Tips And Guidance | Seize the Deal

The Risks of a Personal Guarantee Business Loan

Every business requires some type of financing in order to get the business off the ground. The problem is if you are startup business there is no business record for banks or financial institutes to go off of to give you a loan. This means many startup business owners will have to turn to a personal guarantee business loan.

A personal guarantee business loan is a loan that the business owner guarantees by placing his or her own personal finances and assets on the line. Banks will then issue a loan because they have some type of collateral they can collect if the business owner fails to make their payments.

A personal guarantee business loan is considered a high-risk business loan. Here’s a look at the risks you are taking when entering into such a financial agreement.

Risk of Losing All Personal Assets

When you enter into a personal guarantee business loan you sign over the rights to all personal assets should you not be able to make payments. Banks can foreclose on houses and repossess cars in order to have the loan repaid.

Risk to Spouses Personal Assets

Many people believe that their spouse’s personal assets are protected with a personal guarantee business loan. However, some banks and financial institutes require you to sign over rights to your spouse’s personal assets as well. This allows the bank to seize their assets should you fail to repay.

A personal guarantee business loan is a high-risk loan. You should consider all aspects of this type of loan before entering into an agreement with a bank.

Ways to Protect Your Business Ideas

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Starting a business is all about having a unique idea that you can take and develop into a booming business. The problem is many people are reluctant to share their ideas because they are afraid other people might steal their business ideas. Luckily, there are things you can do to protect your business ideas from being stolen by other potential business partners.

Here’s a look at some laws and legal agreements you can draw up that will protect your business ideas.

Consider a Patent

Businesses can obtain a patent on any idea that is considered tangible. This means an idea must be made into an object or service that can physically be stolen. Intellectual properties or ideas cannot be protected under a patent.

Just remember if you’re considering a patent for your invention it can costs hundreds of dollars to get the patent. You will want to make sure you think things through before going through with this expensive process.

Create a Legally Binding Nondisclosure Agreement

A legally binding nondisclosure agreement can protect your business idea from being stolen by people you discuss it with. A nondisclosure agreement can be obtained by a lawyer and prevent anyone from walking off with your business ideas.

Clearly Label Items with Confidential

Clearly labeling items such as emails, business plans and ideas with the terms confidential can help protect your ideas from being stolen by others. This labeling of the items allows you to claim full ownership of them should someone walk off with your business ideas.

Doing these things can help you protect your business ideas from being stolen.

Filed Under: business, tips and guidance Tagged With: Business, Business idea, Patent

Skills a Business Manager Must Have

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Whether you are startup business or franchise every business needs a manager. While everyone believes that they can be an effective manager, there are certain skills and talents one must possess in order to be considered an effective manager.

Here’s a look at some of the skills and talents you must have in order to become a good manager for your business.

The Skill of Planning

Business managers must be good planners. They must be able to think things through, develop strategies and techniques that help the business and they must be able to make quick decisions that are right for the company.

A People Person

Business managers must also be a people person. A manager will work with dozens of people on a daily basis. This frequent contact with a number of different people requires a manager to be comfortable communicating with people and able to form quick business relationships with employees and clients.

Time Driven

In the business world time is everything. Business managers must be very time driven and be able to understand timelines, deadlines and what needs to be done when in order to keep the company going. Managers must also know how to manage their time so tasks get done and nothing is neglected.

A Conflict Manager

Business managers are the first people employees go to when there is a conflict. Whether it is an HR or client conflict business managers must know how to resolve the issue to everyone’s satisfaction. This requires them to think on their feet and problem solve in a short amount of time.

Having these skills will make you an efficient business manager.

Filed Under: business, tips and guidance Tagged With: Business, Business manager, Management

Essential Tips to Sealing the Deal

Talking shop with parties interested in your business is great, but it’s an ability to seal the deal that separates the successful from the average. Here are a few ideas to incorporate into your business dealings to help you join the ranks of the successful.

Stay on topic. It’s great, even encouraged, to make some small talk and catch up on your client’s family and personal life. But this need only take a few minutes. It’s far more important to focus on what you can provide to make the person’s business life better. You’ve got your circle of friends to chat about personal items with, so keep the business conversation flowing around the appropriate topic.

Moderate expenses. Buying a customer with little gifts and trinkets is done every day, but it’s not the most effective way of gaining regular business clientele. Besides, it’s as unnecessary as using a paper-based fax machine when online faxing is widely available. Doing this will increase your own costs while creating the expectation in your customer that you will always provide gifts. When the holidays roll around every year, you don’t want clients asking for extras at your expense. Offer your product only and explain how good it is in clear detail. Create a demand for what you sell, not what you give away.

Sell your service at a reasonable price. Some businesses build in a price cushion so they can have room to negotiate the price downward if need be. Just sell your product or service at a flat fee and avoid the hassle and time of negotiations.

Businesspeople appreciate directness. Offer it and you’ll seal the deal.

Filed Under: business, tips and guidance Tagged With: Business, Customer, Small business