Business Financing Made Easy

Financing of a businesses is an uphill task especially for young entrepreneurs. This is contributed by the fact that almost all financial institutions tend to look down upon new entrants into the business world citing reasons that new businesses are likely to fail. Even if the business has been in operation for some time, like www.servicemasterglasgow.co.uk, financiers will not necessarily be free to extend their finances to small businesses.

Whether a business is big or small, an adherence to some simple measures can make an entrepreneur secure financing from a specialist company such as quick credit personal loan. The guideline below will give hope to everyone who seeks a small business loan.

Business_People_Blue-300x223

Create a sound business plan.

A business plan is a layout of what the entire activity is all about. This plan outlines what the entrepreneur is planning to do, what will or is the main activity that is going to be carried out. A realistic business plan will act as a proof of the activities to be undertaken and thus the financiers will see meaning and some reason to advance a loan according to the business plan.

Prepare accurate financial statements.

The reason why most financial institutions hesitate to give funding to businesses is as a result of the fact that most businesses do not give a true figure of progress of the business. Financial statements like balance sheets and income statements will enable a potential financier to evaluate if the loan will actually be serviced. The financial statements will also assist in determining the amount of funding to be advanced.

Use available collateral.

It is not only a bank where you can get a loan. Banks require heavy collaterals. Some financiers like Pawnshops are willing to give finances to anyone with respect to any collateral given to them.

In conclusion, regardless of the credit, the nature of collateral or even experience, small businesses have equal chances of obtaining a loan.

Update Your Policies On A Regular Basis

It might be that we are just too lazy or it might be that we are super busy and simply don’t have the time but many of us receive our annual reminder for our personal insurance policy cover and simply accept what is printed on the page and move on. This is not the right thing to do. We should always take the time to check not just the fine print but all the print, all the details and especially that of the bottom-line figure, the premium.

a-Personal_Insurance_crop_09-300x142

Circumstances change. For most of us all sorts of things can change in our life over a period of 12 months. For some of us it’s a major change in that we get married or divorced, we become a parent or a parent again, we buy or invest in some real estate or more real estate or we start a new career and re-jig our superannuation. And those are just some of the changes we may face but even if such major changes do not occur in our life, it is always advisable to review our personal insurance policy cover.

One of the best approaches to this situation is to make a list of the main benefits and costs of our current policy; what are we getting and how much are we paying for it? With that information on a piece of paper you can then look at similar policies offered by other insurance companies and make a comparison. Are you getting value for money? Given the cost of your premium is there another policy which will provide all the things for which you are currently covered but at a significantly reduced fee? Making a comparison is probably the best way to test the truth and value of your current cover.

Now if you find another policy which, at first glance, seems to be significantly better than your current policy, you can do a number of things. First you can contact this other insurer and double-check that the information you think they are offering is correct. Second you can contact your current insurer and tell them, perhaps without going into names and dates so to speak, that you have found a comparable policy to the one you currently have with them but at a significantly reduced premium. You could then ask your insurer what they think about this situation. It may turn out that your current insurer decides to match the deal on offer from their competitor. Then of course you have a choice of whether you wish to stick with your original insurer who has been charging you more than their competitor or move to another insurer.

Sometimes there are more things to consider other than simply the bottom-line but the whole point of the exercise is that you take the time every year to make sure you are getting value for money when comparing personal insurance.

Starting a Business? Here Are 5 Simple Accounting Tips

Are you starting a business in the near future? If so, then it’s essential that you keep accurate accounting records from day one. Failure to do so could lead to trouble with the government!

In the early days of any business, money is usually tight, which is why you might not want to hire an accountant to do everything for you. Instead, it’s very possible to keep accounting records by yourself, especially if you follow the tips below…

Keep it simple

Any financial expert will tell you that having a simple accounting system in place is the best way to start out. If you make things too complicated, then it’s easy to make mistakes and get in a mess.

You don’t need to worry about things such as trust accounting software or any other type of computer programs at first. In fact, using a good old pen and paper is probably the best way forward.

Open a separate account

Even though your business might only be small at first, that doesn’t mean it’s a good idea to mix your personal and business finances together. Instead, look to open a business bank account, so you can keep your money separate and easily distinguish between personal and business expenses.

Keep all receipts and invoices

One of the worst things you can do in business is to chuck away receipts and invoices. If you are ever subject to an investigation by the government, then you will need to produce them.

With this in mind, keep receipts and invoices in a safe place, preferably in a file or folder where you can arrange them alphabetically.

Stay up-to-date with your accounts

The majority of people get into a panic at the same time each year when they need to fill in a tax return. They need to go through everything from the previous year, and when things don’t make sense, they look to an accountant to fix the problem.

You can avoid this by staying up-to-date with your accounts at all time. Consider doing them every month, so that when it comes time to fill-in a tax return all of the hard work has been done.

Know what expenses you can claim for

There is a lot of confusion when it comes to knowing what expenses you can record in your business For example, if you work at home, can your utility bills be classed as an expense? Or what percentage of fuel can you claim for?

To get the answers, you could hire an accountant, but if your business is still small, then it might be better to simply invest in a good accounting book. There are many great titles available, that will let you know exactly what you can and cannot claim as expenses in your business.

Buying or Renting in London – Factors To Consider

London is England’s capital city and a thriving metropolis of beauty, business and culture. Not only does London have a booming tourist economy, but it is also a business centre for all of Europe and has luscious green spaces throughout, such as Hyde Park.

If you want to live in London then you will need to decide whether to rent or buy a home. There are a variety of benefits to both renting and buying, and your ultimate decision will be completely dependent upon your personal circumstances.

How Long Do You Want to Stay?

One of the first and most important questions you need to ask yourself is how long you intend on staying in London, or a particular area. If you don’t plan on staying somewhere for an extended amount of time, then renting is definitely the best option as it gives you a lot of flexibility.

London is a great place to live in.

With renting, you sign a contract for a certain amount of time, usually a minimum of 6 months. This can be extended on a monthly rolling basis, and is perfect if you don’t plan on staying in the same area for a long time.

wheel

However, if you plan on staying for the foreseeable future, or think this is the place that you will settle down then buying a home is a better investment. While renting gives you flexibility, the cash you pay is often described as ‘dead’ money, as you won’t see any return on it.

When you buy a home, you will most likely have monthly mortgage repayments to make, which are equivalent to paying rent; however, you are paying off a mortgage loan and buying property. This means that if you ever come to selling the home and moving on, you would hopefully make the money back, and more, depending on the market.

Freedom

Another factor to consider is the amount of freedom you would like to have in your home. If you have pets, it is often a lot harder to find a landlord that is happy with you keeping pets. Equally, when renting a property you usually are not permitted to redecorate or make any significant changes to the building.

If you buy a home, the space is completely yours to do with as you wish. You can have pets, guests, redecorate to your heart’s content and not have to ask permission from anyone!

flats

Maintenance

When it comes to looking after your home, there are certain maintenance benefits with renting, in that your landlord is responsible for any issues and must fix them. These issues are usually to do with the heating, plumbing or electricity and can be caused by a variety of factors beyond your control. Ultimately though, this means that you won’t have to find someone to fix the problem, and you won’t have to pay them either!

And don’t forget that maintenance of leased property also extends to cleaning “You may choose to have your property professionally cleaned every week or fortnight, but if not, always remember that you should at the very least instruct a firm to do a thorough end of tenancy clean, to ensure you get your deposit returned intact” says end of tenancy cleaning specialists Proclean (http://proclean-glasgow.com/end-of-tenancy-cleaning-glasgow).

If you buy your own home things are a little different. As the home is yours, you are responsible for any and all maintenance problems. Many people decide to pay for insurance; this means they can have problems fixed quickly and easily, and won’t incur any unexpected bills.

Experience

A final factor to consider is that, although buying is a longer process than simply renting, it gives you invaluable life experience. At some point in their lives, most people will buy a home, and the experience gained through this endeavour can be very helpful to yourself and others who might ask you for advice.

London is an iconic city.

Although renting might seem like a more immediate and quick solution, the financial investment and experience gained from buying a home can be very advantageous.

Conclusion

London is a beautiful city with a huge variety of homes to rent and to buy. Whatever you decide will be completely dependent upon your personal circumstances, but if you take these factors into consideration, it will help you make the right choice for you.

How To Make Use Of Discount Vouchers And Loyalty Schemes

One way for families who are feeling the pinch in these straightened economic times to make the most of their finances is by being a little more imaginative when it comes to cash backs and loyalty schemes. In some cases, applied diligently, families can actually save hundreds of pounds each year.

So how do you get started? Let’s look at discount vouchers first

Begin by scouring newspapers and websites for details of money-off vouchers. For example, if you have to make a particular purchase – perhaps you TV has gone on the blink or your washing machine has broken down – check first to see whether you can find a discount by using a voucher or a money-off code for internet purchases. Good places to look for discount codes and vouchers include Vouchercloud.com, Moneysupermarket.com and myvouchercodes.co.uk.

Next up are cash back credit and debit cards. These give you money back each time you use them. They offer differing rates of return and which is best for you will depend on how much you tend to spend annually. For instance, if you are likely to send in excess of £10,000 annually then American Express’s Platinum card may be for you. It pays 5% cash back for new customers for the first 3 months on purchases up to £2,000. After this time the cash back rate is 1.25%. If you took out a Platinum card and spent £10,000 annually in the first year you would receive a cash back of £175.00, reducing to £110.00 for the second and subsequent years. These cash back amounts are net of the card’s annual fee of £25.00.

Another good cash back scheme is the Santander 1-2-3 card. Under this scheme the amount of cash back varies, according to what you buy, so that when you buy petrol you get a 3% cash back, 2% in department stores and 1% in supermarkets. Using this card, if you again spent £10,000 per annum, £5000 of which was on petrol, £3000 on food and £2000 in department stores, you would earn a total cash back of £154.00, net of the card fee of £24.00

Another option to consider are cash back sites. Two of the most prominent are Quidco.com and Topcashback.co.uk. These sites operate by listing companies that pay them commission on sales. When you buy an item or service, a proportion of the commission is in effect refunded to you, basically meaning you are getting paid to shop! The cash back amount builds up in your account on the site and can be withdrawn upon reaching a certain level.

So you can see from the above, that by using one or all of these methods for your regular purchases – and perhaps combining them with a better deal on your broadband or telephone services – you can quite easily save a large amount of money on your household budget each year.

3 Tips To Keep Abreast Of Your Budget

We are all working harder than ever before in the current economic conditions and in most cases that extra effort is simply to ensure we keep our heads above water, rather than to enjoy some opulent lifestyle. That being the case, the last thing anyone would want is to fritter away that hard-earned income on unecessary expenses. So we thought we would come up with a few simple tips to help make sure you keep as much as possible of what you earn….

Use the envelope system of budgeting

Most of us know that it makes sense to prepare a household budget and to do our best to stick to it. However, knowing this and actually doing it are two entirely different things. The usual excuse is that we don’t have time for complcated budgeting software on our computer or something similar. Well, if that is your excuse for not getting to grips with the household budget, it will no longer hold up. We have a simple solution. All you do is work out how much you have available and are willing to spend on specific items such as food, clothing, heating etc. Put the appropriate amount in a separate envelope labelled with the class of expense. Whenever you need to buy something you go to the relevent envelope and withdrw the money. That way you can see quickly and easily how much you have left for the week or other period of your budget and cut back if you need to.

Reduce your outgoings

This probably goes without saying. If you want to improve your financial position it makes sense to cut back on any items you are paying for but don’t really need. Check your bank statement for direct debits or standing orders and see if there are some you can do without. Two easy things to cut back on are subscription TV channels and gym memberships, but if you check your statements carefully you will almost certainly come up with others.

Pay off high interest debts

Most of us will be saddled with some forms of debt – living today without credit is virtually impossible. But not all credit is the same. Check any agreements you may have to identify those with the highest rate of interest. Typically these will be things like credit cards, overdrafts or even payments due under pay day loans. Try to pay these off as quickly as you can. If you don’t have enough spare cash, see if you could switch your credit card to a better rate, or even a zero per cent deal. If you don’t think you can realistically pay off your overdraft, perhaps it would be better to ask your bank to switch it to a more structured formal loan, with regular repayments The exception to this is the payday loan. If you have had recourse to these loans in the past, make sure you pay them off as soon as possible, failing which the interet and charges can be punishingly high.

And there you have it – three simple tips you casn start to implement straight away that, over time, can have a profound effect on your household finances.

Five Personal Finance Tips

Whether you are looking to get out of debt, save some money, or just generally take control of your cash flow, sorting out your personal finances is a must. The reality of the situation is that most people struggle with their personal finances, have no real wealth, and basically just live paycheck to paycheck.

Here are five personal finance tips for you to consider:

Be careful of loans

While taking out a loan can be inevitable, you need to make sure that it doesn’t spiral out of control.

As an example, payday loans can be a good way to cover short term expenses when you are a bit short, but if you’re not careful, you can find yourself trapped in a cycle of payday loans, and sinking deeper into debt.

Spend less than you earn

While it may sound obvious, spending less than you earn is a fundamental law of healthy personal finances.

Unfortunately, most people ignore this law, which is why they end up in financial trouble. Take a long hard look at your current spending and be ruthless in cutting out non-essential items that you don’t really need.

Get rid of credit cards

The problem with credit cards is that they are just so convenient. One purchase here, one purchase there, and before you know it you have spent a few hundred dollars.

At the end of the day, if you are always spending a large portion of your income on paying off credit card debt, then you will find it almost impossible to take control of your personal finances.

Retirement plan

While your retirement might seem like a long way in the future, that doesn’t mean you should ignore it. This is especially true if you have an employer who offers a generous 401(k) plan, as these are a great way to build a foundation of wealth for your retirement.

If you have no yet signed up, then ask your employer about it right away, so you can start putting away a certain percentage of your wages each month.

Look to invest

Another way you can build a solid foundation for your financial future is to invest. There are many opportunities out there to make your money work for you, so there really are no excuses.

For example, gold and other precious metals is something that is very hot right now, as the value has been rising for many years and this shows no signs of slowing down, which makes it an excellent investment opportunity.