Skilled Entrepreneur, Gary Brewster of Oneida, Lists 5 Ideas to Develop a Successful Business

Skilled Entrepreneur, Gary Brewster of Oneida, Lists 5 Ideas to Develop a Successful BusinessWhile most people prefer to work for someone else, usually within a corporation, there are entrepreneur enthusiasts who desire to have their own businesses. Owning a small business can be rewarding and challenging; yet, the idea is attainable and realistic. People may want to have their own business but aren’t sure what type of business to start. Consider the following tips from lifelong entrepreneur, Gary Brewster of Oneida, for good business ideas.

Turn Your Hobby into a Business

Most people have hobbies, whether it be sewing, writing, drawing, photography, or painting. If you have a favorite hobby, tap into your inner self and see how your hobby can potentially be a career. For example, if you love photography, then consider planning a small business in photography. In fact, you have many options to specialize in, including wedding, newborn, senior, or family photography.

Consider the Job Competition in Your Area

Depending on where you live, there can be many small businesses competing with one another. Based on this information, decide if you should open a business in your local area. If the answer is no, ask yourself if you’re flexible enough to move to another town or city to establish your business. However, it may be that you can successfully run a business in your area. If so, then begin planning marketing strategies and advertising to attract new customers.

Consider Your Town’s Business Needs

Though this tip sounds similar to tip number two, there’s a slight difference. While it’s commendable that you’re pursuing your dream of owning a small business, the success of your business will depend on your location’s needs. For example, you want to open a tutoring center for students, however, the town already has three tutoring centers available. You must decide if it would be feasible to have another tutoring center in the same town. If the demand is great, even with three centers, then it’s definitely an option you should consider since there is obviously a need.

Choose the Small Business Structure

As a business owner, you can decide if you want to be a sole proprietor, corporation, partnership, or limited liability. The key differences in these types of business ownership are the legal aspects. In other words, some business ownerships hold you accountable and responsible for all of your assets, while others are protected by legal entities.

Begin Business Planning

Business planning is the process of writing a formal statement that explains the type of business you desire, your goals for the business, and how you will achieve your business goals. In addition, you will state the type of business ownership you want and forecast revenue for the first year.

Brainstorming good business ideas is the first step in running a small business. Consider turning your passion or hobby into a career. Investigate the job market in your area to determine if you should open a business in that location or relocate to a different town or city for a higher success rate. After you …

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George Campolo, Award Winning Associate Real Estate Broker, Shares 4 Serious Financial Mistakes That Can Stall the Home-Buying Process

George Campolo, Award Winning Associate Real Estate Broker, Shares 4 Serious Financial Mistakes That Can Stall the Home-Buying ProcessSo, you’ve found your dream home at a great price. You’ve lined up your mortgage with a pre-approval, and it looks like your home-buying journey is nearly over. However, it’s a mistake to think you’re in the clear.

Until the purchase is completed and all the documents are exchanged, it’s still possible for plenty to go wrong. Some of the risks are out of your control, but here are four financial mistakes that George Campolo, a winner of the 2016 & 2017 RE/MAX NY Region Executive Club Award, suggests you avoid if you want your new home purchase to go without a hitch.

1) Applying for Credit

From the time you apply for your mortgage, until it is paid out to the seller and the closing is over, DO NOT apply for any new sources of credit. Getting a new credit card or buying a car could potentially change your credit score enough to disqualify you from your mortgage approval.

At best it could cause delays while your application is reevaluated, at worst, NO loan, NO new house.  Remember, a mortgage pre-approval is only an offer in principle. It’s not a cast-iron guarantee that you’ll receive the loan no matter what else happens along the way. The lender will run your credit in the beginning of the process to issue your preapproval, but did you know that the lender will run your credit again a day or two before you close?  ANY change could blow up your purchase. That includes CO-SIGNING a loan for a friend or relative. DON’T do it! You can do whatever you want AFTER the closing when you have the keys in your hand, but NOT in between the application and the closing. You can wait for that new car another 90 days if you have to.

2) Cleaning Up Your Finances

It’s not just applying for new credit lines that can disrupt your credit rating. You might see moving as an ideal opportunity to tidy up your finances by closing old accounts that you no longer use.

While this sounds sensible in theory, it can actually lower your credit score significantly. Closing accounts could put your credit utilization over the level your mortgage lender is comfortable with. Once you’ve gained your pre-approval, hold tight on altering any aspect of your credit situation to avoid unforeseen consequences. A good loan originator can look at your credit profile and advise you as to what and what NOT to do.

3) Changing Jobs

Similarly, changing jobs during the buying process can create enough uncertainty to worry your mortgage lender and have them reject your loan application. Lenders like to see lengthy, continuous employment, preferably with the same company. There’s always a chance a new job won’t work out, leaving you unemployed and unable to pay your mortgage. It’s worst when you change jobs AND your field of employment. A promotion within the same company or even a switch from say one law firm to another might …

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Do Startups Really Change The World?

Do Startups Really Change The World?

Firstly, my hypothesis is that the startup culture will have a major positive impact on the poorest communities in the world. Or put another way, I believe the culture can spread wealth far more evenly than ever before. However, the devil is in the detail and it would be useful to debate some current assumptions. So:

Are startups good? – Tech startups currently rule the world. Millenniums and many others no longer dream of a corporate career. Many want to take their lives into their own hands and aspire to change the world. It is widely recognised that corporations find it hard to innovate and much of the action is taking place in much more agile startup teams. However, with power comes responsibility and many startups sail close to the line of social acceptability.

The so-called ‘Sharing Economy’ is a point in case. Startups such as Uber and Airbnb have ruthlessly pursued market share in winner-takes-all industry sectors. Not much sharing there then. There is a conflict between the need of these startups to grow and the messaging to their consumer base that is much more idealistic in their objectives. Is it unhealthy that these companies are able to build such large war-chests to fight off challenges by others? Don’t these startups need to grow responsibly or risk losing the support of their own users?

I feel overwhelmingly positive about startup culture. However, it is not a license to act irresponsibly or a backdoor to outright capitalism without any checks and balances. If founders (and investors) do not recognise this, they will undermine the whole startup movement.

Is the Silicon Valley model good? – Silicon Valley is the engine driving the startup economy. Not only has a huge proportion of startup economic growth come out of Silicon Valley but many of the technologies and processes have been developed there, from the gig economy to ubiquitous data visualisation of everything, now even to be found in such dedicated MS programs such as Power BI. There is little doubt that the guiding principles of The Valley are positive. Success has been underpinned by principle that founders are given access to a pool of awesome talent, knowledgeable support and almost unlimited capital.

However, The Silicon Valley model has resulted in group-think that ignores the huge limitations in the model for the rest of the world. The idea that resources have to be concentrated in clusters has a negative economic impact on much of society and is illogical in the age of the internet. Is it now possible for a bright entrepreneur in Lagos, armed with a copy of The Lean Startup to access many of the resources he needs to build a great business?

I would argue that internet-based platforms will change the world of entrepreneurship (slightly biased as I run such a platform), in just the same way as they are changing so many other sectors.  The objective has to be to provide great founders, wherever they are, with the capital …

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