missing payments in the past 24 months of making application, one or more credit cards with a $5,000 maximum limit and a 10 year personal credit history. And if you are short on any of these criteria mentioned, you can receive mentorship from business credit card consultants on how to meet those must-haves.