Credit Cards – For When The Bank Doesn’t Care…

You’ve heard it many times – the rich successful businessman or women who started their empire on their dining room table by maxing out their credit cards.

And although many people might feel a bank is a better choice, sometimes the banks won’t help. So it’s either a credit card, (or two, or three) – or no business.

If you’re planning the plunge into a home business, I recommend you take stock of your credit obligations, and investigate if you can get more safely. Because credit IS a way to finance a business, whether banks like the idea or not!

As with any financial instrument, you need to understand what’s available. For example, Credit Cards Club is a site that provides information on credit card options. Just checking the front page alone, they offer information on types of cards, the APR (financing charges), and so on. For instance, a balance transfer card allows you to move your current balance to another card, to benefit from a lower interest rate.

Another option, a prepaid card, is like a bank account, but provides the convenience of using a credit card online. While this type of card won’t fund your business (the ‘credit’ in it is cash you’ve put in ahead of time), it is a way to safely use a credit card online, and it can be used to help rebuild a credit record.

Besides being a ‘one-stop’ shop for the current card offers, the site makes it easy to apply for them. And they include information on credit, including reports on the dark side of credit, credit repair, and tips on selecting a credit card.

Information is the first step in getting sufficient credit. And while a credit card is not a long term solution for starting a business, it may help to bridge the gap from idea to when the banks come knocking on your door. Make sure to do your research, and arrange to pick the best credit cards in advance.

The Reason To Keep Going Online…

No, this isn’t a sappy motivational post – just a reminder.

I got my Commission Junction check today, and I was reminded of why I like working on the Internet.

And why YOU should, too.

The fact is, with much less work than a ‘regular’ job, you can get passive income (like from CJ), for a long time.

Set something up online (like a blog, or a sales page, or signup form for an email list), and you get income over and over.

Repeat it, and you increase your income.

Of course, I’m simplifying it. Just going out there and doing anything isn’t enough. Like any business you’ll need to research the market, and figure out what people want.

But the hours are better (and more flexible), the work is more enjoyable (and if it isn’t, you can easily change it), and the potential is unlimited.

And you are you own boss – and in this stress-filled world where everyone is blaming everyone and has them in their sights, not being in the crosshairs is a huge benefit.

So as I cash my check I’ll be reminded of why I work online.

And you should think about it, too.

Are You Doing Offsite Backups In Your SOHO?

When working from home in your SOHO (Small Office/Home Office) environment, one vital thing is to manage your backups.

Far too often, backups are left off until too late.

For example, last year Francis Ford Coppola had his laptop stolen, containing scripts, including a future project with Matt Damon. In one sad event, million-dollar ideas – gone.

That’s an extreme case, but it probably won’t take more than a minute or so to list a dozen files, that if you lost today would make the next week (or month) miserable.

So backups are vital.

However, a big problem in backups is convenience. Copying your files to a CD or DVD, checking they are correctly backed up, then storing them in a safe place (like a safety deposit box) is a good idea – but not easy to schedule or remember.

Online backups provide another solution. IDrive is an example of a free backup solution that makes sure your files are copied safely (and securely using encryption) to their system. And since they are located much farther than your safety deposit box, you’re looking at really REMOTE storage!

To use it, sign up and enter a user name and password. Once your account is set up, you can download their program (both for Windows, and now IDrive for Macintosh as well).

Running the program is straightforward. By default, it will arrange to backup some of your Windows folders (like the ‘My Documents’ folder) unless you turn off the option. You can choose to backup regularly, continuously (where the program keeps uploading as changes occur), or on a set schedule. Using the schedule feature is handy, since you can run the program late in the night, and do backups while the Internet is ‘quiet’.

Another useful feature is in the menu options, for testing upload and download speed. After the test, you’re told how long 1 Gigabyte will take to upload or download. I like this, since I’m not interested in calculating what 200kps means, and appreciate that they do the math for me – one more example of the ease of use with the program.

An optional tool, the IDrive Explorer, adds right mouse click features to Explorer, making it easy to add files and folders to the backup list, or even backup immediately. This is perfect if you have a file you want immediately offsite, or one that is not regularly scheduled for backup.

One security feature I liked is when you start the program, you are asked to provide an encryption key. While IDrive.com provides a default for this, I recommend you use your own, as this adds another layer of protection for you (although you MUST remember to keep that key in a safe place – lose it and your backups are lost as well).

As mentioned already, besides Windows they now offer Macintosh solutions. Since the Macintosh is getting more and more popular, this is a great option to make the transition easier – store your vital data with them from your Windows computer, then download it back to your Macintosh. Much easier than spanning disc copies.

All in all, I was impressed by the software included, and how it made backups simple to do. Especially for me, I tend to get somewhat neurotic when I’m working on a new project, and want to get backups offsite as soon as possible. I’m looking forward to using this more often, and getting files immediately backed up safely – and remotely.

Prices vary (from $4.95 a month for 150 gigabytes of personal use, to business accounts starting at $9.95). There is the free account with 2 gigs of space, so I recommend you sign up for it right away. From there, try out the program, and upgrade to the plan most appropriate for your backup needs.

But no matter which one you choose, don’t wait – make a plan to do backups regularly and comprehensively. You can open up a safety deposit box – or go a simpler route, and get on online backup service. Using IDrive, I found online backups were much easier – and I’m more likely to do them – the KEY to safeguarding your vital data in the home office!

What Are You Doing To Make Money On Your Blog?

For those of you who haven’t heard of John Chow, he has a money-making blog about, well, making money. He posts, traffic drops by – and he cashes checks.

Simple, right?

A huge key to his success I feel is his openness – monthly, he reports on how he’s made money online, and May is no exception, with his report on what paid out – about $32,000 last month alone.

The post is worth a read to get an idea how a popular blog works – notice a few points:

  • The majority of his month’s earnings (about half) is from advertising.
  • About one third ($9,757.04) is from affiliate ads.
  • The ReviewMe.com posts are ones he’s writing for money – and represent about 6-8 blog reviews.
  • The rest? less than 10% of the earnings, although still a respectable $3,500 or so.

Very nice, and not bad for a single month – now how can YOU duplicate his results?

For anyone involved with websites, it’s obvious that the TRAFFIC makes the site. Advertisers pay more for higher traffic, and with numbers like these, the site is doing well, and he can offer private advertising.

For a smaller, site, however, your mix would have to change:

  • With lower traffic levels, offering private advertising would be impractical.
  • Paid blog posts are possible, but the rates that JohnChow.com charges are quite a bit higher than a newer, low traffic blog will get.
  • Affiliate income, which are tied to ads on your site, let you test what works, and can be used on blogs at all traffic levels. This is a good item to start with.

All in all, $30,000 is a goal worth aiming for for any blog. If you write, and you have a passion for your writing, making money with it is always better than toiling away alone (and underpaid) in your basement – so start a blog on your passion, pay attention to how the ‘big names’ make theirs pay, and keep at it.

What To Do When You’re In A Hurry To Sell Your House

I came across a site yesterday that I found fascinating – iBuyHouses.com.

A typical real estate site? Not really. Instead, they offer to buy the house right away, leaving you to move on, and they then deal with the property afterwards.

Reading the testimonials, it’s obvious that they are filling a need – and since sellers are bypassing the real estate agent’s commission, there’s savings that allow buyer and seller some more wiggle room in the selling price.

Frankly, I’m not surprised a service like this is available. With the current volatile economy, liquidity is important. People need to move to other places for work, families are grouping together and sharing houses as everyone ages, and finances change. And many changes are quick – so being able to sell a house fast is a real need today.

However, I’m also noticing this company for another reason – they have an affiliate program, which means you can get the local leads they generate.

If you’ve been following any of those programs for real estate, they always involve trying to find good properties. With iBuyHouses.com that part of the search is over, as they provide you with the leads. For someone looking to make money with real estate, this means a real time savings.

This is a product whose time has come – and I’m looking forward to seeing how they progress and help everyone to sell house listings in these times with the current real estate market.