Business Tips

5 Important Questions To Ask Before Seeking Financing For Your Business

Financing is critical not just for startups, but even for an existing business that has needs to maybe expand the business. Luckily, there are so many financing packages that touch on the different business areas and the needs you have for your business can help you make the right consumer financing decision. Different financial institutions and lenders have varying terms of service when you seek a loan and so you should have this in mind too when seeking financing.

  1. How is your credit history?

The credit score can determine the amount that you can be loaned and the interest percentages. This however varies from one lender to another and you should therefore start by evaluating your credit history and the impact that is going to have on your financing. Fortunately, you can find no credit check financing arrangement which means that you can still get the financing that you need regardless of how your credit history looks like. You can get financing even with bad credit, but this depends on the institution you choose to use when getting the financing.

  1. What are you using to secure the loan?

Loans need a collateral and they are the assets that can be sold when you are unable to repay the loan. You pledge them to the loan consigner and the value is usually higher than the loan that you are applying for. When thinking about the collateral it is just important for you to think about how flexible you will be in repaying the loan. It makes it even more important to be clear about your reasons for seeking the loan so that you can put it to good use and make repayment an easy thing for you to achieve.

  1. How is your business equity?

Lenders prefer businesses whose debts are not more than four times equity amount currently in the business. Your company balance sheet will reflect the amount of equity. You can seek additional funding sources in case the balance sheet does not reflect the standard.

  1. How much do you need?

Your accountant or your financial adviser will help you draw a business plan that is detailed enough to help you decide just how much financing you need for the business. A business plan helps in minimizing risks, identifies opportunities and reduces costs, but it can also help you succeed with the loan application. Operations, logistics, management, sales and marketing are some of the areas that your business plan should include leading you to the most appropriate amount of the loan you are applying for.

  1. How is your business experience?

Not many lenders love risking loans for people without enough experience of running a business. You should be in a position to demonstrate that you have what it takes to put the money to good use. Find partners or hire people with enough experience to help you increase your chances of securing the financing that you need.

04 May 2016

5 Steps To Build A Massive Business

1. Belief

Belief is a state or habit where trust and confidence are placed in some person or thing.

If you are in the network marketing business, or any business, you already have a certain amount of belief that your business works. You must believe in yourself and know that your business will be life changing.

2. Hope

Hope is the expectation of fulfillment or success.

So many people have been in this industry and have not yet found the level of success they are searching for. Hope is what keeps you plugging along and moving forward.

Don’t allow your hope to stop where it is right now, but reach farther and go beyond your comfort zone.

3. Consistency

Consistency is the achievement of a level of performance that does not vary greatly in quality over a period of time.

For a lot of people, consistency can become an issue because you think success will happen right away. You must be consistent in your action for that to happen. When you continually practice that consistency, then you will see desired results of success in your business.

4. Massive Action

Massive action is doing whatever it takes to achieve your goals by charting your progress every day.

This is closely tied to consistency. You have probably heard many times before, that massive action is absolutely essential for you to get where you want to be. This requires action on your part.

You will have to do things that are uncomfortable for you, maybe out of your nature, but what is most important to you? Being who you are today or being who you want to become tomorrow?

Is taking massive action part of the formula you are missing to become successful? Begin to form that habit, and it will change your life and those around you.

5. Determination

Determination is the quality that makes you continue to do or achieve something that is difficult.

While building your business may be simple, it is not always easy. There is difficulty because there has to be something about you that needs to change for that success to come into play.

You must possess determination and conviction to do whatever it takes to make sure you push beyond your comfort zone and self-limited beliefs.

These 5 steps should become a part of your very character. If they are not in place right now, you can begin to change that immediately! Don’t wait until you get to a certain point or level, but begin putting them into play right now. This will give you a jump-start and level of insight to achieving massive success in your business.

If you already have these critical steps in play, you can always practice them at a higher level as well. Only you have the power to get beyond where you are now to where you want to be.

04 May 2016

The 3 Things Every New Business Must Do First

What do you need to do first when you open your business? Typical responses include open a business bank account, create a website, get business cards, design a logo and start networking.

Yup, you need to put all those pieces in place and none of it will make a difference if you don’t answer the following three questions first.

1. What do you sell? This includes how it’s priced and packaged.

What I see happening again and again is a new entrepreneur gets up the nerve to start networking and talking to people. The conversation goes great. The problem is that they have nothing to offer beyond the conversation. You must have a clear understanding of what product you sell, how someone can pay you for it, and how much it costs in order for the conversation to be productive, and for the person you are speaking with to either get the help they need or help you make connections.

2. Who do you want to work with and, this is super important, who don’t you want to work with?

When you are first starting out there is a tendency to say yes to anyone who is willing to pay you. You rationalize it by thinking that you need the money and the experience is good. However, there are simply some people you should not be working with.

Take some time to think about the qualities of the person you want to work with. Who will benefit most from your products or services and who, even though you could help them, would be a drain on your time and energy. What I can promise you is that these people tend to be the ones that complain the most and in the end cost you the most. When you say no to someone you give yourself permission to say yes to the right clients.

3. What value do you bring, and how and why are you qualified to deliver the product and service that you sell?

Many people I speak with tell me that they will get started as soon as they have one more certification or as soon as one more piece is in place. Please stop waiting. Unless there are legal requirements, chances are you are already more than qualified to do whatever you’re setting out to do. You already bring knowledge, experience and value to anyone you interact with.

And let’s get this out the way, too. There is definitely someone more qualified than you out there, and there is someone who you are totally able to help through your services right now. A mentor of mine always says, “To a fourth grader a fifth grader is a star.” Even though you may not be the absolute top of your field there are people who can already benefit from where you are.

Remember that there is someone who needs you today. What will they be able to do when they work with you? How will their life change? What is that worth to them? What value can they get by working with you today before you get that extra certification?

Oh and one more thing on this… even if you yourself are not perfect at whatever service you provide, it is okay. For instance, I am a business coach. My business is far from perfect and I don’t do everything I know I should. In fact, there are plenty of times I make a suggestion to a client and think “Yeah, that’s a good idea, if only I did that too.” Know that what is important is that you’re working on yourself and you are ahead of your client.

I just spent a few minutes re-reading what I wrote. I’ve been in business since late 2002. I truly believe in what I wrote, and I also know that as you and your business mature you need to continually revisit these three things.

The business you create today is simply your starting point. It will change and morph as you and your business grow. Don’t wait until you can answer these three questions perfectly just answer them for now, get started and have fun.

04 May 2016

5 Steps To Turn Your Business Around

I often relate this process to riding a roller coaster for the first time. You are waiting in line, anxious, nervous and curious all at the same time. It is finally your turn, and you hop in the seat, buckle up and at this point you are fully committed. You have no option but to go for it.

There is that moment when you are still climbing of both trust and release. At the top of the hill, there is a 2 second pause of complete silence where you almost lose your breath completely. At this point, you must trust you will be brought back home safely. You scream and laugh through the rest of the ride and the coaster starts to slow down and eventually stop. You unbuckle yourself, and walk off the ride with a sense of satisfaction and exhilaration.

That wasn’t as scary as you thought it would be.

Reaching a turning point in your business is a process. It is never just one thing, but a series of cyclical events when you realize everything shifts and changes. I discovered the following 5 steps that made a difference as I pushed forward in my business.

1. Stop Blaming Something or Someone Else

I became incredibly self-aware of my surroundings and decided not to place blame on other people, lack of experience, the system or the platform I was using. If this sounds familiar, commit to take charge of your life and destiny. Nobody else can control your actions or results except you.

2. Look At Previous Breakthroughs
As I looked back at previous turning points in my business, I realized they were always the result of attending live events. After every single one, there was a big spurt of energy and production in my business. Commit to attending as many live events as your budget will allow.

3. Set A Deadline
I set a specific deadline for myself. If I was not making money in my business by December 22nd, then it’s not the business platform or system, but me. I will look in the mirror and decide not to move forward because you must make money to have a business. I needed a cold, hard deadline to prove this was not going to be a hobby, but a business.

4. Eliminate Backup Excuses
It is easy to have a back up plan in the back of your mind. Just in case your business doesn’t make it. I had to become fully committed to making my business work and eliminate the ‘what if’ plan from my thinking.

5. Sign Up For Mentorship
I realized that not only did I need a mentor, but that I needed to TRUST their process.

Become incredibly receptive to the concept that you are in good hands. Put blinders on and focus on the actions they are guiding you to do. it is about the action and not the expectation.

There are times you may find yourself reverting back to blame and excuses, but keep going back to step 1 and commit all over again. Remember it is action without expectation.

The only person that will build your business and change where you are headed is you! Get rid of plan B and move forward to experience your breakthrough.

04 May 2016