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Your Name, Your Asset

Written by: Jose Anes

Article Overview: Never underestimate the value of your name. It could be a great asset if you have worked hard to make it mean something to others. Some people say that “you are the brand”: if that holds true, then your name is your trademark.

Your Name, Your Asset

Never underestimate the value of your name. It could be a great asset if you have worked hard to make it mean something to others. Some people say that “you are the brand”: if that holds true, then your name is your trademark.There are many types of business. Some entrepreneurs have high hopes of a growing business in terms of employees. Other entrepreneurs wish to create something great that they can run until it gets going and then sell it to someone who doesn’t want to go through the risk of starting that kind of business but who can run it into further profitability. When starting such a business, one crucial step in the process is choosing a name that reflects the nature of the business and the vision you hold for it.

Yet, there are some other entrepreneurs who just want to escape the rat race and use the skills they have gained to make a better, more interesting living. These entrepreneurs are happy with doing the kind of work they do: they just want to do it with more flexibility or more variety – maybe even with higher profitability. The concept is not so strange in society. Many doctors, lawyers, engineers, and accountants do business using their own names, or a combination of the names of the partners in a firm. These people can choose to have a growing career where they increase fees and/or add associates to their practice. Over the years they have learned that these kinds of services are best done by someone that their clients can trust and remember by name and face.

What can be taken from these ideas?

* Build your name - even before you are even thinking of starting a business. Make your name stand as a trademark of good quality, professionalism, and great service. People will drag you into setting up your own business just to be able to use your services once in a while.
* Consider Doing Business Under Your Name - when appropriate, you may be able to choose your name as the name of your company/partnership/business. This is particularly useful when providing professional services. Don’t do so if you intend to sell the business soon, or if you want to grow it into a company to last for the next few centuries. But there is nothing wrong in thinking about the idea of providing great service with personal attention over the next few years.
* You Don’t Need a Great Idea - many people delay starting their own business because they do not have a great idea. A great idea is not a pre-requisite to start a new business. The fact that someone hires you to do your job is proof enough that people are willing to pay for what you do: the question is if you want job security or if you want to live the life of an entrepreneur with all the risks and rewards. There is money to be made out of good quality work, not only out of great ideas.
* Your Name, A Springboard - building up your name is the way to reach new opportunities: a name is the basis of a networking effort (people need a name to remember you). Your name is a springboard into new opportunities. Even when you do not use your name as the business name, make sure that people remember you by name. You may not be in that particular business or job forever, and you want people to remember the kind of service that you personally do. It may lead to further investments, entrepreneurship, or traditional employment opportunities.

On my first professional business venture I have chosen to use my name, because that is how people remember the quality of my services.

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$1,000,000 - Hi Evan, Are you talking about US Dollars? If so, that would be approx £500,000 in the UK. The Canadian Dollars differs also from the Australian Dollar. In any case, one needs to solve problems to help people to get money. The more solutions are given to people's needs to solve their problems, the closer one gets. Finally, are we talking about 'Income' or can we talk about 'Asset'? Kindest Regards Beat "Unlock People's Potentials!"
Different Types of Funding - Finance for business can be obtained through a number of different sources. Let's review some of those channels to help you decide what's right for your business needs: Grants There are over 930 different EU and UK grants and loans available from over 100 issuing bodies. This is the cheapest form of finance and an important part of the funding package that companies and individuals need. We can help you find your way through this maze. Technology Micro Projects: 50% of eligible costs up to £20,000 Research project: For a technical and feasibility study of an innovative idea for new technology 60% of costs up to a grant of £75,000. Development project: For development up to pre production 35% of costs up to a grant of £200,000 Developing an innovative idea: valuable for small companies and individuals at the start of a technical project: 75% of costs of hiring a mentor and consultants. Export To start exporting or moving into new markets grants of 50% of costs up to £20,000 each. Training and Education Knowledge Transfer Partnerships, Achieving Best Practice in Your Business, Investors in People Modern Apprenticeships New Deal for various grants. Environment BOC Foundation for the Environment: 25% to 50% of Project cost, typically £20,000 to £100,000 Clean up Fund: Emission reducing equipment up to 75% of cost Community Chest Fund: Up to £25,000 for projects near active SITA sites High Impact Fund: £150,000+ for larger projects near SITA sites Assisted Areas Regional assistance grants of between 10 and 35% for capital expenditure in less favoured areas of the UK. Loans Loans are an excellent source of finance if you have suitable security to borrow against or a reliable earnings stream. This needs to be planned and presented well to obtain funds. Credit cards Provides up to 56 days free credit if you play the game! Overdraft Banks are surprisingly supportive when presented with a well thought through plan and competent management. Bank Loans Lenders tend to look for a good business plan and security. Typically the loan is approved by a centralised back office function rather than the person you meet. Terms and rates depend upon the risk. Repayments can be very flexible to meet your specific needs. Mortgages These can include flexible repayment terms to meet your business needs. This can even be incorporated into your overdraft finance so that you have one flexible account for both personal/ business mortgages and overdraft Small Firms Loan Guarantee Scheme Up to two years trading: Up to £100,000 Over two years trading: Up to £250,000 However these are difficult to obtain and are a loan of last resort. Export Guarantee Scheme This is government backed insurance against appropriate export documentation. Mezzanine This is a halfway house between loan and equity. It can be an innovative way of raising funds for the more established business. Mostly for expansion capital. Equity This is not as easy as the papers would have you know. Only 1% of business plans received by Venture Capital Funds are successful. However, a good business proposition consisting of a strong demand for the product or service, management track record and a sound financial plan will enhance the chance of success. Business Angels These are high net worth individuals who are successful businessmen looking for investment opportunities. They can provide both time expertise and money. Typical investment size is £25,000 to £250,000 but can go as high as £2m for the right opportunity. Exit within 3-5 years. Venture Capital These are investment funds seeking high rates of return. However typically investments are over a million pounds. Some funds are targeted at lower amounts depending upon the sector and region. These funds are looking for exponential capital growth over 3-5 years. Asset backed finance This can cover machinery, sales invoices even sales orders. It can be a very flexible source of finance to the growing business Leasing This will cover your capital expenditure and spread the cost over a three to five year period. It is particularly useful if you do not have taxable profits to maximise your capital allowances. Sale and leaseback of a property you own is another good source of funds. Factoring Factoring offers a sales ledger administration and debt collection service. Up to 95% of an approved sales invoice is paid within 48 hours, quicker if required. Credit protection is also available to protect against a bad debt. The Factor will own and place a first charge over the book debts and they might also take other charges, depending upon the strength of the financial information. Invoice discounting Invoice Discounting can be Confidential or Disclosed; it depends upon the strength of the financial information. The service is the same as Factoring, except that the sales ledger administration and the debt collection is the responsibility of the client and not the Factor. Pre payment of the approved sales invoice is still up to 95% and the factor will still have a first charge on the book debt and therefore own the debt. This service can also have credit protection cover. All sales invoices need to be for a business to business debt, and some proof of delivery is generally required. Trade Finance This is funding provided against stock purchases, signed contracts and orders whereby the funder will prepay a certain percentage of the value Pension fund It may be possible to use your pension funds for a loan back to the business What do u think about it?


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