Many of us dream of being our own boss, choosing our own hours, and doing something that we’re truly passionate about. But for as many benefits as we can think of, there are as many fears. What if it’s not financially viable? Will I be able to make as much as my current line of work? Where do I find the cash to start up? It is important not to silence these questions but to identify the rational ones and answer them honestly. One of the most common concerns is how to source the funds that would actually launch the business. The old adage goes that, “you have to spend money to make money”. There is an element of truth in that when it comes to beginning a business. You need funds for campaign launches and events, but also for normal living costs and unexpected expenses. What may seem overwhelming at first though is doable if you approach it methodically. Many people have found ways to unlock access to cash and have put it towards doing what they love.

Sell Off Non-Essentials

Selling what you already own can range from the minor to the major. You may feel that your new business will no longer require a car, for example. Without the daily commute or if you are moving to city lodgings, public transport will be sufficient. Not to mention far cheaper! You may have old collections such as DVDs, records, or clothing that could bring in a few extra hundred. It may seem a small contribution to a large sum but this could cover the cost of business cards, for example, or invites to a launch. Equally, if you are beginning a new chapter in your life you may consider selling your home. Even if you owe more on the house than it is worth or never got round to those repairs, businesses like Sell My House can purchase without hassle. If you are serious about managing your finance then cutting ties with a property that is actually wasting money could be a positive step.

Start Small

If we are aiming towards a seemingly impossible sum, it can be tempting to only aim high with investors and support. We might approach the bank as our first port of call, for example. We might approach large local businesses or successful entrepreneurs. It is important not to overlook or shun the support offered by those closest to us, however. Many of our family and friends might believe in our idea or business plan. Several small investments might actually be easier to manage in the early days than one big cash injection. For a new business, they are also more realistic. Keep family and friends informed of your plans, and if they offer support, take it!

Funding Platforms

Sites like GoFundMe and Kickstarter have become more popular than ever. If you have a tangible goal and think that others might want to be a part of your business give it a try! Be honest about your goals, business plan, and likely return. Many people out there love to support new businesses even if there is unlikely to be a major return on their investment. This is especially true if your business plan is “ethical”, environmentally aware, or for the benefit of others.

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When you run a business, it is your responsibility to make sure that the office and work areas are safe. This means thinking about fire safety and how you can deal with a fire if it does break out in your office. Below you will find out all you need to know about fire safety in your workplace, so read on.

Put Together an Evacuation Plan

There should be an evacuation plan in place in every workplace. This plan will be useless unless everyone knows about it though. It’s not the kind of thing that you make and then file away in a drawer. Instead, you have to get everyone involved in its making. This will allow people to share ideas, and it will also mean that everyone is aware of what to do in the event of a fire. The plan should outline which exits to use and which exists not to use. It should make clear that lifts should not be used. And it should also identify a point it which everyone can meet. When the plan is complete, display it in the office.

Choose the Right Company Policies

The policies that you choose to implement in your workplace could have a huge impact on whether a fire breaks out or not. This is a big deal, and it’s something that will be different for every business out there. For example, you need to think about how you use and organise equipment and technology. Anything electrical needs to be treated with caution. If you don’t do this, the wires could cause problems and fires could start in the worst circumstances. These minor policies might not seem like they’re important to fire safety, but they just might be. So, think carefully about it.

Train the Staff

Training is a big deal when it comes to fire safety as well. You can’t hope to keep the office safe unless everyone in the office is pulling in the same direction. So, you should conduct a training session in the workplace where everyone gets together and is taught the basics of fire safety. A lot of the areas covered will be common sense, but it’s still good to make sure that everyone is sure. When the staff have completed the training, they will be more confident when it comes to dealing with issues in the workplace. This can only be a good thing for them and for the business.

Comply with All Fire Safety Codes

There are many legal codes that dictate how workplaces should be run with regards to fire safety. This is something that you should think carefully about. The codes and regulations vary from place to place, so you need to make sure that you know your local fire safety codes. If you don’t know them, find out what they are. You could also get a fire safety expert to inspect your workplace. They will then be able to highlight any fire safety issues in your workplace and recommends ways to improve it. They know better than you how to improve your fire safety record, so it makes a lot of sense to do this.

Install a Sprinkler System

A sprinkler system will instantly work to put out a fire when it starts. In a workplace, they will be hooked up to the smoke alarm and triggered when smoke is detected. This can help to stop a fire from spreading, and that is very important. Containment can help to rescue your business and stop it from becoming a complete write-off. If you are looking for big ways to improve your approach to fire safety, this might be a good direction to go in. There are, of course, many different types of sprinkler system, so you should get to know all the options beforehand. If you want to know more, they answer questions at www.ecscorrosion.com/dry-pipe-faq/.

Check the Alarms Regularly

First of all, it’s important to highlight the fact that every workplace needs to have numerous smoke alarms in it. They should be fully functional, and if they’re old, you should think about replacing them. The modern smoke alarms are always the ones that are most effective. These can be the difference between life and death in the event of a fire, so it makes sense to try to do everything possible to have the best. You then need to keep checking them regularly to make sure that they are fully functional. If you don’t check them, you might not realise the problem until it’s too late, so don’t take that risk.

Get All Appliances Checked Regularly

It’s also important to check electrical appliances for safety faults. If an electrical item stops working as it should, there can be all kinds of ramifications. It can even lead to an electrical fire starting in your workplace, so it’s something that should be taken seriously. Most companies have an electrician conduct reviews of their appliances to make sure that everything as it should be. These kinds of problems tend to arise in older appliances that haven’t been updated in a long time. The newer an electrical appliance is, the more safe it is likely to be. But whether your appliances are new or old, checks are important.

Buy the Right Extinguishers

There are many different types of fire extinguisher, and you should know which ones are the right ones for your workplace. The most common type are used for putting out solid items that are on fire. This is the kind that you should have in your workplace. But you might also need other ones if your business deals with particular chemicals, liquids or gases. For example, there are extinguishers that are specially made to deal with flammable gases. And there are also extinguishers that are used to deal with metals. It might be a good idea for your office to be equipped with a fire extinguisher that deals with electrical fires. Look at all the options and decide which is best for you.

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There are thousands of opportunities for people to make money in the financial industries. However, you need to select the right niche to ensure you succeed. In most instances, it’s sensible to choose something that doesn’t require too much upfront investment. That way, you won’t have to worry about getting money from your bank or private firms. Instead, you can focus on reaching the right people and making a fortune. The tips listed here should help everyone to get better results. It doesn’t matter which financial business concept you select; the same advice should point you in the right direction.

Double and triple check your business plan

Before you do anything else, you have to develop a business plan that makes sense. It must highlight how much cash you need to get started, and how you will make a profit. It should also include some basic info about your growth strategies and where you plan to take the operation. Many new company bosses get their projects wrong, and that causes issues further down the line. So, you need to double and even triple check your document before pushing ahead. If you think it will help, employ the services of a business advisor to check if you’ve missed anything.

Identify the best marketing strategies

Depending on your niche, different marketing concepts will produce varying results. People getting involved in property finance might choose to buy mortgage mailing lists. That would enable them to get in touch with homeowners who meet their specifications. Those who plan to launch a loan company could follow the same process. Just seek out mailing lists that contain details for people who’ve applied for funding recently. You could then get in touch with them and offer a better deal. Digital promotion is essential, so make sure you master the art of Google Adwords and Facebook Ads.

Purchase the right insurance packages

All financial industry businesses need lots of protection. That is because you’re often messing around with other people’s money. So, you need to make sure they will get their cash back if anything goes wrong. The price of suitable insurance cover will vary depending on the nature of your brand. Make sure you shop around and obtain quotes from at least five different firms before signing on the dotted line. You can use the figures you gather to negotiate better contracts and price reductions. At the end of the day, insurance is going to cost thousands, so any savings are welcomed.

The only other things you need to consider relate to taking your company to the next level. Make sure you know how you plan to spend your profits before they are made. Avoid making a substantial wage from the business until it has become stable. Implementing a growth strategy can seem like a daunting task. That is especially the case when your bank accounts look healthy. You might have to spend all the money you’ve made thus far to progress your interests. However, you should never let your venture stagnate. So, bite the bullet, and push things forward!

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If you’ve recently tried to borrow some money or take out a credit card but have had the dreaded rejection email or letter, it’s pretty much certain that there is something amiss with your credit score. This can seem like an enormous setback, an intractable problem that is going to wreck your plans and prevent you from getting on in life.

But, bad credit scores are not only highly common; they are highly fixable too. Many hundreds of thousands of people in the United Kingdom suffer impaired credit ratings and yet still manage to borrow money through the so-called sub prime lending sector.

Furthermore, given good financial management and discipline, these people are able to fix their credit scores so that, after a certain period, they regain access to more mainstream forms of credit.

Credit scores explained

There are three main credit reference agencies in the UK – they are Experian, Equifax and CallCredit. These organisations hold data on every person who has borrowed money, holds a utility or insurance account or a mobile phone contract. This data includes information that includes existing and past addresses, the payment history on each account (whether payments are and have been kept up to date), a record of any defaults, bankruptcies or county court judgements (CCJs).

The information is straightforward. You can apply to one or all of the reference agencies for a copy or your record (for the payment of a small fee) and you should be able to see immediately where your problems lie if you’re having trouble getting access to credit.

But, it is how the agencies and financial organisations interpret the data that results in a credit score. This number – usually between 300 and 900 (although this varies according to which agencies figures are being used) – is an expression of risk that a borrower represents to a lender. The lower the score, the higher the risk. Some agencies will express that risk as very poor, poor, fair, good or excellent. Very poor might be a rating between 300 and 400 while good and excellent might extend all the way from 700 up to 900.

Those judged to be very poor are likely to have difficulty getting access to most forms of credit. They will struggle to be accepted for loans, credit cards, bank accounts and even mobile contracts. This rating may even affect their ability to get a new electricity or water account set up.

People with poor credit ratings are likely to be rejected by many lenders, but some will consider their applications. However, they are likely to face higher interest charges, lower loan amounts and, sometimes, requests by the lender that they put up some form of security before a loan is issued.

Fair credit ratings are in the middle of the pack. If you fall into this category, you will find that you will have a wider choice of loans and credit cards than people in the categories below you. However, it is almost certain that you will have to pay higher interest charges than people in the higher categories.

People with good credit ratings will be accepted for most loans and credit cards that they apply for. There is a small chance that they will have to pay slightly higher interest charges. Excellent credit ratings are the ones which we all aspire to have. People in this category are almost guaranteed to be accepted for any form of credit and will pay the lowest interest rates and charges.

How to fix a bad credit score

While the immediate situation can seem bleak, it is perfectly possible to repair your credit score with time and discipline. There is no ‘quick fix’ but experience shows that people with poor or very poor scores can get back to good and then excellent within a couple of years. Here’s how they do it:

1. They make their repayments on time

Your financial mistakes will fade over time as long as you start behaving responsibly now. That means making payments on time, every time from now on. Over time, this good behaviour will start to outweigh the late or missed payments on your credit record.

2. Settle accounts

If you have got a bit of money in the bank, consider whether you should pay off a credit card balance or loan rather than splashing out on something new. This is particularly good and viewed very favourably if you’ve maxed out your cards because it will reduce your overall debt to income ratio and will have a pretty rapid effect on your credit score.

3. Get a ‘credit builder’ credit card

Some of the big banks and major financial organisations offer versions of their mainstream credit cards for people with poor credit records. You’ll hear these referred to as ‘credit builder’ or ‘credit repair’ cards and although they will come with lower credit limits and higher APRs than those offered to people with good credit records, they will allow you to quickly demonstrate financial rectitude by repaying a small amount of borrowing on time. This will be reflected on your credit record every time you make the payment.

4. Look at your credit records

It will cost you just a few pounds to get hold of your records from the major reference agencies. It’s worth doing because it will allow you to see where the problem areas are and take corrective action or to turn up any mistakes on your record. If there are mistakes, you should write to the agencies and explain them. The record will generally show your credit score so you will know how much work you have to do.

5. Take out a guarantor loan

This is an excellent way to rebuild a credit score. A guarantor loan will allow somebody who has a bad credit score to use the record of somebody else to borrow money. A friend or family member will stand as guarantor for the borrowing, becoming liable to make the repayments if the borrower slips up. As a result, the lender looks at the score of the guarantor, not the applicant, but every repayment made on time is recorded on the borrower’s record. Over time, this will improve a credit score.

Article provided by Mike James, an independent content writer in the finance industry working together with technology-led finance broker Solution Loans, who were consulted over this post.

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Making more money in business is crucial if you want to grow your business and become bigger and better. The more money you make, the bigger you can get as you can put money into sources to help you. You could maybe even pay yourself more once you’ve established this steady stream of money. If you’d like to make more money for your business, here are 15 tips that could help you:

Partner Up with Another Business

Look for another business to partner up with. Maybe their product enhances your product, or their service can work in harmony with your service. If you agree to work together, you could experience double the success as you share clients. Make sure you know how to approach businesses properly, and that what you have to offer them is of value too.

Price Yourself Properly

When you have a business, pricing yourself is important. You want to make sure you’re priced just right for what you offer. You want a profit, and you want people to be attracted to your price point. However, you shouldn’t price yourself out of the market. Pricing yourself too high could result in people not using you, but pricing yourself too low could make people wonder why you’re so cheap. Taking the time to do your research and pricing yourself accordingly is key to making more money in business. Don’t price yourself so cheap that you’re doing yourself a disservice.

Target Your Audience Properly

Whatever you’re doing, make sure you’ve taken the time to target your audience properly. When you know who your audience are and what they want, you can begin to target them in a way that will attract them most. Do you really know what they want? Do you really know who they are and where to find them? Make sure you know these things in order to target them!

Strengthen Your Online Presence

Having a strong online presence makes people trust you more. When they can see that you’re present a number of places online, they’ll see that you’re a reputable company. They’ll see that you haven’t gone stale when you keep your social media and website updated too. Many people rely on a strong online presence to decide whether they’ll work with a specific company or not.

Strengthen Your Brand

Having a strong brand makes you more trustworthy. You can strengthen your brand by making sure you have a clear message, colours, and tone of voice. Make sure you’re consistent wherever you use your brand.

Build Up a Good Reputation

Building up a good reputation is important if you want people to work with you. All it takes is a few unhappy customers to spoil your reputation. Make sure you take care of your customers and go the extra mile for them. Doing this will ensure they tell people how satisfied they were with you, and they’ll be more likely to come back.

Only Hire the Best Staff

Make sure you only hire the best staff when it’s time to choose people to work with you. Make sure the interview process is thorough, and you don’t just pick somebody because you can save money when paying them. Hiring them based on their skills and their personality will ensure they fit in well and bring something new to your team. Your staff help to drive you forward!

Invest in and Train Your Staff

When you have a good team of staff, it isn’t enough to simply keep everything the way it is. Make sure you invest in and train your staff. This shows them that you’re serious about their progress. It’ll also improve your business as they learn new skills. You can do this a number of ways, from team building to HR seminars by Peninsula.

Focus on Current Customers

Instead of always trying to get new customers, focus on your current customers to keep them coming back for more. Treat your loyal customers and they will repay you by giving word of mouth recommendations to people they know. This is how you get repeat custom and build a great reputation.

Search for Better Vendors

Building good relationships with your vendors is important, but could you be doing better? Each year you should review contracts to make sure you couldn’t be getting a better deal elsewhere. You could be saving money and getting a better deal!

Care About the Environment

Caring about the environment can save you money and make you a more appealing business to work with. All you have to do is make sure your employees are on the same page as you. Turn things off when you’re finished with them. Recycle. Work with other companies who care about the environment. Make it known that you care!

Continue to Expand Your Own Knowledge

Make sure you’re not just focused on the knowledge of your staff. There could be some things you need to know too. Don’t assume that you know it all! Continue to expand your own knowledge to become a better boss and business owner.

Attend Events

Make sure you attend events and seminars. Here you can network, build relationships, and spread the word of your business. You can learn a lot and teach a lot. They can be invaluable to making more money in business.

Automate a Process

Take a look at the processes you do daily and see if there are ways you can automate it. This will save you time, and time equals money!

Take Breaks

If you don’t take a break from time to time, you could burn out. You want to keep your passion for your business going in the long run, so don’t exhaust yourself. Take time to celebrate with your friends and family. A work/home life balance is important and a great way to recharge your batteries.

See? It isn’t too difficult to make more money in business if you make a few changes as mentioned in this guide. Leave your own tips below!

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