Saturday 28 August 2021

So You Are Thinking About Changing Your Business

1. Answer these questions first: a. Does my current business name properly represent what I'm offering customers & clients? b. Have my artistic services changed since I first opened my business? c. Would a new name help open more doors for my artwork and will the change be worth all the hassles in the end? d. Am I thinking of changing my business name simply because I'm bored with the current one? e. Is my current business name too generic? I will go into more depth to help you answer these questions by taking each one and going through some of the thinking process behind them. "Does my current business name properly represent what I'm offering to customers & clients?" & "Have my artistic services changed since I first opened my business?" - Say your business name is "Alex's Pottery" and that's all you expected to work on when you began your business but 5 years down the road you have expanded to also working on water color paintings, sculpting. In this case your original business name isn't completely valid anymore because most people tie your name to only producing pottery so when they're looking for a water color painting or a sculpture they don't even consider your business as handling such work so you decide to change your business name from "Alex's Pottery" to "Alex's Clay & Water Colors" which gives a better idea of the sorts of services you offer to the public. When they see the word "Clay" they automatically associate your business with handling more than just pottery and "water colors" is self-explanatory. "Would a new name help open more doors for my artwork and will the change be worth all the hassles in the end?"- Unfortunately changing a business name isn't as simple as just choosing another name, changing a sign on the door or on your website. There are a lot of changes you have to consider when thinking of changing your business name. For example, you have to find out what the laws are in your state for changing your business name, what forms you have to fill out, filing fees for those forms, who to contact at the IRS to let them know about your name change. You have to consider the cost you'll have when changing the business cards, website, stationary, signs to reflect your business's new name. You also have to consider the cost of changing your marketing material and strategies so you lose as little business as possible while your name change is being accepted by the public. If you have free stuff you give to customers and clients such as free mouse pads, pens, key chains, etc. you have to take into consideration the cost of having that material changed. On the plus side though, changing your business name may just lead to increased business; if the new name you plan to use is better suited to your kind of work then that may just make all the extra work worth it in the long run. Be sure to check with your state's internal revenue department on the steps, forms & potential costs associated with changing your business name. The procedure can be quite simple if you have a sole proprietorship but can be much more costly & difficult if you have a corporation. Some states don't require you to register a dba name (doing business as) if you're a sole proprietorship so it's a good thing to check first. Also you'll want to do this so that you can be sure the name you wish to use isn't being used already. Then you also have to inform the Federal IRS about your name change and I'd suggest contacting them directly or going to their website to find out the procedures for notifying them. In certain situations you may also have to get a new EIN number so it's a good thing to check into this at the same time you research the steps for notifying the federal government of your name change. "Am I thinking of changing my business name simply because I'm bored with the current one?"- NEVER EVER change your business name because you're bored with the current name. Considering the amount of work involved in changing a business name as well as the potential cost associated with such a change, it would waste a ton of time and also waste a lot of money just to change a name based on your boredom with it. A business name isn't something you choose lightly and the last thing you want to do is create mass confusion by changing the name without having a proper valid reason for doing so. indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago indokayago "Is my current business name too generic?"- Sometimes a name change is a good idea if your current name is too generic. For example, you own an office supply store and your current name is "Acme Paper Hut". With such a business name I automatically think that all you sell is paper; probably a good selection of different kinds of paper but paper nonetheless so if I need, say a new office chair, I'd probably be looking at a different store that has a more all-purpose name such as "Irwin's Office Supply Store". There's no tried and true method in deciding if your name is too generic but a good rule of thumb is to send out a poll to your friends, family, business associates and see what they think about it; what comes to their mind when they hear your business' name; things like that. This kind of feedback is invaluable in determining a new name. If you are sure you want to go ahead with changing the name of your business I recommend jotting down several different names that come to mind; spend a couple of hours on making such a list of names, then you want to check to make sure such names are not already used by other businesses and isn't copyrighted because the last thing you want is to get into a legal matter. After you've come up with a few name ideas check to see if such names are available for your business' url address. You might even consider looking for short versions of the name ideas if you come up with any name that is more than 15-20 letters. For instance, say you want to name your business "Aloisha's Paintings, Graphic Arts & Logo Studio"; you can see how using that entire name for an internet address would be a huge mistake. For one thing, who wants to type something that long into a browser? Secondly not many people would remember all of that when it came time to entering it into their browser. My final piece of advice I'd give anyone who is thinking of changing their business name is this. If you wanted that name for your business, perhaps you could see if "AloishasStudio.com" is available. Once you've checked if the business names and internet addresses are available that you've come up with, you'll want to cross out any that are not available and then with the ones that are available, make a small poll again and send it to your friends, family, colleagues, etc. and see which ones they prefer and why. After all, just because you like your new name doesn't mean that customers will and what they like best is what matters if you want to make a profit or increase your business. When you have enough feedback given so that you can make an informed, intelligent decision then you will want to take the most liked names on that list and let it sit for a little while; maybe a week, maybe two or more. Come back to your list and see if you still like those ideas or if the time you've taken away from it has changed your mind or even given you some new ideas. Then you can re-poll with the new ideas along with whichever names you decided to keep from the first poll you took. After all, a name change is a huge step and there's no rush in doing so; take your time with it so that when you're done you've chosen the best name you could for your business and website address. Once you've decided on a new name for your business it's essential that you contact ALL of your current AND past clients/customers notifying them of the change in your name as well as explaining to them why you've done this. If your name change won't effect the sorts of services or products you offer then you'll want to let them know this as well so they don't think they need to go somewhere else for the work and products you've been selling. Not to mention if you offer things like website design services or SEO services, etc you don't want them to worry that you won't be handling these areas any further. Be sure to provide your new email address, website address & if you change your phone number, of course provide that as well; basically any contact information you're changing you'll want to share with your clients past and present. If it will be a few months before the changes take effect be certain to state that in your notification as well and about once a month drop them a reminder letting them know that the change will be coming in X -number of weeks or months and make it upbeat; you want them to be excited about the changes coming; you might even consider giving a discount for a certain time period once the change takes effect to entice them to check out your new website and/or store if you have a brick/mortar business. This is also a good way to attract former clients/customers because who doesn't enjoy a discount? These steps I've outlined apply specifically to sole proprietors but you can also apply the majority of the tips I've given to partnerships, corporations, etc but make no mistake about it; for other business formats such as partnerships & corporations there are other steps you have to do in order to make the name change legal so be sure to get all the information first for your type of business. In conclusion, changing your business name is a big step and should never be taken lightly or on a whim. It is going to cost you some money and the more complicated your business is the more it may cost to make all of the necessary changes. First and foremost check with your state and country's internal revenue department to see what paperwork & fees you need to take care of when changing a business name. Be sure to do a lot of research and testing before you decide on a switch and take your time with it; it doesn't have to be done in a rush; the more time you allow yourself to make all of the changes correctly, the fewer problems you're likely to have to deal with once the change is completed.

What You Need To Know To Start Your Own Business

There are two reasons why people go into business for themselves and those are, to have more time and to have more money. They want the ability to live life on their terms and have the financial security and independence of a lucrative business that can run without them. To be successful in business, a growth mindset is the key ingredient. There are two types of mindset: growth and fixed. The difference is that one will propel you forward faster than you imagined and the other will hold you back to a point that you quit and return to the 9-5 schedule. People with a fixed mindset: - think they know it all and are always right - don't take risks - remain in the comfort zone - blame others - have many reasons/excuses why they are not successful - disregard education to grow and learn new skills - surround themselves with other like them - will quit when the going gets tough People with a growth mindset: - learn from others ahead of them in business - know the importance in investing in education and mentors - learn from their mistakes and change their actions next time - take 100% responsibility for themselves and their results - look for solutions to their challenges - keep going well after others have quit - understand the importance of marketing in business and invest in it to create sales and leads - keep up to date with the latest business tips Before starting out in business you must put together the all important business plan. This is not something most people like doing, but going through the exercise will save you lots of time, money, disappointment or nasty surprises later on. Within a business plan there are some key factors that must be addressed. Those include: marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler Vision Statement - Mission Statement - Business Values - Your ideal client (target market) - Economic assessment - Technology items and planning - Marketing Plan - Location of the business - Insurance cover - Website development - How much money will you need and loans you may take out - Various licenses and permits you might need to get Even if you are a sole trader, you might like to consider trading under a business name that will form part of your brand and it may describe also what you do. Business names are also something you must register for a fee and they must be unique within your country or state. Have a business account. This will enable you to be paid and also pay for any expenses incurred within the business. Once you have set this up, you may want to look into getting merchant facilities so that your clients can easily pay with their credit card or even via Ezypay if you end up having the option of direct debit and regular instalments that come out at the same time each month. Once you have those key areas organised, the next step would be to find the place where you will run your business from and purchase all the essentials you will need to get started. A business budget is essential to your success. You must invest money to make money! Some key elements that a business budget should contain include: · Initial set up costs (which may be a one off) and recurring ones · Rent or loan repayments · Marketing costs and budget · Printing and stationary · Utilities costs · Wages paid out · Education expenses · Networking · Internet marketing and design · Travel and catering You will be able to expand on the above list depending on what kind of business you are going into. In the beginning you will need to allocate a big proportion of the budget to marketing. This one key area will make or break your business. If you learn to be a great marketer you will have a very successful business in no time at all. You can have the best product or service in your hands, but if you don't market it effectively and with personality than it will remain sitting on the shelf. People buy emotions and benefits not products and features. The ways you can market yourself and your business are countless. There are hundreds upon thousands of books with marketing ideas. The trick is to find the ones most relevant to your industry and start testing and measuring them. "9 out of 10 Marketing Initiative won't work!" When you find the one that does for you and your business replicate it time and time again to get the results consistently. The key is to keep trying out different forms of marketing so that you gather enough information and feedback on what works for your business. Once you have come up with your business name, it is important to design your logo and create the brand for your business. This is something that will be around as long as you are in business. That's why it is important to spend some time and money researching ideas and hiring a professional designer to create it for you. Never share your brand with anyone because it may reflect badly upon you if their reputation is not up to scratch. Treat it with respect and display it consistently across all of your stationary, documentation, website and any other marketing materials. "The riches are in the niches" say the Americans so famously. The secret to any successful business is the development of a niche within a broader general category. A great niche is one that is an inch wide but a mile deep. What this means is that there is a huge market out there that is after the product or service you are looking to provide, but not much competition from other businesses that are doing the same as you. Select your niche carefully and become the expert in it. Do your research and see what others are doing in the same field as you and learn how they market to their customers over a period of time. Figure out what is the character your dream client wants you to be and become that. Spend time learning who your target market would be and what keeps them awake at night that you can solve via products or services your will provide. For most businesses their website is the shop front window to their business. The face of marketing has completely changed and expanded since the internet. This has become the first port of call for most people. You don't even have to leave the comfort of your home to have a successful business. Knowing how to market on the internet is different to traditional marketing and a special niche in itself. Make sure you consult with professionals when it comes to your image on the internet. Your website look and feel will need to reflect who you are and exactly who your ideal client wants to do business with. Give something away for FREE of huge value in return for people's details. When they see what you give away for FREE they will wonder what it is you have that can further help them solve their problem. This will help you build your database and create relationships with the leads generated over a long period of time. One of the last key points I would like to share with you is the importance of having a strong web presence. The internet is a huge place where you can get lost if you don't know what you are doing. Here is a list of the top 7 things you can do to increase your web footprint and grow your business exponentially: 1. Have your website Search Engine Optimised by an expert 2. Submit articles to free article submission websites that will generate traffic back to your website and create backlinks that increase your profile 3. Create videos and post them on YouTube for traffic redirection to your business website. Videos are a powerful form of marketing today and it is helpful to embed them onto your website so that your customers can see you and get a feel for you. 4. Social Media - make sure you are a part of this phenomenon where you can also advertise and build relationships and followers for your business. It makes everything more casual but still lets your people know what you do. The three big ones to be a part of are: Facebook, Twitter and Linkedin. 5. Have a Blog and write an entry each week. 6. Work on generating incoming links from other sites. This could work like a joint venture where you link to someone's website and in return they link to yours. 7. Speak at events and invite people to visit your website to receive something for free that you have specially created for them. The beginning of every business will pose lots of challenges and unanswered questions. You will play the role of expert, bookkeeper, marketing manager, copywriter, secretary, sales executive and many more other roles that big companies have assigned to specialists in that field. Being in business is a journey and not a destination. Each step and action that you take will bring you closer to hiring your first employee, each system designed will replace you needing to be there in the long run and each product you create will remove the need for you to sell your time for money.

Thursday 26 August 2021

Business Analysts

Our world today is governed by technology. From the time we wake up in the morning to the time we hit the sack in the night we are in a way ruled by technology. A business analyst role in a way is better appreciated when there is technology involved. As mentioned earlier in my posts, anyplace in this world, that combines people, process and technology would result in a problem. mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass mktvpass

Wednesday 1 February 2017

Techniques for Refinancing A Home Mortgage loan




A person considering commencing a refinance of a mortgage has to consider these home refinancing tips

Store Around for the Top Deal

The reality is that not all home mortgage financing options are created evenly. There might be rather significant dissimilarities between different refinance financial loans. For instance, there can be dissimilarities in interest levels and the fees and costs associated with a refi.

Within the surface, an interest difference between financial loans may seem to be minuscule. On the other hand, over time, even a minor difference adds up when it comes to the total interest paid on the mortgage loan.

Many news organizations, including Forbes magazine and the Wall Street Journal, are perhaps constantly reporting that the charge disparity between different lenders is becoming more described. This apparent trend only underscores the need for a consumer to shop around before making a final decision over a refi option for a mortgage loan.

Calculate a Break Even Point

A lower interest rate alone is not enough, in associated with itself, to warrant a refi. Many people are already in mortgage loans that contain relatively decent interest rates. Another important item on the set of home replacing tips is deciding the break even point.

The make your money rear point represents a calculations that takes into bank account the total amount involving -- cost and fees -- associated with the closing of a refinanced home mortgage loan. A determination needs to be made as to whether or not a consumer actually helps you to save money, even with a lower interest, when these closing costs are included within the picture. In some cases, replacing actually does not cause a cost savings for a home owner.

Little Closing Cost "Deals" Will often have Closing Costs

A significant number of lenders advertise so-called no closing cost mortgage refinance loans. The fact is that even though they advertise no closing costs, closing costs remain assessed.

In many cases, rather than examining these fees and bills at the time the loan is closed, these costs are rolled into the loan itself and paid by the buyer over time. Although there may be benefits to a particular consumer for this type of structure, it is crucial for a home owner to totally understand that a refi option touting no closing costs likely does indeed have closing costs, in a different form.

Consider Cash In Refinancing

During the now infamous real estate boom that resulted in the bubble burst in 2008, a considerable amount of house owners were opting for what was known as the cash out refinancing option. Put simply, they refinanced their home loans home refinance lenders  by adding an additional amount to the general loan balance and got the cash out for other purposes.

With cash in refinancing, a home owner actually obtains a compact mortgage loan balance. At the time of refinancing, a home owner contributes cash towards the original outstanding loan balance, decreasing the overall mortgage loan debt liability. In these uncertain monetary times, and with a home being the standard person's major property, the amount in strategy can prove to be an extensive investment move for many males and females.

Lock In a Refi Interest levels

Another item on the set of home refinancing tips involves a consumer locking within an interest rate in writing. A homeowner needs to realize that there can be a delay in time between choosing to refi with a certain lender and the loan final date. The interest rate linked to the recommended loan actually can increase during that time period. As has been mentioned previously, even a small increase in home finance loan on a mortgage loan can significantly improve the total costs a home owner must pay as time passes.

By fastening in the agreed-to interest rate in advance of the closing, a home owner can rest certain that he or the lady will wrap up with the agreed-to rate at the time of closing.


https://docs.google.com/document/d/1wB9QV3YuPprF2l9146QdJ-GR7YdX90SZXeynJM3Sn6w/pub