Flipping shows make flipping houses—purchasing property for renovation and future resale, preferably at a significant profit—look fun, profitable and easy, right? In reality, flipping is a business and it can be risky. There are no consumer protections for flippers (like for their buyers) because it’s a business. If you don’t handle flipping like a professional, you’ll fail. While you can’t avoid risk entirely in this business, you can mitigate it by learning to flip homes the smart way. Following are some solid tips for doing that. 1. Having What It Takes to Flip Flipping isn’t easy and not everyone is ideal for this business. Before you start flipping properties, you need the right mind-set. Moreover, some key personal and professional characteristics are required for successful flippers. One is the ability to accept and manage risk; you have to be willing to put everything you have on the line for each flip. You must be organized, and you must have perseverance, focus and willingness to work hard.
You’re looking for new options for depository services for your small business and, of course, you want the best combination of products, services and rates. Typically, you’d go to a bank for those services. And while you’re familiar with credit unions and may even use one for your personal accounts, you’ve never considered one for your small business. But are there benefits to using a credit union rather than a bank for small businesses? According to Patricia Briotta, Director of Public Relations for the National Association of Federal Credit Unions, one of the top benefits of using a credit union rather than a bank is customer service. “The American Customer Satisfaction Index (ACSI) released a report that showed that credit unions—with membership now surpassing 100 million—rank best among financial services providers and second-best among all 43 industries covered,” she says. But what are some other reasons for considering a credit union for your small business? Here are just a few:
Whether you’re thinking about venturing into a business area or just expanding your current one into new territory, 2015 may be the year to take action. And why shouldn’t you? New businesses are created every day, and many of them are sustaining extremely well. According to an article in Forbes, about 70% of new companies survive at least 2 years, 50% at least 5 years, 33% at least 10 years, and 25% at least 15 years. There’s no reason why you can’t be one of these successful entrepreneurs and have the same longevity in your venture. However, your amazing idea is just the first step. Here are seven questions to ask yourself before going full speed ahead into your new venture: 1. Why am I doing this? The first step in understanding whether you should pursue a new venture is the reasoning behind it. Your reason may be that you’ve always wanted to try your hand at entrepreneurship, and if so, it is undoubtedly a good time to start a business. As explained in Success magazine, the current barriers to entry are low. That essentially means that in most industries, it’s relatively easy to open your own business and there aren’t many deterrents to stop you from doing so. Common steps such as creating a website, designing a logo, or getting promotional material are much less expensive than in prior years. Even with very little capital, there are sites like Fiverr, oDesk, and Elance where you can find freelancers to assist you
For several years before the mortgage meltdown, small business owners only needed to show minimal paperwork that ‘proved’ income they stated as theirs and revenue that their business generated. In fact, it seemed back then that simply having a pulse qualified you for a mortgage. Even those whose income and business revenue did not truly support payments on a mortgage got one if they went to the right mortgage broker or bank.
Coming up with a great business idea can be tricky, but that’s only the first step. The legal structure you choose for your business can be a very confusing decision, as it determines several of the requirements for operating and sustaining your enterprise in the future. Laws and regulations at both the federal and state levels vary depending on your choice, so it is essential to pick the one that is most appropriate for your needs. When choosing a structure for your business, you should consider the advantages and disadvantages of each option in order to get the perfect fit: If you’re looking for an uncomplicated way to start your business, a sole proprietorship is the way to go. This is a popular choice because it’s easy to create and to operate.