Tag: entrepreneurs

Innovative Way To Finance The Entrepreneur Dream


Borrow from your future

Statistics show that more than one million people in the United States start a new business each year. That number would be much higher if all the would-be entrepreneurs had the financing required to get a business up and running. In order to accomplish their dream of business ownership, entrepreneurs are finding new and innovative ways to finance their new ventures.

According to Leonard Fischer, President/CEO of BeneTrends, one of these new financing options is the use of a person’s existing retirement funds-a pension, profit sharing, 401(k), IRA-which allows that person to start the business he or she has always dreamed of without tax penalties, consequences or mountains of debt.

Under the Employment Retirement Income Security Act (ERISA), retirement funds can be transferred into usable capital for business investments or operations. If a person has more than $40,000 in a retirement account and is not currently employed by the company that holds those funds, he or she qualifies for this Small Business Administration (SBA)-recognized financing approach to start a business.

Permissible uses of funds

Retirement funds can be used for any business purpose, including:

  • Purchasing a franchise or existing business
  • Start-up expenses, such as purchasing property, equipment, etc.
  • Working capital, including paying salaries, franchise fees, etc.
  • Business expansion, such as funding additional franchises, locations, etc.
  • Equity toward SBA or other loans.

    The thought of dipping into one’s retirement can cause some apprehension. Through this investment strategy an individual actually has more control over his/her retirement-instead of gaining minimal growth dependent on the stock market, those savings are actually being invested in one’s own business. This approach often allows an individual to set aside more money for retirement than ever before.

    Use a plan expert

    “Today’s entrepreneur faces an environment of tremendous competition, complexity and opportunity, so starting a business the right way is more important than ever,” says Dr. Germain Boer, Director of Vanderbilt University’s Center for Entrepreneurship. “This financing method is a good option for an individual who has accumulated funds in his/her retirement accounts.”

    The entire process generally takes two to four weeks to be completed, and can be done by phone, email, fax, FedEx and regular mail.

    Working with an experienced employee benefits plan expert, starting a business is as simple as these four steps:

    Next steps

    1. Establish a C-corporation.
    2. The new corporation creates a retirement plan.
    3. Funds are rolled over into the corporation’s new retirement plan.
    4. The new retirement plan purchases the stock of the corporation.

      “So many people have watched their dream of owning their own business go out the window due to lack of funding options. We help people achieve that dream every day using money they already have,” says Fischer.

      If you’re ready to explore this innovative financing option, be sure to consult an expert to guide you through the specialized process.

      Marketing on the Web


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      Spirit of the entrepreneur

      You probably heard the term “spirit of the entrepreneur” uttered from time to time – as I have – in an attempt to define a certain characteristic of an individual. The independent, creative, professional type who relies solely on his/her skills to carve out a special niche and make a life for him/herself without having to rely on someone (a boss) or something (the government) to provide it.

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      The entrepreneur and the independent contractor (known also as commission sales persons in some circles) share many qualities and tendencies. Both take certain risks by foregoing a salary and opt for compensation based solely on their own performance. Both are relatively independent; and both are creative in their own uniquely special way. Having been a commission salesman for most of my adult life probably explains my respect for entrepreneurs and captivation of the entrepreneurial spirit.

      In discussing entrepreneurship and writing articles on the subject, it seems logical to me – or sensible anyway – to begin the discussion by agreeing on exactly what the word or term means to us as participants in the discussion.

      Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it… Read more!

      The Web experience

      Part of that Web experience I referred to earlier is contacts made and relationships formed with other marketing professionals. One such professional is copywriter John Forde of the Copywriter’s Roundtable who sent me a recent article which I found insightful, motivational (especially in a New Year), and humorous.

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      Here’s an excerpt from that article titled, How To Reinvent Yourself. I hope you get as much enjoyment and insight from it as I did:

      Lots of people just seem like they were born great. I’m sure you know the ones I’m talking about. From leaving the hospital nursery ward to ovations and tears from the nurses… and graduating summa cum laude from kindergarten…

      To catching their own touchdown passes on the playground… papering bird cages with scholarship offers from the Ivy Leagues… and making billion dollar fortunes selling widgets they dreamed up one morning in the shower. The threads of their very DNA are 24 carat gold fiber… they wrote, direct, and star in their own biopics… and ‘getting the girl?’

      Forget about it. The girls get them instead, as buxom beauties with trust funds and graduate degrees line up to be counted. These are the greats. The blessed. The destined that history long awaited and whose legends will be whispered generations hence, into the ears of children.

      And then there’s you. The sad sack whose dropped toast has always hit the ground butter-side down. You, who gulped air at the genetic pool, got dealt a deck of all jokers, and whose mouth-spoon is plastic not silver. The girl? She laughs at you. What’s the point of trying, you’ve asked. And a wind echoes back, ‘there isn’t one.’ You haven’t even two sticks to rub together, and even if you did, they would both have short ends.

      You’d crawl under a rock and eat mud for breakfast, if you could, but even the bugs won’t have you. I know what you’re thinking…”Hey, wait a minute, you flaming SOB of an e-letter writer — I’m not THAT bad off!” To which I reply…

      “MY POINT EXACTLY.”

      You’d sock a stranger in the mouth for talking about you like that. So why tolerate it when it’s you kicking at yourself, hobnail boots and all? Point being, you’re probably neither as great or the failure you think you are. And in either case, there’s always an opportunity to change something for the better.

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      Mike was cut from his high-school basketball team before he became Michael Jordan, the greatest basketball player of all time. Steve got stuck in a learning-disabled class back in junior high school, before he dropped out. But he still grew up to be Steven Spielberg, history’s most financially successful film director.

      And I’m sure you’ve heard about N.J. Baker. Talent agents told her she’d be better of as a secretary. She decided to go on to be Marilyn Monroe instead.

      Or how about Jerry, who froze up his first night on stage and couldn’t talk, but went on to become Jerry Seinfeld anyway — now worth over $800 million and climbing. All floundered before they flew.

      General Observation: In civilized society we adhere to certain codes, some of which you may be familiar with: Code of Ethics, Code of Conduct, Code of Honor, Dress codes, Tax codes, Penal Code, etc. And that’s only a smidgen of the offline codes we are all subjected to in one way or another.

       

      But there are also a number of codes that are specific to the online world that affect those of us who are frequent users of the Internet and the digital marketplace; and if you are reading this you may also be familiar with some of these online codes: Country codes, QR codes, Internet Access Codes, Promo codes, Coupon codes, HTML codes, CSS codes, PHP codes and various others that cannot be listed here at this time.

      However, there is one basic code which is the most fundamental of all codes pertaining to the use of this incredible resource we know as the Internet. It’s the codes upon which strong passwords are being created. How frustratingly difficult and vulnerable you think our Internet lives would be without codes on which to base strong passwords that are easy to create and remember, but tough to crack into? I think very difficult indeed without these particular codes!

      Then you’ve also got Mozart and Elvis, the Beatles and Beethoven, Babe Ruth, Dr. Seuss, Monet, Stephen King, Charlie Chaplin, and Fred Astaire… Not to mention Continue reading “Marketing on the Web”