Starting a Business in London

Starting a new business in any large city is going to have its own set of challenges and excitement compared to a smaller town, and London is no different. With a sprawling metropolitan area and a number of large suburbs all within the M25 circle, London is arguably the best and the most rewarding place to set up a new business. Making sure you have a realistic set of goals will ensure that setting up a new business in the capital will be both successful and profitable.

London mayor Boris Johnson said last year at a Business Link event that small and medium sized businesses will help to pull London out of the recession, while the government has also commented that small businesses and entrepreneurs are to be helped towards setting up their own businesses and achieving their potential. Mr Johnson pointed out that tourism is probably one of the most influential sectors in London and that with the Olympics just around the corner, this can only continue to grow.

These findings were backed up by the Barclays Business Regional Impact Index, which showed that London is the region where small businesses can make the biggest impact on the economy. The survey looked at profitability, growth projection, employment and innovation. London led the way in all of these categories.

So, it appears that on the surface the capital is one of the best places in the country to set up a new business. It has a large population, a diverse culture and a steady stream of people coming and going from its central area. But what might the potential challenges of setting up a business in London be?

One of the most important aspects to bear in mind is the overhead costs associated with working in a large city. Rents will be more expensive and it may be worth considering working from home if at all possible. Taking advantage of virtual office space in the central city area will still allow you to present a corporate image without having to spend money on full time premises.

Having staff is also more expensive than elsewhere. Living costs in London are generally more expensive and travel costs to the capital can be prohibitive, so employees come at a premium. You will usually have to pay a London supplement to your staff members.

Travel costs and logistics in London will also be a costly factor. Simply transporting your goods from one side of the capital to the other, let alone across the country or the World, can be hugely expensive. You need to consider both the congestion charge and the heavy goods vehicles charge. These costs will have to be passed to your customers.

One of the benefits of starting a business in London is that there is a wealth of information available to you from a number of agencies. You can try the London Development Agency, the City of Westminster website or Business Link for good practical advice on starting a business in the capital.

The CityLocal franchise is available in London and offers franchisees a whole borough as an exclusive territory. Positives of the CityLocal franchise for the capital include: a huge target market and the potential for earning significant money in a home based business that has exceptionally low overheads. If you are looking to start a business you must think carefully about CityLocal before investing in any other opportunities.

Starting a Successful Arcade Business

Establishing a profitable arcade business is harder than it used to be now that most people have very good and affordable games consoles. An arcade business can be set up in one of two ways; either online with Internet-based games or on premises with the arcade games set up on their own respective machines. Both of them entail different strategies in terms of cost and setting up.

Choosing to set up an arcade game business online may be the cheapest option, but you will still need to do a lot of initial preparation. Although it may cost a little bit more to begin with, hiring a team of Web developers may be a good idea. They will be responsible for creating and designing your website and making sure your game software is running properly.

The next step is to make sure that your website is properly marketed. Part of this process is called search engine optimisation (SEO) and will ensure that your site ranks higher in search engine results. However, this will require a fair amount of research as you want to double check the integrity of your choice. After some thought, you should pick the option that you feel will be the best for you and your business. For best results, don't be afraid to pay for your advertisements as online arcade games are still very popular and it will not take long for your site to attract customers, especially if you start by offering a few free games.

Alternatively, if you are thinking about opening an actual arcade with new top of the range arcade games, you will need to spend a lot more time planning. Although arcade machines can be bought from online stores such as eBay, you will need to set yourself a reasonably high budget to begin with, because don't forget you also need to acquire premises. If you are a little short on money, then apply for a loan with your local bank with a detailed copy of your business plan, but only choose your premises and machines after detailed research. You want to choose a prime location that is going to guarantee customers as the success of a business venture often depends on its location.

Once you have been accepted for your business loan and you have found suitable premises, you need to come up with a catchy and unique name for your business. Then you need to think about decorating your arcade, as well as marketing and advertising. Get in touch with your local newspaper and radio stations and see if they will be interested in covering your grand opening. Visit a copy shop and design leaflets to hand out; they can often be printed in bulk for reasonable prices.

The final step is to employ some staff to help you manage the games and customers while you take care of the finances. Start off with just one or two people and as your business grows, you can put out advertisements for more prospective employees.

When opening day arrives, really go all out with banners, balloons and maybe some snacks for your younger customers. It may be a good idea to offer the chance for them to play the games for free for the grand opening, so that you attract a lot of potential customers.

Financing Your Franchise Business

Establishing a franchise is becoming one of the most popular ways to start a new business, and it's also among the best methods of setting your business plans in motion. Franchising is possibly one of the most secure and ideal ways for new entrepreneurs to quickly enter the business arena.

When you are looking to finance a franchise, your first stop should be your local bank. It may be a good idea to approach your bank and ask about the options it has available for financing franchises. Seeing as you already have a financial relationship with them, it may be a good idea to see if they are eager to advise you about their lending options. Most high street banks will have specialist franchise units that can give advice on services and products that are adapted specifically for financing franchises.

While high street banks do look favourably on lending to new entrepreneurs, they will still expect you to raise at least 30 to 50 per cent of the costs yourself, along with you presenting a business plan and yourself successfully.

If you get hold of an application form, it is important that you fill in all the sections in as much detail as possible. The more information you provide, the better you will look to the bank. If you are not thorough enough, the bank will be uncertain about how your money will be used.

It is also crucial to include a thorough business plan. This is important when starting any type of business as it will tell the bank, and also yourself when referring to it in the future, what your goals are and how you will accomplish them. It helps you to calculate your budget, which will help you a lot when you approach the bank for money. Although there are many websites and guides on the Internet that can help you construct a strong business plan, a complete one should include an intimate and technical study of the business you plan to go into, projections and cost analyses, calculated estimates of working capital and a suitable marketing plan. If you are unfamiliar with writing a business plan, then seek professional advice or consult business software that you're able to download online.

Also, it is beneficial if you have a good credit rating as there are three main criteria that banks look at when assessing your credit rating: stability, income and track record. They will also examine your income and whether this amount is a suitable living wage, because if you cannot handle your own personal finances then they are unlikely to think you can be trusted to manage a business.

Through assessing your credit rating the banks are able to explore how successful you've been in paying off past debts. If you have a record of not keeping up with payments, repossessions and so on, you should get these sorted before asking for a loan because they could really damage your chances of business success. With the correct support, your entrepreneurial spirit will be nurtured and good progress can be made.

Interested in owning a successful internet business? Have a look at the CityLocal franchises. They help you raise finance to start a residual income business from home.

Find a Methodology and Minimize Investment Madness

There are many reasons to be investing these days, and too much opportunity to not have your money working for you.

However, I believe the majority of people dread having to deal with investment matters, and tend to jump into purchases and then hold their breath hoping for the best. After a long day at work and taking care of the family, it's hard to get excited about reading up on your 401(k) options, Morningstar ratings and fund performances.

If this sounds like you, there are basically 3 choices.

You can have your investments professionally managed, you can continue as you have in the past & keep your fingers crossed, or you can find a methodology that objectifies the investing process (that's buying and selling investments) and helps you maximize your long-term results.

To determine if you need help managing your investments(and this doesn't necessarily mean having to pay for advice) you might want to ask yourself these questions:

=> Do I really have the time and interest to follow the market closely on a daily basis?

=> Have I done well in the past managing my own investments?

=> Do I really want to add another layer of work and responsibility onto an already busy schedule?

If you're like most people, you would answer yes to some and no to others, so how do you decide? If you think you could have or should have done better with your investments, then you need some help. Don't feel bad. Having counseled hundreds of people over the past 15 years I can honestly say that everybody needs some help, whether they are aware of it or not.

Why? This could come as a surprise, but, in fact, your financial life is a lot shorter than your physical life?

Most people who end up investing don't really start working and making money until they are about 25 years old. Considering the average retirement age of 65, this gives you only 40 years to save and invest wisely.

If you make a poor investment decision, such as trying to stay fully invested during a bear market, you could lose big both in terms of diminished dollars and wasted time.

To drive home this important point, let me give you an actual example involving my own portfolio. For ease of illustration I have adjusted the beginning portfolio balance to $10,000.

During the period from 1/25/91 to 10/13/00 my $10,000 investment grew to $37,840, which is a 14.67% compounded annual return.

On 10/13/00, based on a methodology I was following, I liquidated all of my domestic mutual fund positions and moved 100% to the safety of my money market account. Thanks to this move, my portfolio retained 100% of its value on that date.

As we now know with hindsight, most people held on to their investment positions and have so far lost on average 50% to 60% of the value of their portfolios. For this example let us use 50%.

If I had held onto my position, my portfolio would be down to $18,920. Last time I hit that level on the way up was in 1995.

In other words, not only would I have lost 50% of my portfolio I would have lost even more by having used up 20% (8 years) of my total financial life.

How can you avoid mistakes like that in the future? Spend a little of your valuable research time looking for investment methodologies that allow you to side-step bear markets and let you move back in during bull markets. In other words, invest your time looking at methodologies instead of investments themselves. This will lay the foundation for more effective use of your money and time.

If you find a methodology that you like, and it matches your investment philosophy, stick with it for the long term. It should have the aspect of telling you when to get out of, as well as when to get into, an investment.

I suggest you follow these broad guidelines:

• Don't be afraid to take a small loss to avoid bigger disasters.
• Stay away from commissioned sales people (because they have incentives other than your best interests), and if you use an advisor, be sure he or she is fee based.
• Above all, don't get overwhelmed by news, rumors and predictions that are irrelevant to your strategy.

If you take this advice, I guarantee that pretty soon sleepless nights will be a thing of the past and you'll be on your way to more confidently and successfully (that means profitably) managing your investments. 

Financing Sources and Types to Ensure Successful

Money is of extreme importance nowadays. Almost everything that we do involves money. The same is true if one wants to venture into business or buy a home which is one of the basic needs for survival. Financing or supplying of funds in business is a must to make it grow and achieve the desired expected profit (together with the right planning and managing). Common mistakes encountered by new entrepreneurs are wrong financing sources, underestimated amount needed for capital and inflexible financing types. These problems however can be prevented by careful planning and analysis of the various factors involved in starting a business.

In general, business people can choose from the two types of financing, the debt and equity financing. Equity financing is the type commonly used by small or growth stage entrepreneurs. The sources for this type involves the center of influence that trusts the entrepreneur, such as friends, relatives, family members and other people interested in investing their money in the business. However there are also capitalists who are ready to take the risk of financing small businesses. These capitalists may include financial institutions, authorized government agencies or well-to-do individuals in society. There are also venture capitalists that finance new business in the industry to get equity. Businesses that have been in the industry from three to five years are preferred by venture capitalists. They have various methods to manage or deal with the businesses that use their financing or invested money. They can influence the decision making policies of the business in the event its performance does not come up with the expected result.

Another general type of financing is debt financing. This type has varied sources which include Small Business Administration Loans, commercial loans through banks and personal loans from family, relatives and friends. The government recognizes the importance of business in the economy of the country and that is why they offer programs that can encourage the growth of small enterprise by having their own financing agencies tp help a lot of young business people and entrepreneurs. Debt financing through banks is the traditional means to fund a business. The banks act as a short term lender for the business person to have the needed money to buy equipment and machineries necessary for the business to flourish. The SBA or Small Business Administration Loans are used in the case of local banks. The loan that can be acquired can be from $5,000 to $2,000,000.

From these two general types of financing branch the various kinds of financing involved - not just in business but in other fields as well. A few of which are piggyback financing, owner financing and creative financing. Piggyback financing is used by home buyers who want to avoid mortgage insurance which is required when the mortgage is more than 80 percent of the purchase price. Through piggyback financing, the borrower can have two mortgages with costs that may vary. Owner financing happens when the owner or seller of the property is the one financing the buyer so in this case the owner acts as the bank. The buyer in turn can pay the needed amount monthly or whatever may be the agreement instead of going to the bank for financing. Creative financing happens when the house buyer has a third party lending institution which can be a bank or a loan agency. 

Financial Tips for Trying Times

(ARA) - When life gets unpredictable, there's one thing Americans always want to hang onto: their money.

During times of national uncertainty, it's only natural to want to hunker down and hang on to your cash -- or at a minimum, squeeze as much as possible out of every paycheck (that is, if you're still getting one).

Many Americans are feeling less secure about their lives than ever. In fact, 63 percent feel they will have to make changes in their day-to-day lifestyle, according to a survey by Wirthlin Worldwide, a McLean, Va.-based research firm. Fears of the unknown, job loss or having less income are also on people's minds.

"If you hated financial planning to begin with, the thought of managing your money in trying times can be even more intimidating," says Randy Schuldt, vice president with 

 Three out of four Americans who hate financial planning. "Although it may seem impossible to predict what the future will bring, there are some simple steps you can take to give you more control of your money in a changing world."

To give you and your family something to hang onto during uncertain or changing times, 

Put it in perspective. If history is any indication, the economy may not suffer long-term ill effects from recent events. The Dow Jones industrial average -- the oldest U.S. market benchmark -- typically falls for a short time, but it has traditionally rebounded within six months. It happened after Pearl Harbor, the Gulf War, the World Trade Center bombing in 1993 and the Oklahoma City bombing in 1995. Past performance doesn't guarantee future results, but there's a possibility that history may repeat itself. Fearful reactions will only make the short-term last longer.

Reduce your deficit. The nation's economic outlook is nothing you can control, but you do have control over your own situation. If you've got credit card debt, take steps to pay it down. Start with the cards with the highest interest rate and pay more than the minimum on all your cards with balances. Instead of using a credit card for future purchases, get a debit card, which subtracts purchases directly from a bank account.

Protect future income. You owe it to yourself and family to protect your earning power with disability income insurance and/or life insurance. The lack of disability income insurance is the single biggest threat to the financial well-being of the American workforce, according to the Consumer Federation of America. It reports that 80 percent of U.S. workers either have no long-term disability income coverage or their coverage is inadequate.

Resist the urge to borrow from your 401(k). Many people are tempted to borrow from their 401(k) as a first resort, but it should be the last resort. Many people think because it's 'borrowing from themselves' that no harm is done, but actually, they lose the chance to benefit from the tax deferral and compound interest on potential growth of their 401(k). That means your account will be much smaller when you retire. Also, if you quit your job or are fired, you may be required to pay back the entire loan immediately. If you are unable to do so, be prepared to pay income taxes and a 10 percent early withdrawal penalty on the loan.

Balance your budget. Now is a good time to get in the habit of budgeting your money. Track your expenses and spending for a month or so. It could reveal some money habits that need changing. And it can help you shape future habits, such as saving, charitable giving or just paying your bills on time.

Save for emergencies. Many people put off saving for a rainy day. It may not be raining on the economy yet, but the storms are brewing. A good rule of thumb is to have at least three months' salary in the bank where you can access it for emergencies ranging from a leaky roof to layoffs at work.

Have a plan in case of layoff. During these tough times, more and more companies are cutting jobs, and yours could be next. If you haven't done so already, update your resume. Be sure you understand what you'll need to do to maintain health insurance coverage after a layoff. You might want to apply for a home equity line of credit. You don't have to use it, but it's hard to get approved after you've become unemployed.

Write a will. It was a good idea before the world changed, and it's a good idea now. As long as you're thinking about your family's financial future, this is also a good time to formally declare your wishes about who gets what, and how much, after you've passed away. It's also the only way you'll be sure your wishes are carried out. You can modify your will as often as you like, for as long as you live. You may also need a durable power of attorney (POA), which formalizes who will make decisions on your behalf, if you are unable to do so.

Invest in the future. Resist the urge to put future plans on hold. If you want to buy a small business, adopt a child or retire early, put those goals on paper and follow through with a savings plan. It's easier to stay on track if you have something to shoot for. Regardless of the condition of the world, keep improving the condition of your personal finances. An investment in your future is also an investment in America's future.

Financial Success secret

Financial Success-The Secrets Of Financial Success

After speaking with a gentleman this morning, hearing his excuses or so called reasons for his lack of financial success, I realized that the majority of our population is broke only because they lack the one key ingredient or secret. Financial success is as easy as one-two-three. Let me explain.

Many people believe that with a little more education, a little more experience, or even a little more hard work and dedication; they will break the barrier and soar into financial success, whatever that means for them. Could either of these be secret for reaching financial success? Analyze the following experience and decide for yourself.

This summer, Jet Blue, a growing airline, was looking to increase its call centers, and overall ticket sales. So, first things first, finding new operations managers. A group of interns, with college diplomas in hand, quickly answered the call. Eager to receive a college grad’s salary and begin their new career path, they overlooked the fact that the young man training them for the position was also enrolled at the nearby university. Having only completed 5 semesters himself, he held the position and received the salary they had studied and paid 8 semesters or more for. Does education really pay? Or is there something more?

What about experience? Does time on the job matter? Being young and inexperienced myself I am often asked who paid for your Mercedes, your home, your diamonds, etc. Some people actually believe that a rich person likes me, or likes to give me gifts. All I have to say to that is, when they find that rich person, let me know. Financial success is more than who you know. They just can’t seem to believe that a 24 year old, inexperienced female could have bought all that for herself. People tell me all the time, “as soon as I pay my dues,” “after a few more months, then I’ll ask for that raise,” “when I’m at the top then things will be different.” They actually believe that with more experience, more time on the job, they will earn their right to financial success and have what I have. Don’t they see it, I didn’t work my way to the top, I didn’t put in 10,15, or even 20 years to earn it, and they don’t have to either.

Are you ready for the secret? Look at McDonalds and see if you can find it. (Don’t worry I’ll help you out, you don’t even have to be smart to be financially successful.)

McDonalds advertises “billions served”, could that be true? Their food is distasteful, their prices middle of the road, their service fair, locations everywhere. How? Every time you, or better put, someone who actually eats at McDonalds, pulls up to the drive thru they know what to order, and they order what they know. It doesn’t matter if they’re in China, Argentina, or Wyoming, they’ll get the exact same hamburger. Same condiments, same taste, same price, in yen, pesos, or dollars. It doesn’t matter if the hamburger maker is Lee, Juan, or Tim, the hamburger is the same.

Have you figured it out? Take this tip! McDonalds follows the same system each and every time. They have built a machine and now they put the machine to work. Here’s the system. 

Step 1. Build the store equipped with stoves and employees. 

Step 2. Ship hamburgers and food supplies.

Step 3. Assemble hamburgers. 

Step 4. Exchange hamburgers for cash. It’s the same every time. 

Now Subway, Taco Bell, KFC, Arby’s, and Hardey’s have all adopted the same system to generate the same level of financial success. It will work for you just as easily as it has for them.

You see you don’t have to be a college grad, you don’t have to claim years of experience, or even work your way up the ladder. You don’t even have to work hard. Don’t buy into the false beliefs of the average broke American, generating 36k a year!! Find a system that works, stick to it, and get the results. The system works every time, humans error all the time. Once you find the system that works for you, putting money into your pocket; it‘s just a matter of duplicating it time and time again. Financial Success can be yours!

It’s no wonder system stands for Save Yourself Stress Time Energy and Money.