Business Archives - Warren in Finance

Working as a contractor in a competitive job market can seem intimidating, especially if you are new to working on your own and you are unsure of your current options. Whether you are working as a contract graphic or web designer or a construction contractor overseeing various projects, making a name for yourself is the way to get started with building and advancing your own career for the future. Brand Yourself It is first important to brand yourself and to consider a name for the services you represent and have to offer. Whether you plan to use your own name or if you want to name an official company you represent, branding yourself is a way to build credibility and a professional reputation in any industry. The Philadelphia Home Show has been around for more than 30 years now and is a great place to meet new contacts and gain new clientele. Use Promotional Products Use promotional products to help with sharing your brand and the name you are going by as a contractor. These functional advertising mediums can be imprinted with your name, company logo, and contact details. Whether you want to give away customized clothing, office supplies, calendars, or even tote bags, you can find plenty of promotional product options by doing a little search online. By doing so, you have hundreds of choices to share your brand and all of the services you have to offer to potential customers and clients. Launch a Professional Online Presence Launch a professional online presence by creating an official website for yourself. When you have a professional website it is much easier to launch a portfolio to share with potential employers and companies you may want to work for on projects. Having an online portfolio not only gives you more exposure, but it also provides potential hiring managers with a positive impression. Take on Local Projects Taking on local projects in your hometown or nearby is a great way to build your portfolio. In addition to taking on real projects, when you work locally it is also much easier to get referrals for future work. Use Social Media Tools Use social media tools to help with building a name for yourself as a contractor with locals and potential employers whom you want to work with on projects. Social media is a way to advertise your skills, sales, discounts, and even the projects you have completed in the past. You can also easily communicate with your online audience with the use of social media pages on Facebook, Pinterest, and Twitter. Give Away Business Cards Any time you attend business conferences or tradeshows, giving away business cards is a way to network and build your professional image. How To Get Your Construction Business Launched Owning your own business is a dream come true for many Americans. However, there are many obstacles in place for soon-to-be business owners, ranging from staffing to providing financial assistance to customers. That is a major factor for those in the construction business. Here is some information that will not only help your customers obtain loans whilst building their dream homes but also help your business soar. Construction loans are more problematic than conventional mortgage loans because someone is borrowing money on something that does not yet exist. The bank wants assurances that you can get the house built on time and budget and that your customer does not change his mind too many times about changes that will delay or add costs to the project. “One Time Close” construction business loans were at one time the most popular to obtain. However, are now difficult to find in some areas. Also called “all-in-one loans” or “construction-to-permanent loans”, this wrap the loan and the mortgage on the completed project into a single loan. The loan has one approval process, and one closing, simplifying the process and reducing the closing costs. Within this basic structure, there are several variations. Many charge a higher rate for the construction loan than the permanent financing. Usually, the borrower can choose from the portfolio of mortgages offered by the lender such as 30-year-fixed, or various ARM’s (adjustable rate mortgages). Some banks will let you lock in a fixed rate with a “float-down” option allowing you to get a lower rate if rates have fallen, for a fee of course. There may be penalties if the construction phase of the loan exceeds 12 months. A “Two Time Close” loan is actually two separate loans; a short-term loan for the construction phase, and then a separate permanent mortgage loan on the completed project. The customer is refinancing when the building is complete and needs to be approved and pay closing costs all over again. During the construction phase, the customer will pay only interest on the money that has been paid out, so their payments will be small, but increase as more money is disbursed. There may be a maximum duration for the loan, such as 12-month, after which penalties kick in. It is often difficult for the owner -builders to get construction loans. Since you are being loaned money for something that does not yet exist, you need to convince the bank that can get the job done on time and within budget. The key to this is approaching the bank with professional plans, a detailed estimate, and a proposed construction schedule. Also, consider bringing along a reputable building consultant to the meeting. While new construction is in high demand, it is still tough to obtain a loan, regardless if you are a customer or a merchant. By understanding this information, you are more likely to succeed in your business, as well as gain customers' trust.