Is a Microloan Right for You? Jillian Coleman copy; 2003 Permission granted for use on DrLaura.com If you#146;ve been tossing around an idea for a small business, but wondering where you#146;ll find the money you need to get started, perhaps you should consider a microloan. Microloans are ideal for getting a new business off the ground. A microloan can also provide an infusion of cash to help an existing small business grow. The term #147;microloan#148; refers to a business loan smaller than most banks care to process, often to a borrower no bank would consider. The term came into vogue during the 1980#146;s, as funders began to realize that $200 loaned to a cooperative of women in a third world country could empower those women to start a business capable of supporting their families. In the United States, a microloan is usually between $2,000 and $35,000. Most microloans in this country are made by non-profit organizations funded by the Small Business Administration, a government agency. The SBA established a pilot program for microloans in 1992, and the program was made permanent in 1997. To date, more than $112 million has been made available to small businesses under the microloan program. Virtually any kind of small business can apply for a microloan. The form of the business, whether it is a sole proprietorship, a partnership, or a corporation, is not a determining factor. Non-profit daycare centers are also eligible to apply. Loan funds can be allocated as working capital. The funds can also be used to purchase inventory, supplies, furnishings, fixtures, machinery or equipment. The one restriction is that the funds may not be used to purchase or make a down payment on real estate. Perfect credit is not necessary, although the credit requirements vary according to the requirements of the lender. Often lenders require collateral, but may be very flexible in terms of what they accept as collateral. For example, a lender may accept jewelry, office equipment, or used cars to collateralize the loan. Interest rates vary, but they are usually slightly higher than rates for conventional bank loans. Terms vary according to the size of the loan, the planned use of the funds, the requirement of the intermediary lender, and the needs of the borrower. The maximum term for repayment is six years. One of the real benefits of securing a microloan has nothing to do with the money. The non-profits that serve as intermediary lenders also provide a significant level of management training and coaching. For example, a lender may require a prospective borrower to participate in a class and receive assistance in writing a business plan. Another benefit is speed. The process of applying, qualifying for, and obtaining a microloan usually ranges between a few days and three weeks, depending upon the amount of funds needed, the procedures employed by the lender, and the degree of preparation on the part of the borrower. To speed the process along, it#146;s a good idea to assemble as much paperwork as possible in advance. Borrowers should be prepared to provide tax returns, financial statements for existing businesses, bank account records, and proof of collateral. To find out about lenders in your area, you can phone 1-800-U ASK SBA. Or use the following link to get a list of lenders nationwide: http://www.sba.gov/gopher/Local-Information/Microloan-Lender-Participants/ Jillian Coleman is a consultant to businesses and non-profit organizations. Her website, www.GrantMeRich.com , is a resource site for entrepreneurs, grant writers and consultants. Jillian is the author of books related to grants and business, includingBig Bucks for Free: The Complete e-Guide to U.S. Government Grants, and Build Your Small Business Now! Secrets of Success for Entrepreneurs. Permission granted for use on DrLaura.com. More >>

Choosing Your Millionaire Mountain In the whole wide world of money there are only three major ways of becoming a millionaire. No matter what your background, you can learn to master one of these areas. Stock Market: Accumulating shares. Real Estate: Owning properties. Business: Marketing products, services or ideas We call this the Mountain Range of Wealth. There are a lot of routes to the top of each mountain. We will teach you many different models for creating wealth later on in this book. But for now, realize that you will probably reach your million-dollar goal with a combination of all three. Suppose you make a fortune in business (admittedly, this is a very large category with hundreds of ways to make money.) You#146;ll still need to invest your excess cash in the stock market or other forms of passive investment. Certainly, you will need to buy some real estate along the way#151;and if you can buy it at wholesale prices instead of retail, it can make a huge difference. For now, just be aware of the three major mountains. Make an initial #147;gut#148; decision to choose one mountain#151;something that you sense is going to be your primary investment vehicle. Suppose you were enrolled in the University of Money. Which would be your #147;major?#148; Which would be your #147;minor?#148; Which mountain interests you the most? Which one scares you the most? Imagine yourself in conversation five years from now. Try these words on for size: #147;I made my millions in real estate.#148; #147;I made my millions in the stock market.#148; #147;I made my millions in business.#148; Which one seems right to you? copy; 2001 Mark Victor Hansen and Robert G. Allen Permission granted for use on DrLaura.com More >>

Some Business Tips For The Aging Rocker By Cliff Ennico www.creators.com . I#146;ve been getting e-mails lately from aging Baby Boomers who are forming rock-and-roll bands. Proof yet again that our graying generation is refusing to grow old gracefully . . . Here#146;s a good one: #147;By day I#146;m a humble construction contractor, but at night I put on leather pants and hit the road with a rock band I#146;ve formed with three of my buddies. We play local bars and college hangouts, specializing in straight-ahead 1960#146;s style rock #150; mostly original songs that I#146;ve written. We have even cut a demo record which we#146;re trying to pitch to record companies. We all share the band#146;s expenses, and split the profits equally if there are any. Do we need to have a formal legal agreement? We#146;re all in our mid to late 40#146;s and are just looking to have a little fun before we die, but you never can tell #150; this could lead to something.#148; You gotta love a guy like this, still hanging onto rock-and-roll dreams while he#146;s hanging sheetrock. As long as you guys are just having fun for a few beers, it really won#146;t matter if there isn#146;t a formal agreement between you #150; after all, it wouldn#146;t be quite in the spirit of the 1960s, would it? But if you are thinking about taking your music seriously, then yes, #147;Mick#148;, there are legal issues to think about, such as: Avoiding a Legal Partnership . If you are splitting profits and expenses with your buddies, then what you#146;ve got is a #147;partnership#148; for legal and tax purposes. You will have to file a tax return with the IRS on Form 1065 each year (it#146;s due on April 15), or face late filing penalties of $600 per partner #150; so $2,400 in your case. Also, the only way you can legally get rid of a #147;partner#148; is to buy out his interest for whatever he#146;s willing to accept. So if your drummer decides he wants to spend more time #147;hanging out with his old lady#148;, it#146;s gonna cost you some bread. To avoid this, each band member should agree that there is no intent to form a partnership, that he is responsible for paying any taxes on his share of the band#146;s profits, and that only one dollar will be paid to any member who withdraws or is discharged from the band (for example, for repeatedly failing to show up at gigs). An agreement like that may not totally convince the IRS, but it#146;s better than nothing. Making Sure Decisions Get Made . When you#146;ve got a band, there are a lot of decisions to be made, like: what gigs are you going to take on, and turn down? what new songs will the band play, and what old ones aren#146;t working? where are you going to send your demo recording? if a record company offers you a deal, what terms will you accept? how will changes in the band#146;s lineup be made? Obviously, you are trying to run this band as a democracy, with decisions made as a group effort. But there will be times when the band#146;s members disagree, or an unpopular decision needs to be made. With four of you, there#146;s a good chance of a two-two split, which lawyers call a #147;deadlock#148;. You need to reach an agreement with your mates that one of you is the #147;leader#148; of the band, and will make all the tough decisions after seeking input from the other members. The other guys will have to trust that the leader will do the right thing. This is tough advice, but all music groups need to deal with it. Remember Pete Best? He was the original drummer for the Beatles, a good friend of John, Paul and George during their Liverpool days. Then the Beatles signed up with EMI Records, and their producer, George Martin, decided that Pete wasn#146;t up to the job. End result? We got stuck with Ringo Starr, and Best . . . well. The music business is an utterly ruthless one, and while you are no doubt loyal to your band mates, are you really willing to pass on being the next #147;American Idol#148; just because your bass player#146;s a little off key? Who Owns the Songs ? You say you have written all of the band#146;s original songs, but are you sure you own all of the rights to the songs? If any of your buddies has helped you write the music or lyrics to a song, they legally own a piece of the copyright. Rock musicians make money from their records and concerts, sure, but they make a lot more from copyright royalties on their original music #150; you don#146;t want a former bandmate coming out of the woodwork years from now with a fancy Hollywood lawyer claiming that his client #147;put the bomp in the bomp-bah-bomp-bah-bomp#148; (copyright Barry Mann and Gerry Goffin, 1961). Your agreement should clearly state that you are the #147;sole author, copyright holder and owner of all rights#148; to each song the band develops. Also, the other members should assign to you any rights they may #147;now or hereafter#148; have in any of the band#146;s songs. Again, we look to the Beatles for enlightenment (if you are interested in the Beatles#146; business dealings, by the way, the best book around is The Love You Make , by Peter Brown). Early on in the band#146;s history, someone convinced Messrs. Lennon and McCartney to sell the publishing rights to over 250 of their early hits for a #147;song#148;. So whenever you hear an early Beatles classic playing on your local radio station today, Sir Paul and Yoko Ono (John#146;s widow) get hardly anything for it. Instead, a small amount of money is paid to the person who owns the #147;publishing rights#148; to the song. Who, believe it or not, is . . . Michael Jackson, who bought the Beatles catalogue at an auction in 1985. Cliff Ennico ( cennico@legalcareer.com ) is a syndicated columnist, author and host of the PBS television series 'Money Hunt'. This column is no substitute for legal, tax or financial advice, which can be furnished only by a qualified professional licensed in your state. To find out more about Cliff Ennico and other Creators Syndicate writers and cartoonists, visit our Web page at www.creators.com . COPYRIGHT 2004 CLIFFORD R. ENNICO. DISTRIBUTED BY CREATORS SYNDICATE, INC. Permission granted for use on DrLaura.com More >>

So You Want To Work From Home? Jodie Lynn ParentToParent.com www.WAHMtalkradio.com I recently read an article about women having to choose between the home and the office. I know that there is an area in-between the two of these that is the work-at-home movement. I am very interested in this but have no clue how to avoid scams. I would love to be a work-at-home parent to have more family time. Which ones do you recommend and are there any books or websites that you would personally recommend? Choose a business in which you have a working knowledge as a result of your education, work, hobby, and/or volunteer experiences. Make sure there is a potential market for your proposed idea. Here are some places to go for free or low-cost business startup counseling: Women's Business Center www.onlinewbc.gov or Small Business Development Center www.sba.gov/SBDC . These centers offer free or low-cost business startup counseling and seminars. SCORE www.score.org offices also offer free counseling and business planning. Visit these sites to search for their centers/offices nearest to you. If you want to perform work-from-home for another company, be very careful of home-business scams. Do not send any money for information. To check the legitimacy of a home business opportunity, see the Better Business Bureau#146;s site, www.bbb.org , the Federal Trade Commission provides advice on avoiding scams, www.ftc.gov and see www.fraud.org for The National Fraud Information Center that offers updates on the latest frauds and scams. I have two books that might help as well, "The Self-Employed Woman's Guide to Launching a Home-Based Business," Crown Publishing Group, $14.95 and "The Self-Employed Woman#146;s Guide to Launching a Home-Based Business," Crown Publishing Group, $14.95. - Priscilla Huff in Sellersville, Pa. Moms working from home can structure their businesses and their schedules around their children's and family's needs while still bringing in an income. There are many good work-at-home opportunities, but there are many that are more often scams than not. I suggest that you review our Tips for Avoiding Scams at HBWM.com to help you not fall victim to scams. You can save large amounts of time and money by defining your strengths, interests, skills and passions. I believe defining those and researching different types of opportunities that fit those unique traits will dramatically increase one's chances for true success in their home business. I offer a "Mom'sWorkAtHomeKit" that is helpful when trying to make a work at home decision. Please see my site for more details. - Lesley Spencer, Director, www.HBWM.com in Austin, TX From Jodie: Everyone is interested in one way or the other about the possibilities and earning potential in starting a work-from-home business or situation. If you have children underfoot, it#146;s a lot harder than people tell you it is. Be sure you have adequate childcare available or things will not go as planned. It is quite stressful and can ruin home life, family time and even your self-esteem. Keep your day job until things get off of the ground and even then, it will require well-organized time to succeed. Your success should be seen in making money, feeling good about what it is you are doing and most of all, a balanced life. I am not saying it cannot be done. I am saying everyone in the family will be affected by it and you need to know up front about the heartache and hard work it takes. If you do not have a home computer, it is much harder to make decent money from home. If you are going to work for a "home business company," ask questions and check them out before signing a contract. Read books from the best well-known work at home experts, Paul and Sarah Edwards. I also personally know Lesley Spencer and can guarantee she is above board with her "Mom'sWorkAtHomeKit"...it is what you need to make the final jump in working from home and I have implemented some of the suggestions in my own plans straight from the kit. Visit her site www.HBWM.com and check out the volumes of help she offers moms trying to make a life-altering decision. Another source that moms will love is www.InternetBasedMoms.com where my new friend web savvy Alice Seba offers plenty for beginners as well as seasoned work at home moms. She is one gal you must check out! Listen to www.WAHMtalkradio.com for incredible interviews with my pal, Kelly McCausey. Can you help? I have a 3-year-old daughter who is always upset because she thinks I do not want anything to do with her. I have been trying to open my business and work from home. Her mom works outside the home and I am responsible for her during the day. What should I do?What baby books do you recommend for dads-to-be? Please share your tips and help other parents. Send them -- or other parenting questions -- to: Parent to Parent, 2464 Taylor Rd., Suite 131, Wildwood, MO 63040. Send e-mail through our www.ParentToParent.com Web site.Jodie Lynn is an internationally syndicated parenting/family columnist. Her latest paperback book is Mommy-CEO, revised edition, Martin-Ola Press . (It's not just for moms!) -- check out her new e-book, "Syndication Secrets" at www.ParentToParent.com for more details. We now have new Mommy, CEO merchandise and logo! copy;2004 Jodie Lynn. Permission granted for use on DrLaura.com. More >>

Exploring Working At Home Homebodies By Cheryl Gochnauer email: Cheryl@homebodies.org copy; 2000 As you might imagine, it's a rare day when I don't receive an e-mail regarding work-at-home prospects. Although stay-at-home parents are generally well-versed in stretching their dollars, sometimes it's helpful to examine options for generating extra cash while still focusing on family. A cardinal rule when seeking work-at-home prospects - NEVER pay anybody to give you a job. If someone promises to send you a list of money-making strategies "for only $10!", RUN. All you'll get is a letter advising placing the same sort of ad YOU fell for, along with a disconnected contact number. There are several legitimate companies, including respected firms like Mary Kay, and Discovery Toys, which require an initial investment to cover start-up costs. Be careful to realistically consider the potential buyers in your life and purchase only what you're sure you'll be able to sell. Otherwise, you'll end up with more than your share of great makeup, fun toys, snazzy kitchen utensils - and pressing inventory bills. I've found the most promising work-at-home leads usually emerge through networking with people you already know personally (friends/family/neighbors), socially (pastors/teachers/fellow volunteers) and professionally (business clubs/organizations/past co-workers). Best place to start - your former employer. Maybe your boss turned you down flat a couple of years ago, when you first offered to work from home. Even if you've already quit your job to become an at-home parent, consider putting together a proposal and asking again. In case you hadn't noticed, we're in the midst of a cultural revolution. The proliferation of home office equipment has split the marketplace wide open, dramatically multiplying the number of companies which allow employees to telecommute. Your boss might surprise you with a change of heart, welcoming help from an already-trained employee. Or try approaching different companies in your same field, linking up with a more family-friendly business. For instance, just because your former boss wouldn't hire you as a freelancer doesn't mean his competitors won't. Outsourcing is a profitable way of taking care of overflow work. Offer the skills needed, and you become a valuable commodity. Having a speedy computer, second phone line, fax machine and Internet access place you in the running for many work-at-home jobs. Take time to determine your strengths, then start pitching yourself to companies that can use your expertise. Don't forget to use the Web, exploring opportunities available online. To get you started, you might like to check out these websites for more info on working from home: Work-at-Home Moms Moms Network Cheryl and the rest of her Homebuddies like hanging out at the Homebodies message boards, talking about kids, finances and the at-home lifestyle. Join the discussions by visiting www.homebodies.org , and clicking on "Forums". Want to read more by Cheryl? Stop by her page at Homebodies www.homebodies.org/cheryl.htm where you can read her columns and get info on her at-home parenting books. Permission granted for use on DrLaura.com More >>

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Whatever Happened To The Welcome Wagon? By Debra Cohen My mother once told me a story about a group of women in our hometown whoused to ring the bell of new homeowners to deliver a welcome package ofproducts and flyers from local merchants as a way of introducing newcomersto their community they were called the Welcome Wagon. When my husband andI moved into our first home 6 years ago, I was five months pregnant andworking 50 hours per week. I longed for someone to knock on my door andoffer to help me find the best dry cleaner, restaurants and electricians inmy neighborhood. I was curious about what happened to the Welcome Wagon concept and realizedthat changes in our society precipitated its demise. For one, manyhouseholds are dual income and generally there isn't anyone home during thedaytime hours. I was also told, that many women who stayed at home duringthe day, were actually afraid of opening their door to a stranger. Andfinally, with our newfound distrust of unfamiliar mail and packages(especially here in NY) I have a feeling that most wouldn't even bring thepackage into their home. However, the need for the Welcome Wagon still exists and an ideal way tofill that niche is through a referral service business. I've seen referralnetworks set up successfully in hundreds of different communities across theUS (and even internationally) because they satisfy a universal need. Newhomeowners and even those who have lived in their community for severalyears are always interested in finding the best service providers in theirarea. Whether looking for a seamstress, a home improvement contractor or atutor for your child, a personal referral from someone who has taken thetime to do the necessary research is valued more than an ad in the YellowPages. Another appealing aspect to referral services is that they save time. Mosthomeowners are too busy handling the day-to-day aspects of work, family,bills, etc. to take on another time-consuming task. In order to feelconfident in hiring a service professional, homeowners need to verify theircredentials, check references and most importantly, feel satisfied withtheir personal integrity. A referral service not only takes on theseresponsibilities for homeowners but it can serve as a personal conciergeservice that assists in booking appointments and tracking customersatisfaction. For those who are searching for a unique business to run from home referralservices have emerged as a popular home based business for a variety ofreasons: They require low overhead. As opposed to a business where you needto stock and sell merchandise, referral services sell information. Theprimary expense associated with operating this type of business is inpromotion such as direct mail and advertising. Because a referral serviceoperates on a local basis, promotional campaign costs are minimal and bestof all; a great deal of business is generated through word of mouth. A referral service can be customized to suit your interests. If youenjoy renovating your home or have experience in that area, you can create ahome improvement referral service. If your background is in education,create a home tutoring referral service. There is also a niche for partyplanning referral services where homeowners can find entertainers, caterers,wait staff, etc. A referral service can be operated on a part time basis and, inlarge part, by telephone. If you're a stay at home parent, this is a veryattractive quality. While the Welcome Wagon as we once knew it may no longer exist, the need forthe services it used to provide to homeowners in communities across thecountry is still in demand. A referral service is an ideal way to fill thatniche while reaping the benefits of a rewarding and profitable home basedbusiness. Debra Cohen is President of Home Remedies of NY, Inc.--a Homeowner ReferralNetwork (HRN). Ms. Cohen is the author of a business manual entitled The CompleteGuide To Owning And Operating A Successful Homeowner Referral Network. For more information about starting an HRN in your area, visit the HRN website at www.homeownersreferral.com . Permission granted for use on DrLaura.com More >>

Safety Home Address PVC address posts Steve and Jeanie Bosman www.safetyhomeaddress.com Safety Home Address is a home-based business started by Steve and Jeanie Bosman. They make products for convenient address identification, which supports Emergency - 911 responders. Safety Home Address products encourage rural residents to "Sign-up For Safety" making 911 responses easier. If you called 911, could they find you?Their main product, "The Guide Post" is 30" tall, 2.5 " square PVC post. The address markers have 3" reflective white numbers on two sides facing traffic. The American tribute address post adds stars and stripes and is called "Flag Post." As well as being an address post it is an icon expressing how the American flag, America and 911 responders have become so synonymous. More >>

Kits n' Kaboodle Animal Herb Pillows Amy Ryan www.warmwhiskers.com Kits n' Kaboodle was founded by Amy Ryan who made the decision to leave the corporate world after giving birth to her children. Warm Whiskers is the company's first product line. They are heatable stuffed animals filled with buckwheat and lavender. The original designs are sewn in China but filled and finished locally by Pride Industries, a facility employing people with disabilities in Auburn, California. Amy loves not only being at home with her kids, but also working with the employees of Pride, because the products they create make people feel good. More >>

Daddy's Tools of the Trade Baby Changing Tool Belt for Daddy Leanne Stevenson www.bestbabyshower.com Bestbabyshower.com is owned and operated by Leanne Stevenson, a work-at-home mom. The company was started in 1998 with the product, "Daddy's Tools of the Trade" There is always the dilemma of what to get daddy for a baby shower. Worry no more... Tools of the Trade diaper changing tool belt is the ideal gift which is practical, tasteful, and useful, yet will add that touch of humor. Your new diaper changing tool belt comes stuffed with the following items: diapers, diaper cream, diaper wipes, disposable changing pad, diaper pins, hand sanitizer, cotton balls, cotton swabs goggles, nose clip and gloves There is even a bonus toy to distract the baby while Daddy is changing the diaper. All of these are conveniently located in one manly location. With this gift, Daddy will have NO excuse not to change the diapers! More >>