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Free Consultation.
Do I have what it takes to own/manage a small business?
You will be your own most important asset, so an objective appraisal of your strengths and weaknesses is essential. To determine if you have what it takes, you need to answer some questions about yourself: Am I a self-starter? How well do I get along with a variety of personalities? How good am I at making decisions? Do I have the physical and emotional stamina to run a business? How well do I plan and organize? Am I willing to travel? Are my attitudes and drive strong enough to maintain motivation? How will the business affect my family?
What business should I choose?
Usually, the best business for you is the one in which you are most skilled and interested. For example, it you are trained as a children's librarian, you may want to consider storytelling. As you review your options, it is advisable to consult local experts and businesspersons about opportunities in your area. Matching your background with the local market characteristics will increase your chance of success.
What is a business plan and why do I need one?
A business plan precisely defines your business, identifies your goals, and serves as your firm's resume. Its basic components include a market study, marketing/promotional strategy, current balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals.
Why do I need to define my business in detail?
It may seem silly to ask yourself, "What business am I really in?" Many business owners have gone broke because they never answered that question. One watch store owner realized that most of his time was spent repairing watches while most of his money was spent selling them. He finally decided he was in the repair business and discontinued the sales operations. His profits improved dramatically. Clearly defining your business or your purpose will give a true sense of direction as your venture develops.
What legal aspects do I need to consider?
Licenses, permits, zoning laws and other regulations vary from business to business and from state to state. You will need to consider requirements of the Americans with Disabilities Act in order to accommodate needs of your customers and your employees. Many local resources must be contacted including the state, local government(s), the chamber of commerce and your local Small Business Administration (SBA) office. You will need to consult your attorney and/or business counselor for advice specific to your enterprise and area. You also must decide about your form of organization (corporation, partnership or sole proprietorship).
What do I need to succeed in a business?
There are four basic needs for success in small business:
Few people start a business with all of these bases covered. Honestly assess your own experience and skills; then look for partners or key employees to compensate for y our deficiencies.
Real Estate
Buyers:
Should I talk with a bank before looking at homes?
The answer to the question is YES! There are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. First and foremost, talking with a bank before looking at homes can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $250,000 if you can only afford up to $200,000. Secondly, most sellers require a “pre-approval” letter from your bank. If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available. Another important reason to talk with a bank before looking at homes is so you understand exactly what costs are associated with buying a home. There are many home buyers who don’t understand the difference between a down payment, pre-paid items, and escrows, which can be thoroughly explained by a mortgage professional. A mortgage professional can give you advice on the type of financing you should be looking to obtain and also whether or not you should request the seller to contribute towards your closing costs, also known as a seller’s concession.
I own a home, should I buy another before selling my current home?
There is truly no concrete “correct” answer to this question. There are pro’s and con’s to buying a home before selling your current home and the same can be said about selling your current home before buying another.
Buying a home before selling your current home
The biggest benefit to buying a home before selling your current home is the fact that you have a suitable property lined up. This can reduce the stress and pressure of having to find a home once your current home is sold. This however also can create disappointment and heartbreak. If you are unable to purchase a new home without having to sell your current home, you’re purchase offer is going to be contingent upon sale and transfer of title of your current home. If your current home does not sell in a timely manner, this can lead to you getting “bumped” by a non-contingent buyer and you losing out on the home you’re looking to purchase, which can be devastating.
Selling your current home before buying a new home
The time it takes to sell your current home is unpredictable. There is no crystal ball that exists that can tell you exactly how many days it will take. Selling your current home before buying a new home will put you in an ideal position to negotiate on the new home you’re purchasing due to the fact you are purchasing without the sale contingency of your current home.
One risk of selling your current home without buying a new home first is the chance of not being able to have a place to live. There are options if your current home sellers before buying another though. A “rent-back” can sometimes be negotiated with the buyer of your current home. A “rent-back” would allow you to retain possession of your current home for a certain number of days after closing at the expense of paying the buyers mortgage. A “rent-back” allows for additional time to find a new home.
Do I really need a Realtor when buying a home?
When buying a home, it’s strongly recommended you have a Realtor. There are many reasons why you should have a Realtor represent your best interests when buying a home. Keep in mind, all Realtors are not the same! Attempting to buy a home without a Realtor can really make the home buying process more difficult. Having a Realtor is always recommended when buying a home. One thing not to do when buying a home is calling the listing agent because you don’t want to “bother” your Realtor. Your Realtor works for you!
When is the best time to sell my home?
This frequently asked question cannot be answered with a simple or general answer. Every real estate market is different, therefore, the best time to sell a home will be different from real estate community to real estate community. In most cases, the spring months are the best time to be selling a home. The spring months will vary from community to community. For example, the spring market in the Florida area maybe March and April, while the spring market in New York maybe April, May and June.
Since every home sellers situation is different, you should discuss the timing of your home sale with your Realtor. In some cases, selling a home during the fall and winter months actually maybe better than waiting until the spring real estate market. This is due to a combination of many factors including lower competition and that serious buyer’s are always looking for a home, just to mention a couple factors.
How is the real estate market right now?
A frequently asked question from home sellers before listing their home for sale is related to the local real estate market. There are many market indicators that a top producing Realtor should be able to share with you to help explain the condition of the local real estate market. One of the most important indicators on market conditions is average days on the market. The average days on market can indicate to a seller how quickly homes are selling when listed for sale. Other examples of market condition indicators that a top producing Realtor will provide a home seller before listing their home include market absorption rates, number of closed transactions year-over-year for a given month, average sale prices, and average list price to sale price ratios.
What steps should I take to prepare my home for sale?
There are several things you need to know before listing your home for sale! A frequently asked question from home sellers before listing is what steps should be taken before listing their home. Not properly preparing a home for sale can put a home owner at a huge disadvantage. The expression “You never get a second chance to make a first impression” is absolutely true when it comes to selling a home. When selling a home you must be sure that your home presents itself in the best possible light. Making sure clutter is at a minimum, freshly painting rooms, installing new carpeting, or ensuring odors are non-existent are just a handful of things that should be done before listing your home for sale.
How much is my home worth?
Most home owners want to know how much their home is worth. This frequently asked question is another one that cannot be answered with a generalized answer. One of the best perks to owning a home is the ability to make it your own and improve it how you’d like. Finding out how much your home is worth is not something that should be done without asking a top local Realtor.
How do you determine how much my home is worth?
There are a handful of methods that Realtors use to determine the value of a home. The most common method to determining the value of a home is by completing a comparative market analysis. A comparative market analysis is an in-depth evaluation of recently sold “comparable” homes in the past 6-12 months. A comparative market analysis, also known as a “CMA,” isn’t a crystal ball that determines what a home will sell for, however, if performed by a top Realtor, it should greatly narrow the sale price range. A professionally completed “CMA” will take into account many features of not only a home, but also the local area and neighborhood. Considerations that a professionally completed “CMA” include, but is not limited too:
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