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Buisness

10 tips for starting your first business

Making the choice to move away from a steady source of income and security that a regular job provides to start your own business is not easy. There are many challenges that you are likely to face, making it time-consuming and generally stressful. However, it is not all bad news. Starting your own business means that you are able to manage your own time since you are your own boss, and you have full control over how things run. Here are some of the tips you might want to take into consideration in case you are contemplating starting your own business: 

1. Work with the right investors 

Starting your own business requires sufficient funding, and although you might initially want to rely on your own source of income, you will eventually need financial support from reliable investors as your business grows. Ensure that the investor you bring in to help with finances not only understands how your business works but is also passionate about it. 

2. Focus on adding value to the customer experience 

The customer plays a huge role in determining whether your business will succeed or fail. It is therefore of utmost importance to focus on adding value to the customer experience in your business. This way, you will be able to stay ahead of any potential competitors. 

3. Emphasize your strengths and outsource your weaknesses 

Going into a business venture, you will find that you are better in some areas as compared to others. In order for your business to successfully take off, focus on perfecting the skills that you possess, and outsource the aspects of the business that is not your forte. For example, if you are a financial expert, oversee that part of the business, and work with a marketing expert when it comes to advertising your business. 

4. Understand the financial side of the business 

It is important to be aware of how much your business venture will cost you. Take account of all the expenses necessary to launch and operate your business, at the same time factoring in costs such as rent, marketing, supplies, as well as your own personal budget. Look for an affordable business premise or commercial property – take a look at PropList.

5.Know the legal side of starting a business 

To avoid any inadvertent run-ins with the law as you have to follow certain rules and regulations as you set up business. First and foremost, ensure that your business is registered with your state. Additionally, remember to take care of tax liabilities linked to your business, and as your staff expands, there are employer laws to be followed as well. 

6. Make people aware of your business 

Speak confidently to various people about your business venture. Marketing your business and network is essential in meeting new customers as well as potential investors. 

7.Have a source of income 

While it might be tempting to immediately quit your day job as soon as you develop an exciting concept for a business, it is wiser to make a gradual transition to maintain that steady source of income. This way, you get to accumulate funds as you work on your business venture during your off hours. If you decide to acquire a commercial property, you can rent it out to acquire more income. 

8. Stay focused on your main goal 

As you start your business, be careful not to be distracted from your main focus by other opportunities that may come your way. Narrow down your concept to something specific and cut out all the unnecessary features that will only incur costly expenses. 

9. Seek advice from other sources 

To ensure that you are on the right path, seek the opinion of experts who have started businesses that are similar to yours. Absorb all these tips and ideas, modify them and apply them to your business in a manner that will work for you. 

10. Ensure your business provides a solution to a problem 

Your business venture should ideally fill a gap in a given market, rather than simply providing a product for sale. Understand the demand of your customers and focus on supplying them with the needed service or product. 

In summary, you can expect to make mistakes along the way as you set up your business. Reflect upon these mistakes so that you are in a better position to tackle similar occurrences in the future.

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Buisness

Short term Loan Basics

Short term loans work somewhat better than customary advances. Rather than having a financing cost, short term loans have something many refer to as a factor rate. In view of the distinction in expense counts, short term credits can’t be contrasted with advances that charge enthusiasm for consistent way.

The charge for a short term loans, called a fixed expense, is determined utilizing the factor rate. Like intrigue, the charge is a level of your getting sum. In contrast to intrigue, the charge on a short term advance is just determined once. You will realize precisely the amount you’ll have to reimburse before tolerating a credit offer. For instance, in the event that you are acquiring $10,000 and your factor rate is 1.35, you will have a fixed charge of $3,500 (for an all-out reimbursement of $13,500).

For more data on factor rates, look at our article regarding the matter. Regularly, factor rates go somewhere in the range of 1.09 – 1.6 (or 9% – 60% of the obtaining sum), however in uncommon cases may be higher or lower. Furthermore, normally, moneylenders may require different expenses notwithstanding the fixed charge, for example, beginning or shutting charges.

As you may expect given the name, short term loans advances by and large have momentary lengths. Before, borrowers would experience issues finding a credit with term lengths more than year and a half; in any case, numerous banks are beginning to offer short term advances with term lengths of up to a few years long.

Not at all like vendor are loans, which have a comparable expense structure, short terms installments fixed. At the end of the day, borrowers need to reimburse a similar sum every day; the reimbursement sum does not vacillate with income. All things considered, there are exemptions to this standard: a few moneylenders, for example, Square Capital, do convey fluctuating installments.

Short term Loan Eligibility

Short term loans are here and there called “income advances” for a reason—momentary moneylenders are commonly more intrigued by your everyday income than in your financial assessment or your business benefit. Thusly, these advances are commonly fit to organizations that have solid, steady every day income, for example, retail locations, eateries, and some administration organizations. In the event that your business has conflicting or poor income, chances are you are not a decent possibility for a short advance. You can also qualify for other loans FAQ.

Something else, momentary moneylenders will in general have capabilities that are simpler to meet than those of banks that offer other advance items. You might be qualified for a short term advance, regardless of whether you are not qualified for an advance from a bank, credit association, or some elective moneylenders. On the off chance that you have a financial assessment of no less than 500, a business that is more than 3 months old, and have sound, predictable income, you are likely qualified for a short term loan. Normally, be that as it may, the more grounded your business, the better rates and charges you’ll be qualified for.

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General

Art Scam Emails: How to Spot a Fake and Protect Yourself

Behind the most vibrant, thought-provoking and, in some cases, morbid creations of art are fraudulent schemes that have plagued the art world for many years.

What happened to billionaire Dmitry Rybolovlev may be considered the biggest scandal in decades, but it is definitely not the first.

In 2011, Domenico and Eleanore De Sole learned the sad truth that the painting they bought from the Knoedler & Co. art gallery was nothing but an expensive forgery.

The gallery was so good in deceiving its victims that it raked in some $80 million from the sale of 31 other bogus paintings.

Then, there was the case of Walter Keane who became popular because of the doe-eyed figures he created. As it turned out, he was taking credit for his wife’s work.

This begs the question how do you protect yourself against the art scams?

If you have millions to spend on artworks, you want to make sure that you are getting the best and most genuine deal.

Unfortunately, the art world is full of scammers that play on the emotions and desires of art lovers and proponents, and steal from the artists themselves.

How do you protect yourself against them?

One of the many ways that frauds and scammers find their next victim is via email. Art scam emails are usually sent to artists or art owners who want to make a living from their art.

In this case, the artists and sellers become the target.

Internet art scams are nothing new, but idea of a potential sale often causes people to forget about the warning signs.

If you receive one, it is important to look at the telltale signs of an art scam email.

How to spot a fake art email

Impersonal tone and approach

One of the reasons that scammers are very effective is that they are very good storytellers. And they use these stories to hook you as to why they are interested in your work.

But don’t be fooled by those stories.

If the email doesn’t address you by name, it’s likely to be sent to thousands of other artists.

You should also take a look at the email address used.

If the mail claims that it comes from a gallery, the address should bear a name and not symbols or a bunch of letters that doesn’t make sense. Be wary of such emails.

Dodgy origins

There’s no law against people from other countries sending emails to someone in another location. But you must remember that scammers want to make sure that the art you sell must be shipped. The easier to hide their identities and fool you into thinking you’ll get your money once the painting arrives at its destination.

Bad email creation

Not to be a grammar Nazi or anything but it should be a red flag if the email you receive is filled with spelling and grammatical errors. If it comes from an actual art gallery, it’s unlikely to send you a crappy email.

There should be at least an effort to create a professional email. It is also a dead giveaway if an email message doesn’t flow or read as easily as it should be.

If it is oddly spaced, then it is likely that the sender carelessly copied and pasted the same message.

Although scammers these days are more sophisticated than a relative of a Nigerian prince, but the way they write an email could still reek of suspicious activity.

Pay by cashier’s check

If a sender insists of paying through this manner alone, then you should take evasive maneuvers. The odds of the check being faked is very high.

If people have been scammed with the promise of a direct bank transfer with a fake transaction receipt, the more vulnerable you are with a fake check.

Don’t even bother. Because if a bank discovers the fraud, you could be held accountable.

Another red flag is when a buyer insists of using their own shipper. It is likely that the moving company is a fake and that the people who pick up your artwork are in on the art scam.

Because scammers know better these days, you could receive an email that doesn’t have the red flags.

In this situation, you need to perform due diligence.

Do your research and check if anyone else has received the same shady email. Type in a snippet of the email into Google and you might find a lead on the results.

You can further verify the legitimacy of an email by asking for a phone number and insisting that you speak directly with the potential buyer.

If that’s not possible, then make sure you do not share personal information that can be used against you such as credit card or bank account.

When it comes to payment, have them pay through PayPal.