Top 10 starting up your finances properly

Launching your own business is tough and the line between success and failure can be fine; smallbusiness.co.uk's Top Ten Starting Up Tips help you make the right decisions from the outset. 

1. Involve your family
If you have a husband or wife or children, involving them in the decision to go it alone is important. Your home atmosphere should be very supportive, particularly in the early stages. Your family could also be useful as a sounding board, helping out with the odd task or providing feedback or finance.

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2. Analyze your personality
You need to ask yourself if you are the right person to start a business. Compile a checklist with the help of the following questions: Can you work long hours? Can you take criticism? Will you be able to cope with financial insecurity? If your business struggled in the early stages, would you continue? Write down the reasons why you are starting a business

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3. Make sure your product is a must-have not a nice-have Once you've got an idea you need to know that people will need it enough to want to buy it. Many people opt to begin a business by using a skill that they have acquired in their spare time as a hobby, such as jewelry-making. 

4. Your idea doesn't have to be new
Trying to sell a product that is new can be an uphill struggle. Being first is not always best, as you have to educate a market and convince them of the need for your product. So don’t be put off if your idea has been done before – think about how you can do it differently, by including an additional feature or benefit.

5. Know your market better than your competitors
Carry out as much market research as possible. Find out about your marketplace,

Concentrating on areas such as the demand, your competitors and the size of the market. Talk to potential customers, suppliers, competitors, distributors and ex-employees of competitors. 

6. Toe-dip
Everyone has different motivations for starting a business, and toe-dipping means you can test your idea out without risking everything. You can carry on earning money from your job while you are starting up. Use your spare time to carry out your market research.

7. Be honest about your weaknesses
Identify what you do well and what you do badly, dividing it into areas such as financial, marketing, operational and general management. Be honest with yourself, but also be realistic. Try and get someone else to evaluate your answers – another person’s perspective can be very valuable. Identifying your weakness will help you to recognize what you are good at, and which areas you will need to find someone who can do a better job than you.

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8. Get a good mentor on board
Remember – two heads are better than one. Seek out the advice of a family friend who has the experience of being in business, or someone who is recommended to you, or someone you are close to. Consider giving them a share of the profits or equity in your company in return for advice.

9. Justify every assumption in your business plan But remember that whatever you write down is not set in stone. Your business plan should have long-term objectives, estimates and forecasts – try to make as many of your goals as possible measurable. The two most important reasons for having a plan are to show to outsiders if you need to raise money, and to help you keep your business on a planned course, so you can spot when things are not going to plan. 

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10. Keep it in your business plan succinct an ideal format for your plan, if you intend it to be for outside use, is to have between three and ten pages of text that draw out the important points, plus a series of financial figures. Excessive detail should be confined to appendices.

Credit,written and published by www.smallbusiness.co.uk all rights reserved. Copyright 2013

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9 Things to Increase Your Income – Today

 by:Written by Peter Roosen and Tatsuya Nakagawa from Atomica Creative.

 All rights reserved. Copyright to the author.

When is the best time to put yourself in a position to increase your income? Simple, the answer is today! Had you started this a few months back, you'd be well on your way. You didn't though so here we are.

Many of us are making the same money we did in 2007 and there are no bluebirds on the horizon. So, it's up to us to do something. 

If you are happy with your income level and not phased by the way everything has become more expensive in the last year, save time, stop reading, go take a nap. If however, you want to get a leg up and you are willing to do the work, read on - these will help you on your journey. 

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So here are some things you can do to put yourself on a track headed for higher salaries, higher commissions, and higher rates. No one is going to do it for you, it's your ship to navigate.

1. Wake up early. Did you miss this one already? Don’t worry because we have 8 more things you can do to increase your income – today.


2. Practice and improve your speaking skills. Join a Toastmasters club if there is one in your area. If there isn't one, get a few like minded people together and start one.
   
   One of the most touted things people in business recommend to help others improve their income is to improve their communication and leadership skills. Being able to confidently stand up and speak in public is one of the most visible and recognized skills you can have at your disposal. Being able to present a compelling case to a customer prospect or to your boss as to why they should spend more on you or whatever you are selling likely won’t fly if you are a wallflower or turn to mush when called on to speak. You should instead stand and deliver your message in a clear and compelling manner.
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3. Sharpen your knife. Whatever your area of interest, become better equipped to perform analysis. Practice reviewing financial statements. Pay attention to the various aspects that experts in the field are looking at. Start with whatever your company or organization pays you. Whether you own it or not, learn to analyze it as an owner does. If you are in a technical area, practice analyzing the problems you are working on as though you were an expert or an owner with a vested interest in the outcome.


4. Ask. Ask for the order if you are selling something. Lift the telephone even if it seems to weigh 10, 000 pounds when it is time to ask a customer prospect for an appointment. When facing this person, ask for the order even if it is not highly likely you will get it and the odds are high that you will face rejection. Ask your boss for a raise if you are indeed as valuable as you think you are. Ask for candid feedback if you are not sure. Ask for a more generous severance package if you were wrong. People who tend to avoid asking difficult questions, generally do not fare as well as those who do ask such questions.


5. Focus. This is stressed so often in so many places by so many people that it has become cliché. But that doesn’t make it any less valuable. So, like so many others before us have said: focus, focus, focus.


6. Spend less. Spending money usually takes time and effort away from making money. It can substantially weaken your power base if you squander your financial resources and leave yourself dependent.


7. Increase your documentation habit. Writing or somehow tracking information in a permanent form dramatically decreases the need to remember stuff. It frees up tremendous mental capacity if we don’t need to rely on our memory for everything. In practice, those who document stuff well (from long term goals to short term stuff like contact information and item lists) tend to enjoy increased memory capacity.


8. Review meaningful stuff in a meaningful way. Find ways to immediately assess what you are doing so that you can determine what creates value. Then focus on it, and scrap the stuff that does not. Chances are that most of your value creation occurs in a relatively small amount of time. This works well with having good documentation habits.
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9. Take your best shot first. If you only had a day left to live and wanted to accomplish something meaningful, how would you approach the day? Don’t waste time fumbling around on unimportant or trivial tasks that won’t help you make an impact. Set the unimportant matters aside, focus on what matters and make the best move you can toward accomplishing what you need to accomplish to make your last day count.
   
   Use this same philosophy when it comes to increasing your income. If you have a good customer prospect or some opportunity to demonstrate a high value proposition to your boss or co-workers, don’t wait. Do it now. If it doesn’t work, you might still get another shot. And if it does, then you have just increased your income!

You might have noticed that some of these above things are slanted from a financial perspective. This is not by accident. There is a strong correlation between one’s income and his or her proximity to the financial aspects of the business or job. Owners, lawyers, accountants and top managers who tend to be involved with the financial aspects of life and business, tend to have much higher incomes than people who do not.

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Beware Of The Typical Forex Trading Scam (Forex in Philippines. A legal Scam)

by:pipking.com 

All rights reserved.

Its very easy for new forex trading investors to get taken in by some sort of forex scam or another. This can include just about any idea under the sun that scammers can come up with. Usually the realm of forex scams can include, software and e-books that guarantee a profit in the forex market, an unscrupulous market maker that spikes costumer accounts so they can get their fees, general false advertising, and even those with fake sites that just take your money and disappear.

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The nature of the currency market tends to leave new investors vulnerable to such scams,

simply because it fluctuates a lot and little is known about the market by the general population. Its up to investors to educate themselves on forex trading, just as they would before making any other investment if they expect to do well. This includes being aware of common scams. In 2001 the US Commodity Futures Trading Commission (CFTC) released nine tips investors in the forex market should keep in mind when looking for a broker:

Stay Away From Opportunities That are Too Good To Be True
Avoid Any Company that Predicts or Guarantees Large Profits
Stay Away From Companies That Promise Little or No Financial Risk
Be Wary of Trading on Margin Unless You Know What That Means
Be Wary of Those Claiming To Trade in the “Interbank Market” because Its Safer
Be Wary of Sending or Transferring Cash on the Internet, By Mail or Otherwise
Scams Often Target Members of Ethnic Minorities
Get the Company’s Performance Track Record
Anyone Who Won’t Give You Their Background Isn't Worth the Risk

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Many forex scams, as is common with other types of scams, rely on getting dollar signs to appear in their victims eyes in order to pull off the scam. If at any point in the decision making process you start to feel yourself getting overly excited by the prospect of making what seems like easy money, then set your plans aside for the time being and come back to them later. You'll be much calmer and in a better position to decide if the broker or deal you are interested in is really worth it.

One of the most common scams simply involves selling a product or system online that will guaranteed make you profits in forex trading. Be careful of online advertisements for these products, after all most of them contain information about the forex market that you can obtain by reading any other book on forex trading. It will give you information on the forex market if you are doing research, but it probably wont give you the guaranteed secret to success.

-SJF Insider Opinion.-

 Forex involves high risk . We consider this as SPECULATIVE INVESTMENT. The factors includes speculating the price movement based only on price without any proven fundamental factors. 

We also include price manipulation due to an unregulated market. We strongly suggest to consider other investment materials. There are lots of factors you need to do to earn in Forex.

 Love your money. Do not speculate. Learn the REAL INVESTMENT by calling 78.99.0.99 now

Attend SJF Seminars as we talk more about different  Investment Strategies and materials.

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Tips on how to save

To know more how you can manage your wealth,
CALL 78-99-0-99 (metro manila area) (+632 78.99.0.99) outside manila.

MSN Money.com

Modern technology helps us spend our money more easily, thanks to the instant gratification credit and EFTPOS systems facilitate. If you need to do the opposite: spend less or save, then some good old-fashioned money-saving tips might work for you.

I've trawled back to find some of the best tried and tested money management skills that should be revived. Granny managed money a hundred times better than any of her grandchildren by taking this approach:

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Spend only cash

Yes. Try a week or even a month without your credit or EFTPOS cards. Pay everything in cash and know that you've not gone into debt at the end of the month. Or if you've got direct debits set up for your rent and utilities bills and don't want to cancel them, you may want to spend cash only for non-essentials.

Put your change in a jar or even a piggy bank

At the end of each day empty the coins out of your pocket or purse and drop them in your see-through jar or piggy bank. Or give something up, such as cigarettes, wine, or even buying magazines, and put the money you would have spent in your jar and watch how quickly your jar fills with coins and the folding stuff.

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Use envelope budgeting

In the old days people received their pay in cash. Good money managers would then split it into envelopes for things like rent, mortgage, groceries, public transport or car expenses, saving and so on. There's nothing stopping us withdrawing our cash as suggested in tip number one, and splitting it into envelopes. Once each envelope is empty you know that you've spent all you can on that category and that any more expenses will have to wait until next pay. Make sure one of your envelopes has the following word on it: savings.

Go back to basics with your shopping

You don't need Mr Muscle or that fancy shower cleaner. There's no cleaning job that can't be done with baking soda, vinegar, methylated spirits, washing soda, or a combination of the above. Likewise, bypass any processed food in the supermarket. Our grandparents ate meat, vegetables, potatoes and bread back in the 1950s and were mostly healthier for it. Allow yourself just one luxury a week such as: ground coffee, muesli bars, Coca-Cola or juice, individually wrapped anything, boutique breads and so on. Not all of them.

Do your banking in person

If you've overspent it's all too easy to go online and move money from one account to another. If you have to go to the bank to do it, you might think twice.

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Budget

Oh yes. Find out how much you're over spending by and work out how much that works out per day. If you're over spending $2000(P100,000) a year that's $5.48(Approx P250) a day. There would be very few people that couldn't cut that out of their spending if they were honest with themselves. Then make a decision that will increase your income and you'll soon be saving not heading for financial Armageddon.

Be sustainable

Granny reduced, reused, and recycled without even thinking of her environmental impact. She made things last longer — even things that we consider to be disposable such as zip-lock bags. She even darned socks to give them another year's life out of them.

If you have no discipline you need radical changes to your approach to money management and granny's tried and tested ways might be the answer. There is no magic formula. You need to reach into yourself to make those changes.

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6 Reasons You Need a Wealth Management Plan

By ROGER WOHLNER,CFP

As a child my family went on a number of driving vacations. Before leaving, my parents generally contacted AAA and obtained a step-by-step series of maps of our planned route. Typically, each page depicted the route between two major cities: the route from Indianapolis to Louisville, followed by Louisville to Nashville, and so on.

Reaching your financial goals is like a trip. While there are many reasons you need a financial plan, here are six to get you started:

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If you don't know the destination, how will you know when you've arrived? A financial goal is something that has a time frame and that can be quantified. An aspiration such as a "comfortable retirement" is hard to plan for. The financial planning process will help you define and quantify your goals.

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Determining a proper investment allocation is critical. An outgrowth of your financial plan should be a plan for the allocation of your investment assets across all of your accounts. The allocation should reflect the goals you are trying to attain as well as your tolerance for investment risk.

Are you saving enough? Whether you want to fund your children's college education, save for retirement, or buy a new house, most financial goals mean periodic savings. The financial planning process will help you identify how much you will need to save periodically—and in total—for each of your goals.

What will happen to your assets upon your death? Most of us have someone to whom we would like to pass on whatever wealth we have accumulated during our lifetime. Estate planning is a central part of
the financial planning process. Do you need a will or a trust? Are your beneficiary designations on retirement accounts and insurance policies up-to-date? What would happen to your assets if you died today? Is this what you intended?

[See What is Investment  and Asset Management]

Are you properly insured? Do you have enough life insurance, and do you have the right kind of policy for your situation? Do you have disability and long-term care insurance? Do you need this coverage? A financial plan addresses all of these issues.

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Are you fully using all of the benefits available to you through your employer? This question addresses issues from health insurance all the way to your retirement plan to any types of stock options or company stock benefit you may have access to. Benefits generally range from 30 percent to 40 percent or more of your cash compensation, so understanding what is available to you and how to best use these benefits is crucial.

These six reasons barely scratch the surface of why you need Wealth Management. In general, the financial planning process can help you take a thorough look at all aspects of your financial life and organize them in the most efficient fashion for your situation.

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Finally, do you need to hire a Licensed Wealth Manager to do all this? My answer is yes, but I am severely biased. What a good financial planner will do for you that you cannot do yourself is to take an objective, unemotional look at your situation. He will then apply his expertise, training, and experience to your unique financial needs. One last (biased) suggestion: Always hire a fee-only financial advisor, someone who does not earn a commission based on selling you a financial product. This eliminates a huge potential conflict of interest.

Remember: Planning your Wealth and your future is not a one-time event, but rather an ongoing process. The plan is a base from which to make financial decisions, but the plan can and should change over time based upon changes in your personal circumstances.

What are some other benefits of Wealth Management Financial Plan? We'd love to get your thoughts—feel free to leave a comment below.

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From:http://money.usnews.com/
Visit: http://www.sanjosefinancials.com

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