Monthly Archives: January 2017

Valuable Advice for New Home Business Owners

Many People Dream about Running a Business of Their Own.

There are many benefits, including more flexibility in your life. Eliminating commute hassle, as well as expense, will give you more time with your family. You have the choice of the type of business you wish to engage in and, if successful, financial freedom. If you have an idea for a home business, and want some advice on how to build it into success, here are some useful tips for you.

Before starting a business, you must have a business plan. This plan details your type of business and what your objectives are. How you will promote it, and where you plan to find a market. You are advised to get specialist help to write up the financial aspect. You will need estimates based on your own research, like how much it will cost to run it on a daily basis, including any rents and utilities. Your buying and selling prices, and where will you source your products. These figures will need to support your estimate of your overall profit margin target. You will need information on shipping, insurance and any specialised storage for vulnerable goods, if applicable. You need to illustrate clear goals of what you want your business to accomplish, in the short and long term. You will also need legal advice, on everything from labour laws, to licensing and permits.

This plan will be your blueprint to success. After you have written your business plan, show it to someone who has experience with creating news businesses. Your bank will probably have an advisory section for small business, as will your local Chamber of Commerce, and possibly your local authority or council.

Running a home business naturally means that you will be spending more time at home. This brings big changes to you, and to your family’s routines. Sit down with your family, and spell out what changes will be coming. These changes will affect them as much as they will affect you. Make it clear that, just because they see you at home, does not mean that you are free to spend time with them, during the working hours that you set. You must have a dedicated time schedule for work, which you must teach your family to respect.

You must stress your need for a quiet work environment with minimal disruptions.This means that they will need to respect your work space, and not encroach upon it. Make this an open discussion, to give your family a chance to voice their opinions, about the upcoming changes. This is a difficult one especially if there is a young family involved. Fortunately you are now able to spend your break times with them every day. In fact, your working hours should be effectively shorter because of the time saved by having no daily commute, so allowing you more family time.

Take advantage of any course in home business laws if available at your local community college, or adult education centre. As a business owner, you should keep up to date on any business laws that can impact your business. As a business owner you will also have both liabilities, that you need to understand, as well as rights that you should be aware of.

Create a professional home office environment that is both comfortable and inviting. To enable you to work productively, it should be clutter and stress-free. Keep your paperwork organized to save time and frustration while shuffling papers about to find what you need. Keep your desk clear of unused stationery items. Be sure that your office equipment is positioned properly for easy access. Invest in a good quality ergonomic chair. You will be sitting at your desk sometimes for extended periods, and you would want your back to feel supported and comfortable. In short replicate the sort of office you will find in any well run business.

There is much to be learned in running a successful home business. It takes knowledge, and experience, to do it well. Monitor your goals, as scheduled in your business plan. Apply what you have learned here. As your business grows and your experience develops, you will be rewarded with a successful business that you can be proud of.

Property Best For Young Buyers

Nearly one in four are now priced out of the UK property market altogether, so it’s no surprise that they are now considering alternatives that will give them that all-important first step without succumbing to the UK’s sky- high property prices. With talk of 100 percent mortgages, shared ownership schemes and 75-year loan terms, UK home buyers are looking to the Bulgarian property market to make their first home purchase. Just a quick flick through Quest Bulgaria magazine or a search on the internet can reveal many Bulgarian properties that offer three or even four times the space of an equivalent UK house for fraction of the cost.

The average UK house price is now in excess of £200,000 as quoted by the BBC and recent interest rate rises coupled with a bleak economic outlook have not aided the situation. The burden of a lifetime of mortgage payments is weighing heavily on young homebuyers’ minds. Added to this, a survey with National Savings and Investments showed that a massive 84% of 18-24 year olds believe that buying their first home abroad is more viable than buying it in the UK. The National Savings and Investments survey revealed that in London, 36% of first time buyers would consider buying abroad as an alternative to purchasing in this notoriously expensive city. Barclays’ overseas divisions have reported a twofold increase in the number of enquiries about mortgages for overseas properties.

BARBie Girls and Boys

Unlike Britain, the Bulgarian property market is still buoyant and looks set to grow even further. It seems there is no better time than now to invest in Balkan bricks and mortar. Despite this positive forecast, many first time buyers remain reluctant to actually put down roots in Bulgaria. This could be due to preconceptions about the country which include, fear of the language barrier, its reputation for being a haven for senior citizens and worries about employment prospects. However, before writing off the possibility, younger and first time buyers should consider that there are infinite options open to them in Bulgaria.

UK salaries are disproportionately low when compared to the rising house prices, so it is not unusual for British twenty somethings to opt for a life back home with Mum and Dad instead of venturing onto the property ladder. The high deposit and crippling mortgage of UK property ownership need not elude potential homeowners. A Bulgarian bolt-hole can provide a rental income and potentially build equity if the Balkan market performs according to expectation. With everything these days comes the inevitable acronym, and the young who are investing in overseas homes are dubbed ‘BARBies’ (Buy abroad, rent in Britain). The buy-to-let market is on the up in Bulgaria, which coupled with the country’s very low taxation of just 10% shows there is a huge financial incentive to make your first property purchase there.

A short-term gamble

Alternatively, those after a more short-term fix could consider gambling on the property market in a more conventional way. Bulgarian property offers enormously good value for money and house prices are currently forecast to rise on average by 15% this year. If you’re banking on a quick return, look for up-and-coming areas in the process of regeneration. Similarly, improvements to transport links are usually a sure sign that an area is going up in the world. Low cost airlines tend to have a ripple effect on the surrounding areas of any airport they add to their ever-expanding routes. These airlines are pivotal to the increase in holiday getaways. More and more people are making the most of long weekends and cheap flights for mini breaks overseas. Nowadays, it is normal for people to take frequent trips to second homes instead of traditional, single longer vacations. This broadens the scope for Bulgarian property investment with some regions enjoying both long summers and ski-friendly winter seasons.

Making the move work for you and your job

Those regions with the best transport links offer a compromise between buying for pure investment and full-scale relocation. It is financially possible to live and work between two countries. Working in London and then spending your weekends in Sofia or Varna is now perfectly possible. It’s worth bearing in mind that, under the UK’s flexible working legislation, parents with a child under the age of six and certain adult carers have a legal right to request flexible working hours. Even if you do not fall in this category, it might be worth asking your employer if you can work flexibly. An employer may only refuse a request from an eligible employee should there be recognised business grounds for doing so. With high-speed internet connections available in Bulgaria, employees can take the opportunity to work from their Balkan home.

The brave may want to relocate entirely, which may entail finding gainful employment in Bulgaria. This is easier said than done if you don’t have the necessary language skills. However, you can always solve that problem by buying an established business, or a property with business potential. It is possible to buy a ready-made business and it’s not as expensive as you might expect. There are countless properties with potential to convert to bed and breakfasts or self-catering units. Projects can start as low as £30,000 for renovation projects with the opportunity to market your accommodation facilities to other Brits. The UK is awash with TV shows on property renovation, taking these elements and applying them to a Bulgarian home could pay dividends too. Many will agree that the UK property market is saturated with developers making renovation bargains thin on the ground. By comparison, Bulgaria is packed with potentially lucrative properties, from ready-made holiday apartments to serious building projects.

The Bulgarian property market is recommended for first time buyers as it is undoubtedly more accessible for them than the UK and the savvy should use this to their advantage. Just one shrewd purchase in Bulgaria could fund a future property purchase in the UK – or, you might just love Bulgaria so much you may never want to leave.

Quest Bulgaria top tips to making the right property purchase in Bulgaria:

– Remember to be realistic, if you love living in the city don’t opt for a rural property just because it’s cheaper.

– Check the local infrastructure and how it can benefit your situation specifically. Does your area have good transport links, Wi-Fi, schools?

– Don’t buy on a whim, do as much research as you can into your chosen town, city or village location.

– Be practical and budget. If you fall in love with a wreck, check the renovation costs with a professional and don’t forget to build contingencies into your budget.

– If your move is of a permanent nature, check out the job opportunities. Being a native speaker in a foreign country can give you a specific skill set that may offer new job possibilities.

– Don’t assume that all Bulgarian property is dirt cheap; it isn’t but it does offer better value than comparable property in the UK.

– Never underestimate the difficulty of establishing a business in a foreign country.

– Be aware that the Bulgarian legal system and buying process is different from the UK. Get independent professional advice at every step.

– Avoid buying on impulse. Remember, this is a financial commitment and monetary gains will invariably be reflected in your effort to weigh up the options.

– Get professional and impartial advice and use the same buying criteria as you would in the UK.

 

Finding a Financial Advisor

1. How often do they meet with their clients?

It is important to know how often your financial advisor expects to meet with you. As your personal situation changes you want to ensure that they are willing to meet frequently enough to be able to update your investment portfolio in response to those changes. Advisors will meet with their clients at varying frequencies. If you are planning to meet with your advisor once a year and something were to come up that you thought was important to discuss with them; would they make themselves available to meet with you? You want your advisor to always be working with current information and have full knowledge of your situation at any given time. If your situation does change then it is important to communicate this with your financial advisor.

2. Ask if you can see a sample of a financial plan that they have previously prepared for a client.

It is important that you are comfortable with the information that your advisor will provide to you, and that it is furnished in a comprehensive and usable manner. They may not have a sample available, but they would be able to access one that they had fashioned previously for a client, and be able to share it with you by removing all of the client specific information prior to you viewing it. This will help you to understand how they work to help their clients to reach their goals. It will also allow you to see how they track and measure their results, and determine if those results are in line with clients’ goals. Also, if they can demonstrate how they help with the planning process, it will let you know that they actually do financial “planning”, and not just investing.

3. Ask how the advisor is compensated and how that translates into any costs for you.

There are only a few different ways for advisors to be compensated. The first and most common method is for an advisor to receive a commission in return for their services. A second, newer form of compensation has advisors being paid a fee on a percentage of the client’s total assets under management. This fee is charged to the client on an annual basis and is usually somewhere between 1% and 2.5%. This is also more common on some of the stock portfolios that are discretionarily managed. Some advisors believe that this will become the standard for compensation in the future. Most financial institutions offer the same amount of compensation, but there are cases in which some companies will compensate more than others, introducing a possible conflict of interest. It is important to understand how your financial advisor is compensated, so that you will be aware of any suggestions that they make, which may be in their best interests instead of your own. It is also very important for them to know how to speak freely with you about how they are being compensated. The third method of compensation is for an advisor to be paid up front on the investment purchases. This is typically calculated on a percentage basis as well, but is usually a higher percentage, approximately 3% to 5% as a onetime fee. The final method of compensation is a mix of any of the above. Depending on the advisor they may be transitioning between different structures or they may alter the structures depending on your situation. If you have some shorter term money that is being invested, then the commission from the fund company on that purchase will not be the best way to invest that money. They may choose to invest it with the front end fee to prevent a higher cost to you. In any case, you will want to be aware, before entering into this relationship, if and how, any of the above methods will translate into costs for you. For example, will there be a cost for transferring your assets from another advisor? Most advisors will cover the costs incurred during the transfer.

4. Does your advisor have a Certified Financial Planner Designation?

The certified financial planner (CFP) designation is well recognized across Canada. It affirms that your financial planner has taken the complex course on financial planning. More importantly, it ensures that they have been able to demonstrate through success on a test, encompassing a variety of areas, that they understand financial planning, and can apply this knowledge to many different applications. These areas include many aspects of investing, retirement planning, insurance and tax. It shows that your advisor has a broader and higher level of understanding than the average financial advisor.

5. What designations do they have that relate to your situation?

A Certified Financial Planner (CFP) should spend the time to look at your whole situation and help with planning for the future, and for achieving your financial goals.

A Certified Financial Analyst (CFA) typically has more focus on stock picking. They are usually more focused on selecting the investments that go into your portfolio and looking at the analytical side of those investments. They are a better fit if you are looking for someone to recommend certain stocks that they feel are hot. A CFA will usually have less frequent meetings and be more likely to pick up the phone and make a call to recommend purchasing or selling a specific stock.

A Certified Life Underwriter (CLU) has more insurance knowledge and will usually provide more insurance solutions to help you in reaching your goals. They are very good at providing techniques to preserve an estate and passing assets on to beneficiaries. A CLU will generally meet with their clients once a year to review their insurance picture. They will be less involved with investment planning.
All of these designations are well recognized across Canada and each one brings a unique focus on your situation. Your financial needs and the type of relationship you wish to have with your advisor, will help you to determine the necessary credentials for your advisor.

6. Have they done any extra courses and for what reasons?

Ask your prospective advisor why they have done their extra courses and how that pertains to your personal situation. If an advisor has taken a course with a financial focus, that also deals with seniors, you should ask why they have taken this course. What benefits did they achieve? It is fairly easy to take a number of courses and get several new designations. But it is really interesting when you ask the advisor why they took a certain course, and how they perceive that it will add to the services offered to their clients.

7. Who will be meeting with you?

In future meetings will you be meeting with the financial advisor, or with their assistant? It is your personal preference whether or not you wish to meet with someone other than the financial advisor. But, if you want that personal attention and expertise, and you want to work with only one individual, then it is good to know who that person will be, today and in the future.

8. Are you the ideal client for the advisor?

Are your financial needs similar to many of their clients? What can they show you that indicates a specialization in your area and that they have other clients in your situation? Has the advisor created any marketing pieces that are client friendly for those clients in your situation, over and above what they offer other clients? Do they really understand your situation? Once you have explained your personal needs and the type of client you are, it should be easy to determine if you are an ideal client for the services they provide.

9. How many clients do they work with?

It is important to know how many clients your prospective advisor works with. Are you one of 100 clients or one of 1000? Based on your assets are you in the top 15%, or the bottom 15% of their clients? These are important things to know. Ask if you are one of their top clients or one of their bottom clients, if will you receive more attention or less attention?

10. Do they have a network of professionals that they trust and can refer you to when you have a need?

It is valuable for an advisor to have a strong network of professional individuals available to their clients, in which they have full trust. Your advisor should know and trust these individuals completely, so that if an issue arises with them, your advisor will be able to go to bat for you.

11. Ask the financial advisor for a list of clients that you can contact.

Are there any clients that have given testimonials and who would be willing to speak to you about the advisor and the services provided? Ask these individuals how they enjoy working with the advisor and their staff. Ask some of the questions that you have asked the advisor, such as, Who do they meet with when they have their meetings, the advisor or an assistant?

12. How does the financial advisor contribute to the community?

Whether or not this is important to you, it is a good question to ask. You will discover if the advisor has given back to the community and if they are doing things over and above the day-to-day job to give back and help others.

13. How do they feel they will best help you and support you in achieving your goals?

This may be a question that you want to ask the advisor in a second meeting, if you have a two meeting process. Ask: How can they bring value to the relationship? What do they feel they can help you with? What will they do to ensure that you achieve your goals?

14. Do they have any tools that they have developed specifically for their clients?

I have touched on this earlier as well. This is really where you can see if a financial advisor is pro-active and if they specialize in a specific area or a specific type of client. An advisor who is pro-active should be creating some tools or have some processes in place to support their clients in their target market. Some of the tools will be used behind the scenes, but should be able to be explained to you, and provided to you during your relationship, to help you achieve your goals and keep you on track.

15. Do they prefer to meet at their office or are they willing to come to your house and why?

It is a great idea to go to the advisor’s office to meet with them initially if you are able to do so. This will allow you to see their office and their working environment; and, it will give you a sense of what type of an advisor they are, and the clients, with which they work. In the same respect, if you do not live close to their office, you should question if they are willing to come to meet with you at your home. If not, you will want to understand why they want to meet only in their office. Likely, they believe that they can provide the best possible service where all of their paperwork and resources are readily available, despite which questions might arise. They may prefer to come to your home once to see your environs and to get a better understanding and feel for the type of client you are. But, if you are unable to get out to meet with them, or if your situation in this regard changes in the future, you will want to know how this will be managed.

16. Do they do financial planning, and if so, do they charge for it?

If you are looking for somebody who is going to look at your overall situation, and who is going to spend the time to help you plan how to meet your goals, you will want an advisor who is proficient at financial planning. If you are looking for a broker whom you simply want to be able to phone to have them place a trade for you, then you will not need financial planning. Understanding whether financial planning is provided is a key component. Be very careful that you are actually getting financial planning when you ask an advisor if they do financial planning. Also, you must understand whether or not there are any fees associated with the planning service. Some advisors may charge an additional fee for the planning on top of everything else that they do, while others will provide you with an actual financial plan at no additional cost.

17. Do they look at the whole picture or only one area?

It is important to know if the prospective advisor has a particular focus. Are they proficient with investments, insurance, financial planning, retirement planning, taxes, and estates? Will this one person be able to take over all of these areas for you? Will you be able to establish a relationship with one solid individual who understands all aspects of your financial situation? Or will they only help you with your investments and have someone else do your taxes, your insurance, your estate planning and retirement planning? Will you need to go out and find the others who do that? It is important to understand if the advisor can look at the whole picture or only one or two areas. You will be able to achieve your goals more quickly if an advisor can service your entire financial portfolio, because each of those areas mentioned, needs to understand and complement the others, while not undermining them, which may occur if various individuals are working on different aspects of your financial plan.

Things to think about during the process

Is it convenient to meet with the advisor? Are they able to meet with you at a time of your liking, or did you have to go out of your way to set up the initial meeting? Are you comfortable with them and their staff? Do you get a good feeling from what they do and what they say to you? Do you sense that they have your best interests in mind? Is their office setting efficient and comfortable?

Interview a number of different advisors before you make a change. This will help you to understand what each one does differently, and it will give you a good idea as to how they will help you to determine exactly what your goals might be. You might even come to realize that your present situation is the best for you at the moment. Talking to several potential advisors will help you to develop a path toward the achievement of the goals that are most important to you, and help you to understand who is best to partner with, in order to achieve those valued goals.

Stock Trading Strategies

Stock Trading in India has become a passion, a game and a business in the present scenario. From a high profile businessman to a local pan corner guy, from a white collar manager to a daily wages earner all are somehow involved in Stock Trading with low fund or high funds. All these people keep themselves in touch of stock markets (NSE, BSE) and keep on buying and selling the stocks which will give them the best profits.

For any work to get accomplish what is needed is a proper planning and strategy. Same is true for Stock Trading also. If you need to get good profit in the Stock Market then you need very solid Stock Trading Strategies and plans. Without any strategy your Stock Trading might just turn wrong for you and rather than gaining you may lose your money in the stock market. A stock trader needs to properly exercise his mind in order to find out the best stock to trade and then workout all his plans and strategies practically.

He should always remember that he should not choose a stock to invest based upon the past performance of the stock. Many a times the best player in the team doesn’t perform in the final match. Rather than seeing the past performance one should always see its levels and present performance and most importantly the charts of the performance of the stock. If the trader himself find all these things hard to do then the best option is to seek the advice of experts who provide Equity Tips and Stock Tips and ensures that a planned and strategic trade is done and profit is met.

A trader should always trade with his safe money i.e. He should not put into trade the money he can’t afford to lose. Stock Markets when in bad mood can take away your home, vehicles and happiness so one should never overtrade nor should he trade with that money losing which can bring drastic changes to his life. Stock Trading should always be taken as only a secondary source of small income and never should it be treated as a primary business.

Whenever you get a small loss, be ready to accept it as small failures always are pathways of a big success. While trading always play safe i.e. always try to cut your trade before your stock leads you to massive losses by putting a safe stop loss in every trade you do. A trader should never go greedy once you start getting profits. Always remember that no trader is bigger than market and even in rising market the best of the stock can do down in prices and vice versa. So never follow people or traders but your own analysis and advice from only experts of the Stock Market.