Archive for the ‘money issues’ Category
You are currently browsing the archives for the money issues category.
14
Apr
2010
Increase the payday loan comfort level
Next we investigated the organizational values and ethics. Since both firms are financial in nature, I had each group brainstorm its values and ethics and then review them for compatibility. Based on the two organizations’ lists, there seemed to be no serious gaps in their values and ethics, with the exception of community involvement and the investment firm’s apparent lack of interest in it. We then investigated the organizations’ cultural environments. We used a cultural assessment grid to guide the discussion between the two partners and yield greater insight into the issues that might arise because of differences in culture. Based on this information, the partners decided that before they could launch any joint marketing initiatives, they needed to do some work on their respective cultures. While the investment managers were comfortable with change, for example, the banking managers would have trouble integrating the new investment products and services into their daily work. The group decided to help by providing extensive course offerings to help increase the comfort level with these products.
11
Jan
2010
Professional partners improve your credit chances
Professional partners are a special category of partners. They do not invest money. Instead, they invest their professional services in exchange for a share of your invention or your business. Patent attorneys, patent agents, professional prototypers, accountants and contract attorneys all have the potential to be a professional partner. Before you get too excited that this will be a way that you can dramatically decrease your expenditures, be forewarned that professional partnerships are hard to come by. Some independent inventors think that when their patent attorney sees their great idea, he will eagerly barter his services for a share of the invention. This is rarely the case. Keep in mind; patent attorneys earn their living by seeing inventions every day, all day. They couldn’t make a living if they traded their services for a share of each invention that came across their desks.
We have heard of cases where a patent attorney did become a professional partner to an inventor but these cases are extremely rare. We mention it here only because it does happen on rare occasions and it may be worth it to you to suggest it if the individual you are working with indicates a strong enthusiasm for the invention. It is something that every patent attorney or patent agent has had suggested to him at one time or another. It doesn’t hurt to ask. and he will not be offended if you ask, but don’t get your hopes up.
6
Jan
2010
A loan without putting up any collateral
If you want to get others to help you with the expenses related to your product development, you have several options. First, you could go to your local bank or credit union and get a loan. Often you can get a signature loan, that is a loan without putting up any collateral, for $2,000 to $3,000 if you have a good record with the bank or institution (no bounced checks, etc.). That may be enough money to launch your quest.
If that amount is not enough to fund the initial phases of your invention (this would likely only be the case if your invention were technical or complicated), you could get a larger loan by putting up collateral. Most often people use their homes as collateral for larger loans. This is a perilous proposition and not one we would recommend. We know that you believe that your invention is a sure thing and we hope that it is, but there are so many variables involved with inventing that no invention, no matter how good, is a sure thing. If you do not have a way to pay back such a loan without counting on potential income earned from your invention, don’t do it! No invention is worth risking your family’s financial security. We once heard from a want-to-be inventor who had done that very thing. He had mortgaged his home and had no way to make the payments when his invention failed to produce the income he expected. He was evicted from his home and found himself and his family homeless! Don’t let this happen to you!
The Small Business Administration is yet another possibility for obtaining a loan. SBA loans are actually loans you get through your local bank or credit union but they are guaranteed by the Small Business Administration. SBA loans are usually for between $10,000 and $150,000. They are most often given to small companies with a proven track record. They are seldom, if ever, given for something as speculative as an invention. Your best chance of obtaining an SBA loan will be if you have established a business around your invention or you already have a small business and are simply incorporating your invention into your business.