Why Pursue a Career in Finance?

In the olden days a career in finance did not offer anything more than a back-office recording keeping job. A finance person was understood to be a record-keeping person in an organization.

However, with the evolution of business landscape, the role of finance has evolved and become more challenging. In today’s organization a finance person occupies a much broader role involving decision-making, planning, controlling the financial operation of a business.

Within finance, one can find a variety of job roles that are not limited to just the accounting field. You can explore financial career options in various industries such as financial service, financial planning, fund management, regulatory compliance, trading, financial management, and so on.

These different jobs require you to have completely different skill sets, and you can choose a financial career that suits your personality and skill level.

If you are analytically oriented, you can choose a career in risk management, where your job is to measure and manage the risk faced by a bank or a financial institution. Alternatively you can also join the insurance industry as an actuary where you ass the risk of loss, and design and price new insurance products. These jobs require number crunching skills. You are also expected to be very diligent as a small mistake can turn into big losses.

On the other hand, if you are a very outgoing person and like meeting people, you may be better suited for selling financial instruments. You may want to join a bank or an insurance company, and promote their financial products to prospective customers. In a bank, you are expected to sell their financial products such as deposit accounts, credit cards, personal loans, home loans, etc. For a career in sales, most organizations provide you a thorough training on their products and common techniques for selling. You are expected to be a go-getter with the ability to close deals quickly. In most financial services institutions, you are paid a decent salary and a commission, which is based on your sales targets.

One more lucrative career option is in trading. As a trader you use your employer or client’s funds to trade in financial products such as equity, bonds, currencies and currencies in an attempt to make a profit. Traders study the financial markets and identify opportunities to make profit. This is a high stress job and requires you to have strong analytical skills and a tough attitude. A career in trading also offers good salaries with bonuses and incentives linked to your performance.

While these are a few important career options available in finance, a person interested in this field can choose from a much wider array of job roles. Best of luck with your financial career!

5 Reasons to Be in the Restaurant Business

Restaurants can be found in almost everywhere that you may go and this is proof that this kind of business is really good. Every once in while, someone makes a decision to open up a restaurant for whatever reasons he/she has. There are evidently many reasons why people choose to open such business and you do not need to have the same reasons. You just have to evaluate what you want and to help you out, here are 5 reasons why you should be in the restaurant business.

The fact that all people need to eat is one of the main reasons why you should be in the restaurant business. People can actually cook their foods on their own at home but sometimes there are people who choose to eat in a restaurant, the busy people in particular. Because they do not have enough time to cook at home, they prefer to go out and eat. In addition, during special occasions or events, there are people who choose to celebrate in a place other than their home and they want to taste different types of foods.

Considering the fact that people need to eat, somehow you can be assured that the chance of your business to become a failure is smaller and this is another reason why you should be in a restaurant business. As long as you know what the people want and what they are looking for, you are going to be just fine. You just have to be creative and imaginative when it comes to the foods that you are going to prepare. If you want a lot of people to come to your place, then you need to come up with something new, unique and delicious. With this, you can surely keep the people coming to your place.

If you love to cook a large variety of foods, then a restaurant business is going to be great for you. Although starting up this kind of business does not really require you to be someone who loves to cook, it’s definitely better if you do. When you are doing something that you really love, then the results/outcome would be better than doing something that you do not have that much interest in.

Having a place where a lot of people pass by every single day is another sign that you should start-up a restaurant business together with your passion for cooking. If you have a really good place that’s accessible, many people would instantly know that your business exists and this means that you do not need to spend too much money for advertisements.

And of course, money is the last reason why you need to be in a restaurant business. Along with all the reasons stated above, if you have enough funds to open up a restaurant, then you should go ahead with starting up your own.

However, if you feel that you are not really interested in this kind of business, that’s the time when you can look into other options available.

How to Set Up an In-House "No Credit Check Financing Plan" With Little Or No Cost

This is a great system that is perfect for small businesses. I have personally seen this program generate 25%-%40 increase in sales just by telling people you offer “No Credit Check Financing”. This article will show you step by step the way to set it up and many ideas dealing with advertising the plan.

LEGAL DISCLAIMER

When implementing the concept discussed in this article, Customized Concepts does not inherit the responsibility of the loans being paid back, of legal issues, or of anything that results from the use of this information.

The legal disclaimer is a must. We do offer a “90 Day Financing Plan” that is guaranteed. We take care of the details and the risk. There is no risk to the merchant. This article is based on the idea. You can put many things in place to insure the loans are paid back. This will be your responsibility. We will discuss them and let you know the pros and cons.

You will need a good file management system. If you are running a business this is not really a problem. I recommend that all the paper work is scanned into your system. This allows for quick retrieval if there are any problems with the contract the customer signs.

Below is an example that does not charge the customer finance charges.There is an example on our website that has finance charges. This would qualify your program as “Same as Cash Financing”. You are allowed to charge finance charges and application fees. This would create another income stream for your company but, you can not advertise “Same as Cash Financing”.

The choice is up to you.

Example:

Yoshi walks in to your store and wants to buy your product or service but does not have the money and has bad credit, no credit, or just does not want to take out a loan. The item costs $1000. Yoshi says that is too much right now. You explain that you can offer him a “No Credit Check Financing Option”. He says “Great”. You and Yoshi agree on what payment schedule will fit in his budget. He agrees that $200, every two weeks, would fit his budget.

Yoshi will then write you out five checks post dated checks for the amount of $200 each. Five $200 checks equal the $1000 sale price. I know there is someone saying is that legal. Yes. The law with post dating checks is very vague.

The two major things that come in to play are:

1. If the customer writes a post dated check that they know will not be good on the post dated date. This is a form of fraud. Customer is in the wrong.

2. You cash the check before the post dated date. When you and the customer agree on the payment schedule you are agreeing to cash the check on the dates stated on the contract. You are in the wrong. They can sue you for the penalties incurred and numerous other things depending on your state.

It is a good idea to keep the post dated checks within 90 days of the sale date. This is safer for you and the customer.

The check will need to be kept safe (in a safe). This will make sure that they do not fall in to the wrong hands.

Next you will need to get the filing system in order. You will need a way to let you know when the checks need to be cashed. You can do this one of two ways.

The first would be a basic folder arrangement. Create one folder for every week. Check the folders at the beginning of the week son you know what checks need to be cashed.

The second and probably preferred would be a basic program with Excel or some other spreadsheet program. This would require that you put the information in to your system, but would save the file set-up time. You will set up the spreadsheet to organize the payments by date. Check the spreadsheet every day to see what checks need to be cashed.

Here are a couple things to protect you from fraud and default on repayment.

The options below are up to your discretion. You can use one of them or all of them. The more you implement the more protection you will have that the customer will not default on the loan.

This first three are, in my opinion, a must.

1 Get a copy of the customers I.D.

2 Get a copy of their most recent pay check stub. You can take this one step further and verify employment. You can give the employer a call or you can send a fax to the Human Resources Department. The easiest way is to call. They can not give you much information over the phone but, they can tell you if the customer works there and if there is anything that might affect his future employment.

3 Call the bank to verify the account is in good standing.

4 Verify the Checks. If you have a merchant account that can process checks this can be simple. If you do not have check verification you can call your provider and check pricing to get it set up. If you do not have check verification and you do not want to pay for the service there are some other options. They are not as reliable but will work. Physically go to the bank where the check was issued and cash it. If there are not funds they will tell you or they will cash it and charge the customer an overdraft fee. DO NOT DO THIS WITH THE POST DATED CHECKS. This should only be done with checks that are not post dated. You and the customer came to an agreement that you would not cash the checks until the date on the checks.

5 Verify the customers check writing history. This can be done a couple different ways. Check out National Check Network.com (NCN). You can also do a search on Google or ASK.com for “How to verify a customer check writing history”. These systems can vary in cost and quality. We use NCN. This option will let you know if they have bounced checks that are outstanding, a history of writing bad check, or any check fraud in the past.

These are the basics and if want to tweak it to fit your company better, great.

We have a customizable contract on our website available for download. The form is a PDF. If you do not have a PDF editor you can go to PrimoPDF.com and convert the file to a.DOC file. This contract is free of charge and we will not ask you to give us any information. This is a great tool that will save you some time. There is no need to design your own. This is the exact form we use.

We also offer “No Credit Check Financing” that takes away the risk and is very user friendly. We implement the procedures above and guarantee the payment to the merchant. If the customer defaults we will honor the payment and we will take action to recover the monies owed. The fees involved are normally less than what it would cost you if you to set up check verification and verification of check writing history. It is guaranteed to save you time.

Advertising

Advertise the “No Credit Check Financing” everywhere. Here are a few suggestions.

Get a sign/banner that states you have the program. We have a local company that will paint the lettering on. You can get your local sign maker to help you, also. Window appliques, appliques for your car, magnets for your car, the list goes on and on.

Change the on-hold audio so it mentions “No Credit Check Financing” and also voicemail box recordings. Be sure to mention the plan when you answer the phone.

Include the program on anything that your business uses for advertising.

* Yellowbook Ads

* Business Cards

* Brochures

* Website

* T-Shirts

* Vehicles

* You need to get it visible to as many people as possible.

Do a local radio commercial that states you now offer “No Credit Check Financing” This is spectacular if you can afford the media.

I hope everyone reading this did not find it a waste of time. If you can not use the information in this article please pass it on to someone who can. If you would like you can download an exact copy of this article and contract here. We will not ask for any information. I will be writing more articles in the near future. The article will be on ways that small businesses can increase their sales with various techniques. Please subscribe to my newsletter if you would like to be emailed when they are posted.

Starting a Homemade Pasta Making Business

Starting a Homemade Pasta Making Business

The first thing that you should know if you are starting a homemade pasta making business is the basic process of making fresh pasta. This kind of pasta is made from fresh ingredients and has a shorter shelf life compared to the commercially made or dry pasta.

Manufacturing fresh pasta is better because the business owner can tailor fit it to the consumer’s needs and demands in terms of the shape, size, color and flavor of the finished product.

Below are some suggested steps in starting a homemade pasta making business, categorized into: Initial Stage, Regulatory Compliance and Marketing.

Initial Stage

• Create and perfect your own recipe that you think will sell and will come out the same way every time you prepare it. Have your family and friends taste them and ask for feedback.

• As in any business, when you are starting a homemade pasta making business, prepare a business plan which would contain the goals and business projections that you have set. This will guide you in the actual running of the business and to help you gauge if the business is doing good or not.

• Purchase your ingredients and supplies like bags and packaging supplies. Decide on how you intend to package your homemade pasta. You could pack it in a freezer-safe bag where the consumers can freeze it, refrigerate it or eat it immediately. It could also come in cellophane bags. You could search online for bulk suppliers for these items. You will be able to save money and will help create a professional and consistent look. Design your own labels on your computer and print them out or you could ask a professional designer to create them for you and order your labels in bulk. Make sure to include the cooking and serving instructions in the labels.

• Purchase equipments that you don’t already have to make the preparation of large batches of your recipes a lot faster and easier.

• Determine a wholesale price list for all your products. Factor in all the cost that you will be incurring in producing you homemade pasta like the ingredients, facility cost, packaging and labor cost. This should be drawn up in a spreadsheet form which would include the retail as well as bulk prices for each of your product. This information will be useful to your future retailers because it will show the proof of the profit they will be making if they sell your homemade pasta in their stores.

Regulatory Compliance

• Since you will be starting a homemade pasta making business and producing a food product, you need to get in touch with your local and state health departments to inquire about permit and licensing requirements.

• Make sure that you could sell the products that are produced from your home kitchen because different states have different laws regarding homemade food products. These information are available online from your state’s Department of Health website or you can ask for a copy. Try to check on local zoning laws if operating a business from your home is allowed. As of 2010, only 13 states allow the operation of home-based cooking business and they are: Alabama, Iowa, Indiana, Kentucky, Maine, New Hampshire, North Carolina, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and Utah. So it is important that you check into these before starting your business.

• Most states allow the sale of homemade food products at farmers’ markets and flea markets without the necessary state licensing and inspection. They allow the sale of these products at these places only. Before starting a homemade pasta making business and deciding to sell your products in these venues, make sure that your state does not have any label requirements, like this label for example, “Made in a home kitchen and not inspected by the (insert state) Department of Agriculture.” The label should indicate the product name and the ingredients that you used and check the cottage laws of your state about the requirements of home labeling.

• Most of the home based cooking operations are either sole proprietorship or partnerships. If you plan to make your business as a source of livelihood, a DBA (Doing Business As) license would be the best route if you will name your business. As of 2011, the registration fee is between $25 and $35. The DBA registration is not required though if your business name contains your legal name. Your state may also have other food processing licensing regulations which are peculiar to your homemade pasta making business.

Marketing

• Your main competitor in the homemade pasta business is the commercial pasta. Therefore, it is not a good idea to compete with these manufacturers in the supermarkets and groceries because this is not the right avenue to sell your products. You must do the traditional and tried and tested marketing strategies to attract your customers like posters and handing out flyers. Make your business be known in your community by giving out samples of pasta dishes with your fresh pasta or give them for free at community gatherings or meetings. It is also good to custom-made your fresh pasta during these events in order to cater to the individual needs of the customers. If you are into making healthy pasta, you can try selling your products at your local health stores.

• Other possible places to sell your products are the local farmers’ markets, craft fairs and flea markets. A lot of people like the taste of homemade goods like fresh pasta but just doesn’t have the time to prepare them themselves. You can give them that homemade taste that they are looking for. During holidays and special occasions, many people love give local and homemade food products as gifts.

• You can also market your food products by creating your own brochures, catalogs and price lists and offering your products at retail outlets that sell local products. Draw up a list of your target retailers in your community with the name and contact information of the person who is in charge of purchasing.

• Try to ask if your local Italian restaurants purchase pre-made pastas because this could be a possible joint venture between your business and their restaurants.

• The internet is also a good venue to feature your products on a national scale. If possible, you could build your own website to help your business grow.

Hope these steps will help you in starting a homemade pasta making business.