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Posted by ariyes, and filed under Others
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Year after year, thousands of entrepreneurs try to set up businesses in the UK – however, a great number of these businesses fail… but why?
One of the reasons why new businesses fail in the UK, is because recently (due to the credit crunch) there has been a lack of credit available to entrepreneurs looking to start up their own company – so they simply run out of money.
So, if you are looking to set up your own business – what steps could you take to help make sure it doesn’t fail?
Plan what you actually want your business to do
What is it that you want your business to do/achieve? Is it offering a product, or is it providing people with a service?
You need to know exactly what you want your business to do before you invest time and money in it. Don’t just keep this in your mind, write it down and keep a log of all your thoughts. You can look back at these and learn from any mistakes you may make along the way.
Have a clear business plan
Recent research has found that over 60% of small businesses fail because of a lack of planning and ‘execution’ of a business plan ( http://www.familybusinessmanagement….-business-plan ). If you don’t want to add to this 60%, you should create your own business plan.
Your business plan should include your business’ goals and the reasons why you personally think these are achievable and how you plan to achieve them. It should also include the ‘what, why, when, who and how’ of everything to do with your business.
For help compiling your business plan, you could take a look at some of the templates available for entrepreneurs online.
Your business plan is very important. You wouldn’t want a potential investor looking at a few scruffy pieces of paper about your business, would you? So you should make sure it looks and sounds professional.
Make sure you have enough money
This is an obvious point here, but as mentioned earlier, so many business fail due to lack of funding. So, make sure you have enough money to cover at least your first year of business. You should account for all bills and all other expenses (these will be different depending on business type).
What if it all goes wrong?
Business is all about taking risks – and if your risks don’t pay off, you could end up in debt. So… what could you do if it all goes wrong?
If you have invested a large amount of money into your business, and you have ended up in debt because it hasn’t taken off as you hoped, you could consider several options – for example:
1. You could look into a specific debt solution, such as an IVA (Individual Voluntary Arrangement), or a debt management plan – your suitability for either of these will depend on your level of debt, amongst other things. Debt solutions are specifically designed to help people repay the money they owe in an affordable and realistic manner.
Or…
2. You could pitch your business to investors – asking them to take a look at it to see if it can become a profitable venture – and if they think it can, you may still be able to recover the money you have lost (through their investment).
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18th Jan 2010
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Tags: Credit
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Posted by ariyes, and filed under Credit Card Offers, Secured Credit Cards
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In the modern world when credit history and credit scores decides whether we can have an operation or not, it is really important to have a good credit score. We all have experienced a damaged credit score and some of us have been able to over some it. For those who are still suffering and have no clue about what to do, I will try to help you with all my knowledge as a member of credit card company and a smart credit user.
The first thing you need to do is to figure out what are the mistakes that you did as far as the credit card using is concerned. Then you need to make sure that you can avail a secured credit card if you have no credit history or a bad credit history.
Not every one of us knows what a secured credit card is. A secured credit card is issued against an account where an amount of money is deposited. The amount of deposit would vary from card to card but it is at least $250-$500. As soon as you deposit the money it would be taken as your security against the card and you will also earn interest as it is deposited in a savings account. Now what happens is, your credit limit for the card would be determined by the amount of money you deposited. It might be the whole amount or a part of it. Now the important to remember here is, it is not a debit card, it is a credit card. And if you fail to pay the bills at the end of the month the interest rate will go high up. The authority will use the savings only at the last moment.
If you have never used a credit card then starting with a secured card is very useful. It will give you a fantastic credit score and will make you eligible for the best credit card schemes. Not only for the beginners but also for the ones who have a bad credit history, secured credit cards can be mighty helpful for them to repair the credit score.
If you are someone who cannot control when you see those fancy dresses or perfumes and diamond rings, go with this card and you will observe a change in your shopping habit within month’s time. Because it is a fact that credit cards make us extravagant and lead us to buy things and pay high price for things that we do not actually need.
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Posted by ariyes, and filed under Credit Card Offers
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There are so many reasons that can lead to a bad credit score. And we all know what the consequences of a bad credit record are. It is important for all of us to know how credit record. It might sound tough to you and you are not wrong. To be honest credit repair is not an easy task and requires a bit of work. But if you are focused then you will be able to repair it. Some useful tips are given to you, which will help you to start the process.
When it comes to credit, your credit report is of mighty importance. You might find that so many things like buying a car or house even your children’s future depend on good credit report. So credit reports should be given the attention that it requires.
You might be thinking why a god credit score is so important. Well, with a good credit score you are likely to get loans at low interest rates. On the contrary, a bad credit score might give you a high interest rate or even put the bank in dilemma whether or not to give you the loan. I hope now you understand the importance of a good credit score.
It is always the best to seek professional help. But if you are not willing to do that then you could take assistance from the resources on internet. Find help form e books and articles. But make sure the source of assistance is proper rather than being one of those scams trying to grab some easy money from you. Ensure a secured future for your family and yourself.
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Posted by ariyes, and filed under Credit Card Interest, Credit Card Offers
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With the global economy coming down to the freezing point, so many of us have found ourselves in a situation with horrible credit card debt. But you can always resolve the problem if you act smart.
The very first thing you need to do is, call up your credit card company. Let them know about your situation and tell them you cannot meet their demands but are eager to pay out all the interests. Ask them to let go of your fines and other late fees and stuff. Ask them if it is possible for them to lower the interest rate. If the customer service representative fails to help you, talk to the manager, they might be able to help you out.
Once you are done speaking with the company, make a plan about what are the things you are going to buy. At the beginning of the month, you should know how much you are going to spend and how much interest you will have to pay. See what are the expenses that you can cut and make some savings. You might consider, eating out for a lesser number of times every month for a few months.
Be smart in paying off your debts. Pay off the debts with higher interest rate first and go down the list gradually. This will help you to save a lot of money.
Make it a habit, and lock your credit card in a drawer and keep the keys in a safe. Use cash money to do shopping. Use the credit card only if it is dead serious.
If you can make all these happen, you are likely to set yourself free from all the credit card debts before you can realize it.
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3rd Jan 2010
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Posted by admin, and filed under Others, Students Credit Card
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People from various professions have different requirements. So the credit card providers too have designed various types of credit cards for different section of people. Beside the general credit cards, there exists small valued business cards made for small businesses and then there exists student credit cards that are solely designed keeping in mind of the student demands.
Now, the question arises what makes a student credit card different from that of general ones?
There’s not much one can say, since most of the credit cards functions in pretty much the same manner and are accessed for more or less the same purpose. However, there are two fundamental differences between the student credit card and the ones that everybody uses and they are the Credit limit and the APR.
The credit limit for the student credit cards is usually on the lower side. This limit ideally ranges from $200 to $1000 every month. Many people might not agree with such discrimination in terms of credit limit being much low than the normal credit cards. Well, the reason behind this is pretty obvious. Its more likely that majority of the students applying to get access of these credit cards have actually never used a credit card in their entire life; so neither do they possesses a credit rating nor any kind of idea about using credit cards. The former being a criterion that the credit card providers look for before giving away the credit cards, and the latter being what the credit card receiver would like to gain. Thereby, both these purposes are met to the fullest by virtue of offering a lower credit limit. By doing these the credit card providers reduces the risk that they are adopting by sanctioning a credit card to such a client who never had an access to credit cards and thereby has no credit rating. It’s also good for the credit card receiver since this lessens their chances of damage that can be maneuvered by insufficient or zero knowledge of credit cards and also by worse spending habits. In addition to this, this credit limit is considered to be adequate for the requirements of a normal student.
Nextly, the APR listed on the student credit cards is usually a lot higher than that of the one on the usual credit cards. Again the cause behind this is the same as that for disbursing a comparatively lower credit limit i.e. we all have to remember the credit card providers is after all doing their business and has to execute steps to neutralize any possible risks including the risk evolving from granting a credit card to such a person who is a novice in regard of credit cards.
These are the facts that make student credit cards different from those of usual ones.
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20th Jun 2009
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