Starting A New Business During Economic Hardship

The current economic downturn has made life difficult for many businesses. This may make you think that it would be a bad time to consider setting up a new business but this may not be the case. Careful planning and the use of existing facilities can help reduce start-up costs. It is useful to consider the following points.

Simple Is Best

The usual advice when starting a new business is to ensure that you have found a niche market and this has worked very well for many successful businessmen including Tunde Folawiyo. In times of economic hardships it is also better to look for a business idea that is simple. Many businessmen have started a business because they themselves had a need for that product or service. This can make it easier to devise your business plan as you will have personally experienced the gap in the market. This will make you perfectly qualified to devise a product or service that will fill that gap and meet customer needs.

Use Existing Resources

Initial costs to start a business can be very high and it can be difficult to find financing when the economy is struggling. It makes sense to try and reduce start-up costs wherever possible and using existing resources can help. Laptops and smart phones are extremely common and most will have the necessary business technology. Existing laptops can be used for video conferencing to reduce phone costs and can be utilized for internet marketing to spread the word about your new business. This would reduce the need to pay for marketing.

Inventive Financing

It can be difficult to get a bank loan for a business start-up in times of economic hardship. Successful businessmen such as Tunde Folawiyo know that sometimes you have to be inventive to be successful in business and financing a new business is no exception to this rule. It may be possible to meet most start-up costs through credit cards. Asking customers to pay in advance can also generate enough of a cash flow to cover some of the costs. One of the main benefits of financing your new business in this way rather than seeking financing from investors is that you will retain complete control over your business and will not have to answer to anyone else.

Sell Yourself

As the owner and creator of the business, you will be its recognisable face. It is vital that you can sell your ideas and your vision for the business. This applies whether you are talking to customers, potential investors or new customers. It is important that you can demonstrate a strong sense of self belief particularly when the economy is struggling. If you don't believe in yourself then neither will others.

It Will Get Better

Starting a business in times of economic hardship may not seem like the right time but the economy will improve. So even if things are difficult at the start you can console yourself with the thought that you are dealing with the worse times immediately and things will improve as hopefully your business will grow along with the economy.

Loan Tips For People Over 50 In Financial Trouble

By the age of 50, most people hope their financial situation will no longer be a concern, but unfortunately that isn’t always the case due to either a lack of adequate preparation or issues brought about by unforeseen situations. Even so, worrying about money at this time in your life isn’t ideal and could well cause a lot of unwarranted stress, which is why you’ll need some good, impartial loan advice, right? Well, luckily for you I’ve been doing some research over the last few days and am now confident I have some information that really could make a big difference to your quality of life.

So, spend the next few minutes reading through the paragraphs below and assess exactly how the information could be applied to the situation you currently find yourself in. Having trouble with paying bills and keeping up with other financial commitments on the run-up to Christmas is never going to be particularly enjoyable, and this is why it’s important for you to make the right moves at the optimum time to keep your family secure. 

Asking Your Bank For Money

As long as your credit score isn’t unsightly, you should have no trouble convincing a high street bank to lend you some funds. For the most part, they are usually one of the cheapest options, with interest rates as low as 4%, which is perfect if you’re looking to make repayments over a long period. The person you speak to at the bank is likely to consider the income you have and run a quick credit check before making an offer, still, you might be surprised by the amount you’re entitled to, so don’t overlook them when seeking capital. 

Enquiring About Private Funds

Just as the bank might lend you money, there are also many private companies who offer the same basic service so they will be your next port of call, should the previous option produce less than encouraging results. You will inevitably have to pay more interest of this type of loan, but often the repayments can be made over a longer term, so it’s swings and roundabouts really. 

Getting In Touch With Short-term or Payday Lenders

Although some people are less than enthusiastic about this type of lending, so long as you read all the small print and always make your repayments on time, the services these companies offer are actually pretty useful. It’s certainly true that interest rates can be considerably higher than you might find with the options listed above, but at the end of the day you’re agreeing to a short-term loan, so why should 3000% APR bother you? You should have the money paid back in a couple of weeks at most. Still not convinced? Well, Ferratum's blog has some handy articles about this kind of lending and the wider loan market, so perhaps you should take a look.

Anyway, now you know about the solutions available on the market today, I hope you feel less stressed and a little more optimistic about what the future could hold. You have to remember that no financial situation is ever as bad as it seems and that there’s always a way out if you just do some research.

See you soon!

Affordable Technologies to Help Watch Your Senior’s Safety

When we get to a certain age, determining the living situation that would be best for us and our relatives can be a painstaking process. Nursing homes and in-home care are popular choices, though they can be costly for individuals with low retirement savings. Additionally, they might not be entirely necessary if an individual is physically independent and able to take care of their own daily needs.

This leads many seniors to opt for a third option: living independently or with only a spouse. Not only is this the most cost-efficient arrangement the great majority of the time, but this also allows those who dislike professional care to watch after themselves. However, even physically capable seniors can succumb to certain risks when there is no form of oversight keeping an eye on their well-being.

Whether you are a senior in such a position yourself or merely have a loved senior relative in this situation, there are a few affordable ways that you can keep an eye on elderly residents without sacrificing their independence or breaking the bank.

Medical alert systems

In addition to securing their house, you can also help keep an eye on seniors with a trusted emergency call button. These are particularly useful for seniors suffering from heart disease, advanced stages of cancer, asthma, or other terminal diseases, with sporadic instances in which medical assistance is required. These are practically a must for these individuals who still want to retain their independence despite their condition.

Advancing technologies in these services have given them a level of affordability and versatility that allows even the most active seniors to go about their days unimpeded. Among the most popular options for these programs are fall detectors, which can help bring medical assistance even if a senior is incapable of reaching a help button. There is also a feature that some services provide that provides the GPS location of the senior in case they ever become lost without a means of communicating with others.

For decades, choosing between in-home care and a nursing home-style facility seemed like an insurmountable dilemma for homeowners as they advanced in age. Fortunately, we live in an era where technology enables everyone to maintain the independence they desire without compromising their safety. Best of all, these options are generally more affordable than professional caregiver services and residences.

Home monitoring services

While home security systems have long been favored among homeowners as a convenient solution for monitoring their homes, they’re also convenient for residents living alone. This is for two reasons: first, properties with fewer residents have statistically demonstrated higher chances of being burglarized or invaded. Second, fewer residents result in fewer incidents involving false alarms and a greater chance of not compromising passcodes (or other sensitive security-related details of your property).

Due to the significant number of retirement communities and retired individuals in the area, ADT in Fairfield, California, is a popular option for seniors. In addition to offering flexible affordability, their Pulse app (accessible via Smartphone) enables residents and family members to program their systems to send messages whenever a property’s alarm is triggered. Using this technology, residents can also remotely deactivate and reactivate their systems, which is an excellent feature for particularly forgetful residents.

In addition to home security systems, you can also equip the property to detect fire, gas leaks, and a variety of other environmental hazards, depending on the location of your residence.

Life Insurance for the 50+ Crowd

If you are over the age of 50, chances are you have been bombarded by insurance brokers and salespeople trying to sell you a life insurance policy. They come at you from all angles – on TV, in the mail, over the Internet -- telling you every possible reason why you may or may not need certain features within a policy.

But what does all of it mean? Do you even need to buy these policies? Is it worth it? You want to make sure that if you do end up buying a life insurance policy that it makes financial sense for you. This means taking your time and choosing the right insurance plan based on your lifestyle and financial situation. 

Help Protect Your Loved Ones’ Future

The biggest reason most seniors carry life insurance is that they want to help provide money for expenses and debts so that their kids or grandkids won’t be left to pay for them. A home mortgage, funeral expenses and other large expenses can surface after a person dies and add to the suffering of surviving loved ones. The bottom line is, you do not want your loved ones to experience a financial loss after you die.

Cover Funeral Expenses

As much as most of us hate to think about it, there will be a day when we are no longer on this Earth. Chances are there will be some sort of post-life ceremony in your honor, be it a memorial service or funeral. We often underestimate the cost of such an event, but for those who are unaware how much money it costs, it can be an astronomical fee. According to some estimates, an average funeral today costs about $6,000. So be sure to factor in burial or final expenses into your life insurance policy decisions. 

Provide a Financial Safety Net

If you are in still earning a decent income when you suffer an untimely death, it may be difficult for your loved ones who depend on you financially to live. Your surviving spouse may not be able to comfortably retire and your children or grandchildren may not have enough to go to college. This is when having a good life insurance policy is very important.

Even if you are older and living the retired life without earning a big income, your family finances should be stable. If you had a life insurance policy in place from earlier in life when you were earning more money and your expenses were higher, it may be time to adjust your life insurance policy to see that it fits your current needs.

Find the Right Type of Coverage

There is such thing as term life insurance, which covers you for a specific amount of time, usually 20-30 years. Or, another option may be a whole or universal life policy, which is a form of permanent insurance that does not end after a specific number of years.

Consulting with a trusted financial planner or insurance agent is a good way to find out what type of coverage, how much and for how long you need. Having a life insurance policy in your back pocket can help ensure that your golden years are comfortable, secure and enjoyable.

By Samantha Rivers
Samantha Rivers is a freelance writer and editor who covers insurance, finance and related topics both online and in print. She is an editor for UpwardOnward.com and can be found on Twitter @sassysammybee.

How To Spend A Lump Sum From Your Retirement Plan

As we approach the twilight years of our lives, millions of Americans will be given the opportunity to take a lump sum from their retirement plans, especially those who don’t have a significant amount of capital tied up in the schemes. This is because providers stand to make less profit from you compared to people with a significant investment in their plan, and so it’s much easier for the firms involved to get you off their books as quickly as possible. Although this might sound like a bad thing (and in some cases it certainly is), those who understand how to use this cash advance wisely could benefit tremendously in the long term. 

The average amount accepted as a lump sum by American citizens is around $15,000 and is usually obtained at the age of 55, although admittedly some people do wait until their working lives are over. Still, at 55 you’ve still got ten years or more to work out what you want to do with this money, and could well increase it tenfold if you obtain the right advice and the most up-to-date information, which is why I’m taking the time to write this short post today. 

Taking A Long Holiday

Though this isn’t going to provide you with any extra funds, taking a long holiday (perhaps a round the world cruise) can be a fantastic way of enjoying the fruits of your labor and investing in yourself for a change. After 40 years of hard work and with 10 more still to go you deserve a treat, and what better way is there of accomplishing this than taking a nice relaxing break where you can check out some of the most beautiful sights on earth?

Providing For Your Family

By this time you should be reasonably comfortable in your life, but some younger members of your family group may not be so lucky, which is why you might consider helping them out with your cash lump sum. Getting a deposit for a mortgage has become increasingly difficult, so perhaps you could help out others around you who are struggling. 

Investing In Gold

Presuming you’re pretty content with the quality of life you’ve obtained and your family members are well looked after, I’d advise that you to look into different investment opportunities and attempt to increase your funds before retirement age. There are some fantastic firms out there who deal specifically with helping people to purchase gold and other precious metals, and as these items tend to increase in value steadily, perhaps you should give them a shot. I recently read a real review of regal assets and discovered they’re the industry leaders, so try them out. 

Purchasing Land

Regardless of the amount you have to spend, land in the US is always going to increase in value. So, whether you can afford to buy 10 acres or even just a single plot, using your cash in this way is guaranteed to keep it safe until you know what you want to do with it long term.

Anyway, it’s time for me to go now. I’ve got to do some serious research into the gold market as I’m actually considering making a small investment myself. I’ll let you know how I get on.

Until next time my friends…

Link to image author

How To Get A Loan With No Credit Checks In 24 Hours

An example of a cheque. (Photo credit: Wikipedia)

Most of us are always facing a lot of issues that demand input of money to meet them. We all have lots of expenses to meet on a daily basis and it is never easy for many of us, especially during the middle of the month in case of an emergency. Your friends might not help and your bank might not be ready to give you a loan or it might simply take a long time more than you have to meet the emergency. Essentially, what you are looking for is a chance to access money fast through a loan whose paperwork, if any, takes the shortest period of time to deal with the issue at hand while pledging to repay the amount within the shortest time period or within the agreed time spread over a number of months.

A Way Out

There is no reason why you should let things go out of hand while there is a way out. Most individuals today think accessing a loan still takes long time for all lenders but this is hardly the case. Some take a day at most to process your loan and put money in your bank to use immediately. There are many ways of accessing a loan today but the best is perhaps the use of your car logbook. A logbook loan is a loan pledged under the papers of the vehicle logbook against the amount of money you want to borrow. It is the amount secured and provided against your car logbook documents. In an exchange with the money, the individual is given the amount of money he or she needs and the lender keeps the car logbook as security until the loan has been repaid. 

Nothing To Fear

Many people might fear the repayment period or even the interest rate but the truth is that the lender does not dictate to the owner of the car and everything is agreed one on one. Basically, you have a source of income such as a business or employment and the amount to be deducted on a monthly or weekly basis should be enough to repay the entire loan over a given period of time. 

Do Not Be Gullible

The important thing is not to be gullible and ask for money you might not have planned for, such as the entire value of the car. If you have a genuine emergency you can ask for a specific amount you are ready to pay back easily without any problem. At the end of the day, the most important thing is meeting the needs you have today, service the loan as agreed and keep driving the vehicle until you have repaid the entire amount and you get your vehicle logbook back. Across the UK, those with logbooks registered in their names can apply for loans against the car’s logbook. The logbook is the certificate given to the owner of the vehicle with a vehicle and driving license agency.

The most fascinating part of a logbook loan is that bad credit is a thing of the past since it hardly matters as a result of having the loan secured on the borrower’s logbook. It does not get better than that.

About Author
Michael is a finance broker who advises individuals on raising funds and getting loans. He recently reviewed services of Log Book Loan Experts, a company offering logbook loans in UK.