Archive for February, 2010

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Non-Profit Debt Consolidation Agencies February 28th, 2010

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The merger or combination of debts, whether they are credit card bills, medical bills, unsecured loans, or collection accounts, is known as debt consolidation. Consolidation of debts is done to simplify the task managing outstanding debt by making payments to a single creditor rather than several different ones. Various agencies, which have a special team of professionals, experts and advisors, provide debt consolidation services.

Persons looking to reduce their debt, secure a mortgage loan, avoid bankruptcy or simply free up extra cash may require debt consolidation services. Numerous agencies help people consolidate their debts either through debt consolidation loans or credit card debt consolidation. People can pay off their high interest credit cards, consumer loans, etc. with these loans, thus enabling them to consolidate their different debts into one easy, low interest monthly payment – i.e. simplification of various debts into one loan. Credit card debt consolidation is costly as it carries a high rate of interest. On the other hand, debt consolidation loans are preferable as they are cheaper and help increase a person’s credit rating.

Due to the broadening of the financial market, the number of agencies and institutions offering debt consolidation services has rapidly increased. However, there are some of them who work on a non-profit basis, offering free debt consolidation services or debt solutions, with some pre-conditions, enabling debtors to consolidate their obligations at no charge. They also offer some of the best deals for debt consolidation loans, with low interest rates, low finance charges, and zero or low late fees through their connections with various banks and other financial institutions.

Debt consolidation services and loans are offered to almost everybody, even to people with bad credit scores. The process for securing a loan for debt consolidation starts with the calculation of the total amount of debt one needs to consolidate. Once this is done, the person can apply to various agencies that offer consolidating services. These organizations can be easily found on the Internet. The value of the collateral offered will determine the amount of loan that can be provided. However, like any other loan, a debt consolidation loan can also be taken without collateral. These agencies process applications for debt management and quote the amount of loan to be offered, along with other terms and conditions. This is known as a ‘debt consolidation quote’.

Non-profit agencies offering debt consolidation services classify such services based on the need and purpose of the loan or according to the person’s credit rating. These classifications include Bad Credit Debt Consolidation, Student Loan Debt Consolidation, Credit Card Debt Consolidation, and Debt and Bill Consolidation among others. The non-profit debt consolidation agencies also cater to student loan debt consolidation and bad credit debt consolidation.

Non-profit debt consolidation agencies work with the primary function of enabling debtors to achieve financial freedom by assisting them in getting debt consolidation loans. They help debtors resolve their financial obligations with integrity and simplicity, by restructuring their monthly payments and reducing or eliminating the interest rates and other related fees and costs.

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Business Start-up Finance For Your New Venture February 28th, 2010

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When it comes to starting your own business one of most important factors to take care of is your start-up business finance. There are many funding options open to you, with the main forms being categorised as either debt finance or equity finance.

It has been said that roughly 60 or 70% of all new business ventures call on their local bank as their first attempt to gain start-up finance. Gaining a bank loan to fund a business start-up is one form of debt finance. This debt finance comes in the form of a bank loan that typically has to be repaid at an agreed interest rate. The way in which banks usually agree to bank loans is by securing your loan against an asset. The way in which this works is if your business then fails to repay the loan, the bank can then claim the asset. So what exactly is this asset? An asset stands as usually a house/premises or equipment that is owned by your business.

The main problem with a bank loan is your company then becomes locked into a tight payment schedule that could cause problems for small businesses. There are also other forms of debt finance that are starting to prove just as popular with small business, such as credit cards and leasing. The term leasing refers to the borrowing of money to buy specific equipment/machinery. In this case small businesses borrow against the store sales.

All forms of debt finance means that you are borrowing against reserves rather then giving someone ownership of your shares. The main thing that you have to keep in mind when it comes to debt finance is finding the aspect of funding that is right for your business; there is however one flaw to this theory; what if no form of debt finance is right for your business? To answer this predicament I bring to your attention, equity finance.

Although the definition of equity finance slims down to pretty much being risk capital, it is the saviour of many small/new businesses who are either turned down for a bank loan or merely can’t keep up with the repayments.

Equity equals true risk capital as there is no guarantee that the investor will get there money back. The big advantage however is that the money that is invested into your business from equity finance never has to be repaid. Investors to your business are prepared for risk capital in return for a growth share of your business profit.

The investors behind equity finance give you the money that you need to get your business off the ground and to cover all aspects of your business start-up costs such as rent, the purchasing of equipment and staff wages as well as all of your utility bills for the first few months.

Whatever finance you decide to use for your business venture, make sure you make a realistic and informed decision based on your business needs. There is a lot to take into account and you need to ensure that you have all of your business information sorted before making any decisions.

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Clearing Your Debts – Budget Assistance By Green Path, Michigan February 28th, 2010

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Green path, in Michigan is a non profit and a free debt consolidation firm. When it concerns with controlling your finances, these debt consolidation companies provide us with a number of services.

Budget customized plans and free counseling for every individual are provided by green path.

The budget assistance is done individually for each person so that it fits their lifestyle. To get connected with them you need to answer a few questions in the beginning regarding the debt you need to repay and also how much you normally earn. After these few steps you will be allowed to meet a certified credit counselor with whom you can speak about your options. Things that you will need to take will include statement from all your creditors and also credit report copy. Green path provides you with a facility to buy a credit report just in case you do not possess one.

A plan of action and a budget will be given by the counselor after going through all the available options. At the end of it you will have two options. You can either choose to clear off your debts by paying through green path or you can carry on by paying it yourself.

All your doubts regarding debt consolidation will be cleared readily by green path if you join any debt management program through non profit and free debt consolidation in Michigan.

You will however need to pay a fee for pre-filling bankruptcy in green path. For anybody who is contemplating on bankruptcy is needed by the law to look for bankruptcy counseling before they will be able to file. Your counselor can get creditors to waive fees, lower interest rates and also stop collection calls and letters. This will let you pay off the balance much faster than you expected. You might also be offered a discount on your debit itself. If you are still being disturbed by the collection letters or calls after 90 days, you will need to inform green path about the creditors.

All your payments will be consolidated into a single payment to this firm. All your payments will be sent to your respective creditors through green path. For people who need to clear their payments to different creditors at the same time, this will be a convenient option. There will be a rearrangement done so you have a payment plan that is made easier. This ensures one convenient date for payment. Once you are through one of these programs you will feel much relieved.

You will receive form green path every month the amount you paid to them and how much they sent it to each of your creditors. Credit counselors will be available to clear your doubts. This firm will work in par with your creditors to put an end to foreclosure, repossession and also utility shut off.

Credit counselors know that our car and our homes are the most valued possessions. Hence they make this their priority when they calculate the distribution of the money. They provide you with help so that you get back to normal.

Green path takes enough care to see to that you make timely payments for each month. This will give a hike in your credit rating. An increased credit rating is very important for future loans.

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Marketing – Target Marketing or Mass Marketing? February 27th, 2010

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Mass marketing versus target marketing, which one will you use? I suggest integrating both. Target marketing simply explained is marketing to an audience more likely to be receptive to your marketing messages. Understanding and evaluating a key market for your goods or services and successfully launching an advertising campaign requires acquiring data through various sources and segmenting these sources into refined data that can then become your target market.

Many starting businesses focus on mass advertising strategies hoping to catch as many customers as possible but working in this fashion can put a strain on your budget and ultimately waste money that could have better well spent on increasing customer satisfaction or expanding your business. There is nothing wrong with mass advertising, what is wrong is advertising to the masses without understanding the mass you are advertising to. I don’t care if it is a branding campaign, there must be some focus and discipline, even in a large branding campaign.

Creating an ideal market for you to advertise to will require the understanding of some key elements in marketing. One of the most important elements is demography. Demographic data is very important in finding particular information within a geographic region such as gender, age, income, religion, race, etc. Through the harvesting of this data you can better understand what types of marketing message will work or not in reference to what you are selling.

Consumer’s might perceive certain advertisements differently and some advertisements may even insult them. Certain audiences can be turned off by a particular message, make sure that you don’t offend who you might want as a customer in the future.

If you were to be advertising in BZ City through a mass advertisement you would use demographic information to see how your product might reflect on the majority of the people living there first and what type of advertising messages will be better received. How much of the particular market might actually find value in your goods or services can be determined almost entirely through demographic research.

1.) What you want to do first is research the regional demographic data for your campaign.

2.) Segment the largest percentages into the top two of each demographic trait.

3.) From there start thinking on how your product can benefit each group positively and what their perceptions might be of your goods or services.

4.) Now start to brainstorm what types of advertising and what messages would appeal most to the seniority of these groups.

NOTE: This may require psycho graphic data to be appended to the demographic data for better evaluation of behavior.

5.) Study case studies for marketing for your demographic market to get an idea of what you may be up against.

6.) Now cram all that data together and see how you can create a compelling and inspirational advertisement for your product to all the top two demographic groups in one message. Is it possible? Let the idea stew for a while, you might be surprised.

HINT: This same demographic information can now help you figure out what medias and what media niches will work for your campaign. Ingenuity and creativity will always be fundamental, just make sure it is backed with some hard fact data. Good luck.

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Competitive Marketing Analysis February 27th, 2010

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The keyword in this phrase gives us a hint – “competitive”. The competitive marketing analysis is an in-depth study of your business’s competition and the markets available to you in order to ensure your advertising and public relations budget dollars are spent where they will be most effective. In order to perform strategic planning for your firm’s future, it is imperative to know who the competition is and exactly what you are up against to ensure that your market share is sufficient for your firm’s future. Increasing market share is the goal of any competitive marketing analysis.

Identifying the Competition

Who is the competition and how can they be located? Since you know exactly what products or services your firm provides, you can locate your competition by identifying other producers or providers in the same market that you supply. This is not a difficult task; it does, however, require some research. Competing suppliers are not hiding; they advertise just as your firm does.

The yellow pages of your local telephone book can be the starting point for competition identification. Research the Internet searching for press releases and publications which use descriptions similar to your products or services. Government agencies, Dunn and Bradstreet, business magazine features or employment of a private research firm can reveal a great deal about your competition and how they operate.

Shop Your Competition

If you want to know first-hand about your competition, shop with them. For example, if you are in the restaurant business, eat at local restaurants that are similar in price range and clientele to your establishment. If you are a plumbing business, have someone contact the competition and learn prices of service calls and specific products. Knowing as much about the competition as possible allows your marketing analysis to include details rather than generalities.

Unbiased Comparisons

In order to truly analyze your firm’s strengths and weaknesses, you need unbiased sources willing to compare your firm and the competition. You can employ market researchers, use surveys, form focus groups to obtain completely unbiased opinions on what you are doing right and wrong and how your competition stack up to your business.

Measure your strengths and ensure these strengths are maintained or improved upon. Identify your weaknesses and create a plan to improve those areas significantly. After you implement your plan, go back to your unbiased researchers and obtain another comparison to ensure that your implementation of your strategic plan has been effective.

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