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	<title>Don't wait. Start your business now. Get free information at &lt;a href=&quot;http://www.strongbusinesscredit.com/&quot; title=&quot;Strong Business Credit&quot;&gt;Strong Business Credit&lt;/a&gt; for starting a business. Go to &lt;a href=&quot;http://www.initialunderwriting.org/&quot; title=&quot;Initial Underwriting Group&quot;&gt;Inital Underwriting Group&lt;/a&gt; to get business credit &amp; business loans.</title>
	<link>http://www.buildyourownbusiness.biz/author/index/1026/Robbi-Gunter.php</link>
	<description>Don't wait. Start your business now. Get free information at &lt;a href=&quot;http://www.strongbusinesscredit.com/&quot; title=&quot;Strong Business Credit&quot;&gt;Strong Business Credit&lt;/a&gt; for starting a business. Go to &lt;a href=&quot;http://www.initialunderwriting.org/&quot; title=&quot;Initial Underwriting Group&quot;&gt;Inital Underwriting Group&lt;/a&gt; to get business credit &amp; business loans. - Latest business
news &amp; management advice on how best to build your own business -
Free, independent business articles on Strategy, eBusiness, Change
Management &amp; much, much more.</description>
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	<pubDate>Tue, 07 Sep 2010 12:25:44 +0000</pubDate>
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	<item>
      <title><strong>Diamonds Are A Cereal Marketer's Best Friend</strong></title>
      <description><![CDATA[When C.W. Post started a small business in 1895 with his first batch of &amp;quot;Postum&amp;quot; (breakfast cereal) he probably did not foresee his company getting into the diamond business. The cereal company has &amp;quot;followed a path of delicious innovation, creating cereals that have defined the breakfast experience for generations of families&amp;quot; and now it has literally put a twist on its &amp;quot;Shreddies&amp;quot; product by offering the cereal in the shape of diamonds rather than squares.

Something New from Something Old

It's a playful, yet brilliant marketing scheme that is reaping the cereal a lot of consumer attention.  The breakfast cereal, produced by Post Cereals and General Mills has been a favorite for years in the U.K., Ireland, New Zealand and Canada. It looks like small squares made of malted, interwoven whole grain wheat. Believe it or not the name of the cereal is the slang term used to describe men's undershorts. (This is a not a piece of trivia used in marketing campaigns for the cereal.) The last time it got this much attention was during the &amp;quot;Wayne Gretzky&amp;quot; Shreddies cereal box era. 

If you were thinking Post didn't actually do anything different to the humble square other than tip it on its corner to produce the diamond shape you are absolutely correct. The point is that the company has offered a new perspective on a product that has been around for years and it's making an impact on the public awareness of the food. It's all about putting a new spin on an old thing. 

Post has come up with a promotional campaign that is getting consumers involved by voting on either the square or the diamond version of the Shreddie. A cereal box design is offered for each version while the official Diamond Shreddies website allows you to vote for your pick and download printable posters to put up around the office promoting the options. A ticker tape constantly scrolls across the face of the website revealing the latest voter news such as &amp;quot; ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/50/3874/Diamonds-Are-A-Cereal-Marketers-Best-Friend.php">http://www.buildyourownbusiness.biz/post/index/50/3874/Diamonds-Are-A-Cereal-Marketers-Best-Friend.php</link>
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      <title><strong>5 More Smokin Hot Business Startups</strong></title>
      <description><![CDATA[5 More Smokin' Hot Business Startups

We can take the bad news about the economy and increasing job-layoffs an excuse to roll over and whimper like a chastised puppy or we can use it as the motivation we need to launch the business we have been dreaming about for too long. There are plenty of spunky Americans that are taking the opportunity to combine imagination with a tough entrepreneurial spirit and they are making it happen.

Five New Successful Business Startups

Amusing Tongue Depressors for Kids. Owners of Silver Consumer Products, Catherine and Peter Drogin worked for internet companies throughout the last decade but then decided to put their &amp;quot;money where their mouth is,&amp;quot; so to speak. A pediatrician had mentioned to them the worst part of a visit to the doctor for a child is the oral exam. The husband and wife team designed a line of wooden &amp;quot;FunDepressors&amp;quot; printed with cartoons and colorful images. In 2005 major medical-supply distributors added their product and their sales have sky-rocketed.


Apparel for Cool Biker Chicks. Denise Maple invested $31,000 in VaVaVroomonline when she decided to take the buy-out offered to LaSalle Bank executives by Bank of America. Maple's new company sells designer riding tops, accessories and apparel for women riders. Although overall sales for motorcycles have declined, since 2003 - 20% more women are purchasing, creating a market that needed to be filled. 

Limited Edition Sneakers. Saint Alfred (the patron saint of footwear) is the namesake of the sneaker boutique run by young entrepreneur, Ian Ginoza. He orders high end shoes in batches of no more than 12 pairs and when they are sold out - that's it folks! Crazed collectors are willing to pay as much as $400 for a pair of fashion sneakers. Ginoza spent $150,000 to open the Chicago store and became profitable after 6 months. 

Yet Another Pizza Joint. Eric Fosse expected a lot of razzing from his friends when he decided to quit selling di ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/36/3820/5-More-Smokin-Hot-Business-Startups.php">http://www.buildyourownbusiness.biz/post/index/36/3820/5-More-Smokin-Hot-Business-Startups.php</link>
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      <title><strong>Starbucks Used To Be A Small Business</strong></title>
      <description><![CDATA[When our forefathers arrived on this continent they brought with them a vision of a new world with thriving commerce and raucous marketplaces. No matter what the media may be pushing on us about the economy, the vision of our predecessors is just as alive today as it was a couple centuries ago. If you don't believe it, then kick yourself next time you're standing in line at Starbucks waiting to pay $4 for a cup of coffee.

Creating a Market with a Cup of Coffee

Howard Shultz was a poor Brooklyn kid struggling to make his way through college, and because he believed he could create a need for caramel macchiatos and chai lattes, he is now the head of a 30-something billion dollar multinational string of coffee shops. After interviewing Shultz, 60 Minutes reporter, Scott Pelley decided the entrepreneur is &amp;quot;creating his own subculture and intends to take the whole world along.&amp;quot;

Shultz first became interested in Starbucks when as a plastic salesman he was intrigued by the volume of plastic drip-brewing thermoses it was buying from the plastics manufacturer that employed him. Shortly after coming on board with Starbucks he found himself in a love affair with the pulsating coffee culture of Italy. He suddenly was struck with the idea that U.S. patrons would be receptive to elegant gathering places with a spirit of community exchange, all the while sipping on connoisseur coffees to their heart's content. 

In 1987 when Starbucks when up for sale, his inspiration swayed investors to fork over $3.8 billion and he eventually exceeded his goal of 125 outlets in 5 years with 165 stores by 1992.  By 2008 there were approximately 11,000 stores in the U.S., with another 4,000 - 5,000 in foreign countries. With fiscal 2009 Q1 net earnings down to $63.3 million, the hot beverage mogul will be making some changes to streamline the operation and increase profitability. 

Shultz is a firm believer that the success his empire is based on the philosophy behind the op ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/36/3819/Starbucks-Used-To-Be-A-Small-Business.php">http://www.buildyourownbusiness.biz/post/index/36/3819/Starbucks-Used-To-Be-A-Small-Business.php</link>
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      <title><strong>Get To Your Hot Leads Right Now</strong></title>
      <description><![CDATA[Presumably if you are persistently working at building your business credit score and your business loan application, you are looking for ways to improve how you find paying customers sooner than later. In the early days of mass media advertising it was easier to convince your audience they should buy your product. Fantastic advances in marketing technology have invoked a sophisticated populace not so easily swayed.  It is hopeless to waste your carefully allotted marketing budget on clunky advertising methods.

Behavioral Online Advertising

The sleek new model for grabbing the attention of the public is &amp;quot;behavioral&amp;quot; online advertising and is the next generation technology for targeting qualified leads - consumers that already have an interest in your product. It is not the same as the &amp;quot;contextual&amp;quot; advertising we have grown accustomed to ignoring.

Google is the most famous for using contextual ads. Go to any web page with Google Ads in the sidebars and spotted throughout the article you're reading. You'll notice the content of ads displayed is related to the significant keywords in text of the articles. That is contextual advertising.  It picks up the keywords in the main text and tailors the ad content to match the text. Media companies create the banners displayed across the top of a web page using the same technology. The ads assume that you are interested in buying what you are reading about on that page.

Behavioral advertising takes the machine to a whole new level. It follows the web surfer around and studies their online behavior, gathering data about the website topics in which they show interest. If the surfer opens a travel website to look at Caribbean cruises, on the next site he goes to regardless of the subject, ads for tropical cruises will appear. In effect the ads follow the surfer around the internet. It takes the surfer by surprise. He is not accustomed to seeing ads for cruises on say, a website for home improvement  ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/36/3796/Get-To-Your-Hot-Leads-Right-Now.php">http://www.buildyourownbusiness.biz/post/index/36/3796/Get-To-Your-Hot-Leads-Right-Now.php</link>
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      <title><strong>Don't Be Daft - Sell a Product People Actually Want</strong></title>
      <description><![CDATA[Social Media On The Airwaves

Anyone can start a successful small business in a challenging economy provided you are willing to &amp;quot;think outside the box&amp;quot; and find a niche that excites your target market.  While some businesses are going under, others are thriving. It comes down to finding a product that people find so valuable they are willing to pay for it. Sometimes they don't even know they need the product, but an entrepreneur on the lookout for innovative ways to solve their problems knows they do.

BlogTalkRadio

Here's a great example of a business-minded entrepreneur that took advantage of a trend and is making good on it.

Alan Levy got started as a blogger in '06 documenting the struggle his father was having with lymphoma. He noticed two things right away: a) at the time there were in the range of 75 million blogs indexed on every possible topic and b) the biggest drawing card for blog audiences was the conversation.

Levy got the idea that he could move the concept of blogging to the radio, to give users a way to get in touch directly with their audience. He developed a technology that allowed the users (individuals and businesses) to stream conversations live over the air using a computer and a telephone. No special equipment or software download was required.

Listeners hear the content live or can subscribe to the voice blogs as podcasts and then share them on their own blogs. Levy offers services in a couple different ways. There is a free service where BlogTalkRadio co-owns the content with the host and has the right to syndicate it. The other is a paid service for major corporations as private, branded networks.

The company generates money through syndicating content, sponsorships and ad sales. Since its launch in 2006 the network has broadcast 200,000 segments and had 7,000 individual shows by the end of 2008. The type of service it offers is increasing in popularity because it is far less costly as a marketing tool compared ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/36/3778/Dont-Be-Daft--Sell-a-Product-People-Actually-Want.php">http://www.buildyourownbusiness.biz/post/index/36/3778/Dont-Be-Daft--Sell-a-Product-People-Actually-Want.php</link>
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      <title><strong>The Test of a Small Business Startup</strong></title>
      <description><![CDATA[The first couple years of a startup business is when you will be tested the most. You spent months pulling all the pieces together and finally got your door open. You popped the champagne cork when you made your first sale and now you're down the road a few miles getting slammed with all the little surprises you had not considered when you first put your plan together. 

Are You Ready To Take On The Challenges?

Now is when you are at a turning point - are you a real entrepreneur with the intestinal fortitude to make it over the hurdles or will you tuck tail and run for cover behind the safety of a 9 to 5 job again? When your business bank account starts to run low is when you will be forced to stretch the most. If you are truly an entrepreneur you will welcome every challenge as an opportunity to hone your skills and get better at running your business. 

When your cash flow starts to get tight, consider the following tips - it might be the difference between making it or not:

Are you selling the right product? You may need to survey your target market and previous customers again and find out if what you are selling is really what they want. It could be that a minor adjustment will make all the difference in your sales.

Stop spending money. Call for an immediate halt on all spending and only pay for the necessities. Absolutely no large expenditures at this time.

Promote like crazy. Review all the promotional campaigns you have done in the past that were successful and do them again. Use the ones that gave you the best results.

Cut back on your payroll. Sorry, but if you are spending more money on paying your staff than they are producing it's time to outsource for the services you need and look for ways to automate certain operational functions.

Make your business credit payments. Do not ever miss a credit card payment, a line of credit payment or a business loan payment. Your business credit score is more valuable than gold.

Obtain payment ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3755/The-Test-of-a-Small-Business-Startup.php">http://www.buildyourownbusiness.biz/post/index/42/3755/The-Test-of-a-Small-Business-Startup.php</link>
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      <title><strong>Minimizing Personal Risk</strong></title>
      <description><![CDATA[Bad things can happen to good entrepreneurs with fantastic ideas. This statement is not meant to burst your bubble - it's meant to nudge you in the direction of being realistic about your planning efforts long before you're left with nothing but a soapy residue on the floor because you failed to implement the best practices for protecting your personal assets.

Take the Proper Steps

It's all too easy to get carried away with the thrill of being your own boss and finally pushing the results of your hard work onto the marketplace. There isn't any serious entrepreneur that at some time has not put their own money on the line, but the cold, hard fact is you can lose your investment if something goes wrong and your business fails. If you have not taken precautions, you could lose everything you own, destroy your personal credit and be left with no choice but to start over.

Form a corporation. Most people start out as sole proprietors and register with the state as such, but eventually you will need to form a corporation. You'll need to form a C Corp, an S Corp or a limited liability company (LLC). If you don't know the difference, do the research or consult with a business attorney. Consider the tax consequences for the various types in incorporations, and most of all your protection from personal liability. Remember this point - you and your business are not one and the same. Your business is a separate entity with its own life and should be managed as such.

Build business credit. The moment you submit your incorporation papers to the state, apply for a federal tax identification number. Once you have that, register with Dun &amp;amp; Bradstreet to start building a business credit score based on your business activity. Get your business services and vendor accounts transferred into your business name. Set up a bank account under your business name and Tax ID number. If you apply for credit cards or lines of credit for business use, put them in your business name, ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/41/3728/Minimizing-Personal-Risk.php">http://www.buildyourownbusiness.biz/post/index/41/3728/Minimizing-Personal-Risk.php</link>
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      <title><strong>Video Conferencing for Small Business</strong></title>
      <description><![CDATA[Video conferencing is a viable solution that an increasing number of small companies with global vision are using for expansion. Small business owners are replacing expensive business travel with technology that connects them with their branch offices and international clients.

Cut Down On Business Travel

The bottom line is that as travel budgets are slashed the money saved can be moved to purchase video conferencing systems. This economical solution delivers a powerful combination of results that begins with reducing the cost to do long distance business. The second factor is the opportunity to expand globally. With the advances in internet technology no longer are you limited to building your business in your own “back yard.” 

In the small business arena the timing could not be better - in a climate of growing concern for budgetary expenditures and the need to grow the business in a streamlined effort it opens the doors to possibilities. Video conferencing is an answer to strengthening global connections while minimizing, and in some cases eliminating travel costs. 

High speed internet allows small business to transcend global borders. Using relatively inexpensive video and audio equipment, conferencing software and a high speed connection you can conduct live meetings with your business associates and clients from multiple locations. Using a microphone and a camera you can hold corporate planning sessions, sales meetings, training events and conferences with customers in real time over the internet. 

The technology of video conferencing ensures the best reach and value from multi-point client interactions possible. Add to it the additional benefits of high speed connectivity. This allows you to implement e-commerce applications on your website, share and collaborate on files via intranet and extranet and use VoIP (voice over internet protocol) communications systems. Technology has erased the concept of distance and inconvenience. It gives your ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3709/Video-Conferencing-for-Small-Business.php">http://www.buildyourownbusiness.biz/post/index/42/3709/Video-Conferencing-for-Small-Business.php</link>
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      <title><strong>Magic Johnson: Superstar in the Business Arena</strong></title>
      <description><![CDATA[What does a former L.A. Lakers point guard and five-time NBA champ do when he retires from pro sports? Why he gets an office with an assistant and a $700 portfolio of companies of course! 

It Takes Dedication

49-year old Earvin &amp;quot;Magic&amp;quot; Johnson says it's all about dreaming. &amp;quot;If you can't dream it you can't live it.&amp;quot; The star basketball player admits that he never really thought a lot about playing college ball or getting drafted by the NBA when he was younger, but he did spend time acting out his fantasies about being the CEO of a successful company one day. 

As the CEO of Magic Johnson Enterprises he does plenty of public speaking events, posturing himself as an authority on doing business. His book Thirty-Two Ways to Be a Champion in Business is scheduled to hit the market late in 2009. Naturally he used his sports success as a launch pad for his business career but he does not use his fame as an excuse to rest on his laurels. The philosophy behind his entrepreneurialism reflects the dedication and commitment he held while on the basketball court. 

&amp;quot;If somebody says no to you, or if you get cut, Michael Jordan was cut his first year, but he came back and he was the best ever. That is what you have to have. The attitude that I'm going to show everybody, I'm going to work hard to get better and better.&amp;quot;

Johnson's company holds ownership of several fitness clubs and restaurant franchises, including Starbucks, T.G.I Fridays and Burger King locations. It owns a few AMC Magic Johnson Theatres and has various deals going on with companies such as Best Buy.  Much of his wealth is channeled into the Magic Johnson Foundation that addresses education, health and social needs. The company motto is to the point - &amp;quot;We are the communities we serve.&amp;quot;

Johnson knows the value of company branding and has put extensive effort into contributing to the community and getting his business name known above and beyond his past fame.  ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3690/Magic-Johnson-Superstar-in-the-Business-Arena.php">http://www.buildyourownbusiness.biz/post/index/42/3690/Magic-Johnson-Superstar-in-the-Business-Arena.php</link>
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      <title><strong>The World’s Largest Company: More Billions Than We Can Count</strong></title>
      <description><![CDATA[Did you know the top 2,000 companies in the world are responsible for $119 trillion in assets? That’s what Forbes magazine recently told us in a special report on the biggest companies in the world. A trillion has 12 zeros – twice as many as a million. Those companies account for $30 trillion in revenues, $2.4 trillion in profits and employ 72 million people around the world.
 
It’s true that we tend to hear a lot of news lately about a downward spiraling economy, but the fact is anybody with a good business plan and willingness to make it happen can become a successful business owner. The statistics don’t lie – the world still has plenty of opportunity for motivated entrepreneurs. 

The biggest company in the world today is HSBC Holdings – a monster in the banking industry that calls itself “the world’s local bank”. The corporation boasts an international network with somewhere in the neighborhood of 10,000 offices in 83 countries and territories that service a multitude of financial needs. 

The bank is headquartered in London, England and was established in 1991 to become the parent company to The Hong Kong and Shanghai Banking Corporation when the transfer of sovereignty took place in Hong Kong. The bank has a large adversity to risk, which is part of the answer to why it holds such a huge percentage of the world’s wealth. According to the Forbes the last report for HSBC Holdings shows the following numbers (and the reason it’s at the top):

Sales $146.50 billion
Profits $19.13 billion
Assets $2,348.98 billion
Market value $180.81 billion

Just in case you were concerned about getting into a hot industry but don’t know anything about banking, the second biggest corporation in the world is General Electric, a conglomerate of companies. GE’s sales and profits were actually higher last year than those of HSBC, but they only own about 1/3 the assets. Remember this – the super companies started out on a small scale in the begi ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3689/The-Worlds-Largest-Company-More-Billions-Than-We-Can-Count.php">http://www.buildyourownbusiness.biz/post/index/42/3689/The-Worlds-Largest-Company-More-Billions-Than-We-Can-Count.php</link>
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      <title><strong>Using Other People's Money </strong></title>
      <description><![CDATA[Using OPM in Business

If you have been planning a new business start up or you are ready to start up a business, you likely heard the saying “You’ve got to have money to make money. Using other people’s money (OPM) is one of the secrets of the wealthiest people in the world. The famous 17th century author, John Ray, wrote “Money begets money.” 

Wealthy Business Owners Use OPM

Statistics show that the majority of affluent business owners and successful entrepreneurs in the U.S. started out by using other people’s money, generally in the form of a business loan. Despite the economic news there are prolific numbers of private lenders and venture capitalists that will lend you money for business.

The OPM principle in business is a commonly accepted practice and is viewed as a savvy technique for starting or expanding a business, investing in high-yield programs or asset-producing affairs or income generating real estate. It allows you to have money to make more money for your business. As long as you are operating as a corporation the debt is assigned to your business and debtors can make no personal claims against you. 

Any smart business owner will separate all their business activities from their personal assets by incorporating with the state. Following this is registering with Dun &amp;amp; Bradstreet to obtain a business credit score that has no relationship to their personal credit.

The disadvantage of using OPM is that if your business initiative fails, you end up with a huge strain your corporate coffers repaying the loan. You will want to put your deals together wisely and have precise control over your costs and the daily tactics that amount to the income you expect. For example, leveraging the foreclosure market to buy properties below market value is an excellent investment provided you are educated in the reality of doing real estate deals and handling the properties once you own them.

Using OPM is Win-Win

Lenders are like i ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3688/Using-Other-Peoples-Money.php">http://www.buildyourownbusiness.biz/post/index/42/3688/Using-Other-Peoples-Money.php</link>
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      <title><strong>Financial Leadership and Collective Thinking</strong></title>
      <description><![CDATA[As a business owner how many times have you experienced an increase in company profit followed by a sudden request for additional expenditures from one or more of your organizational divisions? The underlying reason for this is the people that staff your company will always tend toward spending every dollar that comes through the door. You may even have this tendency yourself.

There is a kind of group mentality that takes place in any organization when it comes to producing income.  It is like an unspoken agreement among the staff members to produce enough money to cover what they believe they need to spend. The agreement does not include producing a surplus of income. The group wants to spend everything it has. It will only strive to increase its productivity if it sees the need to have more money to spend. 

The problem with this collective way of thinking is you’ll never have a surplus account to cover expansion of the business, emergency situations, investing or unusual expenditures such as paying off a loan.  An organization is wise to have a financial cushion to cover expenses associated with these events. The goal of the group being to spend everything that comes in right now; it is not the least bit interested in budgeting any of it for future needs. 

To be successful at building up a surplus account you have to create the perception the money you are setting aside for these purposes is money being spent. You can’t wait to see what’s left over at the end of the week and plan to transfer that to your surplus account. There won’t be anything left over. The various divisions in your company will find legitimate reasons to spend it. Productions costs will suddenly go up, equipment will suddenly fail, or a department may suddenly find a sale on material or parts they must order in bulk this week to get the discount.  

The head of your financial planning department has to be a person that can think beyond the groups’ collective determinations. ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/39/3661/Financial-Leadership-and-Collective-Thinking.php">http://www.buildyourownbusiness.biz/post/index/39/3661/Financial-Leadership-and-Collective-Thinking.php</link>
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      <title><strong>Getting Business Advice from SCORE</strong></title>
      <description><![CDATA[One of the finest resources for business advice is the Senior Core of Retired Executives (SCORE). Every small business owner in the country can benefit from the years of experience offered at no charge from the men and women that helped build the American business empire.  SCORE volunteers provide business expertise in virtually all industries.

No Cost Fortune 500 Mentoring

SCORE, a nonprofit organization, works in partnership with the U.S. Small Business Administration (SBA). Its primary function is the education of entrepreneurs starting up, growing and succeeding in business.  The organization is comprised of 10,500 volunteers across the nation that are either retired or working business executives and business owners who donate their time and professional expertise as business counselors.

The SCORE volunteers offer their wisdom in a number of formats that make it available to everyone. 
Online mentoring advice through:

www.score.org 
Person-to-person mentoring at 389 local offices 
Nationwide workshops at a low cost Informational article and business templates online 
Online workshops

The SCORE volunteers at one time faced the same business challenges that you are facing now and are dedicated to sharing the methods they used to successfully achieve their goals. There is no limit to the number of times you can contact a business mentor and you can work with several mentors at once. If you have specific questions related to a particular industry, you are likely to find more than one Fortune 500 executive with expertise in that area.

Regardless if you are just starting out with an idea for a business or you have been operating a business already, SCORE volunteers will help you with your needs. You may need only one session or your mentoring relationship can last for years.  You will need to prepare for your face-to-face session by preparing your ideas, plans and questions carefully and bring forward any documentation and research. If you are u ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3660/Getting-Business-Advice-from-SCORE.php">http://www.buildyourownbusiness.biz/post/index/42/3660/Getting-Business-Advice-from-SCORE.php</link>
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      <title><strong>Branding Your Business with Promotional Products</strong></title>
      <description><![CDATA[Promoting your business is one of the primary keys to solvency. There is no point in having a product or service to offer on the marketplace if you don't let anyone know it exists. It is the responsibility of the promotions department in your business organization to let the public know you have products and to create a demand for those products. Using promotional products is a tactic for branding your organization correctly.

Familiarity and Goodwill

Branding your business is an essential part of promotions since it involves getting the public familiar with your company name or logo and having it invoke a feeling of trust and confidence when it is seen. Delivering more or better than you promised is the foundation for creating the reaction you want when people see your logo.  People that receive promotional items as gifts are eager to show them off because the items are unique. 

Once you have established a reputation for excellent service by going the extra step for your customers, they will automatically associate your logo with reliability and dependability. Compound that with giving them a free gift and you gain far more in goodwill than you ever would with an expensive ad campaign. People certainly appreciate getting things for free, and when you give items away emblazoned with your logo, the return on your investment increases exponentially.

Promotional apparel such as custom t-shirts and hats are the popular promotional products since logo exposure is extremely high. People appreciate the value of the gift and willingly wear the item while displaying your information. Writing instruments also make great gifts because they are functional items that people will use where others can see your logo. Promotional bags such as tote bags, back packs and computer bags are well-received as gifts in the same way because of their usefulness.  Other popular promotional items include drink ware, desk accessories, calendars, magnets, computer or electronics access ..]]></description>
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      <title><strong>IRS Tips for the Construction Business</strong></title>
      <description><![CDATA[As a sole proprietor, the IRS offers recommendations for preparing to fill out your tax return. The IRS offers these pointers and other valuable information under the Business section of www.irs.gov. The information in this article is based on the construction industry and it is provided solely to give you, as a business owner a general understanding of the content available on the IRS website. Please consult with the IRS or a tax professional for the facts about your particular industry.

Help From the IRS

One of the first questions you will be asked on your tax return is the primary source of your income for your business. You will be required to enter a six-digit code from a series based on the North American Industry Classification System (NAICS). The purpose of the code is to facilitate the administration of the Internal Revenue Code. 

Lines A and of Form 1040 Schedules C and C-EZ is where you are required to select a Principal Business or Professional Activity category. The category must represent the category that best fits your predominant business activity. In other words, it is the one that identifies the main source of your sales or receipts. For example, if you own a construction business there are 24 different codes you can chose from that cover construction of buildings, heavy and civil engineering construction and special trade contractors. If you own more than one business you must complete a separate Schedule C and C-EZ for each business.

According to the IRS, all the income you earn when paid for a job is taxable, regardless if you are paid by cash or check, receive credit on a bill, receive goods or services in exchange, collect the payment later or get a Form 1099 or W-2 showing the amount of income you earned.  
It is recommended that you choose either a cash or accrual method of accounting depending on the type of contracts you have, the completion status of your contracts at the end of your tax year or your average annual gross rec ..]]></description>
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      <title><strong>Reputation Management and Your Business</strong></title>
      <description><![CDATA[Reputation management is not quite the same as branding your company name, although it does involve getting information about your company out to the public eye. It more specifically entails the tracking of your company's activities and opinions from sources outside your business regarding your activities. The internet is used as a means for expressing opinions and it can be an exceptionally valuable tool, but take heed - it is a double-edged sword in the sense that bad news about your business can spread around the globe like weeds on fire before you even know it's happening.

Share the Good News

Emails, blogs, forums and social media venues such as Facebook, Twitter and MySpace, to name a few give people the opportunity to say what they think about your business affairs without the option for you to screen what's being said. The online Better Business Bureau service provides instant access for other business owners and potential customers to read about you, whether it's good bad or ugly. Your reputation is based on just about anything that is said about you, regardless if it's real or based on someone's misinformed perception. The worst news of all is that there are actually organizations in existence for the sole purpose of making public statements to make you look bad.

The fact is, the internet has made reputation management a huge deal. Just do a search for reputation management and you'll come up with more than 3 million results. The great news is that you don't have to hire a reputation management firm to counteract public opinion that's detrimental to your business. You can handle this yourself by implementing a regular program of publishing your successes and achievements on the World Wide Web.  

It's not good manners to take issue with another's opinion and more often than not it simply adds fuel to their fire. (Consult with your legal advisors if you believe you have observed statements about you that you believe could be considered slanderous. ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3657/Reputation-Management-and-Your-Business.php">http://www.buildyourownbusiness.biz/post/index/42/3657/Reputation-Management-and-Your-Business.php</link>
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      <title><strong>Good Public Image Through Community Service</strong></title>
      <description><![CDATA[Small businesses depend on their local communities for support as much as sales.  Building business and personal relationships within your community through volunteer service work will result in quite a few benefits for your company.  Consider the following potential advantages of volunteering for community service.

Show Appreciation

You can let your community know you are appreciative of its support.  There are many successful small business owners, but not one of these owners built their business on their own.  Companies are built with the combined help of family, employees, and community members. Volunteering for community service events lets community members know that you recognize their part in making your business a success.  Your generous gestures will be remembered long after the event ends. 

You can build credibility with local citizens and other business owners.  One of the most important aspects of operating a small business is developing solid relationships with your customers, potential customers, and others in the business community.  While volunteering for a charitable or community event, you will have the opportunity to interact with a number of members of the local community.  This is an excellent way to let others learn firsthand that you are a responsible, respectful and dedicated citizen and business owner.  

You can network with other volunteers and participants.   
Community service volunteer teams and participants usually represent a diverse population.  The individuals share a common desire to help others, but there will be a wide range of backgrounds represented.  Meeting people from all walks of life will allow you to expand your contact base and also learn the views, opinions and needs of a large group of people within a relatively short period of time.  You will be able to promote your business and yourself in a positive light and possibly reach others who have not heard of your company before.

Establish Contact with Lead ..]]></description>
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      <title><strong>Why You Should Have an Advisory Board</strong></title>
      <description><![CDATA[Many small businesses have a Board of Directors to make 
executive decisions and to oversee the company's various 
activities.  Your business may or may not have a Board of
Directors, but you will want to consider organizing an 
Advisory Board to help boost your company's success and 
credibility within the local and business communities.

The Benefits

Advisory Boards typically consist of three to five 
professionals with expertise in various areas of 
business.  Individual board members may have experience 
in finance, marketing, your specific industry, 
purchasing, or another area of business operations.  An 
Advisory Board will give you the benefit of working with 
seasoned professionals whose interest lies in helping 
your business thrive.

Members of Advisory Boards do not profit from their work 
with your business.  Although you may compensate the 
board members by covering their travel expenses, 
providing meals, or offering stock options or monetary 
payments, their purpose is to give you guidance in 
developing a successful company.  Advisory Board members 
will generally be more objective than Board of Directors 
members because they are not seeking any return from 
their time and work investments.  You can expect the 
advice from Advisory Board members to be honest and 
straightforward.

Advisory Boards are an excellent resource for business 
knowledge as well as advice.  The members usually have 
years of experience in their field and have likely 
encountered many problems along the way.  &amp;quot;Experience is 
the best teacher&amp;quot; is absolutely true when it comes to 
operating a business, and the lessons learned from your 
Advisory Board's cumulative business experiences are more 
valuable than any training course, book, or lecture.  These professionals have &amp;quot;been in the trenches&amp;quot; and can 
offer realistic and relevant advice.

You will not be the only one profiting from having an
Advisory Board.  Profe ..]]></description>
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      <title><strong>Using Staff Bonuses to Increase Your Business' Sales</strong></title>
      <description><![CDATA[Don't rely solely on bonuses for motivation.  While monetary rewards work well as incentives for most employees, this strategy is not meaningful to everyone.  Recognize that other forms of acknowledgment, such as verbal praise, extra personal time off, and annual raises should be used in conjunction with staff bonuses to keep your sales staff motivated. 

Set concrete goals.  Your sales staff will appreciate some guidelines regarding their target sales goals.  &amp;quot;Each sales staff member has a monthly target of $20,000 in sales&amp;quot; is much clearer than &amp;quot;we all need to improve our sales numbers.&amp;quot;  Presenting your employees with measurable goals will give them a better understanding of what is expected of them and help them focus on their contribution to the business' overall success.  Bonuses have more meaning if the end goal is explained at the outset. 

Give fair bonuses.  Bonuses that are either too low or too high for the amount of work and effort expended can cause hard feelings for either the award recipient or co-workers.  Make sure your staff bonuses show your appreciation for outstanding accomplishments and are reflective of the actual work involved.  Sales staff members that know your bonuses are sincere recognitions of hard work will be motivated to surpass their established goals. 

Support the success of your employees.  The promise of a bonus for meeting or exceeding a certain goal will not mean much if the employee feels incapable of achieving the goal.  Without the necessary tools, training, and guidance, your sales staff may end up overwhelmed and discouraged.  Providing your employees with every reasonable means to accomplish their individual objectives will let them know that a bonus is a realistic possibility.   

Reward independence.  Sales employees that can stand on their own while still being mindful of the entire business team are quite valuable to a business.  Your sales staff members that thrive in environments that re ..]]></description>
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      <title><strong>Successfully Grow Your Business in Spite of Bad Economic Times</strong></title>
      <description><![CDATA[The recent downturn in the United States economy is concerning to most citizens, especially small business owners.  It is possible that the shaky national financial situation could lead to a loss of interest in certain products and services with a resulting loss of revenue for some businesses, but this does not need to be the case for your company.  The following suggestions can help you bolster your small business against the current sluggish economic environment.

Promote Your Business to the Masses

Press releases and guest appearances on local television and radio shows can keep your business name in front of your current and potential customers without costing you anything but your time.  Use these media opportunities to give up-to-date and meaningful information to your audience about your business and what your products and services can do for them.  Volunteer to submit an informational article to a community newsletter, magazine, or newspaper.  Most publications are constantly searching for interesting news pieces, and this will be an excellent chance for you to demonstrate your expertise in your field and give your business greater visibility.   


Use Downtime to Build Business Relationships

The cornerstone of every successful business is the quality of relationships built over time.  With the constant demands of operating a small business, there is often limited time to devote to establishing solid business relationships.  If your business experiences a slow period, use this to your advantage and reconnect with your business associates.  This is an excellent time to either initiate or strengthen relationships, particularly those with existing or potential investors.  While other businesses may struggle with their financial issues during this uncertain economic period, you can reinforce your financial backing and, in turn, your business credit profile, which is one of your most valuable assets in good and bad financial times.  


Improve Your  ..]]></description>
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      <title><strong>Michael Jordan’s Advice For Entrepreneurs </strong></title>
      <description><![CDATA[When it comes to being successful, some people simply have what it takes. It seems no matter what they put their hands on, they succeed beyond their wildest dreams. Michael Jordan is one of those people. From the basketball court to the boardroom, it seems that everything he touches turns to gold.  


Today’s entrepreneurs can learn from the stellar example that Jordan has set, both on the court and in his business dealings. Although to the casual observer, Jordan appears to lead something of a charmed life, he has overcome his fair share of obstacles in order to achieve such great success. In his personal life, he has faced setbacks that would cause many to give up on everything, from the 1993 murder of his father, which was a contributing factor to his first retirement, to the breakup of his 17-year marriage in 2006.  


“If you're trying to achieve, there will be roadblocks. I've had them; everybody has had them. But obstacles don't have to stop you,” Jordan says,” If you run into a wall, don't turn around and give up. Figure out how to climb it, go through it, or work around it. “ 


This drive and determination has been a huge factor in his success as an entrepreneur. His Air Jordan line at Nike has grown to a 500 million dollar a year empire, due to his own direction and guidance. Jordan encourages others to take chances and not to be afraid of failure in order to achieve success. 


“I've failed over and over and over again in my life and that is why I succeed,” Michael says. “I’ve always believed that if you put in the work, the results will come. I don't do things half-heartedly. Because I know if I do, then I can expect half-hearted results.” 


Michael certainly puts in the work, between overseeing his Nike line, running his restaurant in Chicago, working with basketball players of all ages at his Flight Schools and endorsing several products. The hard work and determination that he pours into all of his ventures, along  ..]]></description>
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      <title><strong>Tax Exemption For Organizations </strong></title>
      <description><![CDATA[There are several types of businesses that are eligible to apply for tax exemptions from the government. These business types include churches, charities, political organizations, private charitable foundations and other non-profit business types. There are very specific IRS requirements and regulations in place for tax-exempt organizations, which must be followed closely in order to retain the exemption each year. Keep in mind that attaining tax-exempt status with the IRS is for federal taxes only. State tax exemptions are handled on state level and may have different qualifications and requirements.  


Applying For Tax Exempt Status 


In order to apply for tax exemption, a business must follow the process lined out by the Internal Revenue service. An Employer Identification Number must be obtained before applying for exemption, even if an organization has no employees. This can be done online, over the phone or by filing a form SS-4 either by mail or by fax.  


Once an EIN has been issued, the organization can then apply for recognition as a tax-exempt business from the IRS by filing Form 1023 or Package 1024. Be sure to fill out the form completely and accurately in order to have your application processed in a timely manner. According to the IRS, the factor causing the most delays in processing exemption applications is businesses failing to submit the correct user fee for application. Refer to section 6 of the current Revenue Procedure guide to find the correct fee. 


Regulations For Tax Exempt Organizations 


There are many regulations that govern tax-exempt organizations, set out by the IRS. These must be followed in order to retain a tax-exempt status. Specific rules about where and how funds are obtained, lobbying taxes and allowed programs are of the utmost importance. Failure to adhere to the regulations governing tax-exempt organizations will result in the loss of the status. The requirements vary depending on the company’s status a ..]]></description>
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      <title><strong>Time Management For New Business Owners </strong></title>
      <description><![CDATA[Starting a business can be very exciting, yet frustrating at the same time. There are things that you need to do, things that you want to do and emergency situations that creep up on you in your sleep at night. Finding time to get everything done seems to be a futile effort and you sometimes seem to end your days without marking a single item off your to do list. Here are a few tips that will make you more productive and leave you with a sense of accomplishment, without burning you out.  

Keep Your Workspace Organized

Working in a cluttered space can be very distracting and lead to lots of wasted time. The three minutes you spend searching for a pen before an important phone call could have been three minutes spent on one of your smaller tasks for the day. Take the time after ending your workday or before starting the next to organize yourself and maximize productivity. 

Create A Realistic To-Do List 

As you start your day, write a list of the things that you need to accomplish for the day. Be sure to make your list no longer than you can realistically accomplish within a single day. Though there is always more to be done, completing a list and starting a new one for the next day will give you a larger sense of accomplishment than carrying more over to the next day than you finished. 


Break Up Larger Projects - Rather than spending an entire day working on the same project, break it up into manageable chunks, spread over several days. This will help to prevent burnout and will ward off procrastination. 
 

Prioritize Your Tasks - Though it might be tempting to start with smaller projects to feel as if you accomplished more in your day, prioritizing is a better way to go. This way, you can assure that the must-do tasks are completed on time.  

Develop A Personal Schedule 

Set specific timeframes for each task on your list. This will help to keep you from wasting too much time on a single task, causing other items on your list to be reschedul ..]]></description>
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      <title><strong>Robert Kyosaki's Advice to Entrepreneurs</strong></title>
      <description><![CDATA[“We go to school to learn to work hard for money.  I write books and create products that teach people how to have money work hard for them.” - Robert Kiyosaki
 
&amp;quot;I retired at 32,&amp;quot; says Jason Wells, thanks to what I read in Robert Kiyosaki's books.  &amp;quot;A friend of mine introduced me to Rich Dad, Poor Dad.&amp;quot;  Wells sees Kiyosaki's books as a &amp;quot;real road map to financial freedom.&amp;quot;  He states &amp;quot;if you look at Rich Dad, Poor Dad's Cashflow quadrant and Rich Dad's Guide to Investing, there is a tremendous amount of valuable information . . . (that) I have analyzed and actually applied these concepts to get retired.&amp;quot; Wells has analyzed these steps:

1. What the poor and middle-class and wealthy buy on payday is different.

2. Brilliant Compensation: Understand why wealth comes to those willing to help others.

3. Rich Dad Business:  Robert Kiyosaki, author of bestselling Rich Dad Poor Dad, offers his advice on where the average person should start to build wealth.

Wells finds this information above the most helpful Kiyosaki offers, but entrepreneurs have found Kiyosaki's advice to invest in real estate most useful.  Buying real estate is &amp;quot;good debt.&amp;quot;  It makes you money--as Kiyosaki says &amp;quot;Most investors say 'Don't take risks.'  The rich investor takes risks.&amp;quot;  

Kyosaki and Donald Trump wrote Why We Want You to Be Rich because entrepreneurs need to change how they think about money.  Thoughts lead to actions and actions lead to results.  The successful leverage their time by using the resources around them (including employees).  Business owners set up systems in many enterprises.  Selling the systems (or businesses) frees them to build more assets--or as Kiyosaki puts it, &amp;quot;The rich build assets they use to purchase other assets.  The poor only have expenses.&amp;quot;

If you do not have a lot of experience, Kiyosaki suggests investing in network marketing. The education programs will train you an ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/36/3222/Robert-Kyosakis-Advice-to-Entrepreneurs.php">http://www.buildyourownbusiness.biz/post/index/36/3222/Robert-Kyosakis-Advice-to-Entrepreneurs.php</link>
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      <title><strong>4 Sound Methods for Building Your Customer Base</strong></title>
      <description><![CDATA[Doing business the same old way, day in and day out--maintaining the status quo--equates to nothing more than a mediocre business.  In today's competitive environment, you must continually reevaluate your business.  Build a strong, enthusiastic customer base and you will flourish. 
 
One successful approach to increasing your customer base is to learn about the customer.  Know about their families, company histories, hobbies; use intuition and natural bonding processes.  Women specialize in these says Aliza Pilar Sherman, in Selling Like a Girl (2008); men can be trained.  Make your customers feel valued says mediator Elinor Robin, Ph. D. “customers soon forget what was said and charged; they remember how they felt.&amp;quot;

First, it's easier and less costly to keep an existing client.  It is a fact that 80% of your business comes from 20% of your customers.  Building a loyal customer base is imperative for a growing business.  Create realistic expectations and always live up to them or exceed them.  Customer service is the lifeblood of a successful organization.  APCO’s CEO, Margery Kraus strives for a 95% satisfaction ratio in customer feedback.  &amp;quot;An easy was to stay in touch is to survey your client/customer base.  Use the survey results to gauge how well you are doing and make any necessary adjustments.&amp;quot;  Survey your customers electronically.

Use customer case research (CCR) to let your customers make the case. Chart the trail of circumstances, events, people, experiences, actions, or thoughts that led them to buy a product or service.  Let them tell their stories in their own words.   CCR concentrates on the customers other experiences.  Review shopping lists, vendor files, and catalogues used.  Create relatedness.

A third method is recommended by Barb Mulhern, president of LR Editorial &amp;amp; Consulting, Inc., an editorial and safety consulting firm; simply put: &amp;quot;diversify.  When I started out, 90% of my business came from one client ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/3194/4-Sound-Methods-for-Building-Your-Customer-Base.php">http://www.buildyourownbusiness.biz/post/index/42/3194/4-Sound-Methods-for-Building-Your-Customer-Base.php</link>
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      <title><strong>Mom Entrepreneurs Achieve Notable Success</strong></title>
      <description><![CDATA[In 2006, the Center for Women's Business Research reported there are 10 million privately held firms in the U.S. that are 50 percent or more owned by a woman--and 72 percent of the firms are run by moms.  Even the acronyms you read show the prevalence of women with successful companies--terms like MEs (for mom entrepreneurs) and sprightly &amp;quot;Mompreneur&amp;quot;  fill the research, while&amp;quot;WAHM&amp;quot; (which means &amp;quot;work at home moms) and sounds awfully like &amp;quot;WHAM&amp;quot;, reminding you of the sound a superhero, caped-crusader makes when she crashes through obstacles and nails her financial success. 

Moms earn extra money while keeping their families’ needs central.   Entrepreneurial women often see opportunities in areas which are complete departures from their career experience or education.  They do this by noticing what interests their children:  Pam X. (a journalist) sewed braided ribbons onto her son Nathan's blankets.  He continually played with these, developing early skill in hand-eye coordination.  She called them &amp;quot;taggies.&amp;quot;  Other mothers at the playground asked her to sew for them--and a business was born.  Within a year, Pam's company was making $5 million dollars in sales.  

Moms have targeted their businesses into providing services (baby delivery planning, financial services, web marketing) for moms.  The mom vision creates new markets, services, and products.  Independence and control over the final product or outcome attracts some moms to business ownership--especially the desire to create a flexible work environment.  &amp;quot;The reality for women, especially women with children is cultural:  women are still the primary caretakers of children--and now, aging parents&amp;quot; writes Alicia Rodriguez in a Business Week.com article &amp;quot;Women Leading the Way in Startups&amp;quot; (May 17, 2006).  Women's businesses function in family friendly environments, the home office or conference room in a firm with 200 employees, where childr ..]]></description>
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      <title><strong>Tax Shelters the IRS Doesn't Like</strong></title>
      <description><![CDATA[Tax shelters can be good--reducing your taxable income.  But tax shelters can be bad--illegal and causing participants to commit tax fraud.  How to know what shelters to avoid? The key is education, read the IRS forms, and pay attention.  The old caveat, if it sounds too good, it's most likely bad, is very often true.  The best tax shelter for the business owner is to use sound tax planning strategies and think of your business as a legal way to avoid and rightfully reduce taxes.  It is all in the deductions and keeping good records (receipts, checks, daily journals).
 
A tax shelter is a type of investment that allows people to reduce their tax liability.  Pension plans and real estate investments are good examples.  Persons can reduce taxable income if you have losses on investments. These are all legal strategies.  But fraudulent or &amp;quot;abusive tax shelters&amp;quot; are considered by the IRS to use many schemes to filter or hide transactions:  trusts, off-shore credit/debit cards, hedges, circular cash flows, defeasances, insurance schemes, and other activities are all attempts to hide. If investments insulate the client from significant economic risk, the courts have decided they are not appropriate. 
 
The IRS considers tax shelters &amp;quot;abusive&amp;quot; when they are designed solely for avoiding taxes. They have no other significant business purpose. There are various means to do the abusive practices--helping clients falsify tax losses or report phony tax losses.  In 2005, KPMG, a Big Four accounting firm, cost the U.S. $2.5 billion, according to the Department of Justice, by helping clients to develop tax losses.  The following scenario (from Grace Wong, a reporter from CNN's website &amp;quot;Money&amp;quot;) is a simplified explanation of one method such firms used to help clients develop tax losses.  

Here's an example:                  
 
*Joe is a new millionaire and has capital gains of $20 million.  He wants to create an &amp;quot;artificial&amp;quot; loss. 
  ..]]></description>
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      <title><strong>Mario Andretti and Entrepreneurs</strong></title>
      <description><![CDATA[You may wonder what the legendary race car driver, Mario Andretti has to do with starting or expanding a small business. A great deal actually. Mr. Andretti began his career as an ordinary American, but his character is what made him the successful champion that he became. As an entrepreneur you have to get up and do whatever it takes to achieve your end result. If you wait for things to get little easier your business will never succeed. In the words of Mario Andretti, “If you wait, all that happens is that you get older.”

One of the exercises a good business coach will give you to do is make a list of all the reasons that you think you will use to fail in your business. Most people will come up with answers like “not enough time,” “not enough money”, “not enough experience” and so on. The reality is that whatever you believe will get between you and your success is what you will eventually have to face. It’s all par for the course in the arena of breaking out of mediocrity and heading for higher ideals. But here is what is so great about facing your challenges: each one that you overcome will add another pillar of strength to the company you are building.

“Circumstances may cause interruptions and delays, but never lose sight of your goal. Prepare yourself in every way you can by increasing your knowledge and adding to your experience, so that you can make the most of opportunity when it occurs.” – Mario Andretti

In the beginning of a business it’s easy to have a sense of euphoria envisioning all the people you are going to help and all the things you are going to do with your profits. When it comes down to the nitty-gritty of dealing with everyday problems like late deliveries, sick employees, damaged products and unhappy customers your rose-colored picture may not look as good. Those are the precise moments when your commitment to your success is being tested. Those are the times when you have to take a deep breath, remind your ..]]></description>
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      <title><strong>What is a Credit Profile?</strong></title>
      <description><![CDATA[As a small business owner looking to get financing to start a new business or expand a current business in operation, you have likely run into the term “credit profile”. The more clearly you understand what this references, the more you can take charge of it. In business, your credit profile is the bottom line that determines whether or not you can get any type of credit extended to you. This includes business loans, credit cards, and any type of “buy now pay later” situations such as getting raw materials up front from a supplier.  If you need any of these resources in order to function, your credit profile needs to be in tip top shape. 

There are 4 primary areas you need to consider that are included in your business credit profile.

Indentifying Information. A small business needs to have a brick and mortar address as well as a phone number that is listed in the business pages of the phone book. Without these, you will not be considered to be running a legitimate or serious operation. You need to have a real office space especially if you are applying for a business loan and have registered with Dun &amp;amp; Bradstreet. A DNB representative will check it out and when they call you, someone had better answer the phone in the name of your business.

Business Reputation.  Your reputation within the business community has a measure of influence over your ability to extended credit. What do other respected business people in the community have to say about you? It is to your benefit to have active memberships in organizations such as your local Chamber of Commerce. It also helps to have a good relationship with your banker, even if you are not going the route of obtaining a traditional loan. It also makes a difference to maintain a good rapport with your customers because bad news spreads quickly and shows up in places like the Better Business Bureau.

Credit Information.  This covers what the credit reporting agencies such as Dun and Bradstreet have to  ..]]></description>
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      <title><strong>The Top 6 Ways to Stall Production</strong></title>
      <description><![CDATA[If there is any division or department anywhere in your company that is not producing the product its purpose is to produce, it is guaranteed that eventually your company will go down the tubes. Production is the key to staying in business. If you have perfectly written policies and a superior outline for administrating all aspects of your business, but you are not producing anything that can be exchanged for money you will not last too long. You are actually in a better condition if you are operating in a terribly disorganized manner but still producing and making sales. Take a good look at the 6 points for stalling production that follow. If any of these apply to your business, handle them immediately.

Failure to Train Your Staff. This is one of the worst things you can do – hire a person to do a job but fail to correctly train them how to do it. They will never be able to fulfill their post and produce what is required of them.

Incorrect Sub Products. A business has a general overall product that it sells. It includes many sub products that are produced and add up to the overall product. If any of the sub products being produced are not part of the overall product, the end result will not be correct. The overall product will never be produced and you will have nothing to sell. 

Fuzzy Communications. Handing out communications and work orders to members of the staff with unclear instructions will result in a lot of lost time. The ensuing actions to follow up on the communication will be incorrect and it will cost more people more time to fix what went wrong and then start over with the correct instructions.

Inventing Solutions. Often within a department certain challenges will arise and a staff member will somehow come up with a solution to handle the problem without consulting with a superior. Chances are that their solution will not be in compliance with company policy or will not be in alignment with the overall company product. This results in a  ..]]></description>
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      <title><strong>Tips to Building Better Relationships with Your Customers</strong></title>
      <description><![CDATA[As a company owner, you rely heavily on the support and business from your customers.  Good service is the key to building and sustaining a dynamic working relationship with customers.  Whether you are selling products or serving customers in a coffeehouse, you need to be able to relate with your customers and respond to their needs. 


Customer relationship management (CRM) is a buzz word used amongst sales and customer service professionals but can be applied to any business.  The components of CRM include a two-way relationship with business owners and customers.  Databases tie in personal information about customers that help companies better serve them in the future. 


These are no-fail strategies that will help you build better relationships with customers and will make them return to your service or product.  Everyone has experienced bad customer service and people want to be treated like human beings with kindness, consideration and respect.  


Answer your phones and return phone calls and emails– Make sure that a live person is picking up the phone when customers call into your business (or hire an answering service).  Even in this automated world, people still want to hear a live, friendly voice.  Don’t brush off returning phone calls and emails.  Make sure you respond to people in a timely manner. 
 

Don’t make a promise you can’t keep – Don’t over exaggerate about what you can do for customers.  Remember that “actions speak louder than words.”  Reliability and consistency are the key to keeping loyal customers.  If you tell a customer their new rugs will be installed on Tuesday at 11 am, then show up on Tuesday at 11 am.  
 

Listen your customers and deal with complaints immediately – As business owners, you won’t always have satisfied customers.  However, if you respond to the complaint immediately and listen to customers, customers will see that you are on their side and want to help. If you don’t listen or shru ..]]></description>
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      <title><strong>Federal and State Payroll Laws</strong></title>
      <description><![CDATA[The following are basic procedures for maintaining Federal and State payroll legislation. Following these procedures will help to sure that you stay on track correctly with your payroll obligations. Failure to comply with these laws can result in severe consequences.

Obtain your Federal Employee Identification Number or EIN. This allows you to hire and pay your employees and registers them for tax levies and deductions. 

Use the W-4 form available on the IRS web site to calculate the payroll for your employees correctly. The IRS requires a W-4 for all new employees for the marital status and the number of tax allowances claimed. Based on the number of allowances claimed, employers can determine the amount of federal income tax to withhold. This can be revised at any time that an employee marries or has a child.

Keep a W-4 for each active employee and for 4 years after an employee leaves or is terminated. Do not send to the IRS unless notified to do so.

Use the I-9 form, also available on the IRS Web site, to verify your new employee's eligibility to work in the United States.

Report all new hires to the state in order to aid in the collection of child support and to monitor unemployment compensation, workers' compensation, and other public programs. In most states you can provide a copy of the employee's W-4 form to report the new hire to the state. If you do not, you may face a penalty.

Order labor law posters. If your business has one or more employees, it is governed by U.S. state and federal labor laws. In order to be compliant with the labor law regulations, even in a small office, labor law posters must be placed where employees can see information like the minimum wage and overtime pay standards. 

Obtain State Laws. Contact each state for its individual labor and payroll laws. Non-compliance can mean fines and lawsuits. ]]></description>
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      <title><strong>Do You Really Need a Small Business Loan?</strong></title>
      <description><![CDATA[Companies would love to be able to afford a deluxe espresso machine and a high-tech vending machine, but those aren’t legitimate reasons for applying for a business loan. Those are “wish-list” items but aren’t necessities for businesses to operate and function properly.

Expansion is one of the most common reasons why companies take out loans.  If you are looking to expand your territory or locations, it makes sense to take out a business loan as this will only add to your profit in the future.

 
Other reasons companies look for financial help include:

- Improving their business location site and making renovations
- Investing in major equipment like computers, printers, and copy machines
- Boosting working capital
- Building inventory

Even though some companies already have capital to expand locations and make improvements, they still apply for business loans.  This allows companies to use the operating cash to cover expenses.

If you are just starting your business and think you can get a loan easily by walking into a bank, you’ll be disappointed.  Lenders have specific criteria when approving business loans.  You need to have expertise in the business you are starting and need to know your industry. 

If you are contemplating applying for a business loan, think about legitimate reasons why you need a business loan. If your credit cards are maxed out, that’s not a good reason to apply for a business loan.  It’s also highly unlikely a lender will approve a business loan to owners with a bad line of credit.  

As a business owner, it would be nice to have an unlimited supply of money for those extra perks.  However, business loans should be used to improve your business and help increase profits. 

]]></description>
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      <title><strong>How to Write an Employee Job Description</strong></title>
      <description><![CDATA[As the owner and manager of your business, it’s crucial that you spend the time to craft a well-written job description for your employees.  A succinct job description clearly outlines employees’ job duties, and doesn’t leave room for miscommunication with both employee and employer.  

An accurate job description is the basic necessity a business owner needs when hiring and measuring employees’ performance.  Also, don’t create vague job descriptions that misrepresent day-to-day duties of employees.  Be specific with your language and be clear with requirements, tasks and past experience. 

The following standard categories need to be included when writing an accurate job description for employees.

Title of Job Description 
Classification
Department/Supervisor
Overall Responsibility 
Key Responsibilities
Term of Employment
Qualifications
Physical Requirements and Work Environment 
Education and/or Equivalent Work Experience 

These following tips will lead you in the right direction when writing an accurate job description.

If you are revising a job description, do not rely on the past history of the job.  Think about how this job will affect your current objectives and the long term goals of your business. 

Remember that a task is what the employee is actually going to do for your business.  Qualifications are the necessary skills and experience that employees have in order to complete those tasks.

It’s important to think about what you want an employee to actually accomplish for your company.  You need to think in terms of priorities as opposed to a long list of “to-do” tasks.

	
The job description needs to be realistic.  When you combine several different tasks and duties into one job description, make sure you haven’t created a position that very few people could actually fill.  You don’t want to scare future employees away by the job description alone. 

As a business owner, you need to make an investment in t ..]]></description>
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      <title><strong>Offshore Banking for Small Business</strong></title>
      <description><![CDATA[An offshore financial institution or bank is one that provides financial services for non-residents. FBI investigations have exposed the myths and media hype about terrorism, drug lords, and undesirable business ventures finding haven in Offshore Financial Centers to be largely untrue today. 

The FBI Law Enforcement Bulletin of Feb, 2001 on Offshore Financial Centers, reported that the Channel Islands and the Isle of Man have a well-regulated financial industry, with rigorous money laundering legislation in place, and a demonstrated willingness to cooperate with and provide assistance to foreign authorities. They provide low taxes, overall economic and political stability, client confidentiality, and more open regulations. 

Offshore banking has many benefits for the small business. For those with an international workforce and international commerce, the abilitiy to conduct financial transactions in an international environment with superb asset protection, low taxation, foreign currency versatility, in a safe environment is critical in today’s volatile markets.  

John Schroder, of Ascot Advisory Services, advises small businesses to consider offshore banking also as a viable merchant service solution. Many small businesses could prosper from e-commerce but are too small, too new, or have an insufficient financial history to establish a merchant account and require a large upfront deposit. Many offshore banks or processors will not require an up-front deposit because they are processing your money and receive it first. 

An offshore bank can allow a small business to process credit cards and financial transactions in foreign currencies like German marks, French Francs, British Pound, and the Euro and also disburse the funds in foreign currencies whereas a local US bank or process may not. They may also process more than just Visa and Master Card, allowing you to accept Maestro and European Debit Cards.  

As a result, offshore banks may prove to be mo ..]]></description>
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      <title><strong>10 Things You Must Know About Business Employee Taxes</strong></title>
      <description><![CDATA[10 Things You Must Know About Small Business Employee Taxes

When a new business owner is first starting out, there are many details to consider. So many in fact, that some of the critical points of concern can be inadvertently overlooked in the midst of all the business start up activities. It is an absolute must that a new small business owner gets off on the correct foot as far as business employee taxes are concerned. The Internal Revenue Service (IRS) is the source for information on how to take care of this very important detail. 

These are the basic considerations:

1.	Get an EIN or Federal Employer Identification Number so that you can hire people and levy their taxes.

2.	Next, you have to identify the taxes that come out of the pay checks. There are federal, state, and local or municipal taxes including Federal income tax, Social Security and Medicare, and Federal unemployment tax (FUTA)

3.	Pretty much you have to withhold federal income tax from the employee wages. Go to the Small Business information on the IRS web site.

4.	You also have to withhold part of the Social Security and Medicare taxes from the wages, and you also pay the same amount yourself.

5.	Report and pay the unemployment tax separately from the others and you pay it from you own money. Employees do not pay this tax. This is paid annually.

6.	Pay the income tax, the Social Security, and Medicare on a quarterly basis, unless you qualify for the new annual payment by having an employment Tax liability of $1,000 or less for the year. 

7.	You can pay online now which makes it really easy and the least expensive.

8.	At the end of the year use the W-2s to report wages, tips, and other payments, the withheld income tax, and the Social Security tax. 

9.	Give a copy of the W-2 to your employee before January 31 st.

10.	Send a paper copy to the Social Security Administration by the last day of February or electronically by March 31st.

Keep in mind that if you pla ..]]></description>
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      <title><strong>How to Get Repeat Customers</strong></title>
      <description><![CDATA[When someone purchases from you it is because they have developed a relationship with you. There is an affinity between you that they enjoy. This has built a trust between you and you want to honor that trust. It is the key to future purchases. They will trust you: 

1. To tell the truth about products and services
2. To give them a fair price for products and services
3. To keep them informed about other products and services that can assist their businesses.

This last point is critical. Businesses grow and need new products and services all the time. They want to be on the cutting edge of technology and all they use to run their business. Because of the trust you developed they rely on you to keep them informed of the developments in your industry. 

The companies that bought from you did not expect to purchase something and never hear from you again. They expect you to contact them and communicate with them frequently. It is a relationship that needs attention.

A company will use all their resources to keep their business thriving and they do not have time to research your industry. The knowledge and understanding you have is a very valuable resource to them. If you want people to purchase from you again share this resource. 

Call or email them and let them know what is new in your industry that they could benefit from. Often this is not a necessarily a product or service to purchase from you. It can be information about new developments, trends in the market or shifts that the economy is taking in your sector. How this will impact your clients is important information for them to have. 

It is easy to stay in touch and grow these relationships. You can create an email list of those who have purchased from you.  When you hear of new developments or read an interesting article, send it on to your list. To increase your prospects ask them to forward your news to other companies that they think could benefit from the information. 

Companies have  ..]]></description>
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      <title><strong>Sales: How to Change &quot;No&quot; to &quot;Yes&quot;</strong></title>
      <description><![CDATA[What is a “No” in Sales? It is one of two things. 1.) It can be a sincere one-word sentence with real intent that this is the end of the discussion.  This can easily be detected by the tone of voice a person uses. Let this person go and do not waste any more time with them. 2.) The other  “No” is an early buying signal and it needs to be treated as such. It may take a little finesse to turn this “No” to a “Yes”. 

The first and foremost thing you want to do at this point is to listen. The person will tell you why it is a no. Find out why so you can understand their specific situation and what they are looking for. Your product or service may or may not meet their need. 

If it does not meet their needs then you have found out now and you need to ask them for a referral, the name of someone else they know who may need your product or service.  This will turn their temporary “no” to an eventual “yes”.

If it does meet their needs then it is simply a matter of explaining that to them after you have listened.

Do not rush in to tell them how it does this. The initial “No” indicates that you have not established enough affinity and rapport with them. They are not hearing what you have to say and they are not trusting you.  Do not let this affect you emotionally. All really “good” sales people want to become “great” sales people. Do not react to them. Pursue your personal success.  

The most important thing here is to build the relationship not the product knowledge! When you have the relationship then they will hear what you have to say and will understand how your product or service can benefit them. To build the relationship ask questions. This demonstrates a real interest in them. It will also give you an appreciation of their situation. When all this is in place they will trust you and they will say “Yes” to purchasing your product or service. You turned it around by caring and they sensed your genuine concern.   
]]></description>
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      <title><strong>Handling Ethics with Employees</strong></title>
      <description><![CDATA[Handling Ethics with Employees

How do small business owners deal with the real world situation when employees suddenly up and quit their posts? It frequently happens with little or no explanation. This can be troublesome to employers, because a great deal of time and expense goes into hiring and training staff. Fortunately, this can be handled through investigative technique and a willingness to communicate in a supportive way with an employee. 

In every business organization, no matter the size, it is immensely beneficial to have a designated ethics officer. It is this person’s responsibly to handle communication breakdowns and unethical conduct.  When an employee gives notice that they are intending to quit their job, it would be up to the ethics office to investigate why they are quitting and take measures to attempt to resolve any issues surrounding that decision. Often, once the issues are resolved, the employee determines not to quit after all and goes on to contribute a high rate of productivity to the company.

Ethics officers have been trained in the knowledge that:

- People are basically good.
- A staff member will attempt to protect a benefactor (small business owner) from damage caused by unethical behavior.
- A staff member will eventually quit his post if he is the perpetrator of the unethical conduct.

For example, if an employee has been going home every Friday at clock out time with a box full of paper clips, pens and other office sundries that belong to the company with a justification of any sort for doing so, he is a perfect candidate for quitting the company. Because an employee is basically good and ultimately does not wish to hurt his benefactor, he would rather quit the company than continue to steal from it.  The ethics division, in gathering data for a case, would take steps to determine what unethical conduct the employee had undertaken. If it was revealed as having happened, then the ethics officer would further investiga ..]]></description>
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      <title><strong>10 Smokin' Hot Business Startups</strong></title>
      <description><![CDATA[The small business owners in the United States are world class entrepreneurs. Always thinking – always on their feet. While many job opportunities are being given to foreign countries, local business owners are coming up with amazingly innovative concepts for saleable products and services.  CNN Money and BusinessWeek give some of the best samplings of the stratosphere for entrepreneurs in the U.S.

Disease Mapping - Through the use of satellite imaging and databases, this business provides an important service to the United Nations, governments, universities and consulting firms for determining how disease epidemics spread around the world. Andy Tatum is a 29-year-old with a Ph.D. that carefully plots out the data he has collected to predict for example, where the next malaria outbreak will happen.

Online Media Publishing - The CulturalConnect is a collection of four interlocking Web sites and e-magazines aimed at spotlighting and connecting young minority professionals with each other and to the nonprofit world. 24-year-old Sumaya Kazi is the co-founder of the company with a staff all under 30 that work remotely. The site, which had more than 560,000 page views in September and spends no money on advertising, is profitable, relying mainly on banner advertising.

Robot Programming - We now can use industrial robots for everything from analyzing blood samples to mixing drinks for cocktail hour. Some of the largest technology companies and auto manufacturers, such as Panasonic and Toyota need industrial robot programmers. Matt Zeigler is a 35-year-old self-trained robot programmer that calibrates the moving parts to work with perfect precision.  Industrial robots are helping to get people off assembly lines and into fields of business where more technological skill is required.

Healthy Food Provider - 23-year-old Sean Kelly founded Fit Fuel in 2002, a health food and vending machine supply business, to tap into what he saw as prime vending real estate. He ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/56/2309/10-Smokin-Hot-Business-Startups.php">http://www.buildyourownbusiness.biz/post/index/56/2309/10-Smokin-Hot-Business-Startups.php</link>
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      <title><strong>The Best Way to Get Fast Financing for Food Service Operations</strong></title>
      <description><![CDATA[For many businesses owners, due to credit issues or other common obstacles, borrowing money during tough times, or to help expand a business can be difficult.  There is a new alternative to traditional lending practices that is becoming very popular in situations like these.  Credit card factoring is the selling of a company's current accounts receivable, at a discount, to a lender or third party, who assumes the credit risk of the account debtors and collects the funds as the debtors or customers settle accounts. Since nearly all businesses accept payment via credit card and debit card, many finance companies offer loans to businesses against future credit card sales.  

Instead of fixed repayment terms, repayment is calculated by the lender and the business from the beginning, so repayment can be more gradual than traditional loan payments.  In other words, the lending company purchases an agreed percentage of future sales until the loan is repaid in full.  Factoring commission is usually 1 to 3 per cent of the face value of the accounts receivable factored. The interest period on advances may be 2 to 4 per cent higher than the prime rate. 

Like traditional business loans, funds can be used for any business needs, including inventory, remodeling, emergencies, or buying out a partner.  Usually, in order to approve a loan, lenders will require to run the business owner’s personal credit.  They will also documentation to satisfy certain criteria such as gross revenue, proof of ownership (Articles of Incorporation, corporate tax returns, business license), and time in business. 

In many cases, once a loan is approved, funding can take place in as quickly as 10-14 days. 

 
]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/41/2302/The-Best-Way-to-Get-Fast-Financing-for-Food-Service-Operations.php">http://www.buildyourownbusiness.biz/post/index/41/2302/The-Best-Way-to-Get-Fast-Financing-for-Food-Service-Operations.php</link>
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      <title><strong>Internet Promotion &amp; Small Business Loans</strong></title>
      <description><![CDATA[You may be seeking small business financing for a number of reasons. This can include start up funding, settlement of debt, cash flow emergencies and business expansion needs. Obtaining a small business loan can handle all of these issues, but while you are in the process of filling out loan applications, this is the time when you need to give equal, if not more attention to promoting your product and services. Since lack of cash on hand is holding you back, increasing your sales will be what gives you relief in the long run. It will even help position you more effectively in the future when you require financing for expansion. A healthy business operation is attractive to business loan lenders.

Naturally, if your small business is experiencing an emergency or danger situation with its finances, you must take action by identifying the problem and rectifying it. But before you do any of that – promote, promote, promote! 

Using the internet is a quick way to get your promotional materials out pronto. Here are some ways you can use the internet for promoting your products and services:

Get a website.
Organize the website so it easily converts a visitor (surfer) to a customer.
Optimize your website for search engines.
Offer a free email newsletter to visitors on your site (builds a database of prospects).
Send regular promotional emails to your past &amp;amp; current clients.
Make a short video clip to post on video media sites. 
Add bookmark &amp;amp; RSS feed widgets to your site.
Submit content &amp;amp; links to your pages on social media sites.
Create a blog &amp;amp; make frequent posts.
Submit content to RSS feed article sites.
Add survey fields to your website (surfers love them).
Submit comments to relevant blogs with a link back to your site.

Some of these items have costs involved, but can be obtained very reasonably based on your preferences. Most of these items can be accomplished by your own efforts, if you are not in the position to hire a profes ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/41/2251/Internet-Promotion--Small-Business-Loans.php">http://www.buildyourownbusiness.biz/post/index/41/2251/Internet-Promotion--Small-Business-Loans.php</link>
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      <title><strong>Business Credit Cards</strong></title>
      <description><![CDATA[The phrase &amp;quot;business credit card&amp;quot; is one of the most populat keyword searches on the internet. Every small business owner needs to have a credit card to do business transactions. Having the business credit card in the name of the business rather than in the personal name has advanatages. 

Early on, a small business may not be eligible for a small business credit card. Later on, the credit score for the small business may be a hindrance to obtaining a business credit card. A secured business credit card requires that you pay a specified amount of cash on the account before you can use it. You then use the business credit card as you would any other business credit card, sending the payment with your monthly statement. The initial deposit you made on the account is not used to pay the balance of the business credit card unless you default on the payments. Specific secured business credit cards exist to help a small business build or repair its small business credit score. 

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&amp;amp;B and other financial institutions, and the liability for any debts incurred and bills owed is with the business. 

However, some companies out there offer &amp;quot;business&amp;quot; credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the business credit card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are. 

When applying for a business credit card for your business, watch out for areas asking for your SSN (and not your TaxID orEIN) and be wary of any business credit card that asks for a p ..]]></description>
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      <title><strong>Working with a Spouse in a Small Business Partnership</strong></title>
      <description><![CDATA[Two of the most challenging endeavors that people can take are marriage and a small business partnership. Combining the two creates a whole new world of potential problems, but done right, a harmonious balance in small business partnership can be struck. Partnerships, both small business partnerships and personal partenrships, can be enhanced. Many of the problems of being in business on your own can be eliminated by having your spouse in a small business partnership. Your spouse can't say they don't spend enough time with you if they're working alongside you in a small business partnership, after all! 

In a small business partnership, to help both your business and your marriage thrive, it's best to really think things through before taking the first steps. Take a few weeks to make sure you'll really work well together before putting any significant money into a small business partnership. If your business, your marriage or both are relatively new, you may want to take a little bit more time to assess both situations before making final decisions about a small business partnership. 

Keep your business life and personal life separate. You may work together in a small business partnership and live together, but you shouldn't work and live together at the same time. Businesses create stress and relationships create stress epsecially with a small business partnership. Dealing with both at the same time can be more than one person (or two) can handle. Make sure that time spent on the small business partnership is dedicated to the business, and time spent together away from the small business partnership is not a forum to discuss business matters. If you're going to spend time together away from the small business partnership, really spend time away from the business. 

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      <title><strong>Overseas Lending in the US</strong></title>
      <description><![CDATA[An article in the Bloomberg News March 6, 2007 about overseas lending in U.S. by Kim Kyoungwha stated that most of the South Korean money flowing overseas was to the U.S.  South Koreans spent $780 million on real estate abroad in 2006, an increase of 34 times than the previous year, and almost half of it was in the United States.  According to their central bank, most people invested in houses, rather than commercial property. 
This surge followed relaxation in May of controls imposed during the 1997-1998 Asian financial crisis.  The amount that Koreans could spend on overseas investment properties, according to the Finance Ministry, actually tripled the past year, to $3 million.  This will lead to a tremendous growth in overseas property investment. In 2006, South Korean buyers invested 48% of their money into the United States, according to the central bank. 
In 2000, the U.S. Government had a surplus (profit) of about $237 billion (the largest in U.S. history). In 2006, the budget deficit was about $390 billion (loss). 

Although the 2006 budget deficit (loss) was only about 3% of GDP, the problem is the accumulation of losses and the need for debt to finance the deficit. By the end of 2006 , the accumulated national debt was about $8.3 trillion (the largest in U.S. history!). The U.S. Government has borrowed that money to pay for tax breaks, new Medicare drug benefits, the war in Iraq and other policies.

The  U.S. government has to pay interest on its national debt, spending $406 billion in 2006 to pay it.  About 45% of the U.S. public debt was owed to foreign holding in 2006, up from 40% in 2005.  China, Japan, Saudi Arabia and oil exporters are some of the largest creditors.
 
In 2006, $13.6 trillion in U.S. stocks, bonds, real estate, businesses and other assets were held by overseas Investors.  They bought US government and corporate bonds and mortgage-backed securities. The Commerce Department reported that the US paid more to foreign creditors for ..]]></description>
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      <title><strong>Avoiding Business Identity Theft</strong></title>
      <description><![CDATA[Identity theft can happen to anyone - or any business, for that matter. All identity theft is, is the use of a person (or business') personally identifying assets, such as a SSN or an EIN/TaxID, to either access accounts and funds owned by the person or business, or to open new accounts (i.e. for loans) in the name of the business or person. This identification can also be used to commit crimes which can be traced back to you or your business.

One common use of business identity theft is to get to your customers. A scammer, after getting the names and addresses of your customers, may impersonate your business in e-mails, postal mail or other means to gain the customer's confidence that the correspondence is, indeed, from you and exploit that trust. Not only will this hurt the customer, but the customer may not even know the person hurting them isn't your business.

To avoid this, and other problems with identity theft, it is important to secure your data at every possible level. If you use computers, they should be adequately protected by security software and hardware, including firewalls and port blockers if they have internet access. Be careful when and where you use business credit cards - always ensure that websites are up to date on their encryption systems and never give your information to strangers over the phone. Shred all documents thoroughly before throwing them away. Additionally, create some way for the customer to confirm that a message they may get is really from you before they take any action.
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      <title><strong>Using Surveys to Increase Your Business</strong></title>
      <description><![CDATA[As small business owners we have the tendency sometimes to get so excited about our product or service that we forget to consider the preferences of the public. We can’t help but have a biased opinion about what we produce. However, despite the fact that we may happen to manufacture the greatest “widget” that will ever be at the absolute lowest, rock bottom price, if it doesn’t meet the expectations of the public, it will never fly. 

The public relations department in your business is where public opinion is handled, through the process of taking surveys. Surveys are created to target various markets to poll for public opinion. The information gathered through surveys include fact, figures and opinions that, when analyzed reveal true public interest. Surveys will tell you what people like and what they don’t like. It will tell you what people consider valuable enough to be willing to pay money to have.  Most people are willing to answer survey questions because in this society, we are not usually asked our opinions. The advertising industry basically uses the marketing strategy that covers telling us what we want and what’s important to us, without considering our thoughts on the matter.

Using a survey to poll your target market, in a sense helps a small business create an agreement with the public. You, as a small business agree to provide what the public wants, and the public agrees to exchange money for the value of what they are getting. You may be surprised to discover what your public really wants. It may end up being the product or service you least expected, but so what. One of the reasons you’re in business is to make money, so have the courage to produce what sells. You can intelligently predict which product or service will sell the most, by surveying your public.

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      <title><strong>UCC Filings &amp; Small Business Law</strong></title>
      <description><![CDATA[The Uniform Commercial Code, or UCC, is an excellent tool for business owners to protect themselves with small business laws as both creditors and as debtors. Using UCC filings to your advantage can stretch your credit with both lenders and vendors. Likewise, as a creditor, if you keep active UCC filings on your biggest customers, you can protect your business against a client's nonpayment. For example, if you have a nonpaying customer and bring a lawsuit against them, you may wait months for a judgment, and you might not be adequately compensated even if the lawsuit rules in your favor. As a small business owner, you could avoid court all together by instead asking this non-paying customer for a UCC filing from the beginning.

Using a security agreement and a UCC-1 form is the best way you can insure your receivables. In a nutshell, a UCC places a lien against a particular small business asset. As a debtor, negotiating a UCC or security agreement with a key vendor will probably get you a larger credit line. However, you should minimize that vendor's claim on your asset(s) on which the UCC is placed. It is important to negotiate very clear terms within each UCC filing or security agreement. Be very careful to make sure the credit line you are getting from the vendor is worth the asset(s) you are putting at risk. Remember: if you allow the lender to specify all of your business assets, you are giving that creditor the ability to seize everything you’ve got.

As a creditor, filing a UCC means that you have an additional advantage over other creditors for that particular asset on which the UCC was made. However, you want to check that your customers aren’t already wound up in a UCC on that particular asset. It's usually the Secretary of State that records the UCC, but in some states you may have to file with the county recorder. Laws vary slightly from state to state, so speak with your attorney before wrapping yourself up in a UCC filing or security agreement. ..]]></description>
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      <title><strong>Bridge Loans &amp; Bridge Financing</strong></title>
      <description><![CDATA[Bridge loans are loans that are generally very short term, easy to acquire and which have quick approval times. Their main advantage is speed. Generally used to quickly close on property, save property from foreclosure or for other items which generally come on short notice and require quick money, bridge loans are extremely convenient and useful when you absolutely cannot wait for a standard loan. Other names for bridge loans include &amp;quot;interim financing,&amp;quot; &amp;quot;gap financing&amp;quot; and &amp;quot;swing loans.&amp;quot;

As the terms &amp;quot;interim financing&amp;quot; and &amp;quot;gap financing&amp;quot; imply, bridge loans are also typically used to fill in gaps or to finance businesses or business operations in the interim between larger loans, or between business start up and more permanent financing, in addition to being used on short notice for real-estate purposes. They typically range from two weeks to three years, and the amount of the loan and interest rates are only really limited by the customer's credit. However, the amount of the loan generally won't be as high as long-term loans would be, and interest rates generally run two percentage points higher than the average 30-year fixed-rate mortgage, or between 7 and 9%.

It is important to determine whether or not you really need a bridge loan before acquiring one, as they can be rather difficult to manage due to their generally short loan periods and somewhat high interest rates. If you do decide to apply for a bridge loan, you can maximize the value and lower the end costs by using the same bank to handle both your bridge loan and your more permanent financing, such as a mortgage.
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      <title><strong>Factoring for Storefronts</strong></title>
      <description><![CDATA[For many businesses owners, due to credit issues or other common obstacles, borrowing money during tough times, or to help expand a business can be difficult.  There is a new alternative to traditional lending practices that is becoming very popular in situations like these.  Credit card factoring is the selling of a company's current accounts receivable, at a discount, to a lender or third party, who assumes the credit risk of the account debtors and collects the funds as the debtors or customers settle accounts. Since nearly all businesses accept payment via credit card and debit card, many finance companies offer loans to businesses against future credit card sales.  

Instead of fixed repayment terms, repayment is calculated by the lender and the business from the beginning, so repayment can be more gradual than traditional loan payments.  In other words, the lending company purchases an agreed percentage of future sales until the loan is repaid in full.  Factoring commission is usually 1 to 3 per cent of the face value of the accounts receivable factored. The interest period on advances may be 2 to 4 per cent higher than the prime rate. 

Like traditional business loans, funds can be used for any business needs, including inventory, remodeling, emergencies, or buying out a partner.  Usually, in order to approve a loan, lenders will require to run the business owner’s personal credit.  They will also documentation to satisfy certain criteria such as gross revenue, proof of ownership (Articles of Incorporation, corporate tax returns, business license), and time in business. 

In many cases, once a loan is approved, funding can take place in as quickly as 10-14 days. 

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      <title><strong>Canadian Alternative Financing</strong></title>
      <description><![CDATA[Statistics Canada reports 75% of job creation is through small businesses. Getting a traditional loan is one of the biggest challenges.  Canada’s major banks have big profits, yet are not supportive of small businesses.  Venture capital is scarce. 

Working Ventures, sponsored by the Canadian Federation of Labor, is the first national, labor-sponsored investment fund in the world.  Its goal is long-term capital appreciation for shareholders, providing risk capital (between $250,000 and $10 million) to high-growth and medium-sized Canadian businesses.  All Canadians who invest in Working Fund receive tax credits.
  
Alternative funding can be easier to obtain.  From customers and suppliers to corporate lenders and government programs, customer financing has minimal paperwork. 

Human Resources Development Canada offers self-employment assistance to employment insurance recipients who want to start their own business.  There are Community Loan Associations in each province. 

Canadian Alternative Investment Co-operative in Toronto, Ontario, was formed in the early 1980’s by a number of religious communities pooling resources to make investments towards positive social change.  CAIC offers loans, mortgages, and equity investments for  community-based projects. 

Suppliers Inventory Buying Plans:  Supplier financing occurs when suppliers are willing to extend payment terms, offer discounts for early payment, offer floor planning or factoring options to assist dealers.  Often a supplier promotion plan enables a dealer to pay for items as they are sold. 

Most leasing companies are willing to offer lengthy leases on equipment and computers, with an option to purchase, a fixed rate and no down payment.  This can free up equity capital and borrowing power while you deduct the full expense from your taxable income.  A long-term lease gives more negotiation for leasehold improvements, and may represent $30 - $50,000 of start-up expenditure, which can help a ba ..]]></description>
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      <title><strong>Statutory Agent &amp; Small Business</strong></title>
      <description><![CDATA[A statutory agent, also known as a registered agent, is an individual, or sometimes a third-party business, designated by a corporation to receive &amp;quot;service of process.&amp;quot; Service of process includes such items as notices of lawsuits and summons to appear in court. The name and physical address of your corporation's statutory agent is required information on your Articles of Incorporation and you cannot incorporate without designating one. You may be able to designate yourself as the statutory agent of your business, but there are many reasons why you may want to appoint someone else to handle these legal matters. 
 
First and foremost, running a small business takes time and dedication. While, in ideal circumstances, you will not be receiving much legal paperwork, in the event that you are sued or summoned to appear in court, you will find yourself with a lot of additional work on your hands in just managing the legal issues. These issues can interfere with your operation of the business, and conversely, the operation of your small business can interfere with your legal defense.  It is best for one person to handle each aspect. 

There are a few other reasons to hire an outside agent for incorporating a small business. One is for the anonymity of your business' clients, vendors and neighbors. Another is for more prompt notification of any litigation. An outside agent will generally call you directly as soon as any information is received, where you might initially overlook a summons or notice of lawsuit. Also, many businesses acquire addresses for junk mail from State Office databases, and having the address of an outside agent on your Articles of Incorporation may help avoid some of this mail. 
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      <title><strong>Franchising &amp; Small Business Credit</strong></title>
      <description><![CDATA[Franchise financing, like any other type of small business lending, is normally credit-score based.  Because lenders are concerned with a franchisee’s ability to repay a loan to start a franchise, factors like a track-record of defaults, slow pays and non-payments could raise a red flag.  Even though your business plan and financial projections demonstrate that you have done your due diligence to build a strong foundation for your future success, a banker or lender will look strongly at your past successes or failures as well.

Since most lenders will want to see that a franchisee has money of his/her own to invest in the small business startup, your credit strength can be equally important if you have to finance it as well.  Whereas many hopeful franchisees tap into family and friends to put together their share of the  business startup costs, if borrowing this portion of the startup money is necessary as well, then ensuring a stellar credit rating will be necessary.  

Banks and investors will raise interest rates if they feel there is a higher risk that you won’t be able to repay the debt or if you have a blemished credit history.  Additionally, if you need to lease a store front or commercial property for your new business, most leasers will require a personal guarantee on the lease and will run your personal credit in order to make the decision to or not to lease to you, and at what terms. If fear of credit blemishes is keeping you from realizing your goals is an issue, consulting with a credit counselor early on might be a good solution.
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      <title><strong>Pros &amp; Cons of Franchising</strong></title>
      <description><![CDATA[It is up to you to make a profit in your business venture.  Franchising does not guarantee that alone. It is wise to do extensive prior research as to which type of franchise would be most suitable for you. The low end to the high end costs of franchises are reflected in their success ratio, stability, track record, level of training, support and general opportunity viability.  “You get what you pay for.”   

 In talking to other franchisees, inquire if they have been getting their money’s worth for ad campaigns with the franchisor.  Find out if they have received training and continued support.  Beware of franchisors who take little interest in their franchisee or whether they succeed, but are only interested in collecting their franchise fees. Unfortunately, lawsuits from franchisees against franchisors are common.  Both franchisees and franchisors have national associations to deal with public relations.  Many franchisees find that the monthly percentage fee diminishes in value over an extended period of time, as they focus on it eating away at their profit margins.  They are bound by contractual agreement. 

An already established market, brand name recognition and respect are definite pluses in franchising.   If you have decided franchising is right for you, your franchisor needs to keep you up-to-date with all developments.  So much is out of your control in a franchise, that communication is imperative to keep a handle on the flow.  This is necessary not only at your franchise, but also at the end of the franchisor.  The bottom line is, if the franchisor makes some bad decisions, you could chance to lose all.  One bad franchise in the chain could negatively affect all other franchises. 

 The best approach is to implement franchisor standards 100%, and then work on improvement through dedication, focus and working smart.  Make sure you have fun, having chosen a franchise that excites you.   

On the other hand, if you are an entrepreneur who doe ..]]></description>
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      <title><strong>Investing in a Franchise</strong></title>
      <description><![CDATA[Franchising is an agreement between an interested franchisee and the owner of a trademark, brand name or advertising symbol.  The franchisee must be prepared to relinquish their individual control or viewpoint of how the business should be run, agreeing to adopt systems, rules and regulations of the franchisor.  

“Don’t re-invent the wheel” is a common adage.  The franchisor offers a role model of a proven track record of success.  This is its greatest drawing point.  Nine out of ten franchises reported profit in 2002.  

In considering whether to invest in a franchise opportunity, research which type of franchise is most suitable for you and what type of capital investment you are prepared to make.  The 10 top franchises in 2005, according to Entrepreneur.com, were: 

Subway, Curves, Quiznos Sub, Jackson Hewitt Tax, UPS Store, Sonic Drive, Jani-King, 7-Eleven, Inc., Dunkin’ Donuts and Remax, Inc.  

Nearly 400,000  franchises employ more than 9.8 million people, with a payroll of $230 billion.  There is a new franchise opening in United States every 8 minutes.   Approximately one out of every twelve retail outlets are franchises.  As many baby boomers today reach retirement, they are looking to franchises as an investment, along with people who have severance packages.  Other potential franchisees may be people who are downsizing, or simply dissatisfied with present conditions. 

Franchises are turnkey systems of duplication, with proven track records of success. As an entrepreneur starts up a new business, it is beneficial to have a strong support team and training offered by franchises.  Franchisors often reassure the new franchisee by saying, “You are in business for yourself, but not by yourself.“ 

 High start-up costs of franchises may be some of the primary concerns of getting started.  However, financial institutions are more likely to lend money with the backing of franchisors.  A successful pattern is for the franchisee to success ..]]></description>
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      <title><strong>Personal vs. Corporate Bankruptcy</strong></title>
      <description><![CDATA[Similar to an LLC, when corporations liquidate under chapter 7 of the U.S. bankruptcy law, it includes only the business assets. The owner is totally exempt from personal liability in regards to any corporate debt, excluding the loss of value of any shares. Creditors are repaid from the proceeds of liquidation. Before equity receives anything, debts must be paid in full. 

Chapter 11 of the U.S. bankruptcy law states that all assets are kept by any organization that reorganizes and continues operation, while most creditors receive partial payment. Investment decisions become less efficient in reorganization because equity over-invests in risky projects 

In corporate bankruptcy the goal is to obtain enough repayment to creditors that lenders will continue to lend, at least to other borrowers. Inefficient investment decisions made by equity managers in prioritizing decisions, limit the company’s return. Filtering failure is a result of inefficient bankruptcy decisions. Both of these factors are influential to creditors, which may cause them to raise interest rates or reduce the amounts they are willing to lend, depending on whether the company’s return is lowered by inefficient decisions. 

Sometimes a corporation is financially solvent, yet strategically defaults on their debt. When the firm is successful, owners repay. They default if the firm fails, with filtering failure and inefficient liquidation. 

Slavery is no longer used as a penalty for personal bankruptcy, so individuals can only reorganize, even though it is most commonly referred to as liquidation. When individuals claim bankruptcy, their personal assets are liquidated in order to repay any debt and their assets are divided among the creditors. There is a limit to the amount of assets that debtors must use to repay. Debtors can keep a certain amount of financial wealth and post bankruptcy earnings. “Fresh start” refers to 100% exemptions for post-bankruptcy earnings, limiting the debtor ..]]></description>
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      <title><strong>Business Partner Compliance &amp; Commercial Loans</strong></title>
      <description><![CDATA[If there are multiple partners, who fills out the personal information to be in compliance with small business laws? Are you making the transition from being an employee to entrepreneur? Are you in the process of a small business start-up? Have you decided what type of small business you will operate… sole proprietorship, partnership, C-Corp, S-Corp or LLC? What starting capital investment do you have, or will you be seeking small business financing? If there is more than one owner of the business, who fills out the personal information? And why?

With multiple partners, it is wise to have each of the partners provide their personal information on required documentation to be in compliance with small business laws. In the case of business credit applications, it is standard to complete more documentation than applying for a home loan and certainly more than for any consumer credit. This is because the lenders require complete knowledge, not only about the business itself, but also about the entrepreneur(s). The lender can then tailor the loan to most aptly suit the needs of the business. Credit history and collateral of each principal is a key factor to the success of securing the loan. Business and personal financial statements, as well as business and personal credit scores will be considered. 

Some Credit Unions require the name, title, social security number and percentage of ownership for all partners, as well as the collateral. In a general or limited partnership, each partner reports their share of partnership income on individual tax returns. The small business does not pay taxes as its own entity. In a limited liability company, members report their shares of small business income on individual tax returns. The business does not pay taxes as its own entity. In a C-Corp, shareholders pay taxes on their earnings and the corporation pays its own taxes.

Another instance when it is beneficial to provide personal information of each principal is to have ..]]></description>
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      <title><strong>Business Debt Financing &amp; Collateral</strong></title>
      <description><![CDATA[What can be &amp;quot;collateralized&amp;quot; in my small business when I need business debt financing?

The short answer is: Anything with any value can be usued as collateral when you need start up business financing or business debt financing.

Collateral is &amp;quot;an asset pledged to a lender until a loan is repaid,&amp;quot; according to the Denver Business Journal. The Denver Business Journal goes on to define an asset as &amp;quot;anything that has commercial or exchange value that's owned by a business, institution or individual.&amp;quot; In other words, anything owned by your business that has any intrinsic value on the marketplace, taking in to account the value that would be lost if the assets had to be sold off quickly, can be used as collateral on a loan toward your business.

When looking at what you may be able to use on collateral, it's important to consider how much money you're looking to have loaned to you and to look at the value of the assets you have available to use as collateral. It's also important to consider the risks involved. If you fail to pay off a lender, the items used as collateral can and most likely will be seized and liquidated very quickly, giving you little chance to intervene. 

For example, say your business owns a database computer for which it paid $5,000. A bank may determine that the computer may only draw $2,000 if it had to be liquidated quickly, given the relatively quick obsolescence of computers - there's always something newer and better. Thus, the bank would accept your $5,000 computer as collateral on a $2,000 loan. In essence, you would be putting $5,000 on the line so that you can obtain $2,000 for use somewhere else in the business. 

Another element to keep in mind is that collateral isn't limited to simply physical property. Accounts receivable, purchase orders and other debts owed to you by other people and business can be used as collateral. Insurance policies, collectables, furnishings and virtually anything with a ..]]></description>
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      <title><strong>Old DNB Account &amp; Small Business Credit</strong></title>
      <description><![CDATA[Old Dun &amp;amp; Bradstreet (DNB) Account - Should a New One Be Opened Before Seeking a Commercial Business Loan? 

The answer to this question depends on a few factors and conditions, but the most important thing to remember when you are seeking a commercial business loan is that your small business can only have one DUNS number - not two. If your old DNB account was for the same incorporated small business that you are running today, you'll have to take measures to update it properly and keep it maintained. Dun &amp;amp; Bradstreet suggests you update your information at least once or twice a year to stay current, but you will probably want to update it more regularly, even as much as once per month to ensure that anyone who looks up your information has the most up-to-date, accurate information possible, and doesn't see outdated or missing information. 

However, if you have an old DUNS number for a sole proprietorship or a different small business, you may want to acquire a new DUNS number for the small business, or incorporate your small business and get a new DUNS number in the business' name instead of your own. This will afford you a fresh start so that you can begin good updating practice from the very beginning and help to build your business credit the right way for obtaining a commercial business loan. 

Checking to see if your small business already has a DUNS number, or applying for a new one, is a simple process. To check to see if you already have one, you must simply enter the name of your small business and the city and state the small business operates in. If you do not have a DUNS number, you may fill out an online application to obtain one at no cost to you. During the process, if you have any questions about Dun &amp;amp; Bradstreet, their website provides valuable resources, including phone numbers and FAQs to help you with the process.


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      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/39/2152/Old-DNB-Account--Small-Business-Credit.php">http://www.buildyourownbusiness.biz/post/index/39/2152/Old-DNB-Account--Small-Business-Credit.php</link>
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      <title><strong>Business Solvency</strong></title>
      <description><![CDATA[Solvency in business implies that your business has more money coming in than going out. If your business is not solvent, this is an announcement that you are spending more money than you have. If this is the case, your emergency alarm bells ought to be sounding off and warning you to place an immediate hold on all spending. And louder yet, you need to have urgent sirens in your face demanding stepped up product promotions. 

It is basic common business sense that is often lost in the heat of handling day to day situations, but if you don’t take heed, you are headed for bankruptcy. As a small business owner, it is your responsibility to tighten up the reins and take control. If your business spending is out of control and your sales are not meeting expectations, no influx of cash in the form of credit or loans will prevent you from going under. 

If you are experiencing cash flow issues, no matter how big or small, take the following steps to regain and retain business solvency:

1.	Increase your product promotion campaigns.
2.	Spend money only on products or services that have an ROI.
3.	Create a set aside account for projected business needs.
4.	Establish a debt repayment plan. 

A potential commercial lender will scrutinize your ability to manage your company’s money. Business solvency indicates that you are doing what is required to establish a worthy business credit score. 
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      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/42/2083/Business-Solvency.php">http://www.buildyourownbusiness.biz/post/index/42/2083/Business-Solvency.php</link>
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      <title><strong>Business Financing for Insurance Companies</strong></title>
      <description><![CDATA[There are many ways in which insurance professionals and insurance companies – both new and existing – can acquire business financing without using personal credit.
 
One method is called commission-based lending.  Commission-based lending provides business loans to insurance professionals based on the value of their renewal commissions. Business loans of this nature can be used for a variety of things like office expansion, acquisitions, debt consolidation, and succession planning. 

Another method is to leverage the value of future commissions as collateral for a loan.  This way, there is no need to sell your book of business, or put up personal items as collateral against the loan.  Some lenders will also allow you to consolidate personal debt previously acquired for the business. 

An agency acquisition allows an agent to acquire a seller’s block of business as collateral for a loan.  By going this route, the new buyer/owner can minimize the use of personal funds and maximize any working capital. 

Regardless of which method of funding, agency owners need to put together a strong perpetuation plan.  This plan should allow a seller to achieve goals of reaping a solid return on the years they invested in the business.  The plan should also demonstrate how the new agent plans to achieve his or her business goals, and enable an already profitable agency to grow under new ownership.  The startup price of the agency should be inline with the industry and should be reasonable for the buyer and seller if it is an acquisition.  The plan should outline a few very important details: demonstrate how the agency will be financed; demonstrate how taxes will be minimized for the seller; details of funding of the buy-sell agreement; and, how control will be passed on to the successors. 

For an insurance agency or agent to guarantee that their personal assets will not be considered when seeking business financing in the form of a commercial loan, they must be inc ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/39/2081/Business-Financing-for-Insurance-Companies.php">http://www.buildyourownbusiness.biz/post/index/39/2081/Business-Financing-for-Insurance-Companies.php</link>
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      <title><strong>Liability in a Partnership or a Sole-Proprietorship </strong></title>
      <description><![CDATA[The main differences between partnerships/sole-proprietorships and incorporation is in the liability the business owner(s) assume on behalf of the business.

In a sole-proprietorship, there is only one business owner who may also be the only employee of the business. Without incorporating a small business, the business owner assumes all liability for the business, should anything go wrong. The business owner takes responsibility for all debts and legal matters, including compensation for accidents and wrongdoings. If the business owner is successfully sued and does not possess the liquid assets to pay the plaintiff, the business owner's personal property, including his or her home, car and possessions may be seized to meet the costs. Being sued as a sole-proprietorship is, in essence, exactly the same as being sued yourself, as a private individual. In addition, the business owner does not pay corporate taxes, only personal income taxes on profits made.

In a general partnership (there are other forms of partnerships that reduce liability), the business owners assume the same liability as the sole-proprietor, however it is more risky for each individual involved, as you may be held responsible for the actions of your partner(s). For example, if your business partner takes on several business loans and fails to pay them back, you may be held responsible for his or her actions if he or she is unable to be held responsible for them. Other than the shared liability, the differences between a general partnership and a corporation are very similar, in that your personal assets and property can be used to settle your debts or to pay the plaintiff if you are successfully sued.

But most importantly, in order to be incorporated, one must file paperwork with state and federal agencies, registering your corporation. This paperwork is known as &amp;quot;Articles of Incorporation.&amp;quot; Without filing them, your small business is not incorporated and you will not be recognized ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/56/2056/Liability-in-a-Partnership-or-a-SoleProprietorship.php">http://www.buildyourownbusiness.biz/post/index/56/2056/Liability-in-a-Partnership-or-a-SoleProprietorship.php</link>
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      <title><strong>Strengthening Business Credentials</strong></title>
      <description><![CDATA[As your company grows, over time it develops a reputation for how it conducts business.  The integrity of your small business and your relationships in the business community are heavily valued by lenders. Strong relationships can equal a compelling case for obtaining financing.  Strong credentials based on solid footing in the business community are invaluable when it comes time to seek the capital your company needs.

When you know you will be seeking a commercial business loan, it is very important that once you have your business credit established you are able to maintain that business credit.  Stability and daily updates will be the key to this. Establishing and maintaining good business credit references will be very important.  Once you have built that good business credit standing, you will need to monitor it closely to make sure nothing adversely affects it.

When establishing your business credit you want to use every possible business credit reference.  A benefit to building business credit is you can never have too much business credit.  Whether it is your utility bill, your cellular phone bill or a merchant account, it is all relevant to building your business credit
If you are a relatively new small business, you may not yet have established the technical requirements that a bank, credit union or traditional lending institution uses to determine your business credit worthiness or eligibility for a commercial business loan. In this case, your bank loan could very well be rejected. On the other hand, developing a good relationship with your local banker and good banking habits are important, regardless if the bank turns you down for financing. 

In a sense the bank can be considered one of your suppliers, since they provide you with a service. Alternative lenders and business credit bureaus will investigate your banking practices, as they do your relationship with other vendors. 

In terms of a strong business credit image, membership in a loca ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/57/2051/Strengthening-Business-Credentials.php">http://www.buildyourownbusiness.biz/post/index/57/2051/Strengthening-Business-Credentials.php</link>
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      <title><strong>Alternative Financing Strategies for Small Business</strong></title>
      <description><![CDATA[There are many alternative methods of financing available to small business owners that chose not to take the traditional route and rely on the bank for funding. Peer to peer borrowing, factoring, advance pay programs and purchase order guarantee are 4 ways a small business strategize to accommodate limited cash flow situations.

1.	Peer to Peer Borrowing

Peer to peer small business borrowing is a system using private loan lenders, where the borrower posts the details of the business loan he or she is requesting, including the amount, term, and maximum preferred interest rate. Private loan lenders now have the option to bid on the small business loan, and the best offer(s) will be accepted. The key to handling the risk factor is in the social aspect underlying this type of lending. The borrower’s payment habits are made public information for all their peers to see and this encourages the borrower to honor their obligation.

2.	Factoring

Factoring can be a very fast way to get financing for your company’s business credit needs. Basically, factoring is using your accounts receivable as collateral for a small business loan.

When the accounts are paid, you pay the small business loan. In some cases, your outstanding accounts receivable are actually exchanges for the money from the lender extending you business credit. The lender takes responsibility for making the collections. Using factoring to obtain financing in the form of a small business loan is a strategy for building a strong business credit score. It can also be used instead of seeking additional investments where you may be required to give up a portion of the ownership of your company. Using factoring as an alternative small business loan can help to secure a steady cash flow for your small business when you have accounts receivable.

3.	Advance Pay Programs

Every small business owner with credit card sales needs to know how to get a small business loan up front before the sales have oc ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/39/2045/Alternative-Financing-Strategies-for-Small-Business.php">http://www.buildyourownbusiness.biz/post/index/39/2045/Alternative-Financing-Strategies-for-Small-Business.php</link>
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      <title><strong>Jack Canfield: The Secret for Small Business Owners</strong></title>
      <description><![CDATA[Jack Canfield, co-author of the Chicken Soup for the Soul series, and star presenter in the acclaimed film, The Secret, offers invaluable information that can be used by small business owners in his latest book, The Success Principles. The first chapter of Canfield’s book offers the foundation for success that every start up small business would be wise to consider. The first chapter of Jack Canfield’s The Success Principles is tilted Take 100% Responsibility for Your Life. Canfield begins the chapter by stating that the concept of being entitled to a great life in America is a myth, with the underlying notion that someone or something else is responsible for the outcome of our lives and our success. 

In Jack Canfield’s book, The Success Principles, the ideas he presented in The Secret are mirrored.  Canfield’s bottom line is that there is only one person responsible for your quality of life, and you are that person. This is the single most important lesson in The Success Principles, and is the undeniable truth upon which Jack Canfield bases his entire book. This truth covers all aspects of life experience including the quality and outcome of all your efforts, your health, finances and relationships. Canfield reminds us that we have been taught from early on to blame something outside our own range of influence for the parts of our life that are not as we would like them to be. We have learned to play victim to the people close to us, the people not close to us, our financial situation, our astrological chart, the weather and so on. We use all of these as excuses to fail or fall short of our goals.

Jack Canfield states that we have to be willing to give up all our excuses and stop blaming outside circumstances. We have to be willing to take authority over our own lives and create the future we want. Canfield, as he mentions in The Secret, goes on to elaborate upon the principle that we have the power to do something differently in order to produce the  ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/49/2036/Jack-Canfield-The-Secret-for-Small-Business-Owners.php">http://www.buildyourownbusiness.biz/post/index/49/2036/Jack-Canfield-The-Secret-for-Small-Business-Owners.php</link>
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      <title><strong>Suze Orman: IRS Tax Refund Policy</strong></title>
      <description><![CDATA[In March of 2007, Suze Orman discussed the new IRS tax refund policy that small business owners need to consider for their own benefit and the benefit of their employees. For the first time in IRS tax history, states Orman in her Money Matters column, taxpayers on the receiving end of a federal tax refund will have the option of telling the IRS where to send their tax refund. Suze Orman informs taxpayers that they can instruct the IRS to send their federal tax refund via direct deposit into an existent account at any financial institution. A point that Suze Orman stresses in her Money Matters article is that taxpayers can now circumvent the temptation to spend their IRS tax refund right away by depositing it into an investment account or a retirement account.

Suze Orman reports that the IRS tax refund policy allows the taxpayer to direct their federal tax refund into up to three different accounts at three different financial institutions. Suze Orman strongly encourages taxpayers to take advantage of the offer by the IRS. In her Money Matters column, Suze Orman delivers the financial evidence to back her statement, beginning with the fact that in 2006 the average federal tax refund was $2,700. Orman goes on to suggest that by having the IRS deposit tax refunds money into a Roth IRA invested in a low-cost index fund or ETF, taxpayers can look to turn their tax refund into $29,000 based on an average annual return of 8% over 30 years. 

Suze Orman’s pleasure with the new IRS tax refund policy is overshadowed by her view on tax refunds in general. In her Money Matters article, Orman says, “The fact is that tax refunds are a sign that you’re wasting money.”  Suze Orman’s position on the matter of tax refunds is clear; getting a tax refund means that a taxpayer is pouring money into the federal government’s coffers over the period of a year that they could have been using for their own gain. Suze Orman offers investment and retirement strategies for taxp ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/48/2025/Suze-Orman-IRS-Tax-Refund-Policy.php">http://www.buildyourownbusiness.biz/post/index/48/2025/Suze-Orman-IRS-Tax-Refund-Policy.php</link>
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      <title><strong>Prioritizing for Maximum Productivity</strong></title>
      <description><![CDATA[In his book, Eat That Frog, 21 Great Ways to Stop Procrastinating and Get More Done in Less Time, Brian Tracy says “The mark of a superior thinker is his or her ability to accurately predict the consequences of doing or not doing something. The potential consequences of any task or activity are the key determinants of how important a task really is to you or your company. “(p.25)

As a small business owner, you can use this concept to make decisions about daily activities that will ultimately take your business to the end point (long term goal) you have determined. If you don’t know what your end point is, then this is the perfect place to begin. You must be clear about your long term goals, because this knowledge will directly influence the most productive course of action you can take in every hour of your business day. Having a clear picture of your long term goals will help you prioritize daily activities. The top priorities will always be those tasks which lead your business to the attainment of a long term goal in the most direct and timely fashion. Those top priorities must always be your main focus. These are the items on your flow sheet that get done first. If you don’t do these things first, the consequence is that you will not achieve the success you would like to have with your business, and it will certainly not happen in the time frame you desire.

Determining tasks and activities that are of lesser importance happens by examining the effect they will have over the long haul. We live in a society that likes instant gratification, where short-term pleasure often overrides a long-term future. Denis Waitley said, “Losers try to escape from their fears and drudgery with activities that are tension-relieving. Winners are motivated by their desires toward activities that are goal-achieving.” Take a good look at everything you are spending time doing in your business. Are those activities contributing to the end point or are they giving you pr ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/49/2018/Prioritizing-for-Maximum-Productivity.php">http://www.buildyourownbusiness.biz/post/index/49/2018/Prioritizing-for-Maximum-Productivity.php</link>
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      <title><strong>The Five &quot;C's&quot; of Lending</strong></title>
      <description><![CDATA[It is almost inevitable that at some point during the life of a small business, it will need business credit, business financing or business loans. This could happen during the start up of the small business or later for the purpose of business debt financing or small business expansion. It can also happen when the business has contracted a large sale for goods or services but needs the cash or business credit to cover up front costs. Whatever the need is for business credit or business financing, there are particular elements a small business owner needs to be aware of when seeking business financing.

Small business owners need to know that whether the small business has bad credit or no credit, in the majority of cases, some form of business credit or financing is available. This is possible even if the small business owner has been rejected for a small business loan by the bank. 
There are five primary elements a lender will consider when reviewing your loan applications. The five “C’s” of lending for small business loans are character, cash flow, collateral, capitalization and conditions. 
 
1. Character
The basis here is the borrower’s credit report and his or her payment trends.

2. Cash Flow
There needs to be adequate cash flow available to repay the loan and allow the borrower to pay for all other small business expenses, including their personal needs. This is true whether calculating a business' previous experience or making projections for a small business expansion or a startup. 

3. Collateral
These are the assets that the borrower offers to the lender to secure a small business loan in the event it is not repaid. The primary collateral will be the small business’ assets, but if these are not sufficient, personal assets may be required as additional security. 

4. Capitalization
This consists of the small business’ resources including fixed assets, retained earnings, and the owner’s equity. Funds borrowed from a source such ..]]></description>
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      <title><strong>Personal Loans vs. Business Loans</strong></title>
      <description><![CDATA[You have a fabulous business idea, you’ve done all the planning and projections and you have confidence that your business start up is sound. There’s only one thing missing. The cash to get it off the ground! You may be thinking that good ole’ Dad or good ole’ Aunt Betty will front you the investment capital you need. After all, they believe in you, right? Well, whether or not your family and friends have faith in you is not really the issue at stake here. Unless you are willing to negotiate a partnership with your family, or they simply have extra money they are looking to invest in a sure thing, you may want to consider the potential strain of borrowing money from people you know can put on your relationships. What if your plan does not go according to plan and you are not able to meet your agreement to repay the personal loan?

You could consider hitting up your local banker for funding, but a) maybe your personal credit score will result in a big fat rejection letter from your personal lending institution, or b) maybe you just don’t want to put your personal assets (your home where you live, for example) at risk. 

What we as small business owner often fail to remember when starting up a business is that the act of incorporation with the state means that your business is no longer YOU! Once a business is incorporated, it now is an entity separate from you and despite the fact that you sired and birthed it, it needs to get up and walk on its own and be financially responsible for itself. You go into business to make money, right? So your business needs not be financially tied to your apron strings once you have filed with the state. You no longer need to be personally liable for financial burdens incurred by the business. 

Are you aware that you can build a business credit score for your business that is in no way associated with your own personal credit? Your business needs a credit score before it can get a commercial business loan. Dun &amp;amp; B ..]]></description>
      <link rel="alternate" type="text/html" href="http://www.buildyourownbusiness.biz/post/index/41/1947/Personal-Loans-vs-Business-Loans.php">http://www.buildyourownbusiness.biz/post/index/41/1947/Personal-Loans-vs-Business-Loans.php</link>
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