Chicago Luxury Home Listings

condoDomain.com and Centrum Properties have formed a strategic Internet marketing relationship. condoDomain.com will be positioning 10 condominium developments for Centrum Properties (3 in Chicago and 7 in Florida) on the world wide web. Centrum has garnered acclaim in the Chicago and Floridian urban marketplaces, by creating distinctive residential communities. [eMediawire.com Oct 23, 2006]
Source: www.emediawire.com

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A business owner is thoroughly responsible for their own financial survival and possibly the financial survival of their employees. Business owners, for the most part, seem to be “risk takers”, who really don’t easily “go with the flow”. They are inventive and somewhat confident, as just having their own business does mandate that they possess these qualities.

However, the ability to live with risk is very much a personal issue. Some business owners can live with more risk than others and some can manage the risk better than others.

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Having the ability to effectively manage risk is imperative for a successful business venture. Therefore business owners need to be able to effectively judge how much risk is “acceptable” and which business ventures are inherently “too risky” and therefore perhaps harmful to the business overall.

While all businesses must grow and change continually in order to survive, every time a business makes a decision to expand or increase its offerings, a modicum of risk does exist. Most businesses face risks when they incorporate new offerings into their current ones, take on new employees, when they change their marketing techniques sufficiently, or when they expand into new areas of business above and beyond the general core or “parent” business.

Each time a new project, venture or offering is added to a business, “risk containment” should be employed. It is never possible to eliminate all risks completely, but containing risks to an acceptable level will enhance the experience and keep the overall losses at an acceptable level, if failure of the new venture or offering does occur.

Business owners need to assess the risk using the following principles:

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1. Is this risk necessary for the further development of the business? If so, why?

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2. Is this risk attainable for the business? If so, why?

3. Is this risk affordable for the business? If not, then it shouldn’t be done. A strict, realistic assessment of funds available and a budget should be worked out before a business embarks on any type of expansion or addition to its present offerings.

4. Is the “timing” right for the new addition or venture? Many times, if a business is experiencing a downward cycle or other financially stressful barriers, expansions or additions are best left for another period in the life of a business.

Many business owners make one of two serious mistakes: they either refuse to gamble at all, and don’t therefore grow their business appropriately, or they gamble too much, exposing their business to such a high degree of risk that eventually the business finds itself in financial difficulties.

Example A: John has owned his own print shop for several decades, during which time he has enjoyed much success. The newest technologies, though, could increase John’s clientele and the speed at which he delivers his goods to existing clients. John, though, is thoroughly risk aversive, concerned about the expense of expenditures that would follow incorporation of the latest technologies, and therefore, John does not incorporate them. As a result, he has lost some existing clients and many times fails to add new ones, effectively hurting his bottom line.

Example B: Miriam owns her own real estate company and does very well with it, employing ten people. Miriam feels the need for new challenges however, and decides to buy several investment properties herself. The properties she buys are extremely expensive, and need much upkeep. In order to purchase them, Miriam borrows “against” her existing business, using that as collateral for the loans she must acquire. Within mere months, Miriam experiences several major repairs needed on each of the newly acquired buildings. She then must borrow yet again to afford these, and finds herself going deeper and deeper into debt. It becomes a struggle finally, to even “hold onto” the original business, as she now owes enormously to several creditors.

As you can see, John, is much too risk aversive, while Miriam failed to take into consideration the many difficulties that could occur with large-scale expansion of this sort. Neither is correct in their assessment or approach to risk management and each has hurt their own businesses as a result.

The old adage, “Slow but steady, wins the race” really applies significantly to business and appropriate risk management within a business. Business owners should plan thoroughly and weigh their risks completely before proceeding with any new venture or expansion. However, businesses also need “planned growth” throughout given periods.

Business owners need to use their judgment wisely at all times, and use it well, when considering appropriate risk management techniques.

About the Author

Vishal P. Rao is the owner of http://www.home-based-business-opportunities.com - One of Internet’s leading website dedicated to starting, managing and marketing a home based business.

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Your filing system is very important. To be able to locate items quickly is of paramount importance. The following system will work for any kind of business. However, please note that many of the files discussed are specific to lease purchasing.

You should have a general drawer, which contains banking information, supply information, general forms, business license, answering machine message, expense envelope. Anything of a general nature.

Your Real Estate files should have a general section for correspondence(sent and received), faxes sent, e-mails sent, consultation correspondence, forms letters, signs(for rent), general advertising, prospects, consultation prospects.

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You should have a file drawer that contains all your contracts and forms.

You should have a file drawer for marketing materials. Flyers, brochures, letterhead, cards, newsletter.

You should have a file drawer for clients. A file for each client. For Lease Purchase a separate file for sellers, this should also contain tenant/buyers and be separated into open and closed. Open contains property you are currently working on. Closed are those properties you have found tenant/buyers for and have completed the deal.

If you take credit cards, a file drawer for monthly transactions.

You should also have a file drawer for any products you sell.

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The files that should be handy and placed in your graduated tray are:
(Note: Some files are specific to Lease Purchase only)

1. Calls to Make

2. Database Entries - You can note on letter or fax or e-mail which database to enter it into or I prefer, to avoid any mistakes to make separate files.

a) Seller Prospects (from newspaper calling and FSBO site list)
b) Seller Prospects Web (e-mails done to sellers that have responded for more info.)
c) Consultations Sellers - I note on e-mail received or a phone call, if it is from web e-mail or other lists
D) Tenant/Buyer database

3. Calling Lists - A file that contains all your calling lists.

4. Pending applicants/credit checks - applications I am waiting for credit check info to be returned on

5. Letters To Do

6. To Do On Internet

You should also make up files for the forms we provide in the Lease Purchase section.

1. Tenant/Buyer Telephone Credit Form

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2. Tenant/Buyer Preliminary Info Form

3. Lease Purchase Property Research Form (Note: Along with your telephone script, you should also have a sheet typed up with the advantages you want to discuss with the seller)

You should make up a fax file, so if someone requests a brochure, newsletter, products you offer, or a tenant/buyer wants you to fax the form, you can do so.

The fax file should contain:

Newsletter (if have one, single sided)

Products Offered (if you have any)

Tenant/Buyer Evaluation Form

Credit Card Authorization

Brochure (on white paper, single sided)

House flyer (flyers for any properties you control)

Your tickler file (accordion file with days 1-31, and manila folders with 12 months), should fit in your desk drawer or under it. You can put your To Do List folder in it at the end of the day for the next day if your space is limited.

Your filing system is an integral part of your business. Be sure your files are set up properly and you will be able to manage your business more efficiently and professionally. Which in the long run, will lead to a successful and profitable business for you.

Copyright 2003 DeFiore Enterprises

About the Author

Interested in having your own successful, home based creative real estate investing business? Chuck and Sue have been helping folks start successful home based businesses for over 19 years, and we can help you too! To see how, visit http://www.homebusinesssolutions.com for the latest FREE tips and tricks, educational products and coaching in creative real estate investing and home based businesses.

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