When people start to repair bad credit, they oftentimes land at Credit Karma. While most people enjoy the idea of the service, many are not sure it is legitimate. In reality, Credit Karma is a great service that a savvy consumer must use. Of course, many vigilant consumers will still have their doubts about the business. Here is a quick guide for a consumer who wants to learn more about Credit Karma and how it works.

Completely free: Oftentimes, a user will sign up for a “free credit score” only to find out that the score is not free. Not only that, the consumer will only find out the monitoring service costs money once he or she has entered all of their personal information. With Credit Karma, a user can sign up and will never have to give his or her credit card information.

Make money: Naturally, most people probably wonder how the company makes money. They make money in a couple of ways. For starters, when logged in, Credit Karma will recommend credit cards to their users. When clicking the link and signing up for a card, the company will then make a small commission. Furthermore, with this service, a consumer will receive monthly emails with advertisements. Of course, a client can easily opt out of the promotion emails at any time. While other services charge a fee or sell information, they only make money by sending relevant marketing emails and showing relevant advertisements.

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Secure: There is no doubt about it; Credit Karma is a legitimate service. In fact, the company has an A rating with the Better Business Bureau and has only eight complaints filed against them in the past. Some fear using Credit Karma as it requires the customer to provide his or her social security number. This fear is unfounded; when you go to check your credit score with any service, a user must give their social security number as a way for the company to get access to their data. Furthermore, the company uses SSL for their website and takes plenty of steps to ensure the safety of their customer’s information.

Scores: Credit Karma provides customers their TransUnion credit score. The company updates the information often, which allows a user to see what direction where their score is heading. In addition, a customer will receive his or her TransUnion auto grade. Finally, a consumer can get access to his or her Vantage Score, which is a cumulative score across all three credit bureaus. Without a doubt, the TransUnion score is the most valuable information that Credit Karma offers, though the other two scores are valuable to most customers.

Understanding: When looking at a credit profile, a consumer should understand what he or she is viewing. With a Credit Karma account, a customer will see more than his or her credit score. A user will see the total accounts he or she has, the age of the accounts, the amount of credit inquiries and much more. With all the information provided, a consumer will know exactly where he or she stands.

Simulator: For consumers looking for how to improve credit score, the included simulator is a godsend. With this tool, a user can see what will hurt and improve their score. The simulator will help a customer who wants to get back on track. Ideally, a user would consult the score simulator before making any credit decisions. When doing this, one can avoid any serious dings to his or her credit score.

Alerts: When actively monitoring ones credit score, a user can avoid serious problems. Luckily, Credit Karma alerts users of potential problems. For example, when a user is near a limit on one of his or her cards, the company will inform the client. While it may not seem important, it is crucial for a consumer to take proactive steps to protect his or her credit profile.

Conclusion: There are plenty of upsides to Credit Karma and only a couple of minor downsides. When using this service, a consumer will get a lot of pertinent information. While Credit Karma is certainly not the end-all solution, a consumer who wants to watch his or her credit profile must use the service if he or she wants to stay on top of their personal finances. Not only that, since Credit Karma does not cost any money, it would be foolish for a consumer to forego using Credit Karma.

Go ahead and sign up for Credit Karma by clicking here.

How many of you use Credit Karma?

Are you a creative soul whose cup runneth over with ideas?  If you are, you’ll be pleased to learn that you can make money online selling your design ideas for t-shirts, and even more items, online.  There are a number of different websites you can go through to make extra money with your designes. There are even some designers making a living off there designers. Threadless, Café Press, and redbubble are just a few of the options available for you to sell your designs online.

Here’s how you can get started making side income off of your creativity:

1. Create your design according to site specifications. Do not copy your design or do a “knock off” of another artist’s design or use words by another writer. Not only will unauthorized use lead to legal problems, it’s just not fair to take someone else’s creation and claim credit and cash benefit for it.  There are exceptions to this rule, but be wary.
2. Select which products you want to create.  T-shirts and other types of apparel like hooded sweatshirts and hats sell well. There are many other items available, too, such as canvas prints, beer steins, and backpacks.  The design can also be used to promote another item in which the customer is interested. A good example is a t-shirt advertising your comic book.
3. Set your price. If you have several designs, charge different prices, even if the design difference is a size difference (charge a couple of dollars more for the larger sizes).
4. Make sure you include payment information so you can start making money off your ideas. Invest in a personal credit card reader to help expedite your orders.

Websites where you can sell your designs:

1. Threadless – Check out the “Artist’s Stories” for ideas on where to begin with your new product. Also, watch for the iPhone app that will be launching soon.
2. Café Press – At this site you will find a wide collection of items to feature your designs including, t-shirts, sweat shirts, hoodies, tank tops, polos, pajamas, bottoms, flip-flops, underwear and panties. Plus, jewelry and bags, children and infant items (not just clothing), a variety of different types of drinkware, wallets, wall art, and much more!
3. redbubble – The home page alone is awe inspiring, but one of the extra’s on this site are the beautiful deck tiles!
4. Imagekind – On this site, you can sell your art for free.
5. Zazzle – Be unique! It’s Zazzle’s tag phrase, and is a pitch worth remembering. Start a wedding design line to sell in your area. Or, one to use at baby showers. There are great ideas to be found on this site.

Not only can you use your designs to make extra money to add to your budget; you can make items to sell for your next fundraiser. Do your own design or let the kids involved in the fundraiser design the art.  It is a great way to raise money or start a business on the side.

What is your favorite website for t-shirts? Did I miss any good ones that you use?

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Obviously, the main benefit to working all summer is making money. Maybe it’s just spending money, or if you’re serious about it, could even help pay your college tuition. While the money is nice, that’s actually not the greatest benefit of finding a summer job. Instead, it’s instilling a solid work ethic at a young age that will come in handy later in life. Not only that, but if you have a good idea of what you want as a career when you get older, you can possibly find a summer job that gets your foot in the door and put you far ahead of your peers when you do graduate.

So, take some time to enjoy your summer vacation, but think about getting a summer job that will put some money in your pocket and may even help you advance your career.

1. Lawn care – Summer is growing season and many lawn care companies will be seeking seasonal employment to help with the increased demand. Expect long hours, hot conditions and loud noise, but this is a fair trade for the wages and positive health benefits. The hours may very well extend past a normal eight hour shift and into overtime for you.

2. Law office runner – Law firms often seek students in the summer to run errands. From taking letters to the courthouse, filing paperwork or chasing down lunch, a runner can make good money working for a firm. Pre-law students will find this particularly helpful, especially on applications for law schools. If your employer is an alumnus or alumna, this may help sway your application to the accepted stack.

3. Farm hand - Grueling, tiring, hot and long hours await you if you want to try your hand on a farm. The tradeoff is excellent pay and often a pay by the piece option; the more you do, the better the pay. There are stories of seasonal employees making several hundred dollars a week for only a few weeks of employment. New employees will be expected to work the fields, but if you are willing to stay with the farmer and prove your value, driving tractors may be a nice change of pace. And if you have an interest in agriculture, getting to know these operations first hand can be priceless.

4. Alaska beckons - Deadliest Catch is a winter show, but the summer in Alaska means salmon, salmon canneries and several boats or canneries looking to hire. Greenhorns, the name for any new hand in Alaska, will be knee-deep in fish offal or stuck on a boat for a few weeks at a stretch with less than friendly captains and mates. When the check for over $5,000 to $10,000 rolls in, faces seem to change and brighten.

5. Merchant Marine – Six months on a oil rig offshore a year is the standard for merchant marines, but the intrepid college student who is willing to spend a few months away from civilization in the middle of the ocean or gulf may appreciate the daily pay, long hours and opportunity to save it all. After all, where are you going to spend it, considering you are about one to three hours helicopter or boat ride to the nearest shore? You will need to get a merchant marine license. Inquire how to do that online by doing a simple search.

Each of these jobs may not be the ideal work that many students are looking for but given the current state of the economy, beggars cannot be choosers. Swallow your pride, put the cell phone away and pound the pavement looking for a job. The ‘Greatest Generation’ never complained about turning burgers or checking groceries; they saw it as an opportunity. You should adopt the same philosophy and be willing to work, not only for money, but for experience.

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How You Can Try Products Without Buying Them First

Oh, the joy of getting something for free. Ever wondered how to get free stuff to sample.  The allure of samples is hard to resist especially when you want to try new products but don’t have the means or courage to spend your money on an item that you may or may not like.  So, how do you adopt a try-before-you-buy mentality when it comes new items?  The following list will show you how you can try products without paying full price for them first.

Here are a few for you to consider:

1. Product Samples.  Acquire them in the store or through offerings online.  Take the sample and put it to use.  Note that there is usually a coupon included with the freebie as a way of encouraging you to buy the product you tried.  If you liked what you used or consumed, by all means, purchase a larger box, bag or bottle for your home.
2. Subscription Boxes.  I love, love, love my online subscription box service.  I’m particularly fond of Conscious Box because I live in a small town and have to travel a great distance to get healthy vegan products.  With my monthly subscription, I’m able to try a variety of health and beauty, household, and grocery items and purchase what I liked online.  I consider this the best $20 I spend each month because there’s a whole lot of wonderful crammed into each box I receive.
3. Product Reviews.  If you’re lucky enough to work for a well-known publication or have a blog with a lot of traffic, companies will come to you with their products in exchange for a review many times.  You’d be surprised to learn just how many businesses rely on word-of-mouth marketing to increase their sales.  If you have a product that interests you and the medium to publish a honest review about it, send a quick email to the publicity department of the company and see what transpires.  Instead of receiving small samples like a normal consumer, you’ll often get full-sized products to try and enjoy.
4. Coupons.  Companies often encourage customers to try new products by enticing them with a coupon for a free or deeply discounted item.  If you’re in the habit of using coupons when you shop, make sure to pay special attention to these opportunities to try new products.  You’d be pleasantly surprised at how many new items you get to sample when all is said and done.  Look for coupons that read FREE or FREE with purchase and carry them with you in your binder for easy access. You could always get into extreme couponing as well to help you get free items.

You don’t have to spend your hard earned cash on things that may not be a good fit for you and your lifestyle.  With a little work and effort, you can scout out free samples wherever you go.  You’ll be less shy about asking to try before you buy a certain deli product or ice cream flavor because you know if you like it, you’ll buy it.  Companies know this as well and that’s why they’re willing to give you free samples and coupons to get you through the door or onto their websites for more information.

How many times have the words “I’m Broke” entered into your life? We’ve all been in a place where we have less finances than we need to survive, money problems are something we all must endure.  Rather than complaining about why you are broke, many people find inspiration in the dustiest corners of their wallets and pocketbooks.  Being broke is not ideal but it does have its benefits.  For example, how many times have you purchased something before checking to see if there was a coupon, online code, or discount of any kind?  Chances are you’ve made this mistake more than once because you had extra money and less concern over how you spent it.

Here’s how being broke forces you to be creative:

1. You know the difference between a need and a want.  No longer given the luxury of the impulse buy, you weigh the consequences of each and every purchase that you make.  Because you do not have unlimited access to money, it is essential for you to stretch every dollar that you can.  Items that aren’t needed aren’t purchased.
2. You put off big ticket purchases so you can get the best deal.  When it comes to purchasing automobiles, appliances, and electronics, you choose to shop around.  Rather than be in a rush to acquire an item, you go the extra mile and do your research to ensure that you’re getting the most bang for your buck.
3. You look to family members and friends for inspiration.  You’re more aware of your surroundings.  You seek advice from relatives and friends about saving money.  You take the time to learn how to do things that you ordinarily wouldn’t when you’re flush.  You pool your resources so that you don’t have to do without the things you’re accustomed to having.
4. You buy secondhand.  For the sake of saving money, you no longer need to buy new.  You explore garage sales, thrift stores, and consignment shops as places to find the things that you need.  You see the value in used.  From clothing to furniture, you know where to find the best deals on secondhand goods.
5. You clip coupons.  Coupons become one of your most valuable resources because when paired with sales, you save tremendously.  You don’t have to be a coupon hoarder in order to acquire the things you need.  You do need to hold out until the stores mark down their prices and then pair items up with coupons to get them for free or pennies on the dollar.
6. You Do-It-Yourself.  Relying on your own devices is part of being broke.  Rather than pay someone else to do the work for you, you do it yourself.  The DIY movement is rather popular so you can find all of the resources you need through the Internet or public library.  You know how to mend clothing, fix a leaky pipe, and change the oil on your car and you save each and every time you complete a task on your own.

Don’t see being broke as being something detrimental.  If you find your bank account is looking lean, put your thinking cap on.  Soldier through the experience by applying a new level of creativity to managing your finances. Not only will you learn something new, you’ll take away life lessons that will help you grow and make you more financially savy going forward.

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Do you have a big event, travel, a must have or emergency type situation? Here we listed some quick fixes that will show you how to save money fast. Tips that will help you now and some that will keep saving you money in the future.

1. Electricity is most likely the biggest utility you have, and it is the easiest to control. Turn out the lights, turn down the heat, and unplug. Unless you are scared of the dark, use a lamp or two instead of the overhead lighting. If your chargers, televisions, and computers are plugged in, they consume energy in their standby mode. It is a small inconvenience to plug in a cord to save money, or use a simple power strip to turn on several electronics at one time. Use ceiling fans to circulate your heat or cool the air. Set your thermostat to lower in the winter and higher in the summer when you leave the house for the day.

2. Date night does not have to be routine or expensive, like dinner and dancing. If you put in a little effort, you could come off like the greatest date ever. Try a picnic dinner while stargazing in a park, or watch a movie you borrowed from your library or friends.

3. Doing your laundry uses a lot of energy or coinage. If you just need a few things washed to get you through the week, simply hand wash them. If you put your clothes on their hangers, and allow your clothes to air dry, you will save both time and money.

4. Cut out the morning coffee stop. Buying specialty coffee every workday will cost over seventy dollars per month. You can buy one can of coffee, three bottles of creamer and a bag of sugar for less than twenty dollars. If you cannot live without your flavored coffee the local barista serves you, buy a small bottle of the syrup from a grocery store.

5. Bottled water costs over a dollar per serving, so refill your empty water bottles with tap water for about ten cents each. This puts thirty dollars in your pocket, and you’re recycling.

6. If you absolutely must socialize after work, look into finding a local happy hour. Most chain restaurants have half price appetizers and drink specials. Be sure to leave when the special ends.

7. Discount and dollar stores sell many of the essentials you use every day, and they sell it for less than your typical grocery store. They regularly stock items like canned vegetables, soaps and paper goods, and their stock is usually name brand products. You might be able to find even larger discounts if you get into the extreme couponing.

8. Eliminating just one dinner out will save you at least twenty-five dollars per person. To save money dining in, you need to take inventory of your pantry. Design a weekly menu that uses the cheap healthy foods you already have. You can use an online recipe site to work out a recipe for you using the ingredients you have on hand. Adding simple staples to your grocery list, like potatoes, pasta or beans, can go a long way in stretching your budget.

9. Use cash not cards when shopping especially if you are a shopaholic. Seems illogical, but the truth is, a credit or debit card is easy to hand over without realizing the immediate loss. If you are going to the store or restaurant, carry only the cash you intend on spending. When you find your wallet is getting thinner, you will put back that extra candy bar.

10. Selling your car might seem extreme, but you need to save money fast, right? If you really need transportation, try a scooter or motorcycle. They cost less to operate than a car, and your maintenance bills will be lower. If you can manage bicycling to work safely, you can save on gas and auto insurance premiums.

11. Gifts can be hard to manage when you are trying to save money fast. Homemade does not have to involve a macaroni birthday card; you can do a lot better with just a little time. Easy projects, like creating homemade goody baskets or photo albums, are fast and simple. If you are all thumbs, and can’t create something nice, you can always recycle a gift. Make sure the recycle gift has no chance of getting back to the original gift giver. You are trying to save money, not lose your friends.

Learning how to save money will take some time and adjustments to your routine, but it is possible.
Just telling you how to save money fast does not put cash in your bank account. You have to set a goal, and you must follow through. Every tip you use is money in your pocket. If you are interested in seeing more money saving tips check out my last post on topic.

So when you think about how to save money fast, what are some of the first things you think of?

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Food is expensive and it’s going up in price with each passing day. This leave many of us questioning how to save money on food each month.  A number of factors contribute to the higher food prices and it often feels as if you have no say on what you spend at the supermarket.  That’s not necessarily the case.  You can eat cheap healthy food without breaking the bank.

Here are five super simple ways to cut back on food costs:

1. Grow it yourself.  You can grow a plentiful garden no matter where you live, how much space you have, and how green your thumb is. Now is the time to start your spring garden. Container and square foot gardens are popular solutions for city dwellers that don’t have the means to grow a full size garden.  Herb gardens and medicinal plants like Echinacea, Borage, and Pleurisy Root can be grown on window sills and in window boxes no matter how small or large of home you reside in.
2. Can and preserve your surplus.  Food is only good if you can eat it.  If your garden supplies more than your family can eat at one given time, can and preserve the remainder of your surplus.  There are a variety of ways you can store the fruits, vegetables, and herbs that you grow.  You can make jellies and jams, pickle foods, and even make chips out of apples, zucchini, potatoes, and carrots in a dehydrator.  If you hit a sale at the supermarket on strawberries, for example, you can purchase several baskets of them and preserve them so you can have them at a later date.  This is especially helpful because so many foods are seasonal and subject to astronomical price increases.
3. Learn the basics of food storage.  Knowing how to properly store your food supply will increase its longevity and ultimately save you money.  If you have no clue how to keep food good there is no time like the present to get started.  
4. Eat at home.  Skip a pricey meal out and opt to cook something similar at home.  You’d be surprised how much further your dollars go when you prepare meals from scratch.  There are a number of websites full of free recipes for you to choose from.  If you feel like eating Thai, look for dishes that use coconut milk.  If you prefer something hearty, cook up a big pot of chili and invite the neighbors over so you won’t have a refrigerator full of leftovers.
5. Use coupons to get it for free or cheap.  You don’t have to be into Extreme Couponing to experience extreme savings.  Start getting the Sunday paper and watching the ads for the best deals.  Pair store savings with manufacturer’s coupons and get food items for free or pennies on the dollar.

Food is a necessity that can’t be overlooked.  Without it, you won’t survive.  With it, you can fight disease, nourish your body, and provide yourself with a source of energy that gets you through the day.  When acquiring food for your family, consider the aforementioned list as a way of cutting grocery costs.  There are plenty of ways to acquire food frugally.  You can start a garden, forage for wild edibles, freeze, can, and preserve your produce or purchase food at a discount from supermarkets and farmers markets.

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When it comes to renting an apartment or home, you don’t have to be at a loss.  Renting has its benefits and can be a positive experience for people saving money to buy homes of their own. Renting a place rather than buying can be a very sound financial decision when you are starting out. Even most millionaires start out renting.  When it comes to selecting the right rental space for you, there are some things to consider.  Making a hasty decision won’t save you money.  It will end up costing you more in the long run.  That’s why it’s important to do your research to make sure you’re getting the most bang from your rental buck.

Here’s how to find and benefit from your rental apartment or home:

1.     Use a website like DoNotRent.com to get honest feedback about the apartment rentals you’re interested in.  People love to share their experiences with others.  Take advantage of this communication by educating yourself about the options available in your city.  For example, if you need a Chicago apartment finder, you enter the location you’re interested in to find reviews about the different dwellings available for rent there.  This will allow you to find the best rated apartments and homes in the city.

2.     Do not spend more than 30% of your total income on rent.  If you can spend less than that guideline on rent, you can save the remaining money in a bank account where you can earn interest on it.  FirstApartmentGuide.com offers a handy rent calculator for you to use on their site.  Access it here.

 3.     Compare floor plans and amenities with other rentals in your price range.  If you can get more space and other luxuries like a washer and dryer hook up, onsite gyms, and a swimming pool, by all means choose the apartment or home that’s the most enticing.  Think about it for a second.  A gym membership costs money.  Going to the public pool costs money.  Frequenting the Laundromat costs time and money.  Amenities help you save.  Check out this About.com article, 10 Amenities Tenants Look for in a Property, and create a wish list of your own.

 4.     Pick the right location.  If your perfect rental is miles away from your workplace or children’s school, you might want to reconsider leasing it.  Commuting costs money.  You may be saving on a rental apartment or home but you won’t save a dime on gas and upkeep as well as time.  Realtor.com offers the following advice when choosing a rental.

“When evaluating a neighborhood you should investigate local conditions. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:

• quality of schools
• property value
• traffic
• crime rate
• future construction
• proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural activities such as museums, concerts and theaters.”

Apply the aforementioned tips to your apartment or home search and get the best rental space money can buy.  You don’t have to forgo comfort to save money.  You just need to know what things you won’t compromise on when selecting a place to dwell.

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As I embark on what will be the first of four road trips this year, I take solace in knowing that I’m prepared for whatever life throws at me.  Equipped with camping supplies, a spare tire, a cooler full of food, and a gas card, I can take care of my basic needs easily on my cross country road trip from Kansas to California and back this month.

I’ve created a budget for myself of $50 a day.  All incidentals are factored into this total.  Gas, food, lodging, and entertainment mustn’t exceed my daily budget of cash or my first 2013 cross country road trip will be my last 2013 road trip.  This won’t be an easy task considering even the run-of-the-mill motels across the country charge anywhere from $30-$70 a night but I’m up for the challenge.  If there ever was one to stretch a dollar, it would be me.

My plan for this trip involves avoiding high priced restaurants and mainstream tourist traps.  There’s only so many of those a person can afford and/or tolerate.  Instead, I look forward to brownbag lunches and national parks thanks to my America the Beautiful National Parks and Federal Recreational Lands Pass which gives me “access to more than 2,000 recreation areas managed by five Federal agencies, with up to 100% of the proceeds being used to improve and enhance visitor recreation services.”

The $80 pass is worth its weight in gold because one trip into the Grand Canyon can cost $25 which is exceptionally steep considering how many national and state parks I plan on visiting this year.  A handful of days at Joshua Tree and Yosemite will recoup the cost of the pass making it one of the best investments I made this year.

Although I love the idea of spontaneity when it comes to traveling, I’m the type of person that scouts out the area ahead of time just to make sure I can avoid any snafus along the way.  With that being said, I find the following six iPhone apps indispensable when traveling on the road:

1. MapQuest.  If you don’t have a GPS for your vehicle, MapQuest is a fine substitute.  Get voice-guided, turn-by-turn directions from Point A to Point B for free.  Some other notable features include cheap gas prices, live traffic cameras, and walking directions for people who prefer to hoof it to their final destination.  Many people prefer Google Maps but I personally like MapQuest.  Keep a Road Atlas on hand just in case you lose your signal.  I learned this the hard way on one of my trips.
2. GasBuddy.  Find the best gas prices in the cities you’re traveling to.  You can perform a search by City, State or Zip.  You can report prices, earn points, and enter drawings for free gas cards.  I like this app because it tells you exactly how far away the next gas station is in miles.
3. Fuelculator.  This road trip calculator calculates exactly how much it will cost you to get from point A to point B.  Plug in gas prices and the city that you’re traveling to and get an estimate in dollars of your fuel consumption.
4. Rest Area Finder.  Rest areas are often hard to come by in certain areas of the United States.  Plan accordingly by using this handy app.  Learn where there are places to stop, rest, and fill up with gas.
5. Airbnb.  If hotels and motels don’t appeal to you, try sleeping on a sailboat or in a treehouse.  Airbnb is amazing.  Listings fit your budget and range from traditional to outrageous.  Who doesn’t want to sleep in an old airplane or caboose?
6. BLM  and USFC Campgrounds.  There are plenty of free campgrounds to choose from throughout the United States.  The Bureau of Land Management and the US Forestry note that you can stay on one piece of property for free for up to 14 days at a time.  You cannot, however, return to that same piece of land until 30 days has passed.  This app tells you exactly where to find free campgrounds in whatever state you’re traveling through.

I love road trips. There is nothing quite like getting out on the open road and with all of the apps and road trip calculators it makes it easier than ever to figure out how much it will cost you.

Is there a road trip app you like to use?

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A business plan is a necessity in any business. If you are trying to figure out how to start your own business, the first place to start is with a business plan. Every business needs some type of direction and focus to help it move forward in the right direction. It doesn’t need to be a perfectly polished document, unless you are looking for some type of financing. If you don’t need any money for your business you can get by with a business plan that looks like chick scratch on the back of a napkin, but I still think you need something. But for the entrepreneur that wants some type of financing, that is a whole different story. Once people find out I invest in business startups they all of a sudden start coming to me with your business ideas asking for money. The first thing I say every time is show me a business plan, this weeds out almost all of them. It is surprising to me that so many people have pretty good ideas, but very few of them take the time to write a business plan for some reason. For those who do come back with a business plan they seem to leave out vital parts. A common characteristic of an entrepreneur is not taking the time to write out a business plan, I am guilty of this for sure. But I can say for sure that a business with a plan will always do better than a business without a business plan.

Writing a business plan is just that, a plan. It isn’t a proposal or a college term paper, it’s a plan. Plans have to be thoughtfully organized, researched and attractively presented. Financiers discard business plans that are sloppily put together with no inherent sense or merit in favor of those well thought out and organized. Here are a few common mistakes in writing business plans you need to avoid.

Not Writing a Business Plan

No financier will grant funding to a new business person without a plan. Some entrepreneurs are frightened to put their thoughts and dreams onto paper. Some put it off, hoping it won’t be necessary. Still others are afraid of refusal. An entrepreneur needs to take copious notes on all aspects of his business then organize the notes into a cohesive business plan.

Do Your Research

Important to those who finance new businesses are facts such as niche, demographics, need to availability ratio, market share, competition and market trends. And that’s before we get to sales and marketing, overhead, employee compensation and a dozen other start-up concerns. Research every distinct facet of your business, then organize the information into charts, graphs and tables. Make sure to label the charts, graphs and tables for clarification to the financier.

Glib Generalizations

One of the pitfalls for entrepreneurs is confidently stating there is no risk or there is little to no competition in the chosen business venture. Financiers are aware that if consumers want something, they know where to get it. Investors know there is risk involved in business. They also know that when you begin doing business, competition will appear, even if there was little before you started. Knowing where the risk and the competition are will strengthen your position, because you will write it into the business plan.

Gauge the Economy

In planning a business, the state of the economy must be considered. If the entrepreneur wants to be in business five years from now, he needs to know what the economic projections are. Will his product or service still be needed five years from now? Will the public still be willing to bear the price? Will the market be saturated with the product or service in five years? No one can accurately predict the economic future, but these are some realistic questions to consider in the business plan.

Know What You Don’t Know

If the entrepreneur is short on sales skills, it should be written into the plan with a solution to the problem. Should the new business person be in need of administrative skills, it needs to be noted along with the answer. Perhaps the new business person needs better computer skills. It should go into the plan in addition to the solution. If the business person is honest in his shortcomings and can show a financier that a solution to the problem can be found, the financier will look more favorably on the enterprise.

Sloppily Written Business Plans

Financiers pass over sloppy, wordy, fawning or hyped work in favor of fewer words with more impact, less superlatives and focused writing. If the business person could use writing skills, hire an editor. The writing needs to be sharp, focused and leave the financier in admiration of the magic of the idea. Presentation is everything, so if you need help with tables, charts and graphs, get it. Spell check the plan and get a grammar checker online to help. The plan needn’t be forty pages when ten pages of well chosen words will do. Make sure it’s done right and tighten up the writing if necessary.
Remember that writing a business plan is about not only selling your idea, but you as well. Financiers want to see the magic in the genius in addition to cold hard facts. It’s just a plan, but make it the best you’ve ever done.

How many of you have a business plan?