Best Online Business – 3 Ideas You Never Want to Pass Out

A lot of people ask me what’s the best online business idea for them. I tell them that they’re already on the right track because they are considering the internet as a source of income and a legitimate ground for setting up a business. Most people are still conservative and believe in the good ol’ methods of setting up a business offline.But I say that in another decade or two you won’t even need to have an office. EVERYONE CAN WORK FROM HOME, provided they work with their best online business idea. Setting up a business online is similar to setting up a business offline in that respect, you have to earn money doing something you are really good at.Idea #1Have you ever considered eBay? It is the simplest way to make money online. The best online business idea for you would definitely involve making money through this amazing site. An online market place is just what you need. Why just eBay? Go on Amazon, Craigslist or Auctions too!This will provide your business a nice boost if you already have one. That way you’ll have two channels to sell your products through – one online and one offline. This could definitely be your best online business idea.Idea #2Working freelance is the best online business idea for many people who are looking to supplement their income or just make some extra pocket money, students are you listening? Offering freelance services like data entry or content writing will not only earn you a nice amount every month, it will also give you the freedom to work when you want to.You can read up on this by reading “The Business Side of Creativity:The Complete Guide to Running a Small Graphic Design or Communications Business ” authored by Cameron S. Foote.Idea #3Your best business idea online could involve you becoming a virtual assistant. For those of you who don’t know, a virtual assistant is somebody who provides assistance to small businesses and other business owners. This could be your best bet by far because the likelihood of you going bankrupt is considerably less.All you will need is organizational skills. Of course it is a big plus if you have some idea of customer service as well. This will definitely further your cause as a virtual assistant; the good news is all of this can be learnt. So try and get into this, who knows? This could be your best online business idea!

What is Financing?

As you browse various websites to learn more about how you can finance a new desktop or laptop PC, some questions may arise if you aren’t familiar with how financing works. Is it like paying for a computer with a credit card? Similar, yes, but in this case you are applying for the credit needed to take home one particular item, rather than a card that lets you buy multiple items. Is it like buying a house with a mortgage? Again, yes, only where you may need to offer a down payment on a home, some businesses will let you finance the computer you want for no money down.Financing is defined as a means of obtaining the resources to purchase an item, then paying back the loan in a set time period for a set monthly or weekly fee. In most cases, people turn to financing when buying a house, a boat, or a car, but there are instances when financing may be needed to purchase other necessities. For example, furniture stores may offer financing plans to people who wish to purchase entire room sets, and yes, there are business that sell computers and accessories with similar plans.You may be asking yourself now, why not just buy a computer on a credit card? While a convenient method for some, it isn’t for everybody. With interest rates as they are, the price of a purchased item on credit will fluctuate as the rate on the card increases – a person will definitely end up paying more than what the item is worth. Also, consider the fact that not everybody will qualify for certain credit cards and rates. You may receive numerous mailings proclaiming that you are prequalified for this or that card, but it is still possible to be turned down for credit, and missed payments on present cards will show up in your credit score. So when you do try to buy a house or a boat and alarms ring when your credit history is brought up, you know you’re in trouble!So how then, you wonder, can one qualify for financing with a smaller business? Smaller businesses take various factors into consideration, of course, as you apply for a loan through them. Most importantly, they look at employment status – do you generate a regular enough income to be able to make monthly payments? If you are in the military, you may find it easier to apply to credit on the basis of your employment. That you are taking in a steady wage from the government tells a business owner that you are good for the money you will need to pay back, and from there a reasonable payment plan can be made so you can enjoy your PC now and pay as time passes. With some businesses, your paystub could be the ticket to owning a nice computer.If you are interested in learning about financing, living on a budget, and other news of interest to military, you will find a wealth of information on the Internet to that respect. The Computer Connection, for one is proud to offer low financing plans to military personnel looking to buy PC desktops and laptops, and we assist civilian government workers and others as well. Such companies can be beneficial to military and civilian personnel who need a computer for work and leisure, yet need to budget their payments.

Big Banks Shun Small Business

Any small business owner who recently tried to secure a loan will tell you it isn’t easy. Now data clearly shows the broader effects of this struggle.The Wall Street Journal recently reported that the 10 biggest banks in the country that issue small loans to businesses lent $27.8 billion less in 2014 than the industry’s 2006 peak, according to the Journal’s analysis of federal regulatory filings. (1) This decline has forced many small business owners to turn to higher-cost funding sources.The response is similar to that of individuals who are turned away by banks and then resort to expensive and risky alternatives. For businesses, these may be nonbank lenders, often in the form of online companies that require little or no collateral but that charge much higher interest rates than banks. While not all of these lenders are predatory, the space is still largely unregulated. For small amounts, some business owners are turning to nonprofit microlenders or crowdfunding to try to fill gaps, though both have serious limitations.But many businesses are simply turning to credit cards when they cannot secure traditional small business loans. According to the Journal, small business spending on credit and charge cards will total an estimated $445 billion in 2015, compared to $230 billion back in 2006, when conventional lending was readily available. (1)It may be more profitable for banks, but this solution is bad, and probably unsustainable, for business owners. As Robb Hilson, a small business executive with Bank of America, told The Wall Street Journal, “If someone wants to buy a forklift, it doesn’t make sense to put it on a credit card.” (1) Yet many small businesses have little other choice for now.This result is not surprising. Large banks generally find small loans unattractive, partly because of their relatively high costs and partly because of tighter regulatory requirements. A Goldman Sachs analysis earlier this year cited the reduced availability of credit as one of the principal reasons small businesses have faltered in the wake of the financial crisis while large enterprises have largely recovered. (2) As regulators cracked down, it became uneconomical for banks to serve clients other than the most creditworthy. Startups seldom make the cut.My own experience mirrors others. Even with a 23-year-old business that operates across the country, banks want hard collateral before they will make substantial loans. And when the chief assets of a business consist of loyal customers and really smart employees, the only available collateral is personal real estate. And even real estate was not enough at the first bank I approached; geography came into play too. If banks find our established firm too risky to make unsecured loans, many smaller or newer enterprises do not stand a chance.With big banks out of reach, small community banks should have been ready to step into the gap, eagerly courting new customers. But that has not happened, largely because the number of such banks continues to decline. This trend predates the Dodd-Frank financial regulations, but the regulations sharply accelerated the community banks’ loss of market share.This is not to say that all community banks are in immediate danger of going under. To the contrary, recent data from the Federal Deposit Insurance Corp. suggests that those that have held on have expanded their lending and narrowed the profitability gap with larger banks.While this is good news, it’s not enough to fill the gap in small business lending. And it seems unlikely to do so soon, since new bank establishments have dropped nearly to zero, thus cutting off a supply of lenders who are eager for new customers. According to an FDIC report from April 2014, there were only seven new bank charters total from 2009 to 2013, compared with over 100 annually prior to 2008.The small banks that have survived have largely done so by being just as risk-averse as the big banks with which they compete. Regulation has simply made it foolish to act otherwise. But this leaves all small businesses except those with established history, sterling credit and substantial collateral without the means to secure the capital they need to make their enterprises grow.Small businesses are crucial drivers of new jobs and new products for our economy; their credit struggles are probably a significant reason this economic expansion has been sluggish by historical standards. We have made it unattractive for big banks to serve small businesses, and small banks are not ready to fill the gap. We all pay the price.Sources:1) The Wall Street Journal, “Big Banks Cut Back on Loans to Small Business”2) Goldman Sachs, “The Two-Speed Economy”