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Many young entrepreneurs struggle to create their online presence. As the fierce world of competition extends to the internet, building an audience and sustaining virtual communities can be a great challenge. Yet, these business amateurs have no option but to try. We have passed the time when social media is only one of the go-to options for marketing, a good addition to the tool box. Now, social media is a must-go-to, a necessity for success.
It’s not even just start-ups who struggle to maintain their online presence. Many already established companies spend millions of dollars for online marketing campaigns, even engaging with their clients through these platforms. Online advertising is already one of the biggest expenditure of both start-up and established companies, and in which ample amount of budget is allocated.
In an international seminar event attended by Axis Capital Group Business Funding, one of the sources of credit loans for small business owners across America, Sophia Clark, Marketing Operations Manager, has given some pointers for aspiring new entrepreneurs who attended the event in Kota, Jakarta, Indonesia. Based on the panel discussion with her, here are some of her emphasis on Social Media and how it can be overcome:
1. Know which Strategy to Use
Going into the business with innate knowledge of how the product is being produced is not enough to compete. It takes a lot of time, effort and more studying. It is the same for using social media. The worst that can happen for a company is to take whatever platform is available and cram it with whatever contents. You have to pattern your social media usage to the business you are doing, the people who mostly use the social media network and the image you are targeting. Diversity of usage is what is important. You can connect to more professionals through LinkedIn, give out in depth information through Twitter and show the company’s culture through Facebook.
2. Use SM for feedback
Social Media is one of the greatest tools to know what the audience wants the most, their dislikes, and their preferences. You can see negative and positive reviews and suggestions, their complaints and their opinions with brands. There are ample amount of things to be learned from them from which you can outline the best possible technique to use.
3. Content is King
Always and always, people, no matter if they are minimalist or not, will look into the content. This is the most basic rule in building an online presence. People would know who you are on the way you market yourself. They can read between the lines and know if it seems like a scam. After all, content is what people are looking into these platforms.
An excellent and solid FICO credit history can help you a lot. It can save you tens and thousands of dollars in mortgage interest and lower you auto premium insurance among many things. However though, there are still a lot of mysteries clouding the credit world. Take time to review the following things Axis Capital Business Funding, a direct source of business funding based in America, has prepared for you:
1. Equifax, TransUnion and Experian are the three major credit bureaus. Each of these tools tracks your information and how you use your credit. Based on the information, each credit bureau maintains FICO Credit Score for its consumer in its database. As a result, you have the credit reports from each bureau. The FICO credit score generated from each bureau and tends to vary significantly.
2. Not everybody has a credit history. If you have never applied for and used credit, you will not have a credit history in three main bureaus. Without a credit history, you would not have a FICO credit score. And yes, the same rules apply to credit ratings in developing cities like Singapore, Jakarta, Indonesia and Kuala Lumpur, Malaysia.
3. Many people have complaints that they cannot be approved of a loan because the result of their different is different from their scores. Take note: credit reports and scores are different. While your FICO credit score is generated based on information in your credit report, it’s important to understand the difference between the two. Your credit report shows your history of using credit, including the accounts you have (both opened and closed), your payment history, credit limits, and amounts owed. Your FICO credit score is generated based on this information, and generally ranges from a low of 300 to a high of 850.
4.This is one of the major confusion of individuals: Not all credit scores are FICO scores. The FICO credit score is not the only credit scoring formula available. Each of the three major credit bureaus, for example, has developed their own scoring models. And there are even multiple FICO score calculations. The key is that if you want access to your FICO credit score, make sure the service you use will provide your FICO score, and not a credit score based on some other formula.
5. Getting your report does not hurt your score: You can check your own credit report and score without affecting your FICO credit score. While inquiries by creditors with whom you have applied for credit can lower your score, checking your own score will have no effect on your credit file.
Credit score is not an immediate result. Big names in credit scoring like FICO take into account years of past behavior, not just your present actions. In addition, you also have to be consistent to push your score in the right direction.
Here are some tips from Axis Capital Business Funding Group, a credit source helping small business owners for their loans in more than 10 states in United States in America, to help you improve your credit score:
1. Review your Credit Balance
One of the major factors in your credit score is how much revolving credit you have versus how much you're actually using. The smaller that percentage is, the better it is for your credit rating.
The optimum: 30 percent or lower. So pay down your balances and keep your balances low. A good example who consistently has their credit percentage low are people from Jakarta, Indonesia since they are not used to using Credit cards for their daily lives.
2. Eliminate 'nuisance balances'
“A good way to improve your score is to eliminate nuisance balances," says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax. Those are the small balances you have on a number of credit cards.
The reason this strategy can help your score: One of the items your score considers is just how many of your cards have balances, says Ulzheimer.
3. Leave (good) old debt on your report
Some people erroneously believe that old debt on their credit report is bad. The minute they get their home or car paid off, they're on the phone trying to get it removed from their credit report, he says.
Good debt -- debt that you've handled well and paid as agreed -- is good for your credit. The longer your history of good debt is, the better it is for your score.
4. Always pay bills on time
If you're planning a big purchase (like a home or a car), you might be scrambling to assemble one big chunk of cash.
While you're juggling bills, you don't want to start sending bills late and end up with a complaint and a trial. Even if you're sitting on a pile of savings, a drop in your score could scuttle that dream deal.
One of the biggest ingredients in a good credit score is simply month after month of plain-vanilla, on-time payments.
Saving money for a big purchase is smart. Just don't slight the regular bills -- or pay them late -- to do it.
U.S. TAX CODE OFFERS BREAKS TO HOMEOWNERS
This article is current for the 2014 tax year and should not be considered tax advice. For tax-related questions or mortgage strategy related to your individual tax liability, speak with a licensed accountant.
It's January 2015 and, for Americans, the 2014 tax year has concluded.
Within weeks, U.S. consumers will begin receiving such tax-related forms as the W-2, the 1099, and, for homeowners, the 1098, which is also known as the Mortgage Interest Statement.
The U.S. tax code offers incentives to homeowners, and by taking advantage of these breaks, 1040-filing citizens can maximize their financial investment in homeownership.
Whether a home is financed via a mortgage, or paid-in-full with cash, there are a multitude of tax-savings opportunities associated with owning a home -- even at current mortgage rates which are the lowest since May 2013.
Of course, every homeowner's financial situation is different, so please consult with a tax professional regarding your individual tax liability.
TAX DEDUCTION #1: MORTGAGE INTEREST PAID
Mortgage interest paid to a lender is tax-deductible and, for some homeowners, interest paid ca provide a large tax break -- especially in the early years of a home loan. This is because the standard mortgage amortization schedule is front-loaded with mortgage interest.
At today's mortgage rates, annual interest payments on a 30-year loan term exceed annual principal payments until loan's 10th year.
Mortgage interest tax deductions are extended to second mortgages, too.
Interest paid on a refinance loan, home equity loans (HELOAN) and home equity lines of credit (HELOC) are tax-deductible as well. However, restrictions apply on homeowners who raise their mortgage debt beyond their property's fair market value.
The Internal Revenue Service (IRS) imposes a $1 million loan size cap. Loans for more than one million dollars are exempt from this tax deduction.
This is one reason why homeowners with jumbo mortgages limit themselves to one million dollars per loan. Loans for more than $1,000,000 sacrifice mortgage interest tax deduction.
TAX DEDUCTION #2: DISCOUNT POINTS
Mortgage tax deductions can extend beyond your monthly payment. Discount points paid in connection with a home purchase or a refinance are typically tax-deductible, too.
A discount point is a one-time, at-closing fee which gets a borrower access to mortgage rates below current "market rates". One discount point costs one percent of the borrower's loan size.
As an example, if the current market mortgage rate is 3.5%, paying one discount point on loan may get you access to a mortgage rate of 3.00%. For a loan in Orange County, California, at the local 2015 conforming loan limit of $625,500, this one discount point costs $6,250.
In Miami, Florida, one discount point at the local loan limit of $417,000 would cost $4,170.
According to the IRS, discount points are considered "prepaid mortgage interest" because it's an advance payment on a mortgage in exchange for lower interest payments over time. This classification, in turn, can render discount points tax-deductible.
The tax-deductibility of discount points varies by loan type.
When discount points are paid in conjunction with a purchase, the cost may be deducted in full in the year in which they were paid, dollar-for-dollar. With respect to a refinance, discount points are not fully tax-deductible in the year in which they are paid.
With a refinance, discount points are typically amortized over the life of the loan.
The cost of one discount point on a 30-year loan can be deducted at 1/30 of its value per tax-calendar year.
OTHER DEDUCTIONS : PROPERTY TAXES, RENOVATIONS, HOME OFFICE
Real Estate Taxes
Homeowners typically pay real estate taxes to local and state entities. These property taxes can often be deducted in the year in which they are paid. If your mortgage lender currently escrows your taxes and insurance, it will send an annual statement to you which you can file with your complete federal tax returns. Your accountant can help determine the payment's tax deductibility.
Home Improvements
For tax-paying homeowners, certain types of home improvement projects are tax-deductible. Home improvements made for medical reasons, for example, can be tax-deductible. If you are making home renovations to accommodate a chronically ill or disabled person, and the renovations do not add to the overall value of the home, the project costs are typically 100% tax deductible. Repairs and improvements made for aesthetic purposes are not tax-deductible.
Home Offices
Homeowners who work from their residence can typically deduct the expenses of maintaining a qualified home office. Allowable tax deductions for a home office include renovations to the room(s), telephone lines, and the cost of heat and electric. Before claiming a home office on your returns, though, be sure to speak with an accountant to understand the benefits and liabilities. There are caveats to claiming home office tax deductions on your tax returns, and the rules can be tricky.
BUDGET FOR YOUR TAX BREAKS
Tax deductions will reduce your annual costs of homeownership and, for some homeowners, mortgage interest tax deductions affect the math of the "Should I Rent or Should I Buy?" question.
Tax law changes frequently, though. Consider building your housing budget with the help of a tax preparer. Get a feel for how much home you can afford before and after accounting for your various homeowner tax breaks.
And, as you build your budget, use legitimate mortgage rates in your calculations. Historical mortgage rates are much higher than today's low rates and can skew your calculations.
Furthermore, the tax deductibility of a mortgage will vary by the length of your loan.
15-year fixed-rate mortgages have become increasingly popular as interest rates have dropped, but the deductibility of a 15-year loan is decidedly less than that of a 30-year loan. This is because homeowners pay approximately 65% less mortgage interest over time with a 15-year mortgage as compared to a 30-year.
Less interest paid means fewer mortgage interest tax deductions.
GET TODAY'S LIVE MORTGAGE RATES
The 2014 tax year has concluded. First-time homeowners can maximize their 2015 tax deductions by buying early in the year; and existing and repeat homeowners can maximize theirs by planning ahead.
Compare current mortgage rates to see what's available today. Rates are available online at no cost, with no obligation to proceed, and with no social security number required to get started.
