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Question: How can I define my financing needs while evaluating the business?Answer: Good question. It is important to consider a couple of factors. When looking for funds, you can’t simply ask for the down payment or the price to purchase the business. You should also forecast the capital requirements to properly operate and build the business once you’ve acquired it. Many buyers approach the financing process in two steps. The first step is to borrow for the down payments or purchase price of the business. The other is for operating expenses. In doing so, they exhaust their capital or borrowing power in the first step process and can’t obtain financing in the later stage of the business. These buyers are unsuccessful because the collateral has been used against the purchase of the business and
is therefore not available to accommodate additional financing. Make sure to analyze your needs first and always anticipate what your financial needs will be in the next few months.
This way, you can borrow once and use this money not only for the purchase, but also for further expenses that might come along.Question: What other kind of expenses will I need to use the money for?Answer: When projecting your financing requirements, you should take into consideration these expenses:
1) Renovate and modernize the business facilities,
2) Add or replace needed fixtures and update equipment,
3) Maintain adequate working capital (wages, insurance etc…)Question: How can I avoid looking like an amateur when I approach the bank?Answer: Banks certainly do not lend money to amateurs. To be a “professional borrower”, the most essential source of information you can have is who to talk to at the bank. I say that because, most likely, you will end up talking to a junior officer, and although that person may be welcoming and cordial, he or she does not have the experience level necessary for your demands. Because they are in an entry-level position, they may try minimizing their risk by not giving any loans. If the borrower defaults on the loan, the blame might be deferred to the lender. The best approach is to meet with the senior lending officer, the manager, or the bank president to avoid losing precious time and the valuable patience you need to save for the negotiation.Question: How do I sell my proposal like a “pro”?Answer: As mentioned earlier, you need to have completed a loan application proving good credit history, solid cash flow, and managerial experience. What the bank needs to know is your name, address, family status, education, and experience in related business, personal assets and liabilities, and credit references. A concise description of the business you want to buy or start, its lease terms, a brief history of the business (if you’re buying), the business’ tax returns and financial statements dating back three years, the projected cash flow statement for the loan period, and a list of proposed changes you intend to make in the business are also required. Additionally, the bank needs to know the business’ assets and their liquidation values. And finally, you need to tell them how much money you want to borrow from them and for how long.

While any amateur can take a photograph, in order for you to become a good photographer, you need to invest some time and put in some effort in order for you get to a professional level or even for you to be able to take good quality pictures. With good photography skills, photography becomes a wonderful pastime activity that you and all your friends and family will enjoy for life. While it may appear to be a bit daunting when you are just starting out in this game, by following a few digital photography tips, you can become a good photographer.In digital photography, there are a lot of things for you to know and there are a lot of experiences to be gained but because photography is fun, it is nothing like work. Therefore, if you are interested in learning photography, follow these digital photography tips and you will become a wonderful photographer.In an attempt to become a great photographer, the very first thing that you need to do is enjoy it:Before you get bombarded with all the technical jargon of photography, the very first thing that you need to keep in mind is that you enjoy what you are doing and get so engaged in your learning that nothing will seem surprising when you go out to take your pictures. Nothing happens overnight but with a little work and practice, you can become the best at what you are doing. Also keep in mind that you do not need to get the most expensive equipment at the beginning because you do not know if photography is something that you will stick with and you do not want to waste your money on something that you may drop.Also, expensive equipment tends to be more difficult to use and this may deter your learning process because you may become frustrated when you find that it is really hard for you to master the equipment.Ensure that you get a tripod:A tripod comes highly recommended by professional photographers and although you do not need all the professional equipments in the beginning, you should get a tripod. A tripod will help to keep your camera still, if you believe that your hands may be unsteady for a shoot.Another tip to being a good photographer is that you should ensure that your camera is on you at all times:You never know when you will see something interesting that you want to shoot and you never know when your next picture may be your best picture; therefore, never leave home without your camera, it should be an essential like your wallet and your cell phone.As was said before, anyone can take a photograph; however, it takes a little bit of practice and some skills to becoming a top photographer and by continuous practice, you just may become one of the best photographers of our time.