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What Is A Business Analyst And How Much Do They Make? #business #english

#business analyst salary

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What Is A Business Analyst And How Much Do They Make?

Over the last few years, the generic job title of business analyst has become popular in multiple industries. Although job duties can vary immensely, in the most general terms, business analysts work within a business or organization to identify and implement improvements to help a business achieve its goals. The title of business analyst can describe both entry-level workers and tenured professionals and compensation varies accordingly. This article discusses the work, compensation, and outlook for business analysts.

The Basics of Business Analysis

Business analysis is a disciplined, structured, and formal approach to analyzing a business process, identifying improvements, and implementing changes so that the business can better achieve its goals. It is based on facts, figures, and observations.

The International Institute of Business Analysis provides this job description, “A business analyst works as a liaison among stakeholders to elicit, analyze, communicate and validate requirements for changes to business processes, policies and information systems. The business analyst understands business problems and opportunities in the context of the requirements, and recommends solutions that enable the organization to achieve its goals.”

Business analysts can serve in many functions in almost any industry. For example, a systems analyst is a business analyst that focuses on how to best use technology to solve problems and improve outcomes. Other job titles where an employee perform business analysis include data analyst, solutions provider, change agent, requirements manager, specifications writer, researcher, product owner, product manager, or management consultant.

Business analysts may perform quality assurance, requirements gathering, documentation, or client support. They may also specialize in improving sales, by focusing on pre-sales, customer service. client relationship, and account management. Business analysts may also be very internally focused on process improvements within an organization and coordination across multiple departments and stakeholders.

Some qualities of a good business analyst include the following:

• Good listening skills

• Openness to change

• Adept in multitasking

• Expertise in prioritization, based on needs of multiple stakeholders

• Good negotiation skills, to seek timely buy-in on important decisions and prioritization from all stakeholders

• Identifying process improvement opportunities which can lead to efficiency and output improvements

Education and Career Path of Business Analysts

A bachelor’s degree or higher is required. Possible majors include finance, technology, management, and accounting. Because of the number of skills required, most business analyst positions are not open to new college graduates. Most business analysts attain their first position after a few years in a related position such as data analyst, functional analyst, systems analyst, business requirements analyst, or financial analyst.

The career path of a business analyst can include becoming a senior business analyst, a business analyst specialist in specific areas (such as SAP, Agile, or ScrumMaster), a business manager, a business architect, an enterprise architect, and finally a director or VP-level position. Other experienced business analysts become independent consultants, taking assignments on contract.

Almost any industry can employ business analysts, but most jobs are in information technology or management consulting firms. Other industries include accounting. investment banking. finance. and market research.

Salary and Compensation for Business Analysts

Compensation varies widely and is determined by the factors like location, experience level, and industry. For example, a business analyst working in a large New York-based investment bank will earn more than a business analyst performing market research for an automobile company in Michigan. Candidates who specialize in a specific technology (like SAP) may command higher premiums. Below are the average salary ranges and bonus percentages for business analysts.

  • Entry Level: $40,000 to $70,000 with up to an 8 percent bonus
  • Mid Career: $55,000 to $95,000 with up to a 10 percent bonus
  • Senior Level: $70,000 – $150,000 with up to a 10 percent bonus
  • Overall U.S. Average: $45,000-$110,000 with up to a 10 percent bonus

Business analyst is a general title for many different job functions in almost any industry. A good candidate should have an undergraduate degree and several years of work experience in the area of business analysis that he or she is interested in. Candidates can also take business analysis certifications courses like those from the International Institute of Business Analysis.





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How to Get a Business License #business #online

#business license

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How to Get a Business License

If you are planning on starting your own business. chances are that you will need some type of license or permit – maybe more than one – to move forward legally. A business license is a permit issued by a government agency that allows business to be conducted in said government’s geographic jurisdiction. By and large, your state or local government will determine which licenses and permits are required to operate in its jurisdiction. Additionally, the federal government requires special licenses for certain industries.

Why Is a Business License Required?

Obtaining a business license is necessary for three main reasons:

  1. So the government can track taxable revenue
  2. So consumers are protected in federally regulated industries
  3. So that you may demonstrate your level of professional expertise

Determining the requirements for your business is the first and most important step.

Identifying License and Permit Requirements

Business licensing requirements are determined by:

  1. Business activity
  2. Physical location

The U.S. Small Business Administration provides a great resource for determining the licensing requirements in your area. After entering in your local zip code and the type of business you are starting, you are presented with a list of the permits and licenses you will need along with the locations at which you can find the requisite forms.

NAICS Code

Before you can apply for a license, you will need to determine your business activity code. which is based on the North American Industry Classification System (NAICS). In order to select the proper code, you must determine the activities from which your business will derive the largest percentage of its total receipts, which is defined as the sum of gross receipts or sales plus all other income.

Taxation Requirements

The Internal Revenue Service requires businesses to register to receive a Federal Tax Identification number. also known as an Employer Identification Number (EIN). Your business will need an EIN if you can answer yes to any of the following questions:

  • Do (or will) you have employees?
  • Do (or will) you operate your business as a corporation or a partnership?
  • Do (or will) you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
  • Do (or will) you withhold taxes on income, other than wages, paid to a non-resident alien?
  • Do (or will) you have a Keogh plan ?
  • Are (or will you be) you involved with any of the following types of organizations?

    Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns

    Real estate mortgage investment conduits

    Licenses and Permits

    Federal

    If your business will fall under the regulating eye of a federal agency, you will need to obtain the corresponding federal license or permit. Examples of business activities that may require such licenses include:

    • Agriculture
    • Alcoholic beverages
    • Aviation
    • Firearms, ammunition and explosives,
    • Fish and wildlife,
    • Mining and drilling
    • Nuclear energy
    • Radio and Television broadcasting
    • Transportation and logistics

    Permits can usually be found online, on the website of the entity that regulates the specific regulated activity the business will engage in. For example, if your business is involved in agricultural activities, you can find the necessary applications at the website for the U.S. Department of Agriculture. If you plan to broadcast your own television or radio program, you can find the necessary application online via the Federal Communications Commission .

    State/Local

    It will also be necessary for you to register for applicable tax permits with state and local agencies. For instance, if your business will be selling goods or services, and you are operating in a state which levies an income tax, you will be obligated to obtain a tax license so that the state can track your taxable revenue. Contact the license commissioner in your county or municipality and the office of your state’s Secretary of State to find out the exact requirements that apply to you.

    Home-Based Considerations

    Even sole proprietorships run out of someone’s home are required to obtain business licenses in some areas. These can include:

    • General business licenses
    • Trade licenses (such as a license to operate a child care service or sell real estate)
    • Sales tax permits
    • Health and safety permits
    • Sign permits
    • Zoning permits

    Filling Out and Filing the Forms

    Once you figure out the licenses and permits you need to legally register your business, you will then need to fill out the necessary forms. These can be obtained from the appropriate federal or state agencies, and they usually can be found online. You may print the forms, fill them out, and mail them back to the agency; however, in many instances you will be able to fill out the forms and submit them online. Regardless, information you can expect to disclose may include, but not be limited to, the following:

    • Type of business
    • Business address
    • Name of business owner
    • Contact information
    • Federal ID number
    • NAICS code
    • Number of employees

    Expect to pay a filing fee, which can range from around $50 to hundreds of dollars or more, dependent upon the region you are filing in and the types of activities your business will be conducting. Fees are often calculated as a percentage of revenue, with a base minimum for new companies. The time it takes to receive your license can vary from a few days to a few weeks.

    Ongoing Licensure

    Obtaining the necessary licenses and permits for your business is required in order to operate legally. Moreover, the task is not a one-time occurrence. Most licenses and permits will need to be renewed periodically. For example, if you are running a restaurant with a bar, you will need to renew your liquor license once a year.

    While this process can seem daunting, being familiar with the steps will go a long way in making the experience as painless as possible.

    Related Topics





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Funding a New Small Business? Don – t Bother With Banks #business #magazines

#new business financing

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Funding a New Small Business? Don’t Bother With Banks

Question: What steps should I take before applying for a loan to open a small business? I’d like to maximize my chances of getting a good response.

Answer: Getting a small business bank loan is never easy, and it’s been especially difficult since the financial crash of 2008 and the lingering credit crunch. Even though small business lending is rebounding somewhat, it is still virtually impossible to get a loan to open a new business.

That’s because lenders want to see a financial track record for your business that demonstrates your ability to repay the money they’re lending you. Without that kind of history, the lender has no way to know if your venture will be successful enough to make good on your obligation. Banks are lenders, not investors, and they’re not interested in knowingly making equity investments in businesses, as an industry representative told me in 2011.

So what are your options? Most entrepreneurs start their businesses with savings; they put startup costs on credit cards; or they get loans from friends and family. There are also more creative ways to raise startup capital, such as babysitting or renting out a room in your apartment.

The void in bank lending has spurred the growth of alternative lending, which can be costly but gets money to entrepreneurs quickly and without a lot of hassle. Another new option is crowdfunding through websites such as Kickstarter and Indiegogo.

Some niche alternatives that have sprung up are less well-known. For instance, culinary businesses can apply to the Whole Foods Local Producer loan program, which the company says has lent $10 million to businesses making local food products since its inception in 2007. Interest rates range from 5 percent to 9 percent, and it helps if your company is already a Whole Foods supplier, though it’s not mandatory.

Or maybe you need a loan to buy a franchise business. Many franchisers started to recognize that they’d need to help prospective franchisees with financing after home equity—once a common source of startup cash—plunged in many parts of the country. Matco Tools, which has been selling tools to auto mechanics via independent distributors since 1979, ramped up its in-house financing program in 2008, says John Green, vice president for marketing and e-commerce at Matco Tools. The program can cover up to 100 percent of initial inventory and working capital costs for qualified prospects who want to buy Matco franchises, which range between $89,000 and $144,000.

Perhaps a more realistic option for you is connecting with a nonprofit microlender. Caitlin McShane, communications director of Opportunity Fund. a California microlender, says her organization is making several times as many loans as it did five years ago. “We lend between $1 million and $2 million a month and do over 1,000 loans a year,” she says. The organization has offices in San Francisco, San Jose, and Los Angeles. It is currently running a startup funding challenge that aims to provide loans of up to $50,000 at 7.5 percent interest.

When you do get your business to the point that a bank loan is a more realistic possibility, after two to three years of operations, here are some tips from Laurie Pettinella Zona, a partner in early-stage startup accelerator K5Launch.

Make the loan officer’s job easier by “clearly illustrating why your business is a less risky investment,” she says. Be clear-eyed about what the risks are, however, as pretending to be risk-free is a bad idea. “Show that your business has a proven business model” with steady, paying customers, she says. And “put your best foot forward and sell yourself: your résumé, background, references, prior successful businesses, and history of paying back loans or investors.” Paying down your personal debt and getting your credit score as high as possible are also good ideas.

Before it’s here, it’s on the Bloomberg Terminal. LEARN MORE





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Sale of sports business, a positive for Zee: The Hindu Business Line – Mobile

#zee business

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Zee Entertainment Enterprises has decided to sell its sports business (TEN Sports channels) to Sony Pictures Networks India and its affiliates for $385 million.

The sale will help Zee exit its loss-making sports broadcasting business, which contributed ₹631 crore (about 11 per cent) to its consolidated revenue in 2015-16.

The sports business incurred a net loss of ₹37 crore, against a profit of ₹1,027 crore from consolidated operations during the year.

It was in 2006 that Zee acquired a 50 per cent stake (raised subsequently) each in Taj TV, Mauritius, which owns TEN Sports channels, and in Taj Television India, the distribution arm of TEN Sports in India.

A report from Ambit Capital shows that the sports business has incurred losses at the operating level in all years except one since 2005-06.

This is in sharp contrast to the company’s profitable general entertainment channel (GEC) broadcasting business.

Zee has a strong foothold in the Hindi and regional languages GEC space, which forms a chunk of the TV viewership base. Even as it is exiting the sports genre, it is looking at expanding its presence in the regional GEC space (Tamil Nadu, for instance). In January, it acquired Sarthak TV, a leading GEC in Odisha.

TEN Sports has the broadcast rights to the events organised by the cricketing boards of five countries, including South Africa, West Indies and Pakistan, as also to other non-cricket events such as wrestling, football and tennis.

But, it does not have the broadcasting rights for some lucrative events such as the cricket matches organised by the Board of Control for Cricket in India, thereby impacting the company’s subscription revenue from this business.





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How to Find a Qualified Small Business Advisor #incorporate #a #business

#business advisor

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How to Find a Qualified Small Business Advisor

Business planning, financial projections, employee management, and customer acquisitions are just a few of the issues that small business owners wrestle with. Startups and fast-growing companies have even more challenges — and that’s where a business advisor is most valuable. Whether they’re helping with starting a new business or managing an existing enterprise, small business advisors are seasoned professionals that help with strategic business planning and crucial operational decisions.

Alas, great small business advisors, like great football coaches, are rare. Here are some tips to finding the perfect small business coach, so you can score a few more touchdowns and experience a lot fewer fumbles:

1) Look for an advisor who’s managed a small business – Small businesses are a different animal than large corporations. Find a business coach that understands the special challenges of small business, including recruiting and retaining employees, capital funding, product marketing, and keeping up with technology. Additionally, target an advisor who had success with your biggest business challenge. For instance, if your main roadblock is distribution, target an advisor who is a distribution channels expert.

2) Look for an advisor with credentials – A business advisor doesn’t necessarily need credentials, a special license, or a degree to give his opinion on how you should run your business, but it doesn’t hurt. Because anyone can set up shop as an advisor, look for someone with a business degree, MBA, or other coaching credentials such as CPCP (Certified Professional Coach Program), ACC (Associate Certified Coach), PCC (Professional Certified Coach), or MCC (Master Certified Coach) for added peace of mind that you’re getting good advice.

3) Choose an advisor who focuses on your niche – An advisor that specializes in your industry will speak your language, understand your business concerns, and know the competitive umbrella your business operates under. If you’re lucky, he’ll have some great industry contacts too.

4) Find an advisor through SCORE – SCORE Counselors to America’s Small Business is a nonprofit organization whose mission is to educate entrepreneurially-minded individuals nationwide in the creation, growth, and success of small businesses. With over 11,200 volunteers nationwide, SCORE offers free help with small business planning and other advice. Find a SCORE advisor through the website’s handy search function or visit your local SCORE office.

5) Check out the Worldwide Association of Business Coaches (WABC) – Founded in 1997, the WABC is an international association aimed at the leadership and development of worldwide business coaching. The WABC requires rigorous membership requirements based upon coaching experience, references, and business expertise. With over 1,000 business coaches spanning 30 countries, the WABC is a great advisory resource.

6) Search BusinessAdviser – BusinessAdviser.com is an independent consultancy international businesses directory. Search by location, firm or specialty.

7) Ask for referrals – Last but not least, ask your mentors, work associates, and members of social networks who they have used and would recommend in a business advisor capacity.

Liked this article? We think you will enjoy these recommendations.





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How to Qualify for a Small-Business Loan in 5 Steps #business #listing

#sba loan requirements

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Credit Cards

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Credit Cards

Banking

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Loans

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How to Qualify for a Small-Business Loan in 5 Steps

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here’s how we make money .

Qualifying for a small-business loan is easier when you’re prepared. Below is a to-do list that will help you qualify for the cash you need to grow your business.

Whether you end up applying for an SBA loan through a bank or opt for an online small-business loan, you should be familiar with the requirements of each lender. Knowing whether you meet their criteria before you apply will save you time and frustration.

How to quality for a small-business loan

1. Improve personal and business credit scores

Your personal credit score ranges from 300 to 850 (the higher, the better), and evaluates your ability to repay debts. The score is typically weighed more heavily by small-business lenders if your business is new and lacks credit history. It’s based mainly on three factors: your payment history (35% of your score), the amounts owed on credit cards and other debt (30%) and how long you’ve had credit (15%).

Paying your bills on time is, of course, crucial to improving your score. But even if you pay your bills like clockwork, credit report errors could be damaging your score one in four consumers has damaging credit report errors. However, four out of five consumers who filed a dispute got their credit report modified, according to a study by the Federal Trade Commission. You can get a copy of your credit reports for free once a year at AnnualCreditReport.com and dispute any inaccuracies you find through each of the credit bureaus’ websites (Experian, Equifax and TransUnion).

Businesses that are more established and applying for bank loans can check out their business credit scores (which generally range from 0 to 100) at the three business credit bureaus: Experian, Equifax and Dun Bradstreet. Check out these five steps to building business credit, and if you see any mistakes on your reports, contact the bureaus.

More than likely, you’ll need an excellent business credit score as well as good personal credit to qualify for an SBA loan or traditional loan from a bank, although this will depend on the individual lender and factors such as your business revenue and cash flow. In general, online lenders look at personal credit scores but are a bit more lenient when it comes to credit score requirements, as they place more emphasis on your business’s cash flow and track record.

2. Know the lender’s minimum qualifications

There’s no way around it: If you don’t meet a lender’s minimum qualifications, applying is a waste of time.

Borrowers typically need to meet minimum criteria related to credit scores, annual revenue and years in business. And lenders generally frown upon recent bankruptcies and other past delinquencies.

To qualify for SBA loans, borrowers also must be current on all government loans and can’t have any past defaults. So if you’re late on a federal student loan or a government-backed mortgage, you’ll be disqualified. You also can’t be on the SBA’s ineligible businesses list. which includes life insurance companies and financial businesses such as banks.

Qualifying for online lenders can be easier. While these lenders typically underwrite loans based on traditional factors such as credit scores, annual revenue and cash flow, the loans carry less stringent requirements than banks.

3. Gather financial and legal documents

Banks and other traditional lenders typically ask for a wide range of financial and legal documents during the application process. They include:

  • Personal and business income tax returns
  • Balance sheet and income statement
  • Personal and business bank statements
  • A photo of your driver’s license
  • Commercial leases
  • Business licenses
  • Articles of incorporation
  • A resume
  • Financial projections if you have a limited operating history

These requirements can make getting a bank loan time consuming. That may not be an issue if you’re in the market for a long-term business loan to finance a major investment.

However, if you need money faster, online lenders may be a better fit, as they can provide a streamlined online application process with fewer documentation requirements and faster underwriting. But they may come with higher borrowing costs. If you have good credit and business finances, however, some lenders may provide rates comparable to those of bank loans.

4. Develop a strong business plan

Lenders will want to know how you plan to use the money and will want to see that you have a strong ability to repay. They may require a solid business plan that details the purpose of the loan and how you expect it to increase profits.

Your business plan should include current and projected financials, and clearly demonstrate that your business will have enough cash flow to cover ongoing business expenses and the new loan payments. This can give the lender more confidence in your business, increasing your chances at loan approval. Your p lan should include :

  • Company description
  • Product and/or service description
  • Management team
  • Industry analysis
  • Facilities and operations plan
  • Promotional, marketing and sales strategy
  • SWOT analysis (strengths, weaknesses, opportunities, threats)

5. Provide collateral

To qualify for a small-business loan, you may have to provide collateral to back the loan. This refers to an asset, such as equipment, real estate or inventory, that can be seized and sold by the lender if you can’t make your payments. It’s basically a way lenders can make back their money if your business fails.

SBA loans require “adequate” collateral for security on all loans, plus a personal guarantee from every owner of 20% or more of the business. A personal guarantee puts your credit score and your personal assets on the hook.

Some online lenders do not require collateral but may want a personal guarantee. Others may also take a blanket lien on your business assets essentially another form of collateral giving the lender the right to take business assets (real estate, inventory, equipment) to recoup an unpaid loan. Each individual lender has its own requirements, so don’t be afraid to ask questions if you are unsure.

If you don’t have collateral to get a loan or don’t want to take on the risk of losing personal or business assets, unsecured business loans may be a better option.

Find and compare small-business loans

If you’re looking for financing, NerdWallet has created a comparison tool list of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness and user experience, among other factors, and arranged them by categories that include your revenue and how long you’ve been in business.

This post was updated. The post was originally published on Dec. 1, 2015.

Image via iStock.

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Primary Database List – WCL Business Database List – Guides at Texas A &

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WCL Business Database List Tags: accounting. business. company research. database. economics. finance. human resource development. industry. industry research. information management. law. management. marketing. news. newspapers. operations management. patent. reference. trademark. wcl

Market Research Reports

Searchable database of consumer products from around the world

  • RKMA Market Research Handbooks

    – Business-to-Business Marketing 2014/15
    – Casinos,Gaming & Wagering 2010-2013
    – Consumer Behavior 2010-2015/2016
    – Consumer Marketing 2010, 2014/15
    – Entertainment, Media & Advertising 2011-2015/16
    – Healthcare Business 2010-2015/16
    – International Consumer Markets 2014/15
    – Leisure Markets 2010/11-2015/16
    – Restaurant, Food & Beverage Market 2010-2014/15
    – Retail Business 2010-2015/16
    – Sports Marketing 2011-2014/15
    – Travel & Tourism Market 2010-2015/16

    National Consumer Survey Database

    Data of recreational, collegiate, and professional sports

    Advertising media information

  • Warc

    Marketing case studies, advertising data, and consumer information





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  • Series: Payroll Information for a New Small Business #business #card

    #small business payroll

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    Series: Payroll Information for a New Small Business

    Throughout this series, we refer to links where you can find more information about the topic being discussed. You can find all of these links, organized by segment, by referring to the Related links page – open it in a separate tab or window and follow along as you watch each video.

    We are looking for your comments about this video series. After viewing the segments of the video that are of interest to you, please take a moment to complete our comments form.

    This is the introduction to the video called Payroll Information for a New Small Business.

    This segment will help you determine for tax purposes what is meant by the term “employer.”

    This segment contains information on opening a payroll account with the CRA.

    This segment contains information on paying and hiring new employees.

    This segment contains information on employee benefits.

    This segment contains general information on deducting Canada Pension Plan contributions and employment insurance premiums.





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    How to start a dog walking business: 4 simple steps: Starting a business advice

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    How to start a dog walking business: 4 simple steps

    With recent figures showing that Brits spent more than £4bn on their beloved pets in 2015, you’d be barking mad to think the recession has impacted on the UK’s pet spend.

    Action point: Need a loan to start a business of your own? See how we can help here and here

    Marking a 10% increase on pooch spending from 2010, it’s not only large retailers benefitting, with many entrepreneurs realising there’s opportunities to be had in the pet industry.

    The average dog walker now earns 20% more than the average UK salary. so it’s clearly a viable and potentially profitable business opportunity.

    Of course you’ll need to have a genuine interest in dogs as well as a good knowledge of the various rules and regulations surrounding the industry – and it’s a fairly business marketplace.

    However, with plenty of doting pet owners out there, finding a good niche can still present great opportunities.

    Sound interesting? Then read our four simple steps to help you become top dog in the industry.

    1. Experience is essential

    While it’s not imperative to have a career background with animals, you should at least be confident around dogs and at the very least have experience in walking a family or friend’s pet.

    The Kennel Club’s guidelines for people working with dogs advises “strong interpersonal and communication skills”, as well as “a high level of fitness” and, naturally, “an affinity with, and understanding of dogs” for anyone wishing to pursue a career with man’s best friend.

    If you’re in need of experience in handling dogs, you might want to consider volunteering at your local kennels or rescue centre. They’ll often house a good range of dogs of various sizes, age and temperament, so you’ll be fit to face whatever comes your way.

    Consider attending courses in animal first aid, pet medication or even animal psychology as gaining a diploma or certificate in any of these would showcase your commitment to the dog’s welfare and impress clients.

    2. Remember, it’s a business

    While any animal lover might feel like they’ve died and gone to doggy heaven, remind yourself that your dog walking business is just that – a business. As such, you’ll need to possess all the regular entrepreneurial skills required for founding and running a successful company.

    Having a basic understanding of bookkeeping is important as you’ll need to be able to balance your own books and fill in your self-assessment tax return. Remember that this is your livelihood and not a hobby, your income should reflect this.

    Similarly, a good understanding of marketing and self-promotion will be needed to get your business off the ground.

    Finally, an ability to network and negotiate with both your customers and local animal industry is key. Never underestimate the potential for clients to try and negotiate price or you could find yourself working for substantially less than you might have hoped.

    3. Be aware of the rules and regulations

    Although there are relatively few regulations specifically targeted at dog walkers, businesses providing a service must get public liability insurance.

    If this is the start-up business idea for you, be aware you may have to deal with dogs injuring other dogs or people while in your charge.

    It’s vital to have the right insurance cover to deal with legal claims, should they arise.

    They can help provide you with support and advice on dog walkers insurance and training, plus your membership will give your clients confidence.

    To ensure you abide by key regulations, Narps suggest you should:

    • Meet owners prior to the first booking
    • Restrict the number of dogs walked to no more than four at a time
    • Keep records of all work undertaken
    • Protect clients’ personal information

    All dogs in public must wear a collar with the owners name and address on it and you could be fined up to £1,000 if you fail to clean up its faeces.

    While not the most exciting element of running your own business, it’s crucial you keep abreast of the latest rules and regulations to ensure you’re not jeopardising the safety of others or the reputation of your business.

    4. Find a niche in the market

    Given the popularity of setting up a dog walking business, it’s very probable you’ll have to find a niche to distinguish yourself from the crowd.

    Above all else, carry out market research and see if there’s actually room in your area for another dog walker.

    A simple google search or contacting NarpsUK will help a lot in this regard.

    Consider offering pet sitting as well as dog walking. Much like babysitting, you’ll mind your client’s pets at their home while they are away, as well as feeding them and attending to any medical needs such as medication or fulfilling dietary requirements.

    Having a diploma in pet medication would be advantageous in this instance as it would allow you to cater to a specific group of dogs.

    Provided you are properly trained, you could also offer grooming services such as hair cutting or washing.

    Offering one-to-one intense sessions with larger dogs could also widen your appeal.

    Some dogs simply won’t be satisfied by a trip around the block and will require a more strenuous workout.

    For more information on starting a dog walking business, take a look atour in-depth guide to help you prepare for the launch of your start-up.

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    How to get a business loan, options & requirements #stock #prices

    #getting a business loan

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    Apply for a business loan

    On this page

    • Choosing a loan you need
    • Improve your loan approval chances
    • Risk assessment

    How to get a business loan

    When applying for a business loan, it’s essential to prepare a detailed business plan and fully inform the lender about your proposed venture. This information helps the lender to provide you with the right type of finance and advice.

    Decisions to make

    Deciding that your business needs a loan is only the first step. There are a number of things to consider before you approach a lender; how much do you need to borrow; what type of loan will you need; how long will you need it for; can the business afford to repay the loan, interest and any one-off or ongoing fees that come with the loan; what security can you offer the lender and how this affects the interest rate offered.

    Find and compare loan options for your business with the Infochoice Small business loan tool.

    Online repayment calculators are a good tool in researching options but make sure you take the following into account:

    Access to funds you borrow

    If you need to access the funds on a semi regular basis (i.e. to help with cash flow to keep the business operating while waiting for your customers to pay for goods etc.), ‘at call’ loans such as an overdraft or line of credit are designed for this purpose. However, if you need the funds to buy a new business or equipment etc. to expand your existing business you will need the funds ‘upfront’. This is also known as a ‘fully drawn advance’ and provides you with the entire loan amount all at once.

    Loan terms

    Loans provided upfront will need a portion of the loan plus interest paid back at regular intervals. The repayment amount will depend on the term or length of the loan. To determine the loan term suitable for your business you will need to calculate how much you can afford to service the loan. Be aware that the longer the loan term the more total interest you will pay. Loans that are at call have no fixed terms.

    Ongoing funding

    This is the average amount of an overdraft or line of credit that is used at any one time. E.g. You may wish to have an overdraft limit of $20,000 to provide money for the occasional big expense, but usually you won’t use more than $5000 of that credit limit on average. So in this case $5,000 is the level of ongoing funding you need.

    When applying for an overdraft limit, things to watch out for are:

    • higher the overdraft amount higher the fees
    • clauses where the lender can demand repayment of the whole loan at any time.

    Fixed or variable interest rate

    The choice of rate will affect the stability of repayments, overall cost of the loan and the loan features available. With a fixed rate loan the lender bears the risk of interest rate moves, while with a variable rate you will bear this risk. Ultimately, the choice of variable or fixed rates will depend upon how much free cash flow your business generates after you have paid all your expenses, including loan repayments. If your business has a low profit level, a variable rate loan repayment may rise beyond your ability to pay.

    Loan security

    Loans can be secured or unsecured by various types of assets, including residential, commercial, rural property or business assets. Alternatively, some loans are unsecured by any asset. Generally the less you provide for security the higher the interest rate will be. Be aware the lender has the legal right to seize any property or asset you offer as security if you can’t repay a loan on time.

    Fees

    There can be fees which can make a loan less attractive than it first seems. These include one-off fees such as establishment/application fees, exit/discharge fees and early termination fees or regular fees such as service fees or line/credit advance fees. The Business Loan Finder tool includes the cost of set-up and ongoing fees in the average monthly repayment to give you a better idea of the true cost of the loan.

    Seek advice

    The information provided here will provide you with a range of possible finance options. It is important to seek advice from your accountant or business advisers before approaching a lender for a loan.

    Tip: Use our below Cashflow forecasting template to plan your cash flow and work out how much you need to lend.

    Plan the business, plan the finance

    Lenders will ask for a lot of in-depth information about the financial history of the business. It’s also important for you to create a convincing and detailed business plan which should include a profit and loss budget and cash flow forecast. The information you use to build your business plan may also be needed by the lender to assess your project. This includes both the past and future plans for your business, the people working in it and the market itself.

    The outcome of your application is strongly influenced by how well your proposal is researched and how well it is presented.

    Risk assessment

    Banks and other lenders will look at your businesses risk profile when considering your loan application. Understanding what lenders look for and what they consider risky will help you present your business in a favourable manner.

    As a general rule, lenders look for:

    • the level and nature of your security (what you’re offering to give them if you can’t repay the loan)
    • your ability to make regular loan repayments (cash flow risk)
    • your ability to ultimately repay the debt (business risk), including any other debts you might already have.

    You need to be able to assess the level of cash flow or business risk in your specific circumstances. A projection of the cash requirements of the business is most important to a lender, as it is the actual cash left after expenses that will repay the loan, not income. It also shows you are an effective manager.

    A lender’s perception of risk

    The following factors can influence your lender’s perception of risk. If a number of these areas apply to you and your business you may need to consider another source of finance.

    • start up businesses incorporate financial, business and management risk
    • lack of security
    • lack of business history
    • industry sector, factors will include levels of competition, barriers to entry, profitability profile and current economic conditions
    • highly seasonal businesses e.g. suimsuits, agriculture. You’ll need to demonstrate how you’ll deal with cash flow pressures in the off season
    • lack of planning, market knowledge and finance skills
    • poor credit history.

    Watch out! Before entering into a payment arrangement with the Tax Office, businesses should discuss this with their current or future lenders. Many businesses are unaware that entering into a payment arrangement with the Tax Office or other government agencies may adversely affect their current and future financing arrangements. For instance, a lender may not lend to a business if it is currently in a payment arrangement.

    For more details visit the Guide to managing your tax debt on the ATO website.

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