Regardless of the state of the economy, all entrepreneurs, either new at their trade or old hats in business, when seeking financing, tend to get caught up in haggling over the lowest possible interest rate that they can achieve.Who can blame them? Cost savings – especially while we are still experiencing recession like economic symptoms – may be the key to their business’s survival and their personal financial future.But, sometimes, merely basing a financing decision on just its cost (its interest rate in this case) alone can be even more detrimental. All business decisions should be taken in the whole – with both benefits and costs consider simultaneously – especially with business loans.Let me explain: In today’s market, any offer of a business loan – regardless of its costs – should not be taken lightly given the fact that these business transactions are hard to come by. Thinking that this interest rate is too high and that a better one will come along tomorrow may just be destructive thinking as nothing may come along tomorrow – especially in this continued sluggish economy and all lenders being overly cautious.Further, if the business owner’s decision hinges so much on the rate of the loan, then maybe a business loan is not something the business truly needs at this time or may be a decision that just spirals the business further along an unhealthy path.Example: Let’s take a simple but common business loan situation. A $100,000 loan for 5 years with monthly payments at 8% interest. This loan would require monthly payments of $2,028 for the next 60 months. Now, let’s say the interest rate was 12% instead of 8%. This would result in a monthly payment of $2,225 – nearly $200 per month higher. A significant increase – nearly 10% higher with the larger interest rate.This is what most business owners, when seeking outside capital tend to get caught up in – the lower rate means more savings for the business and thus a better decision.But, what happens if the current lender will not lower the rate from 12% to 8%? Or, if another, lower rate loan / lender does not come along? Is it still a good business decision?Looking at the cost of the loan or the interest rate is purely one sided and could potential affect the long-term viability of your business – the benefits of the loan also have to be weighed in.Let’s say that the business can take that $100,000 loan and use it to generate an additional $5,000 in new, monthly business income. Does it really matter the interest rate at this point as the nearly $200 difference in the rate is really trivial (especially over the 60 months period) compared to possibly declining the higher rate loan and getting nothing in return (losing out on the $5,000 in new revenue per month).Or, what if the business would only be able to generate $1,000 in new, extra income from the $100,000 loans? Then no matter what the interest rate (8%, 12% 50% or higher), the business should not even be considering a loan in this situation.Why do I bring this up? Simply because I have seen business after business either lose out on their future potential or fatally harm their organization over a mere one or two percent increase in a business loan rate. We are just conditioned to think that if we do not get the rate we feel we deserve – then the deal is bad for us. That can not be further from the truth. Know that these conditioning instincts we tend to have are more from the fact that competitors (those other lenders seeking our business) tell us we can do better or that we deserve better – but in end only finding out that those ploys never really work to our benefit.The lesson here is that all business decisions are more complex then we may initially think or been lead to believe. We are taught from very early in life to negotiate for the lowest costs – like zero interest car loans or buy now with “the lowest mortgage rates in decades” – either case, one would not buy a car or a house (regardless of the interest rate) if there was not a great need – a need that provides more in benefits then its costs.The same should be done with business loans. Loans are merely an asset to a business and should be treated as such. Business loan assets should be used to generate more in revenue than they cost – the more the better. If they are not being used (like any other business asset) to generate the greatest benefit that they can generate, then they should be pulled from whatever use they are currently being employed in and put into use that will generate the greater benefit. It is simply a law of business.Thus, merely focusing on only one side of a business decision – the interest rate for a business loan decision – can have an unforeseen, adverse affect on the business – creating more harm then good. The entire situation should be taken into advice before a decision is made.In fact, in the case outlined above, the interest rate can increase as high as 56% for the 60 months before the cost would outweigh the benefits – provided there were no additional costs associated with the loan.In my experience, I have always found it much easier to look at the benefits first (like the increased monthly revenue that can be generated) then search out the lowest costs options to receive those benefits. But, as stated, this is essentially opposite of what we tend to be taught in our society or in our markets (remember the zero percentage auto loans – which have the lost interest revenue built into the price). But, sometimes the best entrepreneurs think outside the box and tend to go against any conventional wisdom we may have been subject to – mostly for the benefit of others and not ourselves.Therefore, when seeking a business loan and finding yourself fighting hard for a small decrease in your interest rate – be sure to step back for a moment and look at the entire picture – as a low interest business loan may not be in the best interest of the business in all circumstances.

IntroductionProviding instant value to very many people online has never been easier than it is today. This has also been compounded by social media platforms which have literally introduced us to new kingdoms almost overnight. The result, many millionaires being made every day. You have probably heard of the terms ‘new money’, ‘new rich’, ‘digital economy’ etc. As an example, when I really started understanding the power of Instagram, I was blown away. In 5 minutes, just by putting up 1 engaging post with entrepreneurial speak and targeted hashtags, I was able to converse instantly with other entrepreneurs in 3 different continents!But how do you and I become self-sufficient in starting a profitable online business in the first place?We must first understand the requirements and then get the right education. Self-sufficient to me means my skills for being profitable online are future-proof. Think about all-weather paint… or an all-weather road. Plan to play a big game. It is also necessary to think expansively as Robert Kiyosaki puts it.That said, here are 7 steps that I discovered to ensure sustainable business success online. Excited?! OK. Let us get into it.7 Steps To Starting A Profitable Online Business1. Passion & ClarityWe must be driven by passion. We need to know WHY we want to start the online business in the first place. As for me, I am extremely passionate about freedom and choice. I really needed a way to make money without having to report to a job that required me to work inside a brain numbing routine. I was in between boarding schools for 10 years when I was growing up and that was enough for me to find out I didn’t do routines very well. Then I started my work life and realised how much control I DID NOT have about what I wanted to DO. Become very clear about what is driving you towards starting a business online.2. GoalsThe online space can compare to a noisy street marketplace; lots of people, all wanting to be seen and heard.Define your goals clearly i.e. passive income, time freedom, geographical freedom or even one of my personal favourites, financial freedom. Then go in and start creating a business with those clear goals in mind.3. Re – Think What You Know About Being OnlineBeing profitable online can create a lot of freedom but it’s not an instant success. There’s a lot of learning and re-skilling that needs to happen. For me, this was a lot more like learning a new ‘language’. I knew the Internet very casually. It was a place to spend my free time browsing music videos, posting random Facebook posts and watching news that I did not need to know about. I had to change my beliefs and the mindset that was driving whatever I thought I knew about being online. Every time I saw an ad I thought it was a scam. Sure enough, there are a lot of scams out there but we live in a society where ‘good’ and ‘bad’ must exist in the same space. The mindset that is driving you to the online space must be one that sees the vast opportunity that exists on that platform. A chance for you to create a life that up to this point was only a dream.4. Focus On Providing ValuePeople buy from people they think they know, like and trust. As much as it is tempting to think that people are online waiting to be told what they need or don’t need, most people are online looking to solve real problems, and sometimes very painful ones.If you can understand this fact, then your focus must be genuine interest in wanting to help people, a lot of people. This focus becomes your guide for providing high-quality solutions that will fix their problems and reduce or eliminate their ‘pain’.5. Master The Art Of Marketing With All Your HeartFind a way to reach as many people as you can who have big problems that need to be fixed with your proven high-quality product or service on the Internet. With so many options available today, creativity is key. Pick 2 marketing strategies, for example, Facebook and email marketing that you have the patience to run with for the long haul. Don’t stop until you have mastered these 2 strategies.Think about Amazon today. They started with selling books. In fact, selling books is formally their core business! Think about that for a minute. That said, today Amazon sells everything under the sun. Why? Because today they are in the business of fixing peoples’ everyday problems using the Internet.6. Power Of BeliefHave the belief that it’s possible for you. Before I started online, all I had ever sold was personal electronics I wanted to dispose of using the ebays and gumtrees. However, I had heard about people making millions of dollars online… But then came the day I was contemplating my first online business. I had to face my own self-doubt. I needed to answer the following question very honestly:Eddie, “DO YOU ACTUALLY BELIEVE YOU CAN MAKE MONEY ONLINE?”If you are reading this today, this will be without a doubt the most important question you will ever ask yourself as an online entrepreneur.It is impossible to achieve before we believe. When the hard times visit, this is the only one thing that will push this ‘unwanted’ guest out the front door! I had to believe I could make it online and that it would change how I lived, worked and played period.7. Mentorship and Master Mind GroupsYou have heard the saying, “we become what we think about all day”. Thoughts make us act in a certain way, which then brings a certain type of results in our lives. To be successful we must think in a certain way and act in a certain way so that we can get the results we want. With that in mind, we must spend a lot of time with people who want the same results and those who have already created these results.The people who have already created the results then become your mentors. If I was going to create a lifestyle of freedom and choice using an online business, I needed to spend time with people who had already created one. I also needed to have mentors as part of this process. So that is exactly what I did. It really is that simple.Final ThoughtIn the end, all we really want is a better more fulfilling life experience, right? Money is good, very good indeed because it creates choice. Oh, how beautiful that word is! choice. With Money being a non-issue, we can freely choose any experience we want and go for it. When money is not an issue, I can choose to have a bucket of chicken at a local KFC (my personal favourite delicacy) or have a plate of honey glazed chicken dinner served at The Hilton, where service is absolutely top notch. In both cases, I get to have my favourite food, chicken but the experience is Worlds apart right?So go ahead & take action every day and make the decision to keep going until you get there. It is impossible to fail if giving up is not on your cards.

WHAT ARE 12-MONTH LOANS?12-month loans are a type of short-term loan that has become increasingly popular in recent times. These are designed so as to last for only a year or 12 months to be precise. They are extremely helpful as they help one to accurately budget for the concerned money that they have borrowed as it is known that it must be fully repaid within a year or 12 months. This is the main difference that makes it stand out from other types of short-term loans offered by various direct lenders.These types of loans allow one to borrow a wide range of different sums of money and these types of loans help break up the borrower’s loan into 12 manageable repayments that must be repaid on a monthly basis. Small loans are a good way of allowing one to budget for anything unexpected.DESCRIPTION OF 12-MONTH LOANSThe approximate calculated interest for borrowing 100 pounds under such a scheme comes around 13 pounds per month. There are many people who may suffer from bad credit history and there are many lenders available who are willing to provide loans to people who have a bad credit rating and who may have been denied loans elsewhere. Most lenders have eligibility checkers that help check the individual’s likelihood of being fully approved for a 12-month loan for bad credit before applying.One can improve his or her credit score by being accepted for a 12-month loan and keeping up to date with the necessary repayments for the concerned loan. This makes it easier for the individual to be accepted for any sort of credit in the near future. Missing out on payments has the opposite effect and can damage the borrower’s credit profile making it difficult for him or her to be accepted in the future for bad credit loans.There are many UK lenders offering 12-month loans with no guarantor as not everyone may have access to that facility. These 12-month loans have become extremely popular in recent years as direct lenders have started offering these types of loans which do not require a guarantor.GETTING APPROVED FOR A 12 MONTH LOANOne is eligible for such loans only if he or she is above 18 years of age and is a citizen of the UK. Having a good income source is advantageous but not necessary. One also needs to have a good credit score to increase approval chances for the borrower. Lenders always prefer people with a good credit score as they can be trustworthy and reliable and are more likely to repay back the loan amount in the stipulated 12 months or 1 year.If the borrower’s credit score is not enough for gaining approval for a 12-month loan, then the borrower can obtain loans by getting into a joint agreement which can be done by convincing a friend or family member to become your guarantor for the 12-month loan. In this case, if the borrower fails to make a repayment to the lender then the guarantor can pay in place of the borrower.Asset pawning is also a good solution for the concerned individual or borrower. In case he or she is unable to find a guarantor then he or she can pawn any asset which may be a land, property or even a vehicle. This asset should have a value equivalent to the value of the loan.BENEFITS OF 12 MONTH LOANMany lenders often provide people with 12-month loans even though they do not have a guarantor to furnish. This type of loan also helps those who are in need of emergency money. These loans are hassle-free and usually, do not carry any extra hidden charges and are also comparatively easier to repay when compared to personal loans or payday loans which have higher interest rates.Most lenders nowadays have an easy loan process that allows them to assess the financial situation of the borrower within a short period of time and since most of the systems are now online, this has reduced a lot of paperwork involved. These lenders offer personalized loans to the borrower depending on their financial situation and state of living.These lenders offering 12-month loans also provide competitive rates of interest to the borrower for people with a poor credit score and this helps a person from any strata of society with any economic background opt for a loan without being financially distressed due to the various competitive rates of interest offered to the borrower by the lender.One can opt for a 12-month loan in case of any financial emergency or an unexpected expense that may be necessary to be cleared immediately. They provide quick loan approval processes and also credit the concerned loan amount directly into the borrower’s bank account making the loan obtaining process smooth and hassle-free. The borrower can easily repay the loan to the lender in simple instalments every month for the 12 months time period of the loan.Even if the borrower has a poor history of credit and is in need of emergency money at the earliest, many lenders exist offering a wide variety of instalment loans for all types of credit score borrowers.CHOOSING A 12 MONTH LOANOne of the top reasons for more and more people opting for 12-month loans is the fact that it offers competitive APR, hassle-free and reliable loans with options for bad credit too, the lack of the need for a guarantor, availability of small and big loans as required, repayment of loans in easy instalments, ensuring that people from all economic backgrounds have a fair chance at securing a loan and many other reasons.Carefully compare and choose the best suited 12-month loan option for your needs.