10 FREE OR CHEAP TOOLS FOR STARTUPS

Here is a list of free or inexpensive online resources that can be used by startups. The list was obtained from an article on INC.


1. Zoho CRM


2.Drop Box


3.Mozy


4.PortableApps


5.oDesk


6.Google Docs


7.MailChimp


8.Fulfillment by Amazon


9.Skype


10.The Northwest Centre

STARTUPS FOR CHEAP!

Startups that are cash strapped can benefit from this informative presentation from FORBES



1.Always ask for DISCOUNTS



2.Always NEGOTIATE



3.Don't own. BORROW OR LEASE



4.Look for opportunities to BARTER



5.Strike PARTNERSHIPS



6.Analyze all EXPENSES

Online Video courses from leading universities.

Great online degrees and video courses from top leading universities. Browse through their massive collection. Very informative!



In this video, Guy Kawasaki gives valuable entreprenuership lessons.

Watch it on Academic Earth

Guy Kawasaki, Make Meaning in Your Company, Fall 2004. (Stanford University: Stanford eCorner), http://ecorner.stanford.edu/ (Accessed September 15, 2009). License: Creative Commons Attribution-NonCommercial 3.0

Crush it!

Gary Vaynerchuk @ Big Omaha 2009 from Big Omaha on Vimeo.

Vitamins of the mind by Jim Rohn

Financial Independence
Shortly after I met my mentor he asked me, "Mr. Rohn, how much money have you saved and invested over the last six years?" And I said, "None." He then asked, "Who sold you on that plan?"

It is better to be a lender than a spender.

To become financially independent you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.

Financial independence is the ability to live from the income of your own personal resources.

If you depend on your company to take care of your retirement, your future income will be divided by five. Take care of it yourself, and you can multiply your future income by five.

I remember saying to my mentor, "If I had more money, I would have a better plan." He quickly responded, "I would suggest that if you had a better plan, you would have more money." You see, it's not the amount that counts; it's the plan that counts.

If you were to show me your current financial plan, would I get so excited by it that I would go across the country and lecture on it? If the answer is no, then here's my question: "Why not"? Why wouldn't you have a superior financial plan that is taking you to the places you want to go?

I used to say, "Things cost too much." Then my teacher straightened me out on that by saying, "The problem isn't that things cost too much. The problem is that you can't afford it." That's when I finally understood that the problem wasn't "it" � the problem was "me."

The Bible says that it is hard for a rich man to enter into the kingdom of heaven. It doesn't say that it is impossible!



Service
One customer, well taken care of, could be more valuable than $10,000 worth of advertising.

Good service leads to multiple sales. If you take good care of your customers, they will open doors you could never open by yourself.

How do you deserve a fortune? Render fortunes of service.

You have to do more than you get paid for because that's where the fortune is.

Whoever renders service to many puts himself in line for greatness - great wealth, great return, great satisfaction, great reputation and great joy.




Quotes by Jim Rohn, America's Foremost Business Philosopher, reprinted with permission from Jim Rohn International �2010.
As a world-renowned author and success expert, Jim Rohn touched millions of lives during his 46-year career as a motivational speaker and messenger of positive life change.
For more information on Jim and his popular personal achievement resources or to subscribe to the weekly Jim Rohn Newsletter, visit www.JimRohn.com.

10 Lessons for entrepreneurs going into 2010

See this video on Vator.tv »

Tribute to Jim Rohn

For more than 40 years, Jim Rohn honed his craft like a skilled artist-helping people the world over sculpt life strategies that have expanded their imagination of what is possible. Those who had the privilege of hearing him speak can attest to the elegance and common sense of his material. It is no coincidence, then, that he is widely regarded as one of the most influential thinkers of our time, and thought of by many as a national treasure. Jim authored countless books and audio and video programs, and helped motivate and shape an entire generation of personal-development trainers and hundreds of executives from America's top corporations. Click to watch a Tribute Video on Jim Rohn

True Visionaries

Seven true visionaries sharing priceless knowledge in these must see videos

Guide to buying investment property

1. Where do you look to find your diamond in the rough?
•Online Multiple Listing Service(MLS)
•Realtor
•Classified ads
•Word of mouth(friends & acquaintances)
•Real Estate Investors(REI)clubs
•Driving neighborhoods
2. Don’t be fooled by the first impressions of a property. You will literally look at hundreds of properties before you find one that will work. A property that may look good visually may not work mathematically and visa versa.
3. Once you find a property of interest to you will need to know the fair market value(FMV) for this property. You can find that number by comparing this property to similar properties(comps) within the same area.
Sources:
•Classified ads
•Realtors
•MLS listings
•Your knowledge of the neighborhood.
•Zillow.com(data may be out of date and unreliable)
4. You will need to know rental rates for comparable properties.
Sources:
•Classified ads
•Realtors
•MLS listings
•Your knowledge of the neighborhood.
5. You need to know the taxable value and the real estate taxes.
* Your source will be your local taxing authority.
* This is public information.
* It may also be online.
* Zillow.com
6. You will need to know insurance rates. Your source will be insurance agents.
7. Take your possible gross rent and subtract your possible expenses.

(Monthly gross rent) – (Monthly taxes) – (Monthly Insurance) – (other expenses) = Net rent
8. You then figure your finance costs and deduct that from your net rent. I use my financial planner tool on my Quicken software to figure the amortization(finance costs) of the possible loan. There are also many webpages that provide this service for free.

(Net rent) – (finance costs) = your monthly cash flow
9. If the look good so far, then you take a tour of it and note any damage(other expenses).
10. Make a formal offer. I do this through my RE agent. I also get and submit a conditional pre-approval letter concerning my finances. This can be procured from your banker or a mortgage broker.
11. When a price is agreed upon you will submit earnest money and you will have a short period of time to inspect the property. Time is of the essence during this time.
12. Hire an inspector o go over the property. You need to go with him to see what he looks at. Wear work clothes so you can crawl all over and under the house.
13. Figure any repairs that will have to be made and resubmit another offer with the repairs discounted.
14. If your offer is accepted you will go to closing(may last as long as a month)
With the previous steps you should be ready to look at potential SFH investments. Most beginning RE investors mainly look at cash flow. That is OK to look at but it’s not the Fastlane way.
You want to buy your property as far under FMV as possible(I aim for 40-60% under FMV). That is what is known as buying or capturing equity. This strategy will usually give you cashflow and equity. If you do this you may be able to sell the property and make tens of thousands of dollars on each investment. Then you can rinse and repeat.

Great Resources for start up business

www.business.gov -
government site covers taxes, human resources, marketing and regulation. Entry point for the SBA and other Federal agencies
www.myownbusiness.org -
free 14 session course that culminates in a completed business plan.
www.score.org -
home of the senior corps of retired executives. Provides free advice from accounting to woodworking.
www.startupjournal.com -
published by Dow Jones, has articles on many aspects of owning a business as well as businesses and franchises for sale.
Business.com
Business.com is a business-focused search engine and directory.
KnowThis.com
KnowThis.com is an advertising and marketing virtual library that offers resource materials and useful links.
http://www.msnbc.msn.com/id/13561213/
good advice from msnbc business

Buying a business

Rolls Royce Phantom



25 Things to Consider
Following is a checklist of items you should evaluate to verify the value of a business before making a decision to buy:



1. Inventory. Refers to all products and materials inventoried for resale or use in servicing a client. Important note: You or a qualified representative should be present during any examination of inventory. You should know the status of inventory, what's on hand at present, and what was on hand at the end of the last fiscal year and the one preceding that. You should also have the inventory appraised. After all, this is a hard asset and you need to know what dollar value to assign it. Also, check the inventory for salability. How old is it? What is its quality? What condition is it in? Keep in mind that you don't have to accept the value of this inventory: it is subject to negotiation. If you feel it is not in line with what you would like to sell, or if it is not compatible with your target market, then by all means bring those points up in negotiations.

2. Furniture, fixtures, equipment and building. This includes all products, office equipment and assets of the business. Get a list from the seller that includes the name and model number of each piece of equipment. Then determine its present condition, market value when purchased versus present market value, and whether the equipment was purchased or leased. Find out how much the seller has invested in leasehold improvements and maintenance in order to keep the facility in good condition. Determine what modifications you'll have to make to the building or layout in order for it to suit your needs.

3. Copies of all contracts and legal documents. Contracts would include all lease and purchase agreements, distribution agreements, subcontractor agreements, sales contracts, union contracts, employment agreements and any other instruments used to legally bind the business. Also, evaluate all other legal documents such as fictitious business name statements, articles of incorporation, registered trademarks, copyrights, patents, etc. If you're considering a business with valuable intellectual property, have an attorney evaluate it. In the case of a real-estate lease, you need to find out if it is transferable, how long it runs, its terms, and if the landlord needs to give his or her permission for assignment of the lease.

4. Incorporation. If the company is a corporation, check to see what state it's registered in and whether it's operating as a foreign corporation within its own state.

5. Tax returns for the past five years. Many small business owners make use of the business for personal needs. They may buy products they personally use and charge them to the business or take vacations using company funds, go to trade shows with their spouses, etc. You have to use your analytical skills and those of your accountant, to determine what the actual financial net worth of the company is.

6. Financial statements for the past five years. Evaluate these statements, including all books and financial records, and compare them to their tax returns. This is especially important for determining the earning power of the business. The sales and operating ratios should be examined with the help of an accountant familiar with the type of business you are considering. The operating ratios should also be compared against industry ratios which can be found in annual reports produced by Robert Morris & Associates as well as Dun & Bradstreet.

7. Sales records. Although sales will be logged in the financial statements, you should also evaluate the monthly sales records for the past 36 months or more. Break sales down by product categories if several products are involved, as well as by cash and credit sales. This is a valuable indicator of current business activity and provides some understanding of cycles that the business may go through. Compare the industry norms of seasonal patterns with what you see in the business. Also, obtain the sales figures of the 10 largest accounts for the past 12 months. If the seller doesn't want to release his or her largest accounts by name, it's fine to assign them a code. You're only interested in the sales pattern.

8. Complete list of liabilities. Consult an independent attorney and accountant to examine the list of liabilities to determine potential costs and legal ramifications. Find out if the owner has used assets such as capital equipment or accounts receivable as collateral to secure short-term loans, if there are liens by creditors against assets, lawsuits, or other claims. Your accountant should also check for unrecorded liabilities such as employee benefit claims, out-of-court settlements being paid off, etc.

9. All accounts receivable. Break them down by 30 days, 60 days, 90 days and beyond. Checking the age of receivables is important because the longer the period they are outstanding, the lower the value of the account. You should also make a list of the top 10 accounts and check their creditworthiness. If the clientele is creditworthy and the majority of the accounts are outstanding beyond 60 days, a stricter credit collections policy may speed up the collection of receivables.

10. All accounts payable. Like accounts receivable, accounts payable should be broken down by 30 days, 60 days, and 90 days. This is important in determining how well cash flows through the company. On payables more than 90 days old, you should check to see if any creditors have placed a lien on the company's assets.

11. Debt disclosure. This includes all outstanding notes, loans and any other debt to which the business has agreed. See, too, if there are any business investments on the books that may have taken place outside of the normal area. Look at the level of loans to customers as well.

12. Merchandise returns. Does the business have a high rate of returns? Has it gone up in the past year? If so, can you isolate the reasons for returns and correct the problem(s)?

13. Customer patterns. If this is the type of business that can track customers, you will want to know specific characteristics concerning current customers, such as: How many are first-time buyers? How many customers were lost over the past year? When are the peak buying seasons for current customers? What type of merchandise is the most popular?

14. Marketing strategies. How does the owner obtain customers? Does he or she offer discounts, advertise aggressively, or conduct public-relations campaigns? You should get copies of all sales literature to see the kind of image that is being projected by the business. When you look at the literature, pretend that you are a customer being solicited by the company. How does it make you feel? This can give you some idea of how the company is perceived by its market.

15. Advertising costs. Analyze advertising costs. It is often better for a business to postpone profit at year-end until the next year by spending a lot of money on advertising during the last month of the fiscal year.

16. Price checks. Evaluate current price lists and discount schedules for all products, the date of the last price increase, and the percentage of increase. You might even go back and look at the previous price increase to see what percentage it was and determine when you are likely to be able to raise prices. Here again, compare what you see in the business you are looking at, with standards in the industry.

17. Industry and market history. You should analyze the industry as well as the specific market segments of the business targets. You need to find out if sales in the industry, as well as in the market segment, have been growing, declining, or have remained stagnant. This is very important to determine future profit potential.

18. Location and market area. Evaluate the location of the business and the market area surrounding it. This is especially important to retailers, who draw the majority of their business from the primary trading area. You should conduct a thorough analysis of the business's location and the trading areas surrounding the location including economic outlook, demographics and competition. For service businesses, get a map of the area covered by the business. Find out, based on the locations of various accounts, if there are any special requirements for delivering the product, or any transportation difficulties encountered by the business in getting the product to market.

19. Reputation of the business. The image of the business in the eyes of customers and suppliers is extremely important. As we mentioned, the image of the business can be an asset, or a liability. Interview customers, suppliers and the bank, as well as the owners of other businesses in the area, to determine the reputation of the business.

20. Seller-customer ties. You must find out if any customers are related or have any special ties to the present owner of the business. How long has any such account been with the company? What percentage of the company's business is accounted for by this particular customer or set of customers? Will this customer continue to purchase from the company if the ownership changes?

21. Inflated salaries. Some salaries may be inflated or perhaps the current owner may have a relative on the payroll who isn't working for the company. All of these possibilities should be analyzed.

22. List of current employees and organizational chart. Current employees can be a valuable asset, especially key personnel. Evaluate the organizational chart to understand who is responsible to whom. You must also look at the management practices of the company and know the wages of all employees and their length of employment. Examine any management-employee contracts that exist aside from a union agreement, as well as details of employee benefit plans; profit-sharing; health, life and accident insurance; vacation policies; and any employee-related lawsuits against the company.

23. OSHA requirements. Find out if the facility meets all occupational safety and health requirements and whether it has been inspected. If you feel that the seller is "hedging" on this and you see some things you feel might not be safe on the premises, you can ask the Occupational Safety and Health Administration (OSHA) to help you with an inspection. As a prospective buyer of a business that may come under OSHA scrutiny, you need to be certain that you are not buying an unsafe business. Some sellers may perceive your asking for OSHA's help as a dirty trick. But you must realize that as a prospective, serious buyer, you need to protect your position.

24. Insurance. Establish what type of insurance coverage is held for the operation of the business and all of its properties as well as who the underwriter and local company representative is, and how much the premiums are. Some businesses are underinsured and operating under potentially disastrous situations in case of fire or a major catastrophe. If you come into an underinsured operation, you could be wiped out if a major loss occurs.

25. Product liability. Product liability insurance is of particular interest if you're purchasing a manufacturing company. Insurance coverage can change dramatically from year to year, and this can markedly affect the cash flow of a company.

Gabbage Millionaire

When Tom Szaky sees a discarded juice pouch, he doesn't see garbage; he sees a pencil case. An old vinyl LP cries out for new life as a clock. Candy wrappers? An awesome kite. But these are not the musings of an idealistic tree hugger. For the 28-year-old CEO of Trenton, New Jersey–based TerraCycle, they're a revenue model.
Instead of recycling (shredding, pulping, or otherwise breaking down materials and enabling them to be remanufactured as other products), TerraCycle takes packaging headed for landfills from companies like Kellogg's and Starbucks and resurrects it—more or less whole. Yogurt containers become planters; snack wrappers are transformed into shower curtains. TerraCycle's 85 employees make nearly 200 products, sold at retailers such as Petco, Kmart, Whole Foods Market, and Target.
With their mission—to make products entirely out of garbage—suddenly clear, Szaky knew the time was right to drop out of Princeton.