Commercial Loans – Take All Aspects In Consideration

As the saying goes, taking a loan is easier than surviving with it. A shrewd businessman is one who borrow but with an eye to repay it as soon as possible. Sometimes, business requirements arise because you get a new business order hat is hard to manage within your own business funds. You obviously cannot afford to lose big business opportunity only because the funds are not there.

These and other similar situations force you to take help of external sources of financing. These sources may be temporary or permanent, depending on the nature of funding. Large body corporate often have huge financial needs, and therefore, they resort to public financing by inviting deposits or going for a ‘rights issue’ meant for the existing shareholders. On the other hand, a new business concern or sole proprietorship undertaking would obviously not be able to take benefit of that sort – neither are these meant for them.

Before applying for commercial loans, first of all decide the type of debt financing that your business firm will be comfortably able to get. If you do not own any property in the name of firm, secured commercial business loans are out of question. You will have to rely on loans that do not require any security. These loans will offer you a limited amount – upto £25,000. The interest rate is likely to be little more than what you can get by pledging some property. The amount of loan that you can qualify for can be increased by involving some property in the loan transaction.

The 10 Mistakes to Avoid When Launching an Online T-Shirt Business

Here are my Top 10 Tips on mistakes to avoid when launching your Online T-shirt Business.

1.Understanding your target market. Often people think they can be everything to everyone however knowing every detail about YOUR specific target market is one of the keys to success. From their age, gender, interests, friendship circles, what they read, what websites and forums they look at, what clubs they attend etc. This will come in handy when you’re starting to sell your t-shirts and for target marketing.

2. Set realistic goals about what you want to achieve and the money you would like to make. T-shirt success does not usually happen overnight but rather over a few years. Be realistic with what you can achieve. For example; one goal may be print 50 t-shirts by a certain date. Another goal maybe to sell at least 25 t-shirts to stores by a certain date. Set goals by month so you keep on track and stay motivated.

3.Know when to hold and know when to fold. You have to own your mistakes. It’s important that you recognize if a t-shirt is not selling, then try to sell in a different avenue such as eBay or Etsy and move on. It’s not worth pushing something that’s not working. Every retailer has best sellers and worst sellers and when they don’t perform, they are marked down and new product is ranged.

4. Knowing how much money you should invest. In my experience, the best advice is work out an estimate of how much you think it will cost initially to start your business and then double it, as this is probably more realistic. People forget about the smaller things such as postage, shipping costs, petrol, website hosting etc. These little things add up.

5.Test your product before you start to heavily invest. This is an important one and given the current Internet opportunities that are out there, it’s easily achievable. If you can make some customized t-shirts from an online website then you can see if people are liking what you are doing. Get your product in photos, organize competitions, give samples to friends to wear and use social websites to show off your t-shirt designs. There are many things you can try, to see if your style works and people like it.

6.Take your time when making important decisions. We are human and we can be impulsive and make quick decisions that may not be the right ones for us. Business is quite tough these days, people will want to rush you and will say anything to try to get you to commit so they have an order. Take your time and weigh up the pros and cons and be informed. Do your research and then make the decision – it will end up saving you time and money!

7.Some opportunities are sometimes not worth it. When you are starting out, you will come across people who will try to challenge your pricing, product and brand. For example, an online retailer may want your product but will only order it, if it’s $10 less than your current wholesale cost. If you are making little or no margin on a job, it is OK to say no. In my experience, be willing in some cases to achieve a lower margin, if it means you will get more business from it. Sometimes it’s a marketing exercise that is well worth the cost cutting.

8.It’s OK to start small. I know myself that as soon as I get a great idea in my head you think ‘that’s it!’ I then start going crazy and spending loads of money. You may buy a machine or other equipment that is quite expensive. Take your time, test different processes and then decide which way you want to go.

It’s really important that you do some samples and see the results first before investing a lot of money into equipment and other things that may not be want you wanted after all.

9.Do your homework. If you’re thinking of investing in a printing machine, then look at all the costs associated with this process. It’s usually not that clear cut and you will find that there will be inks or paper for example, which cost a lot of money and you had not accounted for it.

10.You will be your own Boss! As much as this is super fantastic and you can’t wait to be the boss, there are also average tasks as well. You are the only person that can answer to customer complaints and any issues that come up when running the business. It would be great to become part of a network or forum for weekly support. As a single person boss, you also have to start to know everything about anything; from taxes to sales, marketing to design, from dealing with stores and selling online. You have to be able to master and wear many hats that in my opinion can be quite challenging but also exciting.

How to Name Your Product: Giving Your Product a Compelling Brand Name

Were you ever been caught in a situation where you have a great business idea but you’re clueless on where to start? You have a great product or service, and you firmly believe that this will be the next big thing. But then you ask yourself, “How shall I name my product?”These are hurdles that hinder aspiring entrepreneurs to transform their ideas to reality. Branding can be daunting task. And if not done right, it can significantly tarnish your brand image. Creating a name with the perfect fit is a challenge for most us. Choosing a name requires an exhaustive research and usually consumes a lot of time. A brand name is one of the most powerful piece of messaging. It’s also one of the most ubiquitous components of any branding program.A research conducted by the Japan Economic Times reveals that out of 139 marketing professionals, a majority said that the brand name is the most important element in branding. More important than the slogan and the logo. Moreover, According to Al Ries, a world-renowned author and a marketing strategist:”Your name stands alone on the internet, so you better have a good one.”- Al Ries, The Law of Proper NameDue to the complexity of the branding process, people come up with their own strange ideas to cut the chase.In Egypt, a couple named their firstborn daughter “Facebook”. They were inspired by the role Social Media in the Jan 25 2011 revolution in Cairo’s Tahrir Square. The father, Jamal Ibrahim, was so happy with Facebooks’s role in organizing protests in Tahrir Square and the nearby cities. He named his daughter “Facebook Jamal Ibrahim.”Filipinos on the other hand, are such creative lads. They never run out of ideas. They can come up with a plethora of permutations combining their children’s first names. They always show off an uncanny output. Examples are Rubylyn Bakeshop (names Ruby and Lyn combined) and Lilyma Enterprises (Lily and Mario combined), just to name a few. In the eyes of the owners, that’s the best brand name ever created.Though they were relieved from going through the tedious branding process and avoided paying off the Branding expert’s hefty fees, this tactic is ephemeral. This may work locally, but will eventually falter when the product reaches the international scene. So if you want to build a great brand, don’t name your dog Blackie. Don’t just be creative, be smart. Always anticipate that overtime, your brand will go global. It pays to be ready.OK, let’s get into it.Here are the 3 characteristics of a great product name:1. Limit your name to under 10 characters.Using about 6-7 chars to a name is ideal. Of course, there will be exceptions. This is not carved in stone. There are some great brands that are longer that 10 chars. Like National Geographic, Harley- Davidson, and Coffee Bean and Tea Leaf (CBTL). However, overtime these long brand names discovered the benefits of using a shorter version of their names via abbreviation or the use of acronyms. Network Solutions eventually bought Netsol.com for ease of use. Ergo, if you can create a short name early on, the better. Shorter names are ideal for so many reasons:

It’s easy to remember,

Easy to type when people search in Google.

Easy logo placement in advertising mediums.
2. Remember “USSR” – Unique, Easy to Say, Spell, and RememberUniqueIt’s a noisy world. We are bombarded with more than 300 messages a day. How will you stand out from the sea of advertisements? One way to be distinct is by combining root words like Facebook, Scotch Tape, Band-Aid, Post-it, etc.Portmanteau defined:”Portmanteau is the combination of two or more words into one word.”Some well-known brand name portmanteaus are Microsoft, Groupon, and Amtrak. You can tweak and blend words like Netflix, Pinterest, Kleenex, Tweeter, and Krispy Kreme. Use abstract names. The likes of Xerox, Zipper, Jacuzzi, Velcro, Taser, and Kraft, these became big brand names. Avoid using hyphens or prefixes like “my”, “super” or “the” then attaching the company name. Stick with root words whenever possible. Cut the prepositions.Easy to SayIt is easier to ask for a product, when you’re at the shops, if the name is easy to pronounce. For example, take Façonnable (fa-SON-ah-bluh), the French apparel brand. This is challenge to pronounce and difficult to remember.Easy to SpellYou don’t want to use the color Fuchsia as part your brand name. No matter what I do, I can’t spell this right. This will also complicate your optimization efforts in Search Engines (SEO). More of this in another article.Easy to RememberThe most memorable way to name a brand is by using alliterations.Alliteration defined:”Alliteration is the repetition of a sound in multiple words.”Great examples are Johnson & Johnson, Gumgum. And we have our share on this. Our very own Nognog – a famous brand of deep fried crunchy corn during the 80′s and 90′s that’s loved by everyone. This became a staple in every drinking parties. Another of course is Tira-Tira. An elastic, chewable candy made from sugar and coconut milk. This candy became every kid’s favorites because of its sweet taste and chewable nature. The Pinoy ingenuity never fails to impress.3. No negative connotations.Here are some words, when translated to another language or used in other forms, may connote a different meaning. So make sure you choose a name that’s not offensive to others.Ex. P&G launched a new soap in the US named “Dreck.” “Dreck” sounded like a German word for dirt, garbage, body waste and a four-letter expletive that cannot be published elsewhere.In Japan, automakers have marketed the Mazda Laputa. Unfortunately, these brand name will not sell to Spanish-speaking countries where “laputa” means “the prostitute.”Similarly, during the 1950s, there was a Swedish car magazine named “Fart.” “Fart” is a Swedish word meaning “speed.” Though is OK in Sweden, this would cause considerable embarrassment when the magazine goes international.You should also consider how people will relate to a name’s meaning. Pen Island, when used as a domain name (penisland.com), is not acceptable and will be obscene to others.In other words, naming your product doesn’t have to be that onerous after all. Just follow these simple guidelines, know your product, do a little research and there you go. You can create a compelling brand name in a breeze.