“We become what we think about.” ~ Earl Nightingale

For many folks who take the leap of faith towards being their own boss and starting a business, their goals are to simply build something that will give them enough independence to support a middle class lifestyle. They think about merely surviving as a new business owner and dealing with what is exactly in front of us.

In his book, “The Magic of Thinking Big,” David Schwartz talks about the importance of thinking big because the size of one’s success is directly related to the size of one’s beliefs. Those who think bigger, achieve more. This is because thoughts of believing big are closely followed by thoughts of “how-to” and steps of ACTION.

There is great reward and satisfaction in big thinking, but it can be easy to forget especially when faced with seemingly endless obstacles and bumps in the road to reaching your goals. The important thing to remember is to never let these obstacles shrink or fade your thinking.

There are some great action steps in this book. Run over to Barnes & Noble and grab yourself a copy!

Happy reading!

To save this blog post to your favorites, bookmark and share using one of the links here:

Do you get offers in the mail from creditors telling you you’re business has been pre-approved for a business line of credit? So easy! All you have to do is provide your social security number on the application and it’s yours!

Personal guarantee.

It’s like a 4-letter word in the world of personal asset protection! As tempting as that LOC is, don’t do it!

Every time you provide a personal guarantee for any type of business credit, you put your personal assets in danger. This includes your savings, your investment accounts, your car, and even your home.

How? Well, if the business somehow can’t pay off its debt, the lender/ bank will come looking for you to make good on the loan. A business entity established as a sole proprietorship is most susceptible to this risk. Although you can build business credit as a sole proprietor, you will be completely liable for all personal and business debt.

Furthermore, as a sole proprietor, you have no legal means of separating corporate and personal credit. Without a corporate tax ID number, your credit history will be based solely on activity associated with your social security number. Yikes!

The best way to protect your personal assets is to incorporate your business. This will shield you from personal liability for the company’s debts and typically will also reduce your tax burden.

For more information: MassiveCorporateCredit.com

To save this blog post to your favorites, bookmark and share using one of the links here:

Do you pay for business expenses with your personal credit cards? Do you borrow money from your personal checking or savings accounts to put into your business? Do you obtain personal loans to finance your business expenses?

If you answered yes to any of these questions, then it’s a good thing you’re here and read on!

Using your personal credit to finance your business is probably one of the biggest mistakes one can make as an entrepreneur. For one thing, it’s dangerous! You should NEVER use your personal credit for business expenses because….

you will destroy your personal credit.

When you personally guarantee business-related financing, the lender will perform a personal credit check. As you probably know, every time an inquiry is made, your personal credit score takes a hit. The lower your score, the more difficult it is to secure financing.. especially financing with the most favorable terms.

Then as you continue to seek more financing, you reduce the amount of credit that is available for personal use. Plus, the more credit you have personally guaranteed for your business, the higher your debt-to-income ratio soars… and the less lenders will be willing to give you for personal use. Getting that loan for your business could prevent you from getting a mortgage on the new house you want to buy next year.

Bottom line… When you use your personal resources or credit to finance a business, you chain your financial security to your company’s success. If the company fails, you go down with it. You’ll never recoup the “loan” you took from your savings to get your business started. Creditors will call you for payment and if things get bad enough, you may have to declare bankruptcy.

To protect your financial security, don’t use your personal credit to finance your business activities. Instead, take action to secure credit in your COMPANY’S name without risking your personal assets, lowering your personal credit score, or damaging your personal credit history.

For more information: MassiveCorporateCredit.com

To save this blog post to your favorites, bookmark and share using one of the links here:

Before you can begin tackling your business, you need to first optimize yourself. This may sound elementary and unnecessary because a lot of us who are already successful tend to believe we don’t need “optimization.” We already have the right attitude etc. But it is essential to continue to make ourselves better.

Ask yourself: Do I have what it takes to be successful?

Your mindset is key.

“Whether you think you can or you can’t, you are right.” ~ Henry Ford

What is the story you are telling yourself?

According to the legendary copywriter, Ted Nicholas, we think in words and these words are solely responsible for our emotions. Nicholas refers to this as “self-talk” and maintains that it is the author of our feelings. If we engage in negative self-talk, we will experience poor consequences. On the other hand, positive self-talk inevitably results in success, happiness, and wealth.

“We are who we are because of the dominating thoughts that occupy our mind.” ~ John C. Maxwell

Words trigger feelings. And our emotions are primarily responsible for the quality of our lives. So, start listening to your self-talk and continue to ask yourself if you are engaging in the right kind.

To save this blog post to your favorites, bookmark and share using one of the links here:

We are faced with a nationwide financial crisis, a volatile stock market, and rising unemployment and inflation rates. This year to date, the Dow has seen a 35.3% drop and the S&P 500 a 38% drop. Oil has gone from $150 a barrel to $77 a barrel in just a few months and gold dropped $75 an ounce this past Friday alone. Could there be anything more frightening than this?

We saw AIG go from $68 to $1.25. LEH went from $67 to $0.16. FNM went from $67 to $.35… And the list goes on.

Whether any of us has been a part of these nightmare moves or not, one thing is certain. We all have to pay for it. As taxpayers, we get to foot the bill for all of this pandemonium, as voted by our government. I guess this is the meaning of double jeopardy.

So, who is truly looking out for you and me?

Here’s the bottom line and in my opinion, the good news. If we are to make it through this crisis, it is truly up to us as individuals. This is the age of the entrepreneur. Woo hoo! Did you know that more millionaires were made during the Great Depression than any other time in US history? Yes. Economic hard times inevitably create unique once-in-a-lifetime financial opportunities that simply don’t exist during other times. And the fact is, you can make a TON of money when the country is in a recession.

There’s no such thing as a safe, secure job! In order to protect ourselves, we need to take full responsibility for everything. No one is going to help us. We’ve got to be in business for ourselves and NOT anyone else.

Some people may, indeed, feel this is a scary time. They’re watching CNBC, the Dow, witnessing layoffs galore, and hunkering down for a dim and dark forecast. But it’s also a highly opportunistic time for the optimistic entrepreneur. Why not take advantage of this time and work to become the next Depression Millionaire?!? President-proof your personal economy! Focus on yourself, professionally and personally. The best investment you can make in any market - up or down - is yourself.

Earl Nightingale said, “Luck is the intersection of preparedness and opportunity. And opportunity is everywhere.”

Well, I don’t know about you, but I feel LUCKY!

Let’s go!!!

To save this blog post to your favorites, bookmark and share using one of the links here: