Entrepreneurship - Is it for You?

Have you always dreamed of owning and operating your ownbusiness? Maybe you have a great business idea that you’ve always wanted to get off the ground. Or maybe you just like the idea of being your own boss and controlling your own future? Whatever the case may be, you should know that you’re not alone. The Kauffman Foundation reports that about 476,000 business owners crop up each month!

If you want to add yourself into that number, bear in mind that it’s not going to easy. Being a business owner requires a lot of time and hard work, especially in the beginning stages. So, before you take the plunge, make sure you consider the decision of whether or not to become an entrepreneur- and of whether or not it’s for you- very carefully.

Examine Your Motives

Before you start your business, you want to really examine your motives. WHY do you want to start your own business? If it’s simply because you like the idea of making money from home or think the workload will be easier, this probably isn’t the right path for you. Being a business owner takes tons of hard work.

You should only become a business owner if your motives are truly good. If you’re dedicated to and passionate about your idea and have the strength and determination to make it work, then go for it. If you’re doing it because you think it will be an easy way to make money, however, think again.

Time and Tenacity

You shouldn’t start a business unless you plan on investing a LOT of time and effort into it.If you’re thinking you can work your full-time job and run a business on the side, you may want to reconsider. A business IS a full-time job!

A Thorough Plan

Finally, don’t even think about investing money and getting your business off the ground until you have a full-fledged business plan in place and ready to be executed. See a lawyer to hep you create and format a plan and make sure it’s doable and that you have the time and energy to invest before you go through with it.

If you’re willing to work hard, create a plan, and devote lots of time and effort, then you might just have what it takes to be a successful entrepreneur.

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Negotiating Your Medical Bills

There’s no doubt about it- receiving medical care in this country is expensive! In fact, medical expenses are the main reason that people declare bankruptcy. If you have found yourself struggling under a mound of medical-related debt, don’t give up just yet. You can try negotiating down your debt.

Prove You Can’t Afford It

When a hospital or other healthcare provider is asking you for money that you don’t realistically have, they’re fighting a losing battle, plain and simple. If your bills are truly outrageous- meaning there is absolutely no possible way you could pay them based on your income, prove it!  

If you can show proof, such as pay stubs or income tax filings, that you just plain don’t have the money that is being asked for, your medical provider(s) may be willing to either reduce the total amount of your debt, or, at the very least, reduce your monthly payments to something more manageable.

Handle Problems Right Away

Not everyone falls into the above category of not being able to pay, at least not at first. Some people go along for a while, managing to pay their medical bills. Then, something happens. They get laid off or they encounter a new expense. Whatever the case may be, when people encounter a circumstance in life that keeps them from paying their medical bills, they should talk to their creditors as soon as the problem rears its ugly head.

When the creditor knows what’s going on and is kept “in the loop,” it’s a lot more likely to work with you. The truth is that creditors don’t actually want to send your debt off to collections; they’d rather have your money in hand, even if it takes longer than planned. Be totally honest though. Don’t say you’ll be able to pay “next time” if that’s not true. The more honest you are, the more manageable of a deal you’re likely to get.

Get Professional Help

If you can’t seem to work out a realistic payment plan with your medical creditors, it’s probably time to talk to a professional financial advisor or debt counselor. These individuals, in some cases, may even be able to negotiate on your behalf. They can also advise you on when filing for bankruptcy is in your best interest and on other debt management options. Remember not to give up hope. No matter how bad your debt is, there is a way out.

When It Comes to Borrowing Money, the Bank isn't Your Only Option

In the past, it used to be that, if you wanted to borrow money, you went to your bank and asked for a loan. If the bank said yes, then you got the money, plain and simple. And, if it said no, you could go to another bank, but beyond that, you were out of options. Fortunately, in today’s world, when the bank says “no” to lending you money, you still have other options you can try, and a lot of them exist thanks to the internet.

There are, for example, many small business and personal lending sites, such as Kabbage, which

simply require users to fill out some information and can determine whether or not they are eligible for the loan- and, if so, transfer the money- in a matter of days, sometimes hours.

There are also many peer to peer or marketplace lending sites going strong these days, and what all of these options boil down to is this: you have a lot more opportunities to get the money you need! It’s wise to take advantage of these opportunities; just make sure you protect yourself as you do.

Peer to Peer/ Marketplace Lending

You’ve probably seen sites such as GoFundMe.com and Kickstarter.com. These sites allow users to solicit donations, of any amount, for various causes. These causes can range from “wants” like a big vacation to “needs,” such as the costs associated with medical bills. People from all over the world can contribute, a little bit a a time, to any cause they deem worthy. These sites are popular because, believe it or not, the campaigns often work, and people end up getting some or all of the money they need.

Peer to peer or marketplace lending sites work in a similar way. The only difference is that the people behind the campaigns promise to pay the money back. So, instead of the funding counting as a donation, it counts as a loan and sometimes even as an investment.

Other sites, such as the aforementioned Kabbage, function more like direct lenders, but it’s individuals or businesses backing the loan, not a traditional bank.

Staying Safe

While these types of sites have opened up opportunities where there weren’t any before, they have also opened the door for clever scam artists. To protect yourself, never use a site that requires any kind of a deposit or fee to request a loan. When you’re in need of money, legitimate sites know that the last thing you need to be doing is spending it.

Also, thoroughly research any site you are thinking of using and check to see that it exists with the Better Business Bureau and that it is in good standing with it. Also, never deal with “payday loan” type sites that function by taking a large amount from your paycheck each pay period as “payback” and which typically charge extremely high interest rates. Finally, don’t provide any identifying information, such as your bank account numbers, without knowing, for sure, that you have been approved for a loan, what those loan terms are, and that the site is legitimate and trustworthy.

Getting Approved

Just because you find a legitimate lending site doesn’t necessarily mean you will get approved for a loan. In fact, if a site accepts absolutely anyone’s loan request, regardless of credit history or other factors, that’s a pretty big red flag that it cannot be trusted.

In general, most lending sites will not approve your request if you have a very low (below 640 or so) credit score, if you have bankruptcies in your recent past, or if you have a ton of debt. These factors don’t make a loan impossible, however. They just mean that you may have to do some work on your credit before you stand a chance of getting approved.

Know where you stand by checking out your credit score ahead of time and then working, for at least a few months, to improve it, if necessary. Once you stand a good chance of getting approved, compare interest rates and other terms and conditions from site to site to the find the best and most viable deal for your lending needs. 

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