Is My Business Idea Working – Business Loans – Corporate Loans

Many of us have thought about starting a business. The idea may have come about as a result of lengthy reflection or sudden brainstorming. Whatever the idea came from, the most important thing is to consider whether your business idea is profitable in the long run and whether it builds profitable business.

That’s why we’ve put together a series of questions to help you determine if a business idea is a good idea and whether you should go ahead with it.

Consider these when thinking about how your business idea works:

 

Is the business idea clear?

Is the business idea clear?

It is important that the business idea has a clear red thread and purpose. You can test this by trying to explain your idea to outsiders. If they understand the brief explanation on the top of your idea (and you can tell it yourself), the idea is probably good. Many budding entrepreneurs make the mistake of simply turning their idea around in their heads and focusing on the flower stems, which easily overlooks the very purpose of the whole idea.

 

Do you have customers for your business idea?

Do you have customers for your business idea?

Perhaps the most important thing to consider when considering a new business is the potential customer base. Do you have customers for your business idea? It had whatever your business idea was, someone had to be willing to pay for it. You can approach it by wondering if your new business idea will solve a problem?

You can identify the customer base of your business idea by talking to other people and finding out if they would be willing to pay for your product or service. It’s a good idea to use people other than your loved ones and your closest friends here, as they may be too polite to admit they aren’t convinced of your idea.

 

Who are your competitors?

business competitors

It is a good idea to map your competitors right from the start as you will know how you can stand out from the crowd and what your competitive advantage may be. It is important to know the competitive field and how others operate in the market. A defined competitive edge will help you stand out from the crowd and thus attract customers.

 

What is your earnings model?

earnings model?

Businesses do not run with negative cash flow for very long, so it is especially important to look at what your idea is to earn. In other words, how did you think your idea made money? The earnings model includes the sources of income for the business idea, value generation, pricing model, and who pays and where. It is a good idea to outline your earnings model clearly on paper or even in an excel spreadsheet so you can easily outline your income flow.

 

What are the costs of your business?

What are the costs of your business?

When mapping your earnings model, it would also be a good idea to identify what costs your business requires. For example, you might want to map your business cost estimates to an excel spreadsheet, so you can clearly see how much you need to sell to customers to cover all your expenses. Or how much money you need to start a business, for example. If you are applying for financing for your business, many people want to see clearly where the money is going and where it comes from. For example, at Mugridge, we often call our customers and personally discuss the company’s earnings model and cost, and we also provide tips for entrepreneurs. You can also use our Corporate Loan Calculator to chart the costs and repayment times of a potential corporate loan. Corporate credit is a good solution if you need more financing to implement your business idea.

 

Why do you want to be an entrepreneur?

Why do you want to be an entrepreneur?

Perhaps the most important question to think about when starting a business is why you want to become an entrepreneur and why you want to realize that particular idea. The reason for the importance of this question is that entrepreneurship requires hard work and can be difficult at times, especially at first. So, you really need to believe in yourself and your business idea in order to move it forward and convince others of your idea. But don’t be scared – think of Elon Musk and Bill Gates, who have made great strides, although not everyone has believed in their visions. Entrepreneurship is also very rewarding, you can work for yourself and success often works better with your own hands.

 

Why are you still hesitating?

Why are you still hesitating?

Many wait in vain for the right time to become an entrepreneur and rarely wait for it to come. If you are looking for inspiration to start a new business, the Entrepreneur Handbook has compiled a list of business ideas that could help you start a business right away. So if you believe in your dreams and you really want to push them forward, now is the time. So don’t be afraid of the point, but get on with the action!

Credit information

In fact, a loan is a financial loan, which in most cases is provided by various banks and financial institutions to their clients for payment of interest. Banks pay more money through interest payments on installments than they do to the client, so lending is done on terms that are mutually beneficial. With the help of credit, people with small amounts of money can quickly get bigger money, and financial institutions can get more money through extended repayments than they have previously spent.

Loan is a financial transaction

cash

According to the official definition, a loan is a financial transaction whereby the lender either waives the immediate payment for the service or the goods or pays directly to the debtor, who pays the agreed amount or the debt within the term specified in the credit agreement. .

In most cases, only banks provide credit. A general feature of bank credit is that new money is created at the time of the conclusion of the credit agreement, in the form of debt, regulated by the competence of the central bank. The money the debtor receives is not directly from the bank, so the bank only has to pay interest. After the loan is repaid, the money ceases to exist. This can be achieved by the current monetary system by keeping a large part of the economy under constant indebtedness, in addition to steady economic growth.

Financial institutions give credit on a commercial basis

Financial institutions give credit on a commercial basis

In all cases, the financial institutions give credit on a commercial basis, ie in the form of fees, interest and other charges, which the debtor must repay in installments. A loan can be applied for a variety of purposes, can be applied for in advance, for example to purchase goods, services or real estate, or it can be applied for free use.

In fact, a loan is a financial loan, which in most cases is provided by various banks and financial institutions to their clients for payment of interest. Banks pay more money through interest payments on installments than they do to the client, so lending is done on terms that are mutually beneficial. With the help of credit, people with small amounts of money can quickly get bigger money, and financial institutions can get more money through extended repayments than they have previously spent.

According to the official definition, a loan is a financial transaction whereby the lender either waives the immediate payment for the service or the goods or pays directly to the debtor, who pays the agreed amount or the debt within the term specified in the credit agreement. .

In most cases, only banks provide credit. A general feature of bank credit is that new money is created at the time of the conclusion of the credit agreement, in the form of debt, regulated by the competence of the central bank. The money the debtor receives is not directly from the bank, so the bank only has to pay interest. After the loan is repaid, the money ceases to exist. This can be achieved by the current monetary system by keeping a large part of the economy under constant indebtedness, in addition to steady economic growth.

In all cases, the financial institutions give credit on a commercial basis, ie in the form of fees, interest and other charges, which the debtor must repay in installments. A loan can be applied for a variety of purposes, can be applied for in advance, for example to purchase goods, services or real estate, or it can be applied for free use.

The practical benefit of a debt settlement loan is virtually the same as the redemption of a loan, as it allows you to easily get rid of high installment loans and apply for another loan on much better terms. The practical benefit of a debt settlement loan is that you can get rid of even more debts at once, so in the future you will only have to count on one loan, which – in the case of older debts – will result in significantly more favorable terms and monthly repayment installments.

Domestic financial institutions deal with debt settlement

cash

All of the domestic financial institutions deal with debt settlement, so it is worth looking carefully and seeking the help of an independent expert in debt settlement. It is a common experience that in debt settlement it is worth going to the bank where we have taken out our previous loans, as in this case we often have extra services and discounts and we can reduce our repayment installments by half. Banks do this by adjusting their loan products to the current economic situation when calculating new loans, which has been known to be worse in recent years than in recent years.

Debt settlement loan is recommended when it is too high, the current debt repayment installment is unacceptable and you no longer feel secure about the constant, often drastic changes in the monthly installments of your existing loan. In the case of a debt settlement loan, domestic banks have to meet a few conditions, such as generally being 18 years of age, not being an active BAR list, paying off installments in the last quarter, and so on. Since most domestic banks work on unique, often personalized terms, it is worthwhile to inquire with most financial institutions about debt management loans.

Fast loans, as its name implies, provide us with money as quickly as possible, which is one of the greatest benefits of this type of loan. Quick loans are the biggest help when you have an unexpected expense, and since most domestic banks already have internet access, we can do it from home.

Hungarian financial institutions have developed general terms and conditions for quick loans, so most banks consider it a basic requirement for a Hungarian citizen to be 18 years of age or older. The amount you usually apply for is at least US $ 30,000 and up to half a million US dollars. Banks do not ask for cover for a quick loan, so it is enough to present some paperwork to get the money as quickly as possible, such as having an income certificate, an employer’s certificate not older than 30 days.

Most domestic banks provide instant loans for an average net income of $ 60,000, but the BAR and KHR listings may be an excuse. The basic conditions are the same for most banks, but there may be major differences in the minimum income or existing employment relationship, so in most places you may be offered a quick mortgage with only half a year of employment.

While a quick loan is a great solution when you need your money suddenly, it also comes with a price and a high APR. As a result, the rates and interest rates for short-term loans are significantly higher than those for longer-term loans. Of course, there are exceptions to this, too, such as banks that work with zero percent APR and waive the additional costs of applying for a loan, as well as other additional fees.

Redemption means the repayment of an existing loan or loans from a new loan with significantly more favorable terms than the original loan. For example, if we are unable to pay the details of the Swiss franc-denominated foreign currency loan, we can take out a more favorable forint-based loan to cover our debt.

Reduce your monthly repayment installments

Reduce your monthly repayment installments

The purpose and benefit of a loan redemption is that you can significantly reduce your monthly repayment installments and thus your total repayment amount. As the credit market is constantly evolving, nowadays most of the financial institutions in Hungary deal with loan redemption, which means that at least thirty banks offer the best conditions. It is worth reviewing our own loans at least once a year, as most domestic financial institutions work with one-year cycles for loans, so after 12 months of borrowing we can surely find a more favorable loan, which can be used to effect the loan redemption.

If you decide to redeem your loan, you do not have to contact your first financial institution immediately for help, first seek the help of an independent credit counselor or use the multiple redemption calculator on the Internet. With the Loan Redemption Calculator, you can calculate exactly how much installment you can count on by replacing your current loan with a new loan with better terms. If our loan was taken several years ago, maybe decades, our monthly installments could be reduced by up to 50 percent. There are several conditions for changing your credit, which vary from bank to bank, so check with your financial institution before deciding.

Apartment saving deal is already there!

It would be unreasonable not to use state support through Home Savings for the LTPs you have heard and paid for by many! This is state aid that can be used for any housing purpose.

Pay a little more than opening an account

cash

Which Home Savings Fund contract you sign up with does not matter in terms of the amount of support, but in other respects you can save on one, while on the other, you have to pay a little more than opening an account.

  • there is a free account opening which will cost you more than 10,000 HUF if you find the right cashier.

Good Finance would like to provide readers with a guide to informing you of current home savings deals:

money

Everyone has a housing purpose, we buy, we build, we rent. Those who have already found a home are also well-advised to maintain, periodically renovate, insulate, paint, and keep in mind modernization.

Many would get rid of a mortgage loan faster than prescribed.

Significant help can be given to these goals with the potential of home savings. Even the state rewards this form of savings with a non-refundable grant!

Many people know it, but it is worthwhile to repeat:

  • after our monthly savings of $ 20,000- $ 40,000 or more, we grant a 30% government subsidy of up to $ 72,000 a year. In exchange for the subsidy, however, it is a requirement that we only use our savings for home purposes!
  • According to the latest reviews, it is worthwhile to start investing in LTP savings of 4 or even 10 years, as there is not much better return on deposits than the guaranteed $ 72 / year guaranteed after 4 years.
  • Even low-risk investments cannot outperform them with very low returns!

When opening an account, new clients must also pay attention to the promotions, fortunately the announcement of the promotions is quite frequent, which means several 10 thousand HUF per piece.

What promotions are there?

What promotions are there?

Account Opening Fee

This is a variable item for your new contract, always available and can be up to $ 76,000, unless you have a special offer, the home savings cashier will ask for less or simply drop this item.

What is striking is that there is no significant difference between funds in terms of savings.

cash

For those who are only interested in the savings opportunity, only the opening discounts are important for how much promotional access they can get to the contract.

Home loan is a big financial decision in everyone’s life! All information on new family home improvement discounts and qualified home loans is available in one place upon request. Here’s an overview of the currently available LTP options. We answer individual cases, explore the most important practical issues, and help adjust to the new GFIC. We will also help you to make Home Savings Cash!

Call our credit broker, fill out the form and we will call you back!