Author: Jennifer Brazer

Every startup requires ceaseless efforts and sleepless nights to make it successful. Starting a business is always a hectic task. Every aspect requires the perfect blend of creativity and logic to choose the best option that considers customer demand and low costs. According to a survey, around 92% of startups fail; however, an entrepreneur can always learn from the mistakes of others and can overcome challenges that arise on their way to success.  In that survey, 30 business owners were interviewed, and their experiences highlight the following key points:

Your Customers Are Everything:

Entrepreneurs must develop products that a customer wants, and the products in demand must be on the priority list of a business owner. All the business and marketing mistakes can be resolved, but you will undoubtedly face a significant financial loss if your product is not in demand.

Patience is the Key:

In business, obstacles are a huge part. One cannot ignore or avoid these things. However, it should never take away the motivation of a business owner. Patience is always required in a business to make it successful. A downfall or a failure can open the doors for new and wonderful opportunities.

Find the Exact Problem:

The biggest problem a business owner faces is not identifying the exact problem that is causing issues. Knowledge of all business areas is required for an owner to follow the correct path and find the main obstacle causing all the problems. Once the issue has been identified, finding a solution can be a similarly tedious task. This step is more difficult than finding the problem and can require numerous strategies and endless efforts to bring the business back on track.

Team Building:

A person can always start a business individually, but running it requires a team. One person, alone, cannot do all the work perfectly; therefore, several subject matter experts should be hired, and the work performed by a team.

Limited Social Life:

Starting a business can often suck the life out of a person. The sleepless nights and working weekends do not afford the businessman a robust social life. All the activities must be compromised in one way or another to keep the business on the right track.

Business and Life:

When you take your business to a point where it becomes stable, and it does not require your day-to-day attention so that you can keep up with a social life. Give time to your family and friends while maintaining your business. However, do not let your personal life become your highest priority. A healthy balance should be maintained between both.

Start with Small and Simple:

Whenever a business gets started, a business owner keeps his expectations and dreams high. During the process, he can aim to ramp up production and generate a large amount of revenue. This usually ends in failure or the inability to generate any revenue at all. A person starting a business should target and tackle small and simple tasks first, then move towards bigger projects while maintaining the smaller ones’ operations.

Prioritizing:

The success of a business lies in highlighting the right priorities. An entrepreneur must realize which stakeholders of their company are the most important. They should also prioritize tasks and production according to the appropriate revenue generation technique. Allocating resources to the wrong aspect decreases the efficiency of a business and minimizes potential revenue.

The Network:

It is highly necessary to keep in touch with all the people who might be of some help when you start a business. Step out and start introducing yourself to the people who are involved in your industry. You will end up building a solid network of professionals you can count on later. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Your trip departure date has arrived, your suitcases are packed, everything is ready, and you head to the airport to take off for a new destination. When you arrive at the airport, unfortunately, everything does not go as planned. You discover with surprise that your outward flight is announced canceled or delayed. What to do? Can you be compensated? Here is a guide for how to get financial compensation for a delayed or canceled flight.

How do I know if a flight is delayed or canceled?

Is your flight on time, delayed, or canceled? The best solution to find out is to inquire directly with the airline that provides the flight. If the status of your flight is changed, it must notify you as soon as possible.

The vast majority of airlines publish the status of their various flights on their website. Just bring your flight number and consult the corresponding section to know your departure time in real-time.

The vast majority of airlines, low cost or not, provide their customers with various means of information to disseminate their flights’ status. They also give the passenger’s telephone call lines dedicated to flight info as well as mobile applications.

You can also rely on airports to inform you. The majority of them have information points where companies are required to inform you about your flight status. Some airports, such as Paris airports, offer a website that broadcasts all flights’ air traffic conditions for the next 24 hours, regardless of the airline.

Flight delays are often announced shortly before the scheduled departure, whether for international or national flights, be careful!

What to do in case of flight delay or cancellation?

• Know the reason

First, if your flight has been canceled or delayed, we advise you to determine the reason for the delay or cancellation from the airline. The reasons can be linked to many exceptional and unforeseeable circumstances: force majeure, weather conditions, strike action, technical problem, etc.

Depending on the reason, the airline may be able to take care of you until the next flight, and in any case, it is obliged to explain your rights and the compensation procedures that you may carry out.

• Request a replacement flight or request a refund

Canceled flight: in some cases, you can request a replacement flight as soon as possible or request a refund from the airline. To do this, be sure to obtain a document from them indicating the assistance and reimbursement methods for your plane ticket.

The company can also compensate you by offering other means of transport such as the train or a rental car when possible.

Delayed flight: If the delay is significant, the airline company is obliged to assist you, even compensate you. If your flight is delayed by at least 5 hours and you forgo the originally scheduled trip, you should be entitled to a refund from the airline.

• Claim basic airport services

If necessary, you can request basic services at the airport (snacks and refreshments, overnight accommodation if the flight is postponed until the next day). Depending on the delay, they must be made available to all passengers and paid for by the airlines.

• Claim compensation

You can claim compensation from your airline or your travel insurance in some canceled or delayed flights if you have taken out one.

Important: collect and keep all the evidence and supporting documents. Boarding pass, ticket confirmation, purchase invoice, the reason for flight cancellation or delay, etc., you will be asked to do this when you approach the airline. If you manage to arrive at your final destination despite a delayed flight, be sure to ask for a flight delay certificate.

If your flight is canceled, the main condition for reimbursement is that you have been notified less than 14 days in advance. You can receive a lump sum compensation concerning delayed flights if you arrive at your destination with a significant delay. If you miss your connection due to a long delay or are denied boarding, you can also claim compensation.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

The biggest challenge faced by most business owners is that they aren’t skilled in selling their product or service. In some cases, you may want to hire a professional to handle marketing and sales. You will also want to understand the skills it takes to promote your business, products, and services.

Even if you hire a professional to handle this aspect of your business, you are not off the hook. Because you are the owner and the main representative of your business, you must have the skills necessary to sell yourself, your business, and the products or services it offers. Everyone wants their business to be a success, or they wouldn’t bother to have a business, but you have to invest in your skills to sell it to others for that success to come to life.

These skills need to include one on one interaction along with the ability to speak to groups. There may be opportunities that come about for you and your business that will require public speaking skills. However, even if you never have to engage in public speaking, having that skill will still help with confidence and sell your goods and services no matter the scale. Here is how you can have the skills to own and operate your own business.

Communication is Key

Everything does eventually fall into place once a person is willing to make an effort. Every single thing is hard at its start. Just like riding a bike, a person learns it with trial and error and succeeds in the end with different experiences. Learn the art of putting oneself out for the sake of business and be ready to speak confidently, even in the most uncomfortable situations.

Communication is the most important part for any individual starting fresh. As a new business owner, a person must keep a check on the network and market regularly. From networking with customers and structuring supplier payment, a person must have great communication and convincing skills.

Know Every Aspect of the Business

Although initiating a business has varying degrees of challenges, you must know the business’s legal aspects. While having the skills to sell your products and services is heavily focused on, one legal issue can destroy a business.  Therefore, understanding any regulations that can affect your business will be necessary.

Another aspect of the business you need to understand is the accounting process. Whether you hire a professional to handle accounting and bookkeeping or do it yourself using accounting software, you should understand everything there is to know about this aspect of the business.

One other aspect of the business you need to be skilled in is the hiring process. Whether your business needs to be staffed right away or later as your business grows, you must understand how to implement every aspect of the hiring process. The process includes posting the job, filtering out viable candidates, conducting the interviews, and making employment.

Supplement passion with education

The most important ingredient for any successful business is to have a driving force. Once a person has a passion for something, they can achieve so many goals. It is important to understand that an individual shouldn’t be making all decisions with passion with everything in place. While passion can be the driving force behind the business, education and gaining all the skills needed to run your business successfully will be a necessary supplement to this passion.   

Conclusion

You must include other professionals that can further aid in the progress of the business. These professionals include lawyers, financial advisors, accountants, marketers, and any other professionals specific to your business type.  No matter how many others are involved in your business, as the owner, you should have the skills to handle every aspect of the business. If you find that you have a deficit in those skills, you must get the education needed to add what is needed to your skillset.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Those who have never been or lived on a farm may think farming is easy. While farmers generally love what they do, they will tell you it is far from an easy life. Depending on the farm’s type and size, farmers often work without breaks and earn a small amount of money. This lack of profit may trouble farmers and compel them to quit farming or question whether they should find other ways to earn a living. While it is understandable that they would feel this way, farming, for the most part, is a worthwhile endeavor and form of earning a living.

While some farmers may have those moments of feeling as though they want to quit, if you asked most farmers if they would trade farm life for city life, they would never trade it. However, though most farmers would not trade their rural life for a city one, many will say they desire their living and life to be more comfortable. Here are a few ways that a farmer can make a profit and their current farming practices.

Grow Medicinal and Gourmet Mushrooms

Growing medicinal and gourmet mushrooms can be highly profitable as they are in high demand and fetch a higher price than other types of crops. Because of this demand, getting into the market can be a challenge. Depending on the type of mushroom, a farmer growing them can have a healthy harvest in 15 weeks with a yield of about 4 lbs. per square foot.

Additional Tips:

• Before harvesting mushrooms, contact and take orders from restaurants
• Get booths at farmers or other markets and expand the reach of mushrooms along with sales
• Gather knowledge about how to grow profitable mushrooms perfectly

Turn Field into a Campsite or RV Park

Some farms have enough land to continue farming while providing land for other uses. One such use is making a piece of the land into a working campsite or RV park. Different types of campsites can be developed. There can be sites where campers can pitch a tent and rough-it a little more, or you can have campsites that provide electricity and other amenities. Either way, most will have shower and bathroom facilities available nearby the campsites.

The idea of having some land set aside for an RV park is gaining popularity. Many of those who want to get away find rural areas a literal and figurative breath of fresh air. In some cases, farmers allow those that stay on the farm to interact and help with farming tasks as a part of the experience. This offering of a rural getaway and experiencing a different way of life can be profitable. However, the benefits to the campers and farmers can be beyond the profit gains.

Additional Tips:

• If offering a piece of the land as an RV park, the conversion would require slots with electricity, water, and sewage hookups.
• Start a small shop containing necessary food items if the campsite isn’t too close to a town. Campers will love the idea of not going back to town and buy needed items and will be happy to purchase from the campsite shop.
• A lot of people especially retired people loves the idea of living in RV’s permanently and might often spend weeks or months at a campsite.
• Provide free Wi-Fi for campers. Nowadays, almost everyone wants to stay connected to the internet all the time, even when people are outside their home. The access code can be changed frequently to keep it safe from people who aren’t camping.
• Campsites can also include playgrounds or dog parks to give additional attraction to campers or RVers.
• You can also offer meals or ways for campers who do not have an RV with a kitchen, meal options.

Conclusion

Farming is not the easiest living, and therefore it can be a challenge to be profitable. While some crops are profitable on their own, it may become necessary to look for ways to make your farm more profitable. These are just a few ideas you can use to bring in more revenue while still keeping the rural life for yourself.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

People who are on a budget need to think repeatedly before spending a single penny. These individuals usually think that it is hard for them to have fun because everything comes with a price, but that is not true at all. Not every hobby requires money, while others can demand millions of dollars to enjoy. There are inexpensive hobbies that a person on a tight budget could enjoy:

1. Blogging

A person who loves to write could start a blog and start writing today. This kind of writing provides the person with access to numerous readers without spending anything beyond their general utilities.  Similarly, there are free blogging platforms provided by Google and WordPress.

2. Reading

It is the best hobby in the world because it allows a person to live many different lives. A history book lover lives a life of kings and rulers, a novel reader feels the soul of the characters, a science person looks at the world from the researcher’s eyes, and the list continues. Reading books from the library is usually low-cost and allows a person to access and read countless books. eBooks and online literary resources are also inexpensive and can fulfill the reading crave anywhere there is an internet connection.

3. A Tech-Geek

No, a person doesn’t need to learn from a university to become a tech-geek because the computer itself is an excessively big source. The Help tab in software programs is key to solving problems and obtaining answers, but most people do not bother to open that option at all. The Internet also provides solutions for just about everything. Just type the desired question or keywords into any search engine and learn new methods and processes.

4. Drawing

Painting, doodling, sketching, and coloring can express his creativity when drawing becomes a hobby. One can sketch like a pro by following the simple tips that are present on the internet.

5. Learn a Language

There are so many available language resources online that can help a person learn languages. Even if it is not the complete language or fluency, a person could learn so many new words and phrases.

6. Running

Adopt this activity not only as a hobby but to be healthy as well. It can be done anywhere—no need for fancy equipment, just your legs, and energy.

7. Cycling

Another hobby that keeps a person healthy is cycling. It is unnecessary to buy a new bicycle; an old or used one could do the job. This hobby allows an individual to explore their neighborhood or local parks with ease.

8. Urban Exploring

There are many places in cities that most people do not visit, but they are worth investigating. Exploring an old tunnel in the city or watching a sunrise on the highest bridge could be a wonderful hobby to enjoy.

9. Surf the internet

From infants to the elderly, the internet is the best source of fun and information with a little something for everyone.  Read forums, go to Reddit, or explore whatever interests you.

10. Free Online Videos

YouTube is the biggest source of free videos and provides entertainment and knowledge. Many people upload videos every day on this platform. Watching these videos to gain information could be one of the easiest and inexpensive hobbies.

11. Free Online Games

For game lovers, free online games are a great hobby. The best thing about online gaming is playing with a contender who could be sitting next-door or across the world.

12. Online Poker

Do not go to casinos when you can now test your luck online. There are online poker sites that allow the person to earn in real-time but be forewarned that this game is highly addictive.

13. Gardening

One can start gardening without buying any plants and using seeds from food scraps while cooking. Use and plant fruits and vegetables; planting these foods is an inexpensive hobby and can help reduce monthly grocery expenses.  Seeds from the fruits and vegetables that are available at home can be grown indoors in the pots if there is no yard or outdoor space available. This hobby is not beneficial for the family only but for the environment as well.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

One of the most important aspects of running a business is sales and marketing. Every business, no matter what they are selling, has to have customers to remain in business. Therefore, you must identify the target customer and gear all of your marketing towards that target audience for the business to succeed. For example, if you sell diapers and baby products, you would focus your marketing on new parents and not on audiences without babies.

The biggest mistake businesses make when it comes to marketing is that they assume everyone in the world wants their product or services, and they market all over the map. However, if you get real with yourself and realize every business has a target audience and point your marketing to that audience, you will have customers coming out of the woodwork. Here are five tips to help you identify your target market for your business.

Filter Your Focus

When it comes to marketing, you have to narrow your focus and filter out what does not apply to the products or services you offer. You will need to have some level of bias in the respect that you will need to study your market or your business and be realistic if your business mostly or exclusively appeals to a specific people group, age range, or income level.

You have to filter out anyone who does not utilize your service or product to not waste money or your valuable time marketing to those who will never buy your products or hire your services. You can’t afford to feel as though you need to include everyone when targeting your marketing efforts.

Gather Data

You will need to research your business market and gather as much data as possible to pinpoint your target customers. In some cases, the target customer is obvious, but in other cases, it can be a bit more obscure to the naked eye. Therefore, gathering data and ensuring you gather it from every source applicable to your business will ensure that you hit your target audience and make the most of your marketing budget.

Hire a Survey Company

Many businesses never think of hiring a survey company to help them identify their target customer. If you are in a business where the target audience is not as easily identified, you will need to discover this through surveys. The expense to hire a company will have a huge payoff because if you spend a lot of time and money marketing and are not targeting it to your main customer, it will cost you much more. Businesses fail because they don’t have strong enough sales to stay in business. You have to put a lot into your marketing efforts and use marketing dollars for vital tools like surveys. This suggestion is only for businesses that are having difficulty identifying their customer.

Use Existing Data

If you are in a business with other businesses that are the same and in the same locale, you can observe their marketing efforts. These businesses can work for you and help you identify your target customer without paying a penny for surveys or market research. When you choose businesses to research, be sure they are as close to you in product or service, location, and overall business model. The market and target audience can change in different locations, so it is important that if you are going to emulate similar businesses’ marketing efforts, they will be as close to identical to you as possible.

Use Your Network

When you own and operate a business of any size, you have generally built up a network. This network can be made up of your friends and family, other businesses like yours, vendors you use, and other businesses in your community. Many times there are people in the network you have built that can help you identify your target audience. The network you have built is a give and take and serves a great purpose in many aspects of your business, but they can be highly effective in your marketing efforts, so tap into it. That’s what it’s there to do.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Some people claim it’s quite easy to spend less and save more. But, for most people, spending wisely does not come naturally. In fact, most people live far above their means. If this is your situation, consider these inspiring tips to spend less and become wealthier.

With the current pandemic looming over us, we cannot help but wonder what it would’ve been like if we saved some money for a rainy day. Isn’t that just how the world works?  You never know what will happen in the next moment. Therefore, it is always wise to have a healthy savings account by spending less on luxuries and more on necessities.

Want to learn different tips to help you save money and spend less? Read on!

Differentiate with Your Wants and Your Needs

Expenses can be divided into two categories: those that fulfill an unnecessary desire and those that are vital to your basic needs. Examples of basic needs include water, food, electricity, and shelter. You cannot survive with them. Luxury items include tv, satellite, phone, new clothes, etc. You may consider some of these items as basic needs, but this is not the case. Thinking about your expenses in this way will give you some perspective on your standards in life. If you cannot afford all these things and want to spend less, you may need to cut out some of these luxuries.

Take Whole Chance to Save

When deciding to save more money, you must commit 100%. Jump at every chance to save your money, such as tracking sales and only buying discounted items. No matter how small the sale is, every penny counts.

Creativity

It’s time to use your imagination when thinking of ways to spend less. Creativity is a key concept of wiser spending, such as adjusting that old top to make it current. You can create a handmade gift for someone instead of purchasing one. Let your artistry flow and get creative. You will absolutely save money this way. You may even realize there is a hidden talent inside you.

Exercise on a Daily Basis

Studies show that when a person engaged in sports and exercise, they have a habit of spending less. This is due to them better organizing themselves, their time, and their expenses.

Record your Expenses

Get in the habit of recording every purchase you make. At the end of the month, check your bank’s details for any errors that could result in compensation. By engaging in this practice, you prevent banking errors and gain awareness of your spending habits.

Save for Emergencies

Saving for emergencies is more than just a good idea; it should be a must. Start now to put away as much money as you can for emergencies. If a bad situation ever arises, you will be more prepared, and your finances will take less of a hit.

Improve your Weaknesses

Everyone has a weakness, and for some, this takes the form of poor fiscal discipline. Evaluate your spending habits to see your pitfalls; then, plan around them. This could be avoiding your favorite clothing store for a few months or meal prepping at home. A realistic awareness of your weaknesses can prevent you from falling victim to them.

To Sum it Up

There are several other ways in which you can save money for a rainy day. Today, everything has a paper trail. So, start with tracking your expenses and gauging if there are any cuts that can be made. Moreover, that plastic card in your pocket can be dangerous, as it makes it hard to grasp how much money you are spending. Consider leaving it at home whenever you head out with friends.

 

“If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.” – Edmund Burke

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

If you want to have a credit card but are tired of dealing with banking institutions’ bureaucracy, do not despair. There is a simpler solution: online credit cards without paperwork. But what exactly are they?

A credit card is a means of payment consisting of a plastic card with a magnetic stripe, an account number, and a microchip. This card allows you to pay in stores and is attached to the institution to which the card belongs, such as Visa, MasterCard, or American Express.

An online credit card, usually linked to a bank account, allows you to pay for purchases even if you do not have funds in the account. How is this possible? It is done by deferring the payment until the following month and can typically be paid back in installments. In other words, when you pay on credit, you incur a short-term debt with your bank.

You can usually return the credit in three ways. You can either pay at the end of the following month in which you made the purchase, pay a monthly percentage, or pay a fixed fee. This allows you to have more flexibility when making your purchases. Of course, you must remember that you will have to pay interest.

The interest rate determines how much it will cost you to postpone your purchases. This amount is usually expressed in the Annual Equivalent Rate (APR), and the average rate of the American market is 16%. However, this percentage varies with each bank.

Keep in mind that when you use credit cards, you must usually pay a commission, a minimum monthly charge, or a fixed annual fee just for having the account. Again, each bank sets its own criteria.

Credit card companies usually have other types of additional advantages, such as discounts for buying in certain establishments, associated insurance, or certain bonuses depending on how you use them.

The main advantage of online credit cards, other than the lack of tedious paperwork, is that you can quickly and easily get them online. All it takes is filling out a short form with your personal and bank details.

As a credit card user, it is easy to monitor monthly expenses and control cash flow. Your credit cards will be free from debt if you pay all your charges on time or by taking advantage of a credit card’s grace period. Also, you can avail bonuses and rewards as credit cards typically provide cashback opportunities.

If you must manage and keep a record of on-time payments at your job, you can easily perform all these tasks using credit cards. You must have adequate knowledge regarding online credit card applications and related expectations.

Multiple fields are optional on a credit card application. Some of these include authorized users, balances to transfer, credit card establishment, and rewards.

If you choose to have authorized users on your account, the bank will need their names. This is a necessary part of credit card activation. Don’t forget that these users do not come under the category of cosigners. Only you can make all payments in the account.

You can also transfer balances to a new credit card from another card. For this transaction, you will have to give the following details: creditor name, payment address, account number, and the transfer amount. Remember that there is no balance transfer facility from another account at the same bank. Be mindful that you must know the correct procedures to apply for balance transfers.

Of course, credit cards are a huge responsibility. So, if you want to maximize your benefits, take care when using your card to ensure you maintain a healthy credit score.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A loan is an amount of money that people borrow and are expected to pay back with interest. Being approved for a loan depends on different factors like income, credit, and debt history of a borrower. The need for taking a loan usually arises when someone wants to spend more capital than readily available.  For instance, starting up a new business venture or buying a new house. Fortunately, there are several ways to apply for a loan. However, knowing maximum credit options enables people to settle on the best options to meet their goals. This article will provide guidance regarding different types of loans and credit options.

Conventional Loans

The term conventional loan is also known as a mortgage loan. The government or its agencies do not insure these types of loans like the Veterans Administration, Rural Housing Service, or the Federal Housing Administration. In Conventional loans, creditors follow the guidelines provided by Freddie Mac and Fannie Mae. This type of loan can either be conforming or non-conforming loans.

Conforming Loans

A conforming loan is the type of loan that follows guidelines set by Freddie Mac and Fannie Mae.  The amount of a conforming loan depends upon the location of the borrower’s home.  For example, people who have houses in high-income areas can apply for a larger loan than those who live in general or low-income areas. Other parameters used to measure borrowers’ eligibility are concerned with the credit history of the borrower and their and debt to income ratio.

Non-Conforming Loans

On the other hand, the non-conforming loan does not follow Freddie Mac and Fannie Mae’s set guidelines. If an individual wants to borrow a larger amount, then they can go with the non-conforming loaning option. Non-conforming loans are also known as Jumbo loans.

Secured Loans

Secured loans are also known as a collateral loan. In this type of loan, a borrower leverages his personal possessions and property to be approved for a loan; in case of default, all the property transfers to the lender to cover the loan amount. The interest amount in this type of loan depends on the property’s worth. Factors like the credit history of a borrower and loan term length are also considered important aspects when considering a secured loan.

Unsecured Loans

An unsecured loan does not require any type of asset security. This type of loan is usually difficult to get because it is completely based on the borrower’s credit history. It has a higher interest rate, which is also determined by the income of the borrower. If a borrower defaults, the lender can employ different collection options like a lawsuit or debt collector in order to recover the loan.

Open-ended Loans

Open-ended loans are also considered revolving credits. This type of loan amount can be re-borrowed after paying it. One of the most common forms of open-ended loans is credit cards; however, home equity loans and HELOC (Home equity lines of credit) also belong to the open-ended loan category. In this type of loan, interest rates are based on the borrower’s payment history and credit scores.  

Close-ended Loans

A close-ended loan is the type of loan that cannot be borrowed again after repaying it. For instance, mortgages, student loans, and car loans fall under the category of close-ended loans. In this case, the loan decreases after each installment, and if a borrower wants more credit, he has to re-apply for a new loan and follow the whole process to be approved once again.

Loan from Friend/ Family Member

This type of loan is not based on any credit score but can put the borrower’s relationship at stake. Before taking advantage of this loan, it is highly recommended that a loan agreement be made and should spell out clearly the terms and conditions of the loan. This kind of loan requires a good amount of faith and trust between both parties. Loans from friends or family members should be taken only if a borrower can pay back on time.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

In the world of startups, the failure of a business is considered as a learning opportunity. Identifying the reason for failure and converting it into a success is one of the biggest achievements that an owner embraces. According to research, nearly 51% of businesses often fail initially. If businesses want to innovate and put their best foot forward, they need to accept that there is always a risk involved in every entrepreneurial venture.

Reasons for failing startups

• Lack of Brand awareness

Many startups focus more on making exquisite offices rather than marketing the products or services they provide. One business expert noted that “Initially, no customer was interested in our business model because of the lack of brand awareness.” New businesses fail when they are not taking care of market issues. To make a business successful, it is essential to cater to all marketing-related issues and create brand awareness among potential customers. 

• Running out of money

Proper time and money allocation is the key to a successful business. However, the question arises on the best way to allocate a budget and often remains a challenge. Research has found that inappropriate allocation of money is the most common reason for business failure. Startup businesses usually run out of money due to careless and unplanned spending.

• Mismanaged team

The diverse team is one of the most important factors of a successful business startup. Team diversity is frequently referred to as one of the main ingredients for organizational achievements. Finding the best team is the biggest challenge for the businessperson, and the startup requires strong recruiting consults which can bring the best team for future growth.

• Customer Ignorance

Ignoring consumer needs and inappropriate marketing sometimes leads a startup towards producing goods that are unsafe and unsustainable for the environment and customers. Ignoring the need of potential customers is the main reason for the startup’s failure. It is a fatal mistake that a startup usually makes when not collecting consumer’s feedback and surveys before launching a product.

• Unplanned product launch

It is important for a business startup to analyze the correct time and the need for a product before launch.  The company should not launch a product too early without creating a need for that product. Without tapping the target market first, the product will not be able to create a brand image in customers’ minds, and if a company launches a product late, it may miss the first-mover advantage.

• Poor product quality

The startup business can go down on its very first day if they ignore the quality of the product. It should be the primary focus of the business to provide better quality at a premium cost. The low-quality product can easily ruin the company’s image. The poor quality product can increase a company’s expense and hinder the long-term growth if not improved on time.

• Losing focus

It takes a lot of time, money, effort, and focus on initiating a business. Startup businesses usually fail if they get distracted easily and lose focus on their target goals. Success is not achieved overnight; however, to make a business successful, a company must focus on its target and perform its task with dedication.

• Untested product

Testing and pivoting the product before launching it decides the product’s life. It takes a lot of time and money to build a business, so it is imperative to test the idea before injecting the product into the market. A startup usually fails because they do not take the beta test before developing a product.

Above are some reasons that cause startup failure, but a company can outshine and achieve a maximum market share by realizing these mistakes.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.