Updated on August 10, 2017 by admin
I will assume that this is a new home based business. Do understand that lending institutions look at a home based business a little more carefully than usual. So you want to make your case (file) very strong.
Think about this, if you have a home based consulting business and a bank lends you money. How easy would it be for you to just pack up and leave – defaulting on the loan. So it stands to reason that you should choose a business that is viewed as low risk by lending institutions. This brings me to the subject of SIC codes. SIC stands for Standard Industrial Classification. Basically every type of business can be classified by these codes so different businesses reflect a different SIC code.
The main point is to choose a business that has a low risk SIC code. By the way, just this tip is worth its “weight in gold”. Many business credit consulting gurus will tell you to classify your business as “General management” or “Business management”, a generic name. I really believe that this will harm your efforts in the long run. The nature of the business – its corresponding SIC is a big part of developing a solid foundation for business credit development. Your aim should be to develop your business file so you can get CASH lines of credit without any personal guarantees. No Personal guarantees means that you should not have to use your personal credit for the purpose of getting business credit. Many will tell you that this is an impossibility in this economy. Well it is rare but not impossible. It is only rare because most people approach business credit like they approach there personal credit. Plus remember that just because you are asked for your SS# does not automatically mean that your credit is pulled. For security reasons an SS# is required, especially if the amount being lend is large.
Having said that if you have a “high risk” SIC code business like real estate investing but you still have enough cash flow coming in from that business (and/or enough assets in the business’ name) than it will matter less since the business is so strong. For the rest of us, a good SIC code is a must.
So what is a low risk SIC. Try to find out which types of businesses your state is giving grants/aid to. Follow the stimulus money. If the government is willing to help a certain type of business than you know that business has a “good” SIC code. Health care, medical supplies are good examples (many more good examples). Visit the site for a lot more tips.
Make no mistake about it a good SIC code can make all the difference if you want great business credit.
Always remember a good website designer does not automatically become a business credit expert/guru.…
Updated on August 4, 2017 by admin
Bank Ownership Offshore
Offshore bank ownership solutions include a New Zealand Finance Company, an EU Registered Trust Company, a Panama registered Forex Brokerage, or a Closed End Fund registered in the British Virgin Islands.
Each of these bank ownership solutions can be set up in tax advantaged manner in tax advantaged jurisdictions.
It is possible to set up a tax advantaged banking solution and to be able to offer traditional banking services including the provision of checking and savings accounts, certificates of deposit, trust account services, wire transfer services, credit and debit card services, and trust account services.
The rules and regulations vary front one jurisdiction to another. However, it is perfectly legal to set up an offshore banking solution in any of several jurisdictions world wide, taking advantage of the laws of that country. In general, it is possible to find jurisdictions when one does not to provide the capital reserves required of a traditional bank in the same country.
Not All Offshore Banking Solutions Are the Same
If you are considering banking offshore talk to an offshore expert because not all offshore banking solutions are the same.
The world is full of decent offshore banking solutions and there are a handful of exceptional offshore banking solutions. Why not go with the best and most professional choices?
You should work out the best offshore banking solution in your choice of jurisdictions. Offshore shore banking in tax advantaged jurisdictions can save you money. Offshore banking can be very discrete in an increasingly intrusive world. Offshore banking can be safe and profitable.
An offshore banking solution should save you money, guard your privacy, and protect your assets.
Offshore Banking Solutions: Closed End Funds
One of the many offshore banking/financial institution options is to start and run you own closed end hedge fund. An offshore expert can help you explore the opportunities involved in such an investment and its relevance to your personal needs.
An offshore closed end fund option is in the British Virgin Islands. Such a fund invests pooled assets, charges management fees, and, typically, receives performance fees on profits.
The British Virgin Islands are a tax advantaged jurisdiction for such an institution. Reporting requirements and the attendant overhead are minimal in the British Virgin Islands helping to hold costs down.
Such a fund can engage in investments and trading world wide without excessive reporting requirements to local institutions. This is a tax advantaged location. You can seek advice about the pros and cons of starting a British Virgin Islands registered closed end fund. It is also possible to obtain the technical support required to successfully run a closed end fund in the British Virgin Islands.
A closed end fund can be a very successful undertaking if properly set up and managed in a tax advantaged, low overhead location.
Offshore Banking Solutions: Forex Brokerage
An attractive offshore banking/finance option is to set up a Forex brokerage in the country of Panama. This is a tax advantaged jurisdiction with minimal overhead …
Updated on August 10, 2017 by admin
You could start your own mobile tire installation service business, and be in business for yourself! You could offer your service, by contacting certain tire dealers, in your neighborhood. Talk to them, and let them know, you want to start your own business, and you would like to get a discount on tires from them, if you become a regular customer for them, and better them, than their competition, up the street.
Tires stores are just about everywhere these days! Everyone needs tires eventually, just no way around it, and that is good for you! It is a hassle, for most people to take their car to a tire dealer, wait sometimes forever, if they are busy, and then get shoddy service, and hidden extra charges, almost all the time.
If you take that worry away from your customer, you will do good! If your customer had to pay $500 for a set of tires from the same dealer you just made a deal with, to get them, say, for example, $400, you would make an instant $100 profit on that, and then if you install them, and charge another $100 for that, you could make $200, in just one or two hours time! Walk around any neighborhood, and look at the cars you see in the driveways, or on the road. You could go threw any parking lot in America, and look at the tires on cars as you walk around. The cars with the bald tires will be your best customers!
Let them know you will take care of everything. In the beginning, you can come to their house, put their car up on jacks, take the tires to the tire dealer, have them put the new tires on, and take them back, and install them, back on their car, and your customer will be happy, that they did not even have to leave the house!
You could later, after you get more experience, and a better truck, you could get your own tire machine, and do the tires yourself, right in the back of your truck, and pick the tires up ahead of time, for your customer, so their car, is not up on stands for too long. You would want to have signs made up for your vehicle, and pass out business cards to all the cars you see with bald tires!…