Real estate investors must understand that commercial mortgage calls for serious risk on the lender’s behalf. So, in that case mortgage applicants who appear to be involved with a high risk business may find it practically impossible to qualify for a business mortgage loan. Investors have to follow a strict qualifying regime in order to get online mortgage quotes or from anyone they choose that will subsequently provide them with the lender’s approval letter.

Business mortgage qualifying tips

Business mortgage borrowers have to employ the below mentioned tips so as to get the required loans:

1. Choice of lender – While contemplating to take out business or commercial mortgage, borrowers must be very carefully about their choice of lender. People who have good relationship with commercial lenders may think of them as their first stop for loans. In case, they have no such connection with the lenders, then they should at least research in local market and locate the most suitable lender who understands his client’s needs and obliges accordingly.
2. Prepare a business plan – Borrowers will need to have a well thought business plan in order to appease the lender to invest in their venture. The plan should clearly state a borrower’s future course of action that will benefit the company and help him to repay the loans comfortably. In short the mortgage application should display professionalism to the lenders. Besides that, borrowers must able to show their expected growth to the lenders on valid reasons in about next 5 years.
3. Mend financial damages – Many a times, investors are already suffering due to past financial mistakes. Hence, it will be better for them to clean up their acts before approaching any lender. This can be done by revamping the company’s accounts and increasing cash flow in the business.
4. Display of financial prowess – One of the most important thing that will help borrowers qualify for the loans is to keep all their documents ready while the underwriters review their applications. Moreover, borrowers have to derive their mortgage affordability and mention the amount in their application required to purchase a listed property. It will help them to keep a copy of their credit reports handy from all the 3 major credit bureaus. Apart from that, they can mention regarding their personal assets like 401(k) retirement accounts, investments, checking accounts and other real estate properties in the application form.

Borrowers must sign an Internal Revenue Service Form 4506-T in order to authorize the lenders to verify their tax returns. Moreover, they have to file a Real Estate Owned form separately that will give a brief overview about all the properties they own. This is crucial in case of real estate investors that can qualify them commercial mortgage loans.

Business insurance is usually sold in packages for convenience. There are two types that are ‘must have’ and other types that are ‘strongly advised’, depending on the nature of your business.

Must Have

The following two types of cover are unequivocally must have if you want to run a successful, covered business.

Employers Liability, in simplest terms, covers businesses from damages payments and legal fees incurred when an employee is injured or falls ill for a work related reason. It is not uncommon for employees, or former employees, to pursue businesses and seek compensation following an incident at work. If you lose the case brought against you, you are likely to have to pay compensation and the other sides’ legal fees. Employers liability insurance will cover these costs and help you get on with running your business.

Public Liability insurance is similar to employer’s liability insurance in that it pays out if you have to pay compensation and/or legal fees. However it is used when a member of the public, not an employee, suffers a loss or injury caused by your business. If clients/ members of the public visit you at your place of the work, or if you go to them (which accounts for a vast majority of businesses) you need this form of cover.

Strongly Advised

Below are a few examples of business insurance that you may or may not require depending on what you provide/offer.

Product liability insurance is crucial if you provide (sell/give away) physical items. If you provide a product you are responsible for any damage/injury caused, in some cases even if you didn’t manufacture the product. The insurance will pay out for damages.

Professional indemnity insurance is a type of business insurance that is designed specifically for businesses that sell their knowledge/skills/advice. Legal costs and damages will be paid out if the advice you have given is erroneous or if you are negligent and it leads to a loss. Many businesses are legally required to have Professional indemnity insurance.

Making Sure you are Covered

Every business requires different cover and finding out what you need can be difficult. Most professions require a combination of the generic types of cover and more specific cover, such as tradesmen insurance or property owners insurance. The key to getting the perfect package is patience; don’t rush to find cover.  Contact as many providers, business insurance brokers and information sources as possible to collect knowledge. From there you can find the cover you require at a price that suits you.

While there are many reputable angel groups actively looking for the next great investment, it is essential to go into a deal with your eyes open. Just as with any other business propositions there are the good and the bad. Everyone who calls themselves angel investors are not what they claim. Here are a few steps to take before blindly signing on the dotted line.

Ask Questions – Go on the offensive when scouting angel investors and interview them as well. Find out how long they have been involved as an investor, in how many businesses they have invested and the standard investment amount. Angels should be able to answer these questions quickly and confidently. You can end up spinning your wheels, wasting time on an “investor” who never ponies up.

Research – Start with basic research on the potential investors.  Just about everyone is on the web today. Check to see if the individual has a criminal record or anything suspect in their past dealings. Look at databases online and double check any facts they gave you. Try to sniff out any inconsistencies in what they are presenting and what is recorded. If you come up empty with an online search, this is a serious red flag. A reputable angel investor should have some sort of online presence. If they don’t have a digital trail, chances are they are not the real thing.

Check References – Double check the potential investor’s claims. Request an introduction to two businesses they have invested within the previous year.  If they do not have two recent investments, at least find out about the last three companies in which they were involved.  Contact the companies by phone or email and do your due diligence. Find out if the investors actually invested and how smooth the transaction went. An investor who does not have three investments is either not serious investors or lack experience. In this case, you’ll have to dig a little deeper to find out if they are legitimate angel investors. Check with known angel investor to see if they are active in their circles. Also, research the prospective investors’ background to see if they are likely to have the resources to cover an investment.

Test Personalities – Once you are assured the angel is legit, make sure they are genuine.  Pay attention to the questions they ask about your company. You want to figure out what factors are considered when they invest. Do their interest line up with your objectives? If they ask too many questions about a certain part of your organization beware. You could be giving out sensitive information to someone who is actually interested in taking over your business!

Put it On Paper – You and the angel investor should put your expectations in writing. Discuss the amount of control, if any, the angel investor will have after the money changes hands. You should be able to come to a mutual acceptable agreement and detail both sides of the deal in writing. This will ensure there are no miscommunications and eliminate disappointment down the road.

Some potentials may be put off by these precautionary steps, but they are most likely potential problems. Legitimate angel investors will not be offended. In fact, they will most likely be impressed by your diligence. Have the confidence to run the fakesters away, so you can concentrate on legitimate Angel Investors who will help grow your business.

This article was written for small business owners both new to this and veterans alike.

We are able to pair up small business owners and Angel Investors to help each other make a great business venture. Even if you are unsure you need an investor you are welcome to check our Free Business Plan Template to help you make sure your business is up to par!

You’ve finally taken the big step of starting your own business. As an entrepreneur, you’ll quickly realize what puts the word “busy” into “business.” Between running unexpected errands, filling out last-minute paperwork, and making minute-to-minute decisions, your valuable time will be filled with all kinds of work. In the long run, it will pay off to take a step back and make sure you have some of the major issues in mind of running your business successfully.

Obtaining Operational Loans

Starting a new business can be quite overwhelming and not to mention expensive. If you are expecting to start up and run a successful business you most likely need to get some sort of loan. After all, the saying “it takes money to make money” is absolutely true.

When deciding to start a new business most new business owners will need to obtain start up or new operational loans to help them get their new business off the ground. The process of applying for new loans is fairly simple and many loan companies or banks now offer you the option of applying online. However, when new businesses apply for start up loans the bank usually requires you to have a business plan to present to them. You should shop around and find the bank that will give you the best interest rates, terms and fees. This should be one of the first steps in getting your business on the road to success.

Maintaining Certificates of Insurance

Certificates of insurance are very important. Most new businesses aren’t as familiar with this as they should be, however, it is recommended that you get insurance certificates from anyone that completes any work for you, and this can include vendors or contractors. You do not have to deal with companies that can’t or will not provide you with proof that they are in fact insured. And this will provide you with the peace of mind that if something does happen that you and your company are covered. Additionally, some companies will track your certificates for you, leaving you more time to concentrate on the business itself.

When and How to Start Hiring

Depending on what kind of business you are starting, you will probably not need as much help at first. But, when the business begins to grow you may need to hire some help. The hiring process doesn’t have to be too difficult. It may seem overwhelming to meet and interview and ultimately decide who will fit exactly what you need. This will help you get to know the person you’re interviewing better, and give you an idea of their personality so you will know if they will be a good fit or not . Also, you should make sure that you offer a reasonable salary as well as other perks that will get the potential employees attention, because if you offer them a great job they will be more dependable and less likely to quit. You don’t want to have a high turnover of employees–which can lead to added stress and extra work for your current employees.

Unexpected Costs

Don’t expect to start a new business and think there will never be extra costs. You will run across unexpected costs more than once. This is nothing to be too stressed about, just try to be prepared by having some extra cushioning in the bank just in case this does happen. Keeping extra money on hand means that you can recoup from the unexpected expenses a little easier.

When to Expand

The obvious reasons to expand your business are to get more customers so you can make more money. This is where having great employees come into play. You will need to be able to depend on them, as well as possibly having to take out more loans if you need them. You should make sure that you advertise well and in the right locations that will get your potential customers attention. You may also want to seek help from a business counselor to walk you through the best options of how to successfully expand your business.

Drew James is a content producer for myCOI. When he’s away from the screen, you can find him perfecting raised bed gardening, and running the urban trails of Indianapolis.

If you are running a successful small business, it may have occurred to you to begin distance selling, by making your products or services available over the telephone or online. Distance selling can expand your business to a much wider audience, so it’s easy to identify the appeal. First of all you need to be sure to check you remain within the legal boundaries of distance selling, and that your business insurance covers this expansion of your services. After that there are some points you will need to consider before you make a final decision.

How will you reach your new audience? E-commerce is a rapidly growing field, and your website can be viewed by just about anyone in the world. You would need to invest in setting up an online shop, learn how to manage sales and e-mails, and advertise your site appropriately. You could also consider making your products available to order by catalogue, which will reach a smaller audience and will have associated printing and distribution costs, or you could simply advertise through existing media that customers can now place orders for your products by telephone, fax or e-mail.

Can you manage an increase in sales? Especially with online shops, you may find your orders increasing to an exciting new volume, which can be great for your business if you have the time and manpower to manage it. If your product is made to order, you will need to ensure you can still meet deadlines. If your product is – in whole or in part – from an external supplier, you will need to ensure your supplier can also meet your increased supply demands. To avoid disappointing your customers, you must have sufficient stock in place to meet all your orders, and this might mean finding new premises for extra storage requirements.

How will your orders be delivered? If offering a service, you may need to assess realistic geographical boundaries. If selling a physical product, you will need to consider how to deliver this product to your customers. Options include personal deliveries, which would require investing in a vehicle and suitable insurance, as well as remembering to cover fuel and time costs of making deliveries, or using an existing delivery or postal service. You will need to make sure your products are suitably packaged to avoid damage during transit, so you will probably need to purchase cardboard boxes or jiffy bags to safely pack and distribute your items.

Is it practical to distance sell your items? Remember, some items don’t travel well by post, and if a person can already access a product or service nearby then they are unlikely to pay more for the same product or service plus delivery or travel costs.

Charlotte Critchley is a UK-based blogger who writes on a wide-range of topics including business and finance. She is currently working on behalf of Rajapack who specialise in packaging supplies.

The definition of a consultant

Consultants are the people who provide direction, recommendation and support to the other kinds of corporate owners. The consultants need to be professionals in those fields and have the knowledge that other people will be willing to pay for. This is because most of the businesses need to incorporate the consultants; be it branding or marketing. Therefore, to ensure that their proficiency remains constant and fresh, the consultants need to continue learning.

Funding

The most appropriate way of raising money to get the potential businesses men through their first years would be by making consultations with their local banks or financial institutions. The other options would consist of selling their possessions, raising funds through their credit cards. Similarly, they should try approaching their relatives or friends.

Choosing Locations and Markets

The knowledge that they have might fail to be in demand around their home area. The impending consultants ought to perform market researches to get to know whether the chances of succeeding are there. After that, they need to get recommendations from their neighboring commerce chambers and other company owners prior to deciding on the perfect locations.

These locations will be necessary in the consultancy companies and for this reason; the consultants need to get ready to carry on if they can notice elevated demand levels in other cities.

Creating Responsiveness

To be consultants, people ought to be a member of the forums dealing with their business expertise types. They should begin by building up websites, creating videos and recurrently keeping in touch with the present customers using brochures, flyers and newsletters.

Consultants have to possess great networking skills because in most of their businesses, they will use the mouth.

Doing the Business

Consultants will frequently have numerous customers at once and ensuring that they are always happy will consume some time. According to the expertise types, there will additionally be elevated recurrent demand levels. The consultants must therefore ensure that they obtain references from the contented customers. Here, the business profile is the most important thing.

The Flow of Cash

The difficulty that comes about when running the consultancy businesses would be that there are irregular income rates particularly during the beginning. The consultants need to ensure that they keep aside some cash to cater for these phases.

To be successful, the consultant must have excellent management and networking skills and maintain clients’ privacy.

Author bio:

Will is the founder and chief editor of Small Business Money. He is a part time blogger and an entrepreneurship guru.

Digging Deep with Your Clients

When is the last time you when “Deep with your clients”? “Deep with your clients” is an expression; I shared at my Friday AM w/ Tanyag & Company. “Deep with your Clients” means are you spending personal time with your clients.

For example, I and two of my clients when out this Friday at Keagans to celebrate several accomplishments each of them had in their business. We had a couple of beers and wings in the bar area. We talked about business and life especially their dreams, hopes, and fears. It was a great bonding time. As their business advisor, I got to know them a little “deeper” outside of our professional relationship.

You asked “Why” this is important. In business today, it is easier to retain a client versus gaining a new one. I believe just providing a high level of professional service may not be enough. You have to go “Deep with your clients” to create that every lasting impression that you care for them, not only for their business.  I believe if you go “Deep with your clients”, this one belief will separate you from your competition.  ”Deep with your clients” is one of the principles that I live by for my successful business growth. When is the last time you when “Deep with your Clients”? If you want to know different ways to go “Deep with your clients”, do not hesitate to contact me. I offer free consultation. Click here to Contact Me.

What Qualities Employers Look For

Consistency and reliability

Some of the virtues that impress employers are consistency and reliability on employees and potential employees. These are qualities that involve the employees keenly following instructions and keeping their words in all their undertaking. Amongst the habits that portray a person’s consistency and reliability include keeping time and strictly following the rules set by the employer. These virtues can be detected during recruitment and interviews by observing the recruit’s dressing and firmness in answering the questions asked. However the virtual becomes clearer after employment where the employees are provided with rules to follow on regular basis.

Flexibility and adaptability

Other qualities that employers look for are flexibility and adaptability. This is attributed to the fact that majority of jobs keeps on evolving especially due to economical and technological changes. Consequently the employees will at some time be required to perform duties which are not in their job description. Some of the employees complains or completely refuse to perform any task as long as the work is beyond their scope of work. As a result employers are compelled to look for other alternatives which are not only costly, but also time consuming. Thus employer would rather have employees who can easily change and adapt to the new developments around them.

Loyalty

Employers also prefer employees who are loyal and committed to both their work and the company’s welfare. This is because committed employees are always willing to go even extra steps to achieve both their personal and the collective company’s objective. The employees are also not likely to disclose the employer’s and company’s secrets to competitors. Furthermore, loyal employees are not likely to desert their duties without prior notification. Thus if a loyal and committed employee is unable to continue with their jobs for various reasons, they usually takes the initiative to inform their employer in time so as to facilitate smooth translation and identification of a suitable replacement thus not disrupting the employer’s work.

The diverse virtues that employers look for from employees are usually not easily detected during initial interviews since majority of the potential employees are always in their best behaviors. But upon being employed, the negative and positive qualities begin to manifest themselves. This allows the employer to make choices on the people to be promoted and those to be left out. Some of the qualities are natural while others can be acquired or dropped depending on their importance. Hence it is advisable for employees to always try to drop the negative qualities and strive to acquire the positive virtues so as to impress their employers.

This post is inspired by visiting http://www.skyerecruitment.com, an Australian job search company. Damian is freelance writer and online marketing specialist.

From my experience being in business for 13+ years, there are only “Three Secrets of Doubling your Sales”. The three secrets are 1) Increasing your closing ratio, 2) Increase your average sale, and 3) Increase the number of people who are seeing weekly. Depending on how you sell and your circumstances, you may only have to focus on working on one secret or a combination of two or all of them at once. It is a preference of choice.

Let me explain. Let’s say your closing ratio is 30% and focus on raising your closing ratio to 60%, you will double your sales. How about if your closing ratio is 65% but your average sale is $1000 and you can work on getting your average sale to $2000 and increase your # of prospects send a week from 2 to 6 people a week, you will certain double your sales.

Doubling your sales is possible if you work on one or more of the “Three Secrets of Doubling your Sales”. In conclusion, I leave you with this, “Doubling your Sales” can be done.