Archive for the ‘Finance & Investing’ Category

How to Start a Tax Preparation Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

How to Start a Tax Preparation Business Business Overview:

If you’re looking for an opportunity to generate a great income working part or full time, consider learning how to start a tax preparation business. With an income tax preparation business you prepare and file income tax returns for individuals and possibly small business owners. Preparing income tax returns can be a time consuming and confusing process for most people, which is why many individuals prefer to have experts prepare their tax returns for them. By providing a fast and accurate tax preparation service you’ll be saving many people a lot of stress and hassle, allowing them to focus on other important areas of their lives. In order to run this business you’ll need to be trained in taxes and accounting. If you aren’t currently qualified in theses areas there are many courses that you can take to acquire the necessary skills in a relatively short period of time. Alternatively you could hire people to do the tax returns for you, and focus exclusively on marketing your company. With a tax preparation business there’s real potential to generate excellent profits. Many tax preparation businesses charge based on the number of pages that they have to fill out. Typically $15 USD is charged per page, so if you were to serve 20 clients each week (4 a day) at an average of $90 USD (6 pages) per return you would generate $1,800 USD per week. Most likely you will generate the largest proportion of your profits during the tax season (January to April if you live in the USA), although this can be supplemented by preparing quarterly returns for self-employed individuals and small businesses. As we’ve seen, starting a tax preparation business can clearly generate a lucrative full time income, but you could also run this business part time. Another attractive feature to this business idea is that you can easily run a tax preparation business from home, be it on a full time or a part time basis. In order to make your tax preparation service a lucrative success, you’ll need to ensure you provide a fast and accurate service. Your clients will value you highly for preparing their tax returns quickly and accurately—and by doing so you’ll earn repeat customers. As a result you’ll increase your profits further down the line because you won’t need to invest as much in marketing and advertising to win customers. With this in mind, you may also choose to invest in tax return software. While you can complete your tax returns by hand, using tax return software will increase your accuracy and efficiency while giving your service a more professional image and further enhancing customer satisfaction.

A Day in the Life of a Tax Preparation Business Owner:

As a tax preparation business owner your primary focus will always be to quickly and accurately prepare and file your clients’ income tax returns. Therefore, the first thing you will do on a typical day will be to review the tax returns you have to complete for your clients, and to get straight on with preparing and filing them—with the goal of completing them the same day. Alternatively, you may have chosen to hire people to complete the tax returns for you. In this case a typical day will be spent focusing on identifying new opportunities to market and grow your business.

About Your Customers:

Your customers will be individuals looking for help with their tax returns and possibly small business owners as well.

What You Need to Start:

  • Tax preparation qualifications (or you could hire people who are experts in taxes and accounting to work for you)
  • Tax return software (recommended, but not essential)
  • Advertising (i.e., website, phone book, flyers, brochures, newspaper advertisements, networking, etc.)
  • Computer and printer
  • Business license
  • Business insurance
  • Tax preparation business plan
  • Financial tracking software

The Good:

  • It can be very lucrative—20 clients a week can generate $1,800 USD per week.
  • You can run this business from the comfort of your own home.
  • You could choose to run this business part time.
  • You can train relatively quickly if you’re not an expert on taxes and accounting.
  • You could hire people to do the tax returns for you.

The Bad:

  • Preparing and filing tax returns can become repetitive.
  • A large proportion of your profits will be made during tax season (January to April in the USA), so your business may dip during non tax season (though this can be supplemented by preparing quarterly returns for self-employed individuals and small businesses).

Resources:

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Start a Credit Counseling Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Start a Credit Counseling Business Business Overview:

If you’re good with budgets and enjoy helping people solve problems, you should learn how to become a debt counselor and start a credit counseling business. Regardless of the state of the economy, people will always overextend themselves financially and need professionals to help them figure out what their options are. If you don’t already work at a debt counseling firm, you will need to learn how to become a credit counselor. Since you will be working with customers on a plan for how to pay off their debt, it’s helpful if you have some counseling experience. You’ll also need to be familiar with debt consolidation loans, how to lower monthly interest rates and how to steer clear of bankruptcy (which means being well versed in bankruptcy law). If you don’t have these types of skills but see the value in this type of business idea, you can hire experienced credit counselors to work for you. When you research how to start a credit counseling business, you’ll see that you have the option of seeing clients locally and in person or making your counseling services available via email and phone. In either case, you should have a website populated with as much information as possible about options for getting out of debt, budget worksheets, tips on dealing with the IRS, etc. Outline your rate chart and meet with clients in your office or over the phone. It is likely that you will need to meet with a single client several times (once a month for six months, for example) to monitor their spending and debt reduction. You can charge by the meeting or offer package deals that include a certain number of meetings over a certain period of time. Some clients will need more help than others so it’s important that you are flexible with your schedule and your rates. If you have counselors working for you, they can work in your office or if your business is online only, they can work from their homes as well. As you are able, branch out to include services that help people modify their spending habits so as to avoid having debt problems. With excellent advice and continued encouragement to your customers, credit counseling can be one of the most rewarding online business ideas you can start.

A Day in the Life of a Credit Counseling Business Owner:

If you operate your business in an office, you will arrive before it’s time to open for the day and check your schedule for any appointments. If you operate online only, you will also have appointments throughout the day, but they’ll be strictly on the phone. In either case, if you’re meeting with a new customer, you will arrange for them to receive basic how-to instruction regarding lowering their spending. You will collect spending information from them and discuss ways to cut out some of their “wants” while leaving enough funds to take care of their “needs.” You will give them some “homework” and schedule their next meeting. If you’re meeting with a returning customer, you will review their spending and budgeting charts and discuss how their spending habits have changed since your last meeting. You will help them lower interest rates by either contacting creditors directly or advising them on how to make that contact.

About Your Customers:

Your customers will be individuals who either have major debt issues or are worried about going too far into debt. They are in need of professional help to get them out of debt or keep them from getting into debt.

What You Need to Start:

  • Experience in debt counseling or a staff of counselors
  • Membership in credit counseling association (optional)
  • Storefront and/or website
  • Marketing materials
  • Worksheets, pamphlets, etc. for customers to take home and review
  • Computer with spreadsheet and finance software

The Good:

  • Credit counseling services will always be in demand.
  • If starting this business online, start-up costs are minimal.
  • You can hire skilled credit counselors if you are not qualified to offer counseling.
  • It is highly rewarding to help people get out of debt.

The Bad:

  • There can be ebbs and flows in this business depending upon the economy.
  • It can be emotionally challenging working with people and their debt.

Resources:

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Starting Your Own Stock Day Trading Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Starting Your Own Day Trading Business Business Overview:

Starting your own stock day trading business may be the perfect venture for a licensed money manager but you must have a day trading business plan first. As you know if you are in finance, this industry is heavily regulated and without a good plan, you could not only fail as a small business but you could run into legal trouble as well. Day trading is defined as the buying and selling of stocks or other financial instruments within one trading day so that the positions are closed before the market closes each day. Typically, day trading is done by licensed employees of banks and fund companies but with the ease of trading over the Internet, day trading has become more popular with unlicensed home traders. These independent day traders use their own money so they do not have to have any special licenses and are not subject to SEC (Securities and Exchange Commission) regulation. But when you start handling the money of clients, that’s when all the rules kick in. To trade stocks, you must hold a Series 7 license (General Securities Representative) as well as a state license for each state in which your clients live. Additional licenses are required depending on the level of service you plan to offer. If you will be advising your clients on money managing, you will need additional licenses. These licenses are overseen and administered by the FINRA (Financial Industry Regulatory Authority) which works closely with the NASD (National Association of Security Dealers), the administers of the Series 7 exam and regulators of the NASDAQ. Assuming you are fully licensed and skilled at trading stocks, futures, stock options and currencies, starting a business of your own could be one of the best business ideas available to you. You wouldn’t want to take any clients from the firm you currently work for so you will need to market your services to clients who are only interested in day trading and are looking for short-term investments. This is why having a business plan is so important since you will need to fully develop your business model including how many trades they can expect you to perform each day, what your fee structure looks like, how much money you are comfortable dealing with, how you will properly protect yourself in the event of a “bad day” and thus, the loss of clients’ money, etc. You will need to ensure your clients are well aware of the high-risk environment of day trading. Have a policy in place that allows clients to put more money into their accounts and take money out so that it does not interfere with your money management plans any given trading day. Since there is so much regulation with this industry, you may want to hire a professional firm to help you draft your business plan. Be sure the firm is aware of financial industry regulation so you are fully protected and are following all the rules. With the right plan, excellent trading skills and proper communication with your clients, you may be able to turn this part-time online business idea into a full-time business with a long list of happy clients.

A Day in the Life of an Online Day Trading Business Owner:

You will begin your day well before the US markets open (although you can also trade on the exchanges in other countries – FTSE in the UK, Nikkei in Japan, etc.) to see what the futures are and what the “buzz” is on certain companies’ stocks. Depending on how many clients you are trading for that day, you will need to have a general plan for each one each day. This plan will obviously change depending on how certain stocks do throughout the day. You will spend your day watching multiple computer monitors displaying the stocks you (your clients) are invested in. If they go up a certain amount, you will sell. You will also watch other stocks and wait for them to get to a certain low point and you will buy. At the end of the day you will contact your clients to let them know about the day’s activity and see if they want to take money out or put more money into their trading accounts.

About Your Customers:

Your customers will be individuals with money to invest who want the immediate results day trading can provide but perhaps don’t have the confidence or knowledge to day trade themselves.

What You Need to Start:

  • Proper financial licenses
  • Business plan
  • Computer with several monitors
  • Accounts with various brokerage companies (E-Trade, Scottrade, etc)
  • Extensive bookkeeping software or another method of keeping meticulous records of your activities since you are subject to SEC regulations

The Good:

  • For a licensed trader, this is a great opportunity to hone your skills.
  • You can offer investors the thrill of day trading.
  • If you communicate the risks properly, your clients will keep giving you more money to trade with, thus increasing your profits from the fees they pay you.
  • You can run this business from your home office.
  • You can operate this business part-time although you will need to work the entire trading day (North America markets: 9 a.m.–4 p.m. ET, Europe: 3 a.m.–11:30 a.m. ET, Asia: 8 p.m.–3 a.m. ET).

The Bad:

  • This is a highly risky method of investing. If your clients are not made fully aware of this, they may pull out their money prematurely.
  • It is a high stress work environment that requires you to essentially sit at your computer for up to eight hours at a time.

Resources:

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How to Start an ATM Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

How to Start an ATM Business Business Overview:

If you’re looking for a business with outstanding income potential that requires very little daily work, you should learn how to start an ATM business. ATMs—automated teller machines—allow banking customers to access cash from their checking, savings or credit card accounts at any time of day or night without having to interact directly with the bank. Most of these machines charge a service fee to withdraw cash. Part of this fee goes to the bank from which the cash is withdrawn; the rest of the fee goes to the operator of the ATM machine. With just ten transactions per day with a surcharge fee of $2, that’s $600 USD per month. Depending on the location, there can be dozens of transactions on a single machine adding up to thousands in profit each month. And that is just from a single machine. Imagine having several ATM machines placed around town in high traffic areas like hotels, bars, movie theaters and sporting arenas. It doesn’t take long to realize that owning ATMs is one of the most lucrative business ideas you can start. ATM business plans can be found online or you can get one professionally written. It’s important to have such a document in place before you go too far with this business as there are many options you will need to sort out. You can buy an ATM franchise or start your business from the ground up. A franchise comes with training and support but limits your freedom in choice of location and will cost at least $25,000 USD. Going it alone will cost less but you are responsible for machine maintenance yourself. Other decisions include whether to lease or buy ATM machines. Leasing will cost about $100 USD per month while purchasing a machine will cost somewhere between $3,000-6,000 USD depending on manufacturer and model. You will make more money if you own your own machines (a portion of the surcharges generated from leased machines go to the machine owners) but you are responsible for their repair. Next you must decide how you will stock your machines. Stocking with personal cash is the most profitable since borrowing from a bank comes with finance charges and other fees. The fees charged by banks pay for transporting of the cash in armored cars with armed security personnel. Depending on the location of your machines, having this type of security may be worth the extra cost. How often you visit your machines will also depend on their locations and how much cash you stocked them with. Some machines have online access available so you can monitor the cash level remotely. But if you the one actually stocking the machines with cash, you can expect to visit each machine about once a week. Finally you will need to insure your machines. This can be costly but it is essential to protect your machines and your investment.

A Day in the Life of an ATM Business Owner:

If your machines are already in place, you will travel to your ATM machines to check their supply and ensure they are working properly. If the cash supply is low, you will need to get more cash and take it to the necessary machine(s). If you are working with a bank to supply cash, you will contact your bank representative and have their security personnel deliver replenishment funds. You will check your bank statement regularly to see your profits being deposited.

About Your Customers:

Your customers will be individuals who use ATM machines in various locations to withdraw cash.

What You Need to Start:

  • Business plan
  • Location(s) for your machine(s)
  • ATM machine(s)
  • Plan for stocking the machine
  • Relationship with bank (if not stocking machine with your own funds)
  • Bank account tied to the ATM machines
  • Computer with finance software

The Good:

  • The potential for profit with this business is extremely high.
  • Once in place, very little work needs to be done.
  • You can purchase one or many machines depending on your investment ability.
  • You can check and restock your machines anytime you like (depending on the hours of your locations).
  • You can easily run this business part-time.

The Bad:

  • Startup costs for this business are high.
  • Without a high-traffic location, your profits will suffer.

Resources:

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Critical Facts to Know Before You Start a Debt Settlement Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Start a Debt Settlement Business Business Overview:

If you’ve got a mind for numbers and a desire to help people escape financial devastation, why not be your own boss and start a debt settlement business? This business idea is straightforward, but you will definitely want to do your homework because there are many rules and regulations that need to be followed. You will have to understand the ins-and-outs of the credit industry and what methods you can use as a debt settlement business in order to best help your clients. You’ll also need to find a reliable back-end debt settlement provider to work with, and you will want a solid understanding of how your company will be compensated (often a set fee or a percentage of your client’s forgiven debt). If this seems daunting, just remember that you can start off slowly and build your business as you gain experience. Plus starting a debt settlement business is inexpensive and it can be run from your own home office. You can take on a few choice clients or open your proverbial doors to a full-time enterprise through advertising and customer recommendations.

A Day in the Life of a Debt Settlement Business Owner:

Once you’ve got a few clients to work with, you will want to keep in contact with them so that they know you’re working to help them remedy their financial problems. Since they were in enough of a bind to hire your company’s service, they will likely be stressed and so close support from your company will be appreciated. You will also want to work closely with the back-end debt settlement provider; this company will help you negotiate payments and all the fine-print of the settlement and so they will be a crucial player in your business success. You will also want to keep abreast of any changes to the regulations in the industry and any fluctuations in the credit market that might affect your clients. Finally, keeping track of your own company’s finances will be part of your daily or weekly business tasks.

About Your Customers:

Your customers will be those individuals or families (or even other businesses) who are facing financial difficulties and who need to reach a compromise. The job of your company will be to determine the details of this compromise between your client and their creditors.

What You Need to Start:

  • A business license and insurance (if needed in your area)
  • A solid understanding of the credit industry
  • A relationship with a back-end debt settlement provider
  • A well-run home office
  • Advertising for your business

The Good:

  • The business is scalable and can be run from your home office.
  • You will be providing a valuable service to those in financial difficulty.
  • It can be a challenging and rewarding business.

The Bad:

  • While it can be lucrative, the business does have its earning limits simply because your paying clients are the ones in financial trouble. It’s often fee-based and so there is a finite profit based on the number of clients you accept.
  • Some states have very tight regulations on businesses of this type because there is the potential for abuse and unethical practices.

Resources:

Start This Business Today:

To start a debt settlement business today, we recommend you purchase Five Steps to Know Before Starting a Debt Settlement Business. This go-to manual for entrepreneurs outlines the business, offers practical advice, and gives step-by-step startup instructions to budding businesspeople. For more information, or to purchase this HIGHLY RECOMMENDED product, click here.

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How to Start a Bail Bond Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

How To Start A Bail Bond Business Business Overview:

If you are interested in owning a unique, highly lucrative business, you should consider learning how to start a bail bond business. Whether you are a former law enforcement officer or are just interested in helping to uphold the law, the bail bond business might just be the business idea you’ve been looking for. Unfortunately, there will always be criminals but there is a big business opportunity out there for someone interested in becoming part of the criminal justice system. If you’ve wanted to know how to become a bail bondsman, there are a few things you should know. A bail bond is the percentage of the bail set by a judge required for a person to be released from jail until his or her trial. The amount of money made by a bail bondsman varies depending on how much bail is set for and how many clients are taken on. A bail bonds business owner usually hires a bounty hunter, or bail enforcement agent, whose job it is to locate people who skip out on their court dates. Since the bail bondsman is liable for the money paid to the court for the suspect, it is in his best interest to find the person and turn him in. The first thing you should do when researching how to become a bail bondsman is to create a good business plan. This will keep your business on track and you will know how many clients you can take on at a time. You will also want to research your local bail bond laws and learn how to become a bounty hunter or else hire one (or more) to work for you. It should be said that bounty hunting is only legal in the United States and in the Republic of the Philippines. In most other countries, bail is set much lower so bail bondsmen are not necessary and standard law enforcement is used to recover suspects. However, where legal, the bail bond business will always be booming and for the right person, it can be a lucrative endeavor.

A Day in the Life of a Bail Bond Business Owner:

Your days as a bail bond business owner will vary greatly depending on what your clients are doing. You may be heading to the jail to pay a suspect’s bond, and therefore picking up a client. You may have to go out and track down a runaway suspect who skipped his court date or hire a bounty hunter to do this for you. This business is definitely exciting and rewarding. No two days will be the same.

About Your Customers:

Your customers will be people who have been arrested and who cannot afford their bail.

What You Need to Start:

  • License
  • Business plan
  • Knowledge of your state’s laws
  • Marketing plan
  • Background checks for bounty hunters and other employees (if applicable)

The Good:

  • There will always be a need for the bail bond business.
  • Start up costs are low.
  • Recovering suspects is highly rewarding.
  • Different challenges are presented every day.
  • The bail bonds business is not a boring 9-5 office job.
  • The work is very exciting.

The Bad:

  • The hours may be long and irregular.
  • Without a good bounty hunter, the bail bonds business can be financially risky.

Resources:


Start This Business Today:

To start a bail bond business today, we recommend you purchase How to Start a Bail Bond Business. This informative guide will tell you everything you need to know about starting a bail bond business and becoming or hiring a bounty hunter. Just a few topics are how to secure licensing, industry organization, how to best advertise your business and much more. For more information or to purchase this HIGHLY RECOMMENDED book, click here.

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An Unusual Way to Enter the Real Estate Investing Business: Pre-Foreclosure Real Estate

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Real Estate Investing Business, Pre-Forclosure Real Estate Business Overview:

It’s no secret that the real estate investing business can be lucrative when done right, and now is the time to learn more about pre-foreclosure real estate. The key word here is “learn” because in this business there is truly a fortune to be made, but there is also a great deal of risk involved. As a pre-foreclosure real estate investor, you will be purchasing properties either from the owner who cannot afford to make mortgage payments on the property, from the foreclosure auction, or from the lender if they repossessed the property. Often you get a fantastic price for the property, but you get absolutely no guarantee about the property you’re buying. That means no structural inspection and no guarantees that the property isn’t marred by legal problems. Don’t forget, you still need to turn these properties around for a solid sale profit. For these reasons—and many more—you must know what to look for (and what to look out for) when investing in pre-foreclosure real estate. Beyond the need for a thorough understanding of the business, you will also want to learn more about where to locate these pre-foreclosure properties and everything you can about the neighborhoods where you find them. In this way, this business idea is perfect for hiring employees to keep up with these details while you focus on closing the big deals. Whether you choose to farm out some of the details or do it all yourself, the rewards of this business idea can be extraordinary.

A day in the life of a pre-foreclosure real estate business owner:

It can probably be said that this business has a constant learning curve so much of your free time will be spent keeping up with the changing real estate market. You will want to start each day with a scan of your real estate sources to determine if there will be any pre-foreclosures coming on the market. You will also want to maintain good relationships with any contacts you make in the real estate lending business. Some of these tasks can be delegated to employees, but you will certainly want to be present on days when a sale will go through. Finally, you will want to make sure your own finances are on track to continue your business successfully.

About Your Customers:

In the pre-foreclosure real estate business, you are ultimately the customer. You’re the one buying something, but you can consider the people you deal with customers to a certain extent. These include the property owner who is in pre-foreclosure and the lender who is trying to ensure they get the most money for the property without taking a loss.

What You Need to Start:

  • Some initial investment funds to work with
  • A thorough understanding of the business
  • Contacts to help you find pre-foreclosure properties
  • A lawyer contact for real-estate closing or to answer any questions you might have

The Good:

  • You can make a very good profit on each pre-foreclosure property you buy and sell.
  • You can decide how many property “flips” you want to tackle in any given year.
  • The business is perfect for hiring a few employees to work for you.

The Bad:

  • The amount of information you need to know can be overwhelming.
  • If the deal doesn’t go as planned, you could face a loss.

Resources:


Start This Business Today:

To start a pre-foreclosure real estate business today, we recommend you purchase Unlock the Hidden Wealth in Pre-Foreclosures. This truly comprehensive guide comes with important forms and multiple sections that can help you succeed in the pre-foreclosure real estate business. For more information or to purchase this HIGHLY RECOMMENDED book, click here.

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Wholesaling Houses: A Great Entry into Real Estate Investing

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Wholesaling Houses Business Overview:

We all know that real estate can be a good business investment, but did you know that wholesaling houses can be highly profitable and requires no investment? First, a primer on what wholesale real estate investing actually means. You might hear this business referred to as flipping property because that’s essentially what you will do. The initial goal is to find someone selling a home at a very low price, a motivated seller is usually what they’re called. Sellers can be very motivated for a variety of reasons—death, divorce, business relocation—and they need to get their house sold fast, hence the deep discount. Next, you’ll need to have a motivated buyer—not likely a newlywed couple looking for their dream home, but another type of real estate investor. This buyer will expect a very competitive sale price, but usually understands renovations might be needed before they can sell the house for pricier market standards. If you’re flipping houses for profit, you’re the person in the middle of the seller and the buyer, you’re the matchmaker. As a result, you need no money to make your “relationship” work. You simply collect your profit from the buyer, who you helped to find a great investment property, at the closing of the sale. This profit can run the gamut from a couple thousand dollars to tens of thousands of dollars, depending on the property. With profits like these, this is a business idea you must learn more about; your freedom from the daily grind could be literally just around the corner.

A day in the life of a wholesaling houses business owner:

Your daily goal as a businessperson who flips houses for profit is to create relationships that help you find properties with highly motivated sellers. You or your employees will have to be on the lookout for these gems every day, although establishing relationships with people who know early that these houses will be for sale (think: divorce lawyers, bankers, etc.) can make this part of the job much easier. Then you will have to touch base with the seller and explain your goal in helping them sell their property quickly. Perhaps before you even contact the seller you will want to have a list of investors who you know are looking for houses to buy at great prices. Then your goal will be to connect the buyer and the seller and hope they will strike a deal. On a good day, you will be attending a real estate closing where you will collect your profit.

About Your Customers:

Your customers in the wholesaling houses business will be twofold: the seller and the buyer. This puts you in a unique position, but your actual profits will come from the buyer, so that’s your true customer. You will be working with the real estate investor (the buyer) to ensure he gets a good price and you get your assignment fee.

What You Need to Start:

  • An understanding of the business
  • A property being sold for a very discounted price
  • A real estate investor looking for a property to buy at a very discounted price

The Good:

  • There is little to no initial investment to start your business.
  • Profits can be very high.
  • You can build your business as quickly as you want.
  • You can hire employees to do most or all of the work.

The Bad:

  • You have to know how to grab these properties before others do.
  • You have to know real estate investors who will buy the property.

Resources:


Start This Business Today:

To start a wholesaling houses business today, we recommend you purchase Wholesaling Houses. This complete guide offers invaluable information on how to get into the business and how to achieve success in the business. For more information or to purchase this HIGHLY RECOMMENDED book, click here.

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The Essentials You Must Understand Before Starting a Domain Name Flipping Business

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Domain Name Flipping, Virtual Real Estate Business Overview:

If you enjoy working on your computer and are looking for a great startup business, you should consider the virtual real estate business of domain name flipping. Also known as domain name speculation or web site flipping, domain name flipping is an online business idea that involves the practice of purchasing a domain name with the intention of selling it quickly for a profit. There are currently over 150 million active domain names on the Internet and a quick Google search will turn up dozens, if not hundreds, of domain auction sites. New businesses are popping up on the Internet everyday and these businesses need domain names. If you know what types of domains are the most valuable, domain name selling can turn a $7 purchase into a $300 sale. That’s a pretty hefty return on investment. If you would like to make “domain name profit,” and tap into its huge potential, consider investigating this fascinating business idea.

A day in the life of a domain name flipping business owner:

A typical day for a domain name flipping business owner will start with a check of all your domain names currently for sale. Look at bids on your auction sites and monitor their progress. If any auctions are set to close, you will need to work out payment with the buyer. Next you will need to look at the auction sites where you buy new domain names. Find some that match your criteria for value and make those purchases. In some cases, you will need to modify the sites associated with the newly purchased domain names before putting them back on the market. Some you can simply turn around and put right back up for auction. You will also spend time checking your finances to make sure you are on track with your goals for your new business.

About Your Customers:

Your customers typically will be small business owners who need the rights to a domain name for their business. You may also sell domain names to individuals who are looking for just the right name for their blog.

What You Need to Start:

  • Computer
  • High-speed Internet connection

The Good:

  • Demand for domain names is high.
  • Start up costs are low.
  • Return on investment is high.
  • Very little technical knowledge is needed.

The Bad:

  • If you purchase the wrong type of domain names your profit margin will be low.
  • If you are unfamiliar with domain name flipping, it can take some time to get your business going.

Resources:

Start This Business Today:

To start a domain name flipping business today, we recommend you buy Fast Domain Riches. This comprehensive guide will give you all the information you need to get your business up and running including what types of domain names are most valuable, how to get free automated software, how to properly list your domains on auction sites and much more. For more information or to purchase this HIGHLY RECOMMENDED guide, click here.

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Virtual Real Estate: What You Should Know When Buying and Selling Websites

Looking for Capital to Start Your Business?

Are you wondering how to obtain small business financing so that you can turn your dream business into a reality? Would you like to know the best ways to obtain small business loans? Or maybe you want to know more about angel investors or venture capitalists. We highly encourage you to read our review of three solid resources that can help you with your new business financing in our article, Small Business Financing: How to Obtain the Capital You Need to Start Your Business.

Virtual Real Estate, Buying and Selling Websites Business Overview:

If you want an online business with a high profit margin, consider buying and selling websites, also known as the virtual real estate business. The art of selling websites is an extremely lucrative business idea and it is very easy to do. All you need is a computer, a few hours a week and some tips from experienced “realtors” to get started. Did you know that there are hundreds of ready-made websites for sale online everyday? There are also many free resources that can easily and quickly be turned into websites and sold for a high profit margin. If it’s so easy and profitable, you may be wondering why everyone doesn’t buy and sell virtual real estate. As it turns out, this is a little known entrepreneurial option and you can be one of the first to make thousands of dollars starting your own virtual real estate business. It’s a great online business idea considering you need few marketing or technical skills and it will only take a few hours a week to turn a decent profit.

A day in the life of a virtual real estate business owner:

A typical day for a virtual real estate business owner will start with a check for any new websites that can be bought at a relatively low price. Once you have educated yourself, you will know what to look for as far as price and quality in order to “flip” it and make a profit. You will also need to work on any current projects and get them ready to put back on the market. Finally, you may spend a little time every day searching for free resources that you can acquire in order to re-market them in a different format.

The Good:

  • The return on investment is huge.
  • The number websites available to flip is virtually unlimited.
  • You can locate free material and make 100% profit by reformatting it.
  • There are no supplies to buy.
  • You never have to leave your home to run this business.

The Bad:

  • If you’re unfamiliar with the virtual real estate market, it may take a little time to get educated with the process.
  • Building up your client list can take some time and patience.

Resources:

Start This Business Today:

To start a virtual real estate business today, we recommend you buy Virtual Property Tycoon. This kit will give you everything you need to know to get started in the virtual real estate business including where to find websites to buy, where to find free products to turn into profit, legal loopholes that will make you money, and much more. For more information or to purchase this HIGHLY RECOMMENDED kit, click here.

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