To a small business, either a start-up or established, business credit cards can be very valuable financial tools if managed properly. Remember also, that because they’re business credit cards, they are unsecured. Which means there is no collateral tied to them. Great benefit!! But if used improperly, it can have a devastating affect on your business’ credit profile, and hence, your business itself.
Managing your business credit cards doesn’t require an MBA from Harvard, or a financial specialist looking over your shoulder every time you plunk it down. But it does require careful monitoring, and plain old common sense. Here are a few tips you can use to get the most from your business credit cards:
Always apply at your primary bank first. Why? Because you’ve already established a banking relationship which can pave the way for an easy application process. In short – they know you. Once you get the business credit cards, and pay them in a timely manner, it will increase your credit worthiness in the eyes of the bank. This will be of significant help when you apply for additional business lines of credit later on.
Never co-mingle your business credit cards with your personal credit cards. However, here’s a little secret to the game. If you have business debt on your personal credit cards, transfer balance the debt to your business credit card and this will immediately improve your personal credit score by lowering your debt to income ratio. This is a huge benefit of being a business owner.
Once your business credit is established, you’ll be deluged by special offers from credit card companies on a daily basis. When you’re invited to apply and the offer is good, then apply. Remember this: Just because you have applied and received a business credit card, doesn’t mean you have to use it immediately. It’s always a good idea to have extra “Rainy Day” money available. Every business goes through ups and downs and having the money available can be invaluable during one of those down times. It’s always easier to get money when you don’t need it.
By all means, use the grace period when paying your business credit cards. Most providers of business credit cards offer a 21-day grace period before payment is due. This can be a big help in improving your cash flow, and it’s built-in for you to use. Don’t abuse it, and don’t pay later than the grace period deadline, however.
Like many business transactions today, you can pay your business credit card bill online. This may not sound like such a big deal, but when you think of the time and effort it takes to write out and mail a check, it’s really a good deal. Especially since the mail can sometimes be unpredictable. Knowing you can choose the exact date your bill is paid, is priceless.
Do not pay your credit card bills late! Yes, take advantage of the grace period, but paying late, especially if it develops into a habit, will end up costing a lot more than the actual bill. Late fees will bring about higher interest rates. But more importantly, late payments will go straight to your business’ credit profile – and you don’t want it there, especially if you plan on trying to get a line of credit from your bank or lender in the near future. Pay the bills on time, if possible.
Finally, always remember that your business credit card can be a very effective tool in managing your company’s finances. But like any tool, if handled improperly, it can cause irreparable harm – in this case, to your company’s business financial profile. Use it wisely!
Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Tuesday, July 29, 2008
Business Line With Bad Credit? Yes!
It shouldn’t come as a surprise that banks are more than willing to loan money to people with good credit, but shy away from those whose credit is less than perfect. Does that mean the loan you need for your small business is doomed? Not necessarily, because bad credit financing does exist.
First, there are other lenders out there who will, and they generally come in two forms – wealthy individuals (often local) who will make loans to local businesses. Uncovering them may take a bit of detective work, but they certainly are there. Then there are firms that specialize in small business loans to those whose credit is shaky. There are hundreds of them across the country, and they can easily be found on the Internet. But just because they’re there, doesn’t mean they’ll automatically approve your loan. Far from it. You have to persuade them that you’re a viable candidate, and to do that is going to require some work.
Here’s what you do: The very first step is separate your bad personal credit from your business credit. This is very, very important. You can do this by forming a corporation (S or C) or an LLC (Limited Liability Company) and applying for an EIN (Employer Identification Number). This allows you to begin establishing a business credit profile that’s completely separate from your personal credit. It’s like starting with a totally clean balance sheet.
The next step is fairly obvious. You have to build a strong business credit profile. That means finding suppliers who will report your payment history to the business credit bureaus-Dun and Bradstreet, Experian, and Equifax and making sure you are paying your suppliers on time, and adhering to other sound business practices.
Make sure all your business information is correct and consistent with all of the business credit bureaus. Also, bring in a good financial consultant to prepare financial statements for your company. Any potential lender you contact is going to want to see a strong, professionally prepared financial statement. Even if your business is a start up you can still put together a financial statement with projections. This is acceptable to most any lender. Remember that you’re asking for unsecured lines of credit, which means you don’t have to use assets for collateral. Don’t even think about trying to do this yourself. Really!
And, of course, there’s still the problem of your personal credit situation. Even though you separate it from your business, it’s not going to go away, and will still be a factor in many lender’s decision process. You’re going to have to show that you’re making progress in rectifying the situation. This includes your ability to explain why and how your bad credit happened, and what steps you’re taking to remediate it. So pull your credit from all 3 credit bureaus-Experian, Equifax, and Trans Union and review it. If you’re unsure how to read them, enlist a credit repair company to assist you. Lenders want to see that you’re making an honest effort to correct past mistakes and avoid them in the future.
Essentially, it’s important for you to know that there are lenders out there (many in fact), who are willing to loan your small business money, even if your personal credit is pretty suspect. These companies, and individuals, make their money by making exactly these kinds of loans. It’s their business. Their specialty. It’s what they do. They want to loan you the funds you need. But it’s up to you to put in the effort and make the case that your business is worthy of the line of credit you seek. Remember, the lender is only looking for one thing: Your ability to pay back the loan.
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
First, there are other lenders out there who will, and they generally come in two forms – wealthy individuals (often local) who will make loans to local businesses. Uncovering them may take a bit of detective work, but they certainly are there. Then there are firms that specialize in small business loans to those whose credit is shaky. There are hundreds of them across the country, and they can easily be found on the Internet. But just because they’re there, doesn’t mean they’ll automatically approve your loan. Far from it. You have to persuade them that you’re a viable candidate, and to do that is going to require some work.
Here’s what you do: The very first step is separate your bad personal credit from your business credit. This is very, very important. You can do this by forming a corporation (S or C) or an LLC (Limited Liability Company) and applying for an EIN (Employer Identification Number). This allows you to begin establishing a business credit profile that’s completely separate from your personal credit. It’s like starting with a totally clean balance sheet.
The next step is fairly obvious. You have to build a strong business credit profile. That means finding suppliers who will report your payment history to the business credit bureaus-Dun and Bradstreet, Experian, and Equifax and making sure you are paying your suppliers on time, and adhering to other sound business practices.
Make sure all your business information is correct and consistent with all of the business credit bureaus. Also, bring in a good financial consultant to prepare financial statements for your company. Any potential lender you contact is going to want to see a strong, professionally prepared financial statement. Even if your business is a start up you can still put together a financial statement with projections. This is acceptable to most any lender. Remember that you’re asking for unsecured lines of credit, which means you don’t have to use assets for collateral. Don’t even think about trying to do this yourself. Really!
And, of course, there’s still the problem of your personal credit situation. Even though you separate it from your business, it’s not going to go away, and will still be a factor in many lender’s decision process. You’re going to have to show that you’re making progress in rectifying the situation. This includes your ability to explain why and how your bad credit happened, and what steps you’re taking to remediate it. So pull your credit from all 3 credit bureaus-Experian, Equifax, and Trans Union and review it. If you’re unsure how to read them, enlist a credit repair company to assist you. Lenders want to see that you’re making an honest effort to correct past mistakes and avoid them in the future.
Essentially, it’s important for you to know that there are lenders out there (many in fact), who are willing to loan your small business money, even if your personal credit is pretty suspect. These companies, and individuals, make their money by making exactly these kinds of loans. It’s their business. Their specialty. It’s what they do. They want to loan you the funds you need. But it’s up to you to put in the effort and make the case that your business is worthy of the line of credit you seek. Remember, the lender is only looking for one thing: Your ability to pay back the loan.
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Small Business: Having Business Credit Options
Credit – it’s probably one of the most important business tools your small business can have. In fact, it’s not only important, but essential. You need it to grow your business, take advantage of equipment and supply sales or leasing, expansion, and a thousand other things.
Most of the time, a small business doesn’t generate enough capital to supply all its needs. So when opportunities knock, savvy business owners turn to the credit market to take advantage and stay ahead of the competition. But what kinds of credit are available to the small business entrepreneur, and what types are best for his/her needs?
There are many types of credit available to business owners with realistic needs. Some secured, some unsecured. Having multiple credit sources available allows a business to pick and choose which one is the best for any given situation. And since no two businesses are alike, it makes sense that different businesses will benefit from different types of loans.
For many small businesses Unsecured Lines of Credit work well. An Unsecured Line gives the owner a lot of flexibility. You use only the amount of money you need, and can hold the rest in reserve. This can be a big plus, because since you’re only using what you need, your payments are smaller. This helps cash flow, since interest payments are only made on the outstanding balance. No collateral is required. That means no personal property or real estate is pledged against the credit line.
Unsecured Lines of Credit have interest rates starting around Prime and go up from there depending upon various underwriting requirements instituted by the bank. Some of these requirements are easily obtainable and some are a little more challenging. It’s best to be prepared when applying for any type of business loans.
Small Business Loans are the most common source of small business financing, after credit cards. There are a number of sources of small business loans, and with good credit, they’re generally not difficult to get. Some of these loans (SBA, eg.) are secured by the government. Result? Interest rates may be lower than conventional loans. They also can carry long repayment requirements which can be a big help with cash flow.
Straight bank loans (not government backed) can be very challenging to get, especially for a start-up. Unless your business has spotless books, and a solid track record over a period of years, or good financial projections for your start up that are created by a professional adviser, this is probably not a good loan to apply for.
Credit Cards are a great source of credit for small businesses. They can be used for everything from gas, to equipment/supply purchases (depending on the amount of your line). Credit Cards give you flexibility second to none, require no collateral, and give you an excellent way to track expenses.
One type of credit that generally gets little thought, but can be a significant player in fattening your bottom line, is Vendor Credit. This type of credit has a number of advantages: It’s free, unsecured, readily available, and easy to qualify for. And it can only be used for buying from the vendor’s products.
As with personal credit, there are a variety of credit sources and options available to small business entrepreneurs. As with any major decision, it’s always best to consider all the options, compare the benefits against the cost, time and effort involved. In some instances you may find that a combination of credit sources may work best for you. In others, just one.
Whichever way you decide to jump, properly used credit can be a huge boost in growing your business, and your bottom line.
Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Most of the time, a small business doesn’t generate enough capital to supply all its needs. So when opportunities knock, savvy business owners turn to the credit market to take advantage and stay ahead of the competition. But what kinds of credit are available to the small business entrepreneur, and what types are best for his/her needs?
There are many types of credit available to business owners with realistic needs. Some secured, some unsecured. Having multiple credit sources available allows a business to pick and choose which one is the best for any given situation. And since no two businesses are alike, it makes sense that different businesses will benefit from different types of loans.
For many small businesses Unsecured Lines of Credit work well. An Unsecured Line gives the owner a lot of flexibility. You use only the amount of money you need, and can hold the rest in reserve. This can be a big plus, because since you’re only using what you need, your payments are smaller. This helps cash flow, since interest payments are only made on the outstanding balance. No collateral is required. That means no personal property or real estate is pledged against the credit line.
Unsecured Lines of Credit have interest rates starting around Prime and go up from there depending upon various underwriting requirements instituted by the bank. Some of these requirements are easily obtainable and some are a little more challenging. It’s best to be prepared when applying for any type of business loans.
Small Business Loans are the most common source of small business financing, after credit cards. There are a number of sources of small business loans, and with good credit, they’re generally not difficult to get. Some of these loans (SBA, eg.) are secured by the government. Result? Interest rates may be lower than conventional loans. They also can carry long repayment requirements which can be a big help with cash flow.
Straight bank loans (not government backed) can be very challenging to get, especially for a start-up. Unless your business has spotless books, and a solid track record over a period of years, or good financial projections for your start up that are created by a professional adviser, this is probably not a good loan to apply for.
Credit Cards are a great source of credit for small businesses. They can be used for everything from gas, to equipment/supply purchases (depending on the amount of your line). Credit Cards give you flexibility second to none, require no collateral, and give you an excellent way to track expenses.
One type of credit that generally gets little thought, but can be a significant player in fattening your bottom line, is Vendor Credit. This type of credit has a number of advantages: It’s free, unsecured, readily available, and easy to qualify for. And it can only be used for buying from the vendor’s products.
As with personal credit, there are a variety of credit sources and options available to small business entrepreneurs. As with any major decision, it’s always best to consider all the options, compare the benefits against the cost, time and effort involved. In some instances you may find that a combination of credit sources may work best for you. In others, just one.
Whichever way you decide to jump, properly used credit can be a huge boost in growing your business, and your bottom line.
Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
HOW TO START A BUSINESS EVEN IF YOU HAVE BAD CREDIT
So there you sit. You have great plans for a great new business – a sure-fire winner. But there’s a problem. You’re pretty sure your personal credit is less than perfect. Well, actually you know it’s in the dumpster. End of dream? No, start of a plan to get this ship out of dry dock.
Here’s what you have to do:
Find out what your credit score is before you approach any financial institution about a loan. Maybe it won’t be as bad as you think, but you won’t know unless you check it out. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.
There’s another benefit here as well. It’s possible your report may contain errors – a late payment, for example, you know you made on time. Or a claim of a missed payment, when you have the canceled check to prove it was paid. Errors do occur, and if you find any, now is the time to get them corrected, before you go out looking for business funding.
But let’s say that after checking your credit report, you determine that it’s correct, and yes, your credit comes up less than stellar. What do you do then? Get moving!
One thing potential lenders really dislike seeing is late or missed payments. If you had a good reason for that error (family emergency, out of country, hospitalized, etc.), write a letter of explanation to the credit bureau. It’s possible you could get it lifted from your report. You could also enlist the services of a credit repair company, if you don’t know where or how to start. And those high interest credit cards you’ve been carrying balances on? Pay them down to 30% of the credit limit as quickly as possible.
And a word about credit cards: Those colorful little pieces of plastic you’re carrying around are probably worth thousands in credit. If you’re like most folks, the temptation to use them to pay for less-than-necessary items (do you really need another flat screen TV?) could be a problem. If you can’t control your personal spending, do you really think a loan officer will think you can control your business spending any better? No! It really isn’t that hard to do, and whatever credit problems you might have, can be overcome by good financial management.
You can do it if you want to. Straighten out your credit problems well before going to any bank. While loan officers look fondly on borrowers with excellent credit, they also appreciate those with less-than-perfect credit who have recognized and corrected the situation. It says a lot about you and your worthiness to receive a loan. The key is to start establishing your business credit so that your personal credit doesn’t become as important. You should start doing this immediately, even if your business is a start up. There are lenders that will loan to start ups as well as established businesses but you must have your business set up correctly as a business and not as a hobby.
You can work from your home and still be a legitimate business as long as all your documented information (EIN, State filings, business licenses, business phone number and address) is consistent. This is the key to unlock the doors to business funding.
And finally, one last word about credit: Once you do get your lines of credit or business credit cards, never, ever think about co-mingling your business and personal credit. Keep credit cards separate, as well as bank accounts. The temptation can be awfully strong to co-mingle, but it’s a path you don’t want to go down.
Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Here’s what you have to do:
Find out what your credit score is before you approach any financial institution about a loan. Maybe it won’t be as bad as you think, but you won’t know unless you check it out. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.
There’s another benefit here as well. It’s possible your report may contain errors – a late payment, for example, you know you made on time. Or a claim of a missed payment, when you have the canceled check to prove it was paid. Errors do occur, and if you find any, now is the time to get them corrected, before you go out looking for business funding.
But let’s say that after checking your credit report, you determine that it’s correct, and yes, your credit comes up less than stellar. What do you do then? Get moving!
One thing potential lenders really dislike seeing is late or missed payments. If you had a good reason for that error (family emergency, out of country, hospitalized, etc.), write a letter of explanation to the credit bureau. It’s possible you could get it lifted from your report. You could also enlist the services of a credit repair company, if you don’t know where or how to start. And those high interest credit cards you’ve been carrying balances on? Pay them down to 30% of the credit limit as quickly as possible.
And a word about credit cards: Those colorful little pieces of plastic you’re carrying around are probably worth thousands in credit. If you’re like most folks, the temptation to use them to pay for less-than-necessary items (do you really need another flat screen TV?) could be a problem. If you can’t control your personal spending, do you really think a loan officer will think you can control your business spending any better? No! It really isn’t that hard to do, and whatever credit problems you might have, can be overcome by good financial management.
You can do it if you want to. Straighten out your credit problems well before going to any bank. While loan officers look fondly on borrowers with excellent credit, they also appreciate those with less-than-perfect credit who have recognized and corrected the situation. It says a lot about you and your worthiness to receive a loan. The key is to start establishing your business credit so that your personal credit doesn’t become as important. You should start doing this immediately, even if your business is a start up. There are lenders that will loan to start ups as well as established businesses but you must have your business set up correctly as a business and not as a hobby.
You can work from your home and still be a legitimate business as long as all your documented information (EIN, State filings, business licenses, business phone number and address) is consistent. This is the key to unlock the doors to business funding.
And finally, one last word about credit: Once you do get your lines of credit or business credit cards, never, ever think about co-mingling your business and personal credit. Keep credit cards separate, as well as bank accounts. The temptation can be awfully strong to co-mingle, but it’s a path you don’t want to go down.
Pat Gage
, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
HOW TO GET YOUR 2ND BUSINESS LOAN
Good for you! You were able to get that all important 1st loan to start your fledgling business. Now you’re up-and-running, business is humming, and things are looking rosier than a horticultural shop in May. Time to sit back and smell those roses? Not quite. You’ve gone from working 10 hours a day to 12. You need money for expansion, marketing, people. You need to go back to the bank. But since you’ve already been successful once, you shouldn’t have any problem getting a second loan, right? Should be a snap!
Well, maybe not quite that easy. Because your loan officer is going to look at you just as hard the second time around as he/she did the first. There are no free passes when it comes to getting credit, so you better be prepared to look good.
Here’s how you do it:
First and foremost, make sure your business credit is in good shape. That means that all business credit cards have been paid in a timely manner, as well as bills from suppliers, utilities and the like. To find out how you stand, check with Dun & Bradstreet. They keep tabs on virtually all small businesses, and will have a record of your payment performance. If by some chance, there’s a blot on your record, find out what it is. You can be certain your loan officer will want to know what’s it’s all about. It’s up to you to make sure it can be explained, or better, removed before you apply for a loan. Don’t have a Dun & Bradstreet credit profile? Get signed up as soon as possible. A Dun & Bradstreet credit profile is the best way to get your business credit on track and supercharge your business with vendors and lenders. This demonstrates to the banks that your business is a real business and not “in a van down by the river.”
Ask for more than you actually need. It may sound scary, but remember you only use it as you need it. That’s the beauty of unsecured lines of credit. Yes, bigger loans mean bigger payments, but remember you only pay on what you use. This is about getting the right amount of unsecured lines of credit so that you don’t necessarily have to go back to the bank anytime soon. Applying for too small a loan can be just as dangerous as applying for too big a loan. Because then you have to keep going back. If you ask for the right amount then it will sustain your business for a little longer.
Clear up your personal credit if you have any problems. Your credit was probably pretty good when you were granted your first loan, but if for some reason it’s taken a hit since then, you’d better clear it up – and fast! Even though your business may be booming, lenders know that personal credit problems could carry over to your business down the road. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.
Anticipate, organize and be prepared when you make your loan application. Sounds simple enough, but have your financial consultant prepare an interim financial statement, incase the banker asks for it. However, remember that you are applying for unsecured lines of credit so you don’t have to put up your business or personal assets for collateral. In short, anything that will make you look more professional and prepared in the eyes of your lending officer, but don’t offer it if they don’t ask for it. The fact that you’ve prepared this material means less work your lending officer. Nothing wrong with that scenario!
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Well, maybe not quite that easy. Because your loan officer is going to look at you just as hard the second time around as he/she did the first. There are no free passes when it comes to getting credit, so you better be prepared to look good.
Here’s how you do it:
First and foremost, make sure your business credit is in good shape. That means that all business credit cards have been paid in a timely manner, as well as bills from suppliers, utilities and the like. To find out how you stand, check with Dun & Bradstreet. They keep tabs on virtually all small businesses, and will have a record of your payment performance. If by some chance, there’s a blot on your record, find out what it is. You can be certain your loan officer will want to know what’s it’s all about. It’s up to you to make sure it can be explained, or better, removed before you apply for a loan. Don’t have a Dun & Bradstreet credit profile? Get signed up as soon as possible. A Dun & Bradstreet credit profile is the best way to get your business credit on track and supercharge your business with vendors and lenders. This demonstrates to the banks that your business is a real business and not “in a van down by the river.”
Ask for more than you actually need. It may sound scary, but remember you only use it as you need it. That’s the beauty of unsecured lines of credit. Yes, bigger loans mean bigger payments, but remember you only pay on what you use. This is about getting the right amount of unsecured lines of credit so that you don’t necessarily have to go back to the bank anytime soon. Applying for too small a loan can be just as dangerous as applying for too big a loan. Because then you have to keep going back. If you ask for the right amount then it will sustain your business for a little longer.
Clear up your personal credit if you have any problems. Your credit was probably pretty good when you were granted your first loan, but if for some reason it’s taken a hit since then, you’d better clear it up – and fast! Even though your business may be booming, lenders know that personal credit problems could carry over to your business down the road. That means getting your report from all three of the major credit-reporting bureaus – Equifax, Experian or TransUnion. This way you’ll find out exactly where you stand.
Anticipate, organize and be prepared when you make your loan application. Sounds simple enough, but have your financial consultant prepare an interim financial statement, incase the banker asks for it. However, remember that you are applying for unsecured lines of credit so you don’t have to put up your business or personal assets for collateral. In short, anything that will make you look more professional and prepared in the eyes of your lending officer, but don’t offer it if they don’t ask for it. The fact that you’ve prepared this material means less work your lending officer. Nothing wrong with that scenario!
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty, starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach but also a national speaker. For more information on any topic discussed, visit Gage’s site at www.10stepstomoney.com
Tuesday, July 22, 2008
Businesses try to get customers atwitter by using networking sites, blogs
When you think of a business that might have a profile on an online social networking site such as Facebook and MySpace, Pontiac-based Curve Detroit is the kind of company that comes to mind — a hip, 30-something ad agency with the sort of puckish sense of humor that leads founding partner Charlie Wollborg to give his official title as “chief troublemaker.”
With a company Web site now de rigueur, small-business owners such as Wollborg are expanding into social networking arenas, building online communities to identify and attract customers, showcase offerings and test-market products.
Curve's employees have been early adopters of the various media referred to as Web 2.0, embracing blogging alongside free networking sites such as Facebook, MySpace, LinkedIn and microblogging site Twitter, Wollborg said.
“We're now at the point where we're getting a new invite (to a social networking platform) each week,” he said. “We tend to set up a profile but do not do much with most of them.”
Key, he said, is choosing the sites most likely to attract the customers who fit your business.
..
I think that I would rather have companies doing this type of marketing than the phone calls at dinnertime. This is also a great way for the company to connect with its clients and with potential clients as well.
In my company we are employing these ways of concepts as well, not only are we learning as we go it is a learning experience for my clients as well, so we find ourselves learning together.
You can read the rest of the article at:
http://www.crainsdetroit.com/article/20080721/SUB/807210335
What do you think? Is your company doing any of these Web 2.0 strategies? Do you think that this is a way for companies to market?
Pat Gage
www.10stepstomoney
With a company Web site now de rigueur, small-business owners such as Wollborg are expanding into social networking arenas, building online communities to identify and attract customers, showcase offerings and test-market products.
Curve's employees have been early adopters of the various media referred to as Web 2.0, embracing blogging alongside free networking sites such as Facebook, MySpace, LinkedIn and microblogging site Twitter, Wollborg said.
“We're now at the point where we're getting a new invite (to a social networking platform) each week,” he said. “We tend to set up a profile but do not do much with most of them.”
Key, he said, is choosing the sites most likely to attract the customers who fit your business.
..
I think that I would rather have companies doing this type of marketing than the phone calls at dinnertime. This is also a great way for the company to connect with its clients and with potential clients as well.
In my company we are employing these ways of concepts as well, not only are we learning as we go it is a learning experience for my clients as well, so we find ourselves learning together.
You can read the rest of the article at:
http://www.crainsdetroit.com/article/20080721/SUB/807210335
What do you think? Is your company doing any of these Web 2.0 strategies? Do you think that this is a way for companies to market?
Pat Gage
www.10stepstomoney
Monday, July 21, 2008
North Texas pushes new energy solutions
BY JOHN-LAURENT TRONCHE July 21, 2008
Fort Worth Business Press
Story at: http://www.fwbusinesspress.com/display.php?id=8027
The North Texas area is nationally known as a leader and example of natural gas production, but one company and one individual, both with oil business pasts, could help the Metroplex become known for more alternative energy resources, too.
Grapevine-based GreenHunter Energy Inc., whose CEO comes from oil and gas operator Magnum Hunter Resources Inc. (acquired by Cimarex Energy Inc. in 2005), and famed Texas oil man and Dallas resident T. Boone Pickens both have ramped up their support for alternative energy sources - that is, not oil.
The former is focusing on three main areas of investigation - biofuels, biomass power and wind energy - while Pickens is pushing exclusively for wind power and natural gas, according to his July 8-debuted Pickens Plan.
"Texas has always been a powerhouse in the United States in many ways," said Jack Zedlitz, director of corporate communications at GreenHunter Energy. "In the energy industry, Texas has been a focal point of oil and gas production and remains to be so.
"What a lot of other folks people don't know is Texas is also the largest wind power producer in the United States.
"I think this is another opportunity for Texas to continue to dominate, not only conventional power and fuel but also renewable energy."
**
I have seen these ads, on TV, with Mr. Pickens in them and thought , now there is a guy that sees the future. I first heard about Mr. Pickens when I saw him in Inc. Magazine article. I read the article and was impressed that an "Oil" guy was doing something different than Oil, and making money. Now, that is what true entrepreneur, he changes with the times and still makes money. The article was very good, but did not detail out his "Pickens Plan" but did tell of how he is making money for the land owners around his Texas estate.
I am glad to see that out of adversity or pain, i.e. high oil prices comes innovation. Throughout history when America was faced with its greatest adversity came its greatest innovations and this time period is no different. Maybe on difference is that the people and industries that have held us captive to a "Real" solution to this Oil addition we have in this country. If they can make money at a solution then that solution will be put into use, not until then.
What do you think. Is this a turning point for Oil, is the "Green" movement going to really take hold? Is is going to stay around?
Pat Gage
www.10stepstomoney.com
Fort Worth Business Press
Story at: http://www.fwbusinesspress.com/display.php?id=8027
The North Texas area is nationally known as a leader and example of natural gas production, but one company and one individual, both with oil business pasts, could help the Metroplex become known for more alternative energy resources, too.
Grapevine-based GreenHunter Energy Inc., whose CEO comes from oil and gas operator Magnum Hunter Resources Inc. (acquired by Cimarex Energy Inc. in 2005), and famed Texas oil man and Dallas resident T. Boone Pickens both have ramped up their support for alternative energy sources - that is, not oil.
The former is focusing on three main areas of investigation - biofuels, biomass power and wind energy - while Pickens is pushing exclusively for wind power and natural gas, according to his July 8-debuted Pickens Plan.
"Texas has always been a powerhouse in the United States in many ways," said Jack Zedlitz, director of corporate communications at GreenHunter Energy. "In the energy industry, Texas has been a focal point of oil and gas production and remains to be so.
"What a lot of other folks people don't know is Texas is also the largest wind power producer in the United States.
"I think this is another opportunity for Texas to continue to dominate, not only conventional power and fuel but also renewable energy."
**
I have seen these ads, on TV, with Mr. Pickens in them and thought , now there is a guy that sees the future. I first heard about Mr. Pickens when I saw him in Inc. Magazine article. I read the article and was impressed that an "Oil" guy was doing something different than Oil, and making money. Now, that is what true entrepreneur, he changes with the times and still makes money. The article was very good, but did not detail out his "Pickens Plan" but did tell of how he is making money for the land owners around his Texas estate.
I am glad to see that out of adversity or pain, i.e. high oil prices comes innovation. Throughout history when America was faced with its greatest adversity came its greatest innovations and this time period is no different. Maybe on difference is that the people and industries that have held us captive to a "Real" solution to this Oil addition we have in this country. If they can make money at a solution then that solution will be put into use, not until then.
What do you think. Is this a turning point for Oil, is the "Green" movement going to really take hold? Is is going to stay around?
Pat Gage
www.10stepstomoney.com
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