Getting a Mortgage Refinance the Commercial Area
Bill had a hamburger joint that has been passed on for three generations. Business was good for the past years but the construction of other restaurants in the area began to eat part of the market.
The only way to compete will be to renovate and give the customers a fresh look of the place. A friend who has an architect was called in to check how much was needed. The estimate showed that Bill would need $150,000.
Bill was shocked at first but realized this was the reality. So, there were two options. The first will be to fold or give the other competitors a good fight. Bill who served in the military at one point in life decided to face the odds.
There was just one problem. Bill didn’t have the money. The interest rates in the bank were quite high so the only place to get the cash will have to be done by refinancing the restaurant.
The hamburger joint purchased some new equipment 5 years ago. Given the value of the property, Bill could get $250,000 which was more than enough to pay for the machines and the renovation.
This is when Bill called in some old friends who referred a mortgage company that has been doing this for more than 10 years to help out in the business. A meeting was set up and the documents needed were shown to the specialist.
After a few days, the loan was approved and cash was soon on the way. The construction will take 2 months so Bill and the architect decided to have this done in phases rather done not have any money come in.
Signages were placed around the restaurant and people still frequented the place. A lot of the regulars were very excited with the new look that a mock up model and drawings were placed on display.
Time flew very quickly and 2 months later, the renovation was complete. There was a huge party to open the event and people soon packed the place. The renovation paid off that even if the contract states that payment will be done in 2 years, Bill was able to give everything back in 8 months.
The success story of Bill is just one of many who want to get mortgage refinancing for a commercial lot. Some people let others do the developing after leasing the property for a number of years while there are others who have something already on it and need a few touches to make it more profitable.
The interest rates of getting a mortgage can be fixed or adjusted. The person shouldn’t be surprised if the company offers a combination of both when applying for a loan.
There are many ways to get a mortgage loan. The person can go straight to a broker by checking the local directory or surfing in the internet. There are also some brokers who can help in the process that will require the individual a certain fee for the services rendered.
Some people consider getting a mortgage to refinance the commercial area to be a gamble. Perhaps it is but if the property has potential, this should be maximized so that the person can be like Bill who is successful in running a hamburger joint against other players.
Wednesday, May 21, 2008
Saturday, March 15, 2008
5 Pillars To A Successful Home Business
5 Pillars To A Successful Home Business.
by: Joel Suarez
- Hustle:
Generally, people who make it big have one thing in common—they are dissatisfied with the status quo. They will not take what is “common” or “expected” and let that define their lives—they move past it and excel. You must work hard and hustle.
- Character:
Someone coined the phrase, “character is what you do in the dark.” In other words, when no one is looking, will you behave differently than if someone was looking? If not, then you have character. If you are attacked, be tough—not hard. Don’t be a pushover, but be compassionate, gentle, and flexible—especially on procedure (not principle).
- Risk Taking:
This isn’t gambling, it’s a willingness to be bold, hearty, and to push forward. People who refuse to take risks are definitely going to lose. If you refuse a new promotion because you’re not confident of your skills, you will likely be passed over when a different chance arrives.
Don’t be afraid of rejection, just take it as part of life and you’ll find there’s nothing to be afraid of—especially in the word “no.” “No” is just another opportunity to find a way around an obstacle and to use creative problem-solving skills.
- Time Management:
We all know that one minute has 60 seconds and that one hour has 60 minutes. One day has 24 hours, and one year has 365 days. But one year also has 525,600 minutes. We don’t think about a year in such small increments, but maybe we should.
We waste minutes as if they’ll always be around, and the fact is that time wasted is time we can never get back. We might miss a deal or promotion of a lifetime by wasting just a few minutes.
Proper time management is essential as you climb to success. Continue to break goals down in to manageable chunks—do that with relation to your day and the time you’ve been given. You’ll accomplish far more this way and you won’t regret using your time wisely.
- Master Non-Verbal Communication:
It is said that our body language and facial expressions do much more communicating than our words will ever do. When the words that you speak don’t match the expressions on your face or the stance of your body, you confuse the listener and muddle your message.
Be aware that when you try to “multi-task,” you often end up short-changing something, and the last thing you want is to short-change people. Don’t try to do too much at once—your willingness to do this tells people they aren’t important, even if you’re expressing your appreciation of their work and effort.
Be aware of what message your body is sending off!
About the Author: Joel Suarez is an established online marketer and publisher. His expertise field is in direct marketing and multi-level marketing. He specializes in developing new tips, tricks, ideas, and tools to help new and pro's alike Internet marketers to start, develop, and establish their businesses online. - http://www.homebiz4u2profit.com
Source: www.isnare.com
by: Joel Suarez
- Hustle:
Generally, people who make it big have one thing in common—they are dissatisfied with the status quo. They will not take what is “common” or “expected” and let that define their lives—they move past it and excel. You must work hard and hustle.
- Character:
Someone coined the phrase, “character is what you do in the dark.” In other words, when no one is looking, will you behave differently than if someone was looking? If not, then you have character. If you are attacked, be tough—not hard. Don’t be a pushover, but be compassionate, gentle, and flexible—especially on procedure (not principle).
- Risk Taking:
This isn’t gambling, it’s a willingness to be bold, hearty, and to push forward. People who refuse to take risks are definitely going to lose. If you refuse a new promotion because you’re not confident of your skills, you will likely be passed over when a different chance arrives.
Don’t be afraid of rejection, just take it as part of life and you’ll find there’s nothing to be afraid of—especially in the word “no.” “No” is just another opportunity to find a way around an obstacle and to use creative problem-solving skills.
- Time Management:
We all know that one minute has 60 seconds and that one hour has 60 minutes. One day has 24 hours, and one year has 365 days. But one year also has 525,600 minutes. We don’t think about a year in such small increments, but maybe we should.
We waste minutes as if they’ll always be around, and the fact is that time wasted is time we can never get back. We might miss a deal or promotion of a lifetime by wasting just a few minutes.
Proper time management is essential as you climb to success. Continue to break goals down in to manageable chunks—do that with relation to your day and the time you’ve been given. You’ll accomplish far more this way and you won’t regret using your time wisely.
- Master Non-Verbal Communication:
It is said that our body language and facial expressions do much more communicating than our words will ever do. When the words that you speak don’t match the expressions on your face or the stance of your body, you confuse the listener and muddle your message.
Be aware that when you try to “multi-task,” you often end up short-changing something, and the last thing you want is to short-change people. Don’t try to do too much at once—your willingness to do this tells people they aren’t important, even if you’re expressing your appreciation of their work and effort.
Be aware of what message your body is sending off!
About the Author: Joel Suarez is an established online marketer and publisher. His expertise field is in direct marketing and multi-level marketing. He specializes in developing new tips, tricks, ideas, and tools to help new and pro's alike Internet marketers to start, develop, and establish their businesses online. - http://www.homebiz4u2profit.com
Source: www.isnare.com
Thursday, February 14, 2008
How to start a business
Rod Drury: How to start a business
5:00AM Saturday January 05, 2008
By Rod Drury
Successful IT businessman Rod Drury says a business plan is vital.
People pitch business ideas at me all the time.
Unfortunately, almost all are fundamentally flawed, and almost all in obvious ways.
With a few exceptions, there are natural laws of technology businesses that you should take note of, so you don't find yourself repeating the mistakes made in previous start up businesses.
There are a number of business ideas that are just too hard and not worth putting your energy into.
Anything that involves text messaging or mobile data is unlikely to be a success.
That's because mobile carriers just don't leave enough on the table to make a buck from.
It's hard to think of anyone who has built a successful business based on text messaging.
Taking on Trade Me will not work.
They already have the customers and therefore they own the market, and only one player wins.
Anything aimed at taking bricks and mortar retailers online will not work. History tells us that.
Anything to do with document or content management will not work because that has been done 10,000 times before.
A start up involving retail point of sale will not work because the cost of sales and support will be too high.
An export-focused business where the founders are not willing to travel abroad will not work because you need to be in the market to understand it.
Any business where the founder is not happy to step aside and letanother person be the CEO will not work.
Any business that only wants to give up 10 per cent for $1 million in its first investment round will not get funded and will not work.
Any business depending on low-cost Google AdWords will not work, because the price of those AdWords becomes valuable, and then it blows your business model.
Any software business where the software development is outsourced to a consulting company will not work because you need to be nimble to close the feedback loop between your customers and your product strategy. Any business without a business plan will not work.
This might sound like a grim reality, but almost all of the hundred or so businesses I've looked at over the past couple of years are flawed because of one or more of the reasons above.
You only need to look at the very few angel or venture capital deals done in New Zealand during 2007 to see that very few ideas are actually valid business ideas.
As a first step before presenting your idea, you need to be able to write a high-level summary of what the business is and why it will be successful, in not more than three pages.
Then you need to test that idea. Try out your idea on friends first.
Make sure you check with someone who will tell you honestly, and not just what you want to hear.
Make sure you check with someone with industry expertise.
A "fast fail", where you quickly discover that your idea is flawed, will save you time and money. My ideas usually come from problems that I have experienced personally.
In areas where I have significant base knowledge, I can intuitively know where there is an opportunity.
Once you've tested your big idea, you need to back yourself and go. One of the first activities is building a team.
Next up, we'll look at setting up a business with multiple shareholders.
* Rod Drury is CEO and founder ofleading NZX-listed accounting software provider Xero (www.xero.com)
5:00AM Saturday January 05, 2008
By Rod Drury
Successful IT businessman Rod Drury says a business plan is vital.
People pitch business ideas at me all the time.
Unfortunately, almost all are fundamentally flawed, and almost all in obvious ways.
With a few exceptions, there are natural laws of technology businesses that you should take note of, so you don't find yourself repeating the mistakes made in previous start up businesses.
There are a number of business ideas that are just too hard and not worth putting your energy into.
Anything that involves text messaging or mobile data is unlikely to be a success.
That's because mobile carriers just don't leave enough on the table to make a buck from.
It's hard to think of anyone who has built a successful business based on text messaging.
Taking on Trade Me will not work.
They already have the customers and therefore they own the market, and only one player wins.
Anything aimed at taking bricks and mortar retailers online will not work. History tells us that.
Anything to do with document or content management will not work because that has been done 10,000 times before.
A start up involving retail point of sale will not work because the cost of sales and support will be too high.
An export-focused business where the founders are not willing to travel abroad will not work because you need to be in the market to understand it.
Any business where the founder is not happy to step aside and letanother person be the CEO will not work.
Any business that only wants to give up 10 per cent for $1 million in its first investment round will not get funded and will not work.
Any business depending on low-cost Google AdWords will not work, because the price of those AdWords becomes valuable, and then it blows your business model.
Any software business where the software development is outsourced to a consulting company will not work because you need to be nimble to close the feedback loop between your customers and your product strategy. Any business without a business plan will not work.
This might sound like a grim reality, but almost all of the hundred or so businesses I've looked at over the past couple of years are flawed because of one or more of the reasons above.
You only need to look at the very few angel or venture capital deals done in New Zealand during 2007 to see that very few ideas are actually valid business ideas.
As a first step before presenting your idea, you need to be able to write a high-level summary of what the business is and why it will be successful, in not more than three pages.
Then you need to test that idea. Try out your idea on friends first.
Make sure you check with someone who will tell you honestly, and not just what you want to hear.
Make sure you check with someone with industry expertise.
A "fast fail", where you quickly discover that your idea is flawed, will save you time and money. My ideas usually come from problems that I have experienced personally.
In areas where I have significant base knowledge, I can intuitively know where there is an opportunity.
Once you've tested your big idea, you need to back yourself and go. One of the first activities is building a team.
Next up, we'll look at setting up a business with multiple shareholders.
* Rod Drury is CEO and founder ofleading NZX-listed accounting software provider Xero (www.xero.com)
Sunday, January 20, 2008
Health Insurance For Small Businesses
Health insurance for small businesses
Simple steps to secure coverage for your workers.
By Ging V. Valles
Medical insurance came about to fill people’s need for quality health care that should not be compromised by their limited budget. It is now more accessible to everyone, regardless of income, through the HMO or health maintenance organization — a kind of managed plan where you receive care from the HMO’s doctors at its hospitals or clinics.
The HMO provides a list of doctors and "requires you to select a primary care physician" for the specialized care you need," says German Zapanta, general manager of Fortune Medicare, Inc. Entrepreneurs and rank-and-file employees benefit from almost the same coverage as those provided executives, he says.
The HMO is especially helpful to entrepreneurs. "If your people are covered, you increase their work productivity," says Rey Samson, school owner and incoming president of the Marikina Private Schools Association. "HMO doesn’t give any burden at all to the entrepreneur and his people since payments are collected through salary deductions." It also encourages people to get a health plan to help the government expand its resources for medical care.
HMOs like Fortune Medicare, Medicard, and PhilamCare provide holders with both in-patient and out-patient services without their having to pay each time. The standard coverage for in-patient care includes room accommodation, medicines, diagnostic procedures, and operating and doctor’s fees. Out-patient services include preventive health care, dental care, annual physical exams and clinic consultations.
Some HMOs limit their coverage. "Others add [extras] to be more competitive in the market," says Zapanta. For example, Fortune Medicare’s comprehensive package includes add-ons such as laboratory, x-ray and other diagnostic tests, dressings and sutures — even hospital income. Its out-patient care includes consultations at any HMO-owned clinic for eye, ear, nose and throat ailments; treatment of cuts, sprains and other minor injuries; X-rays, ECGs and other diagnostic tests; minor surgeries; and treatment on the recommendation of the HMO director or his designate.
"For emergency treatment in a non-accredited hospital, we reimburse as much as 80 percent of what it would have cost if treatment had been done in an accredited hospital," says Zapanta.
Choosing the right plan
Some entrepreneurs say you should not jump into bed with the first HMO offering the lowest price on your medical plan. "In choosing the right health plan, you should select the best package that suits your needs and the price affordable to you. Ask about the premiums, terms of payment, schedule of benefits, list of accredited hospitals and doctors," says entrepreneur and Medicard holder Marian Aquinos.
Here are some tips to getting the best coverage:
• Compare costs by asking doctors, hospitals, friends and relatives. The annual premium for HMO membership is P3,000 for those in the 13-to-30 age bracket and P13, 000 to P30, 000 for infants and clients in their late 50s. HMOs offer monthly, quarterly, semi-annual and annual payment terms. Once you’ve picked out a plan, compare its price with the other plans offering the same services. Expect higher prices for the young and elderly.
• Know the different services that each plan covers and decide what kind of insurance you need. Most plans will cover only services considered as "medically necessary." "Try to know if the HMOs can adjust or customize their packages according to your company’s needs," says Zapanta.
• Verify the HMO’s service record by studying its portfolio. Does it have any plans that will work for you?
• Look at the HMO’s financial status and management team. You can inquire about the standing of various HMOs by surfing their websites or studying their profiles, which are available from the Association of HMOs of the Philippines Inc. Not all HMOs are members of the group, but the top 15 are, says Zapanta. Being backed by a large company gives you more confidence.
• Consider the HMO’s reputation. Some HMOs are frequently suspended by hospitals for delayed or non-payment of hospital bills. "Worse, there are companies on the verge of closing but are still trying to solicit coverage," says Zapanta.
Simple steps to secure coverage for your workers.
By Ging V. Valles
Medical insurance came about to fill people’s need for quality health care that should not be compromised by their limited budget. It is now more accessible to everyone, regardless of income, through the HMO or health maintenance organization — a kind of managed plan where you receive care from the HMO’s doctors at its hospitals or clinics.
The HMO provides a list of doctors and "requires you to select a primary care physician" for the specialized care you need," says German Zapanta, general manager of Fortune Medicare, Inc. Entrepreneurs and rank-and-file employees benefit from almost the same coverage as those provided executives, he says.
The HMO is especially helpful to entrepreneurs. "If your people are covered, you increase their work productivity," says Rey Samson, school owner and incoming president of the Marikina Private Schools Association. "HMO doesn’t give any burden at all to the entrepreneur and his people since payments are collected through salary deductions." It also encourages people to get a health plan to help the government expand its resources for medical care.
HMOs like Fortune Medicare, Medicard, and PhilamCare provide holders with both in-patient and out-patient services without their having to pay each time. The standard coverage for in-patient care includes room accommodation, medicines, diagnostic procedures, and operating and doctor’s fees. Out-patient services include preventive health care, dental care, annual physical exams and clinic consultations.
Some HMOs limit their coverage. "Others add [extras] to be more competitive in the market," says Zapanta. For example, Fortune Medicare’s comprehensive package includes add-ons such as laboratory, x-ray and other diagnostic tests, dressings and sutures — even hospital income. Its out-patient care includes consultations at any HMO-owned clinic for eye, ear, nose and throat ailments; treatment of cuts, sprains and other minor injuries; X-rays, ECGs and other diagnostic tests; minor surgeries; and treatment on the recommendation of the HMO director or his designate.
"For emergency treatment in a non-accredited hospital, we reimburse as much as 80 percent of what it would have cost if treatment had been done in an accredited hospital," says Zapanta.
Choosing the right plan
Some entrepreneurs say you should not jump into bed with the first HMO offering the lowest price on your medical plan. "In choosing the right health plan, you should select the best package that suits your needs and the price affordable to you. Ask about the premiums, terms of payment, schedule of benefits, list of accredited hospitals and doctors," says entrepreneur and Medicard holder Marian Aquinos.
Here are some tips to getting the best coverage:
• Compare costs by asking doctors, hospitals, friends and relatives. The annual premium for HMO membership is P3,000 for those in the 13-to-30 age bracket and P13, 000 to P30, 000 for infants and clients in their late 50s. HMOs offer monthly, quarterly, semi-annual and annual payment terms. Once you’ve picked out a plan, compare its price with the other plans offering the same services. Expect higher prices for the young and elderly.
• Know the different services that each plan covers and decide what kind of insurance you need. Most plans will cover only services considered as "medically necessary." "Try to know if the HMOs can adjust or customize their packages according to your company’s needs," says Zapanta.
• Verify the HMO’s service record by studying its portfolio. Does it have any plans that will work for you?
• Look at the HMO’s financial status and management team. You can inquire about the standing of various HMOs by surfing their websites or studying their profiles, which are available from the Association of HMOs of the Philippines Inc. Not all HMOs are members of the group, but the top 15 are, says Zapanta. Being backed by a large company gives you more confidence.
• Consider the HMO’s reputation. Some HMOs are frequently suspended by hospitals for delayed or non-payment of hospital bills. "Worse, there are companies on the verge of closing but are still trying to solicit coverage," says Zapanta.
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