Getting Business Equipment Finance That’s Right For You

Have you known that procuring the right equipment can push forward your business properly? There would be better productivity and revenue from operating a business that is fully equipped. This is the reason why business equipment finance is an opportunity that has been benefited by many entrepreneurs. There are times that money is not enough to cover the purchase of equipment especially that a myriad of things have to be considered and paid to make a start-up business legally operate. This gives little chance for many business owners to pay for quality equipment and thus, they lose even before they can gain momentum.

Due to lack of funding, some would resort to buying second-hand items which can break down easily and compromise the business a lot more. This is not to discourage buying of pre-owned equipment, especially for businesses that are in the hospitality trade. Buying second-hand is frowned upon, such as tables, cooling systems and many others because the age of these tools and equipment would be apparent at first glance. This would not give the business a good impression. However, this has only been resorted to because used items are way cheaper than new units.

To solve this situation, financing firms are offering equipment finance to companies. In exchange for that, there will be a little interest to be charged, depending on the terms chosen by the borrower. The total amount consisting of principal and interest will be paid in equal monthly amortization that will span several months. One can choose 12 months or more, but this will also depend on the options provided by the financing agency.

What are the types of equipment that can qualify for business equipment finance? As there are many types of businesses, there is also no limit to the equipment categories that can be financed. Even those in the massage service business can be given assistance. An example of equipment used for massage spas are:

Chiropractic tables
Towel warmers
Relaxation loungers
Lamps & Diagnostics
Massage tables
Hair care equipment
Steam & sauna capsules
Massage chairs
Advanced skincare systems
Facial chairs
Having these types of equipment in the massage business would only ensure that the services being dispensed to customers would be done with quality. The lack of proper equipment will cause the unnecessary stress of attendants when performing their services and thus, the customer would also be affected. The result would be no more repeat business and definitely, bad reviews from those who have experienced the bad service.

Thus, to eliminate the risks of business failure, companies need to equip themselves with the right types of machines and tools. To fall short of this would be the surest way to make the business bankrupt in a matter of time.

Equipment finance provides easy payment schemes. The low amortization is possible because the total amount of loan will be spread evenly, paid on regular month-by-month basis. Get your business operations running smoothly through taking advantage of financing options that cannot be provided by banks at present.

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Popular Business and Finance Magazine Subscription

In today’s highly competitive business industry, subscribing to popular business and finance magazines are more important than ever before. These trade magazines can help you become updated with the current trends in your business niche. Whether you want new insights into your particular market or the current trends today in management, business and finance mags can surely help you.

There are literally hundreds of business magazines. They vary in many aspects. Many Sites offer cheap subscriptions of the most popular business and finance magazines. This can provide you with unbelievably big discounts than when subscribing to the publisher itself, or even more savings than buying them in your local newsstand.

But the main question now is, among these popular business mags, how do you know if you are making the right choice? Here are some tips to help you search for a good business magazine that is sure to benefit you and your business:

1. Look for magazines that covers every aspect of your business. You may need to get more than one type of business and finance magazine. You may even use some other subscription when necessary. For example, if your target market are teens, you will find a teen magazine subscription useful as means of market research. You can use theoretical or management magazines to help you look for solutions when issues arise. Do not limit your resources when it comes to your business. Magazines provide lots of information that you cannot find elsewhere.

2. Take advantage of free magazine subscriptions. There are free magazine subscriptions that publishers provide. However, they usually need to fill up an application form which requires you to describe your qualifications. When filling out the form, do not exaggerate and be as truthful as possible. Consider the possibility that the magazine publisher may deny your request, as these free subscriptions are only provided on a limited basis.

3. Make sure that you make a good use of your business magazine subscription. Remember that popular business and finance magazines do not come cheap. Make the most use of it by reading from page to page. Even if an article is not quite related to your niche, take time to read it. You will be surprised that it can bring you information you didn’t know before. Of course, make sure you do not order more business magazine subscriptions that you can read.

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Accounts Receivable Factoring And Financing

Accounts receivable factoring is one of the most flexible and immediate financing solutions available to small and medium size business owners to obtain immediate working capital to meet its current financial obligations and accommodate other business needs which can be utilized to purchase inventory and equipment as well as freeing up cash flow to bid on new contracts.

Accounts receivable factoring enables a business to reduce the amount of cash balances outstanding it has with its clients which enables the business to have more cash on hand which allows the business to put to use the cash into investment which spurs the company’s growth.

A great deal of business have cash flow structure that vary greatly. Many business experience seasonal productivity where some months are extremely busy where some months are the opposite. Regardless of the seasonality of the business, even when a business is undergoing its unproductive months, the business is still required to meet payroll, overhead and other business expenses.

Because of this fact, many companies must maintain a cash balance on hand to meet these obligations and utilize Accounts receivable factoring to sell these outstanding invoices for cash rather than waiting 30, 60, 90 business days to receive their cash for services and products rendered.

Accounts receivable factoring varies greatly from traditional financing because the most important factor in funding is always the credit worthiness of the debtor. In contrast, the fundamental emphasis in a traditional bank lending funding relationship is always on the creditworthiness and financial history of the borrower, not that of the business clients.

The greatest value of Accounts receivable factoring is that it provides business owners the ability to turn the business around and generate higher profits and margins. It also allows the business to bid on opportunities and generate new business that otherwise would have had to be turned down because it did not have the cash on hand to meet the inventory, service and product needs.

As banks continue to be highly restrictive in their lending underwriting, Accounts receivable factoring will enable small and medium size business owners obtain the cash flow they need to grow their business and finance their growth and prosperity.

Today many factoring companies continue to advance funds to small and medium size business whose clients are more credit worthy organizations and contract with Government. While the vast majority of accounts receivable factoring firms never take possession of the goods and services their factoring clients sell, sold, factors offer a host of financial advice when advancing funds.

Accounts receivable factoring firms provide key services to their clients: detailed information on the creditworthiness of the clients whose accounts they will factor, reports on the collection of the invoice, as well as making the actual collection calls for the service and products rendered.

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Where Business and Law Meet

Starting a business can be a daunting prospect. There are loads of people to help you establish one and the law is there to guide you with each step. Just follow them and you are open for business.

Before the start-up

You need to gather your finances, decide upon the type of company structure (solo, LLP, partnership, limited company), the area of business, the supply demand in the current market, etc have to be very carefully planned.

Taxes

A part of your hard-earned cash is in some way going to go into the government’s pockets. If you are running a limited company, corporation tax (21%) is levied. Value added tax is levied on goods within UK (15%). If you have employee then additional national insurance has to be contributed. Solo traders pay taxes via self assessment and register with Her Majesty’s Revenue & Customs.

Banking and insurance

It is mandated by the law to have a separate business account for all traders. Insurance is another integral part of business. This too is a legal requirement. A commercial lawyer can give you accurate advice on how to handle insurance. Solo traders are exempted from these laws if they own 50% of the share capital. Some types of insurance are:

Insurance is mandatory as per public liability in case somebody visits your company premises.

Employer’s liability in case you hire employee.

Professional indemnity is for those businesses providing services. It is a legal requirement for accountants and highly recommended for others.

Funding and payments

Sometimes it can be difficult to raise the capital all on your own. You may want an investor. The laws dealing with business and finances come into action.

For payments, the Late payment of commercial debts Act 1998 gives businesses the rights to charge interest for late payments.

Sales

The sales of goods act, 1979 and amendment act of 1994 form the legal bridge between you and the consumers. These laws talk of the consumer’s rights, disputes and remedies. If you want to export the gods, there are separate export laws and taxes to be looked into.

Employing staff

Hire an employment solicitor to draft an employment contract between you and the employee. The contract needs to be very clear and crisp, addressing every possible situation. There should be no loopholes for unnecessary compensation claims. The contract must speak of the damages to be paid for in case of breach of contract.

The company lawyer should make sure that the workplace, the ethics, the mode of working, etc are in sync with the legal requirements.

Business and law are mutually interlinked in every step. The law makes sure the business is fair with the competition act, that no property disputes arise through commercial property law and that the business runs smoothly for everybody with the elaborate commercial law.

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Achieving Business and Financial Success

Success in life and success in business are not the same thing. Of course, business and finance are huge and important components of our overall lives. You’d be a fool not to pay considerable attention to these areas, without compromising the other aspects of your life.

THE CHALLENGE OF SUCCESS IN BUSINESS

Being successful in business and finance is not a simple task, otherwise we’d all be rich. Unfortunately, this is not the case. There is no easy, or direct path to financial achievement. People find an infinite variety of ways to amass wealth and attain success in business and commerce. Others never find a way to progress financially. People can’t decide on a career or enterprise, or how to progress once they’re there. Some squander their money. Still others have setbacks, physical or mental challenges, and so forth.

ADVICE FROM ONE WHO MADE IT

H. L. Hunt was, by any objective measures, a financially successful individual. His business acumen was well-known. He made his fortune in the oil business, and by investing.

When asked about his “success formula” Hunt offered some prescient advice. His approach is direct, but not as easy as it sounds. FIRST: “Decide what you want.” SECOND: ” Decide what you’re willing to exchange for it.” THIRD: “Establish your priorities, and go to work.” (quotesdaddy.com)

Hunt’s approach is definitely straight-forward. Let’s think about it. If you complete the FIRST step, you’ll probably be ahead of 90% of people, because few really know what they want. And the SECOND step represents another formidable hurdle, because, again, a majority will be unwilling to expend the effort and make the required sacrifices. The THIRD step is also tough. Getting started (and then maintaining your motivation, initiative, effort, enthusiasm, dedication, etc,) requires a strength of character and uncommon persistence.

PUTTING IT INTO PRACTICE

I recommend writing things down. It seems to make it more real, and you can always refer to it. But before you write it down, you’ll need to do a lot of work THINKING. Serious THINKING. Deciding “what I want to be, when I grow up,” is as challenging at fifty as it is at twenty. No one can do this for you. Your parents, friends, spouse, or teachers may try to guide you, but ultimately the decisions and responsibilities are yours. Also, nobody can determine your priorities, nor what you’re willing to do – or give up – to get what you desire. And, after you decide if you’re willing to “pay the price,” can you continue for as long as it takes to achieve your objectives?

Follow Hunt’s formula, do the “prep” work, and if you believe you are capable of making the sacrifices and doggedly pursuing “what you want,” put that commitment in writing and to work. Best of luck!

Ben A. Carlsen, Ed.D, MBA, is an experienced leader and educator with over 30 years experience in management, consulting, and teaching. Dr. Carlsen is a management consultant, and business writer in the Miami, Florida area.

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