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peacockrancher
Joined: 07 Sep 2008
peacockrancher's page
Posts: 45
162 Magic Points
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Subject: New Business Financing
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Sun Sep 07, 2008 4:43 pm
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I posted another post here on the money and budgeting, but I have another question.
Would I be better off establishing a small credit line vs a credit card? What are the benefits to having either one? Right now I just have a small savings account under this business and have put money in and taken money out as needed for business purposes, however there are a few things that I would like to get into. I would like to purchase an incubator that costs right around $500, it is a lot easier to deal with a credit card number when ordering online and through a hard copy catalog, that is one of the reasons that I have been thinking about a card vs a small line of credit, unless it comes with a card.
This is all new to me, I used the savings account and would just shop at local stores, so it was just a simple stop at the bank and take out the cash. Run to the store and pick up what I mean.
I am just looking for some guidance here and hope that there are some people here that can provide that. thank you in advance.
I am going to the insurance forums to inquire about insurances to cover what I have. I will be back a little later to see if anyone has responded. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Sun Sep 07, 2008 5:39 pm
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A line of credit may or may not come with a card you could request a card to go along with it, most of them come with blank checks that you write out for whatever you want, you may have the option of a card, you would have to consult with your banking institution and find out.
You could also take some money from your savings account and put it on a prepaid card, that would also give you the function of a card that you are looking for if you still need to order from a catalog or a card.
These are just some options that I think you could explore, I am sure that others here will come along and add some more information on the credit card end of it and what the benefits are to that. Hope this helps.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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peacockrancher
Joined: 07 Sep 2008
peacockrancher's page
Posts: 45
162 Magic Points
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Sun Sep 07, 2008 8:35 pm
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I have seen the pre loaded card that you are talking about, in fact just the other day I was in the customer service line at Walmart and seen they had them there, I will have to pick up a brochure. I pondered the gift card, but the pre loaded would act more as a credit card right? I am sorry to be so naive on some of this stuff but I am used to doing things the old fashioned way, I had real trouble with direct deposit, that is the only reason that I have a bank account period.
I am opening up to a few more ways of doing things, I do like the sounds of the preloaded card, I will pick up a brochure and look more into it. I appreciate your input on this, If I get the Walmart card I can probably load and maintain it right at the stores customer service desk, that would be really convenient because my bank is right there near Walmart.
I feel like I am getting a bunch of good information here, I honestly do thank you for your time. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Sun Sep 07, 2008 8:56 pm
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I think that you will find out they are safe and that they are really easy to use. I think that you will find yourself comfortably shopping for your items in no time.
I don't know how familiar you are with the online services but paypal also has an account that you can use. You have three different levels, personal, premier or business, you can get a card that you can use with the premier or business accounts. They do charge a little bit but it is not much. You should look into it and see what you think.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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erb1953
Joined: 31 Dec 2007
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Posts: 621
-55 Magic Points
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Mon Sep 08, 2008 1:55 am
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Hi peacockrancher, welcome to the forum, I hope that you are finding what you need here, seems as if goodnatured has answered all your questions about the cards.
I have used prepaid cards and they are very similar to the gift card system except the gift cards are for one particular place and the prepaids can be used anywhere just like any regular credit cards.
Starting a small business can be tricky, you are smart to want a strong foundation to build on. Whatever you do try to establish some type of credit, you will not do this by using prepaid cards, you will actually have to apply for a real card through a company that deals in the cards. I see many advertised on television. You will need to do some research here and on the web, there are alot of people here to help, so fire away with your questions. |
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anthony
Joined: 31 Jul 2006
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Posts: 550
13573 Magic Points
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Mon Sep 08, 2008 5:14 am
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Hi Peacockrancher
Lines of credit has a lower interest rate that distinguish it from credit cards. Moreover it has low risk and have higher available credit limits. But credit cards are much more convenient especially when you are making on line transactions. In case of credit cards, you need to just enter your card number and make transactions, however, in case of credit lines you need to depend on the bank for making payments.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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peacockrancher
Joined: 07 Sep 2008
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Posts: 45
162 Magic Points
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Tue Sep 09, 2008 12:04 am
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Goodnatured,
I do have a pay pal account however I do not have the card for it, I never got one.
Anthony,
Thank you for the information on lines of credit and the credit cards, I guess they are apples and oranges? So they are two different animals altogether.
I am looking at the prepaids, I can use them like credit cards for now. However, I do realize that they will not build a credit history and I will need to apply for a credit card sooner or later here to get that started.
I appreciate all the input, I have enough to work with now and going to go with the prepaid until I figure out what credit card to apply for. Anthony do you have any suggestions for a card that will meet my needs.? |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Tue Sep 09, 2008 1:22 am
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Hey pcr, If you are just starting out I wonder if you wouldn't be better off woth the line of credit that carries the lower interest rate. Beind a new business it usually takes at least a couple years before you are in the positive and getting return money on your investments. Even the prepaid may be better. I am not sire if there is a charge or how in fact they work.
A card I have found to have a pretty good interest rate as opposed to some is the Discover. Usually you can get a starter interest rate of 0% for one year. Maybe Anthony will stop back and put in some more advice.
GN, sounds like she may know her stuff to. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Tue Sep 09, 2008 1:31 am
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I have used the prepaid cards, they do have a small fee along with them but it is not much, way cheaper than what you would pay if you add up the intrest and fees on a credit card.
Guess it is a personal choice, pcr will have to figure out what route he wants to go. I guess it will depend on what type of rate he can get, doesn't sound like he has much credit built up so that may be an issue on the credit card rate. They may be a little leary on issuing a card. I guess all he can do is apply and find out.
I am sure that Anthony will be along to further advise on what pcr has questioned about the card. I sure can not recommend any.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Tue Sep 09, 2008 1:37 am
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GN that is a good point you make when comparing the interest rate on a regular credit card to the small fee that may be affliated with the prepaid. I had not thought of that. It does sound like the OP is just starting out. I guess I was a little surprised at the peacock business but it may be in demand in the posters area (not sure if he/she). I know out here in my area it is veal (which totally stinks for miles) and doves.
I have never dealt with anything business wise but I am sure there is lots of good information to be found around the forum. |
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peacockrancher
Joined: 07 Sep 2008
peacockrancher's page
Posts: 45
162 Magic Points
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Tue Sep 09, 2008 11:19 pm
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Fireyone
My business is very small at this point, I only have two sets of breeder birds. It all started because I love the color of these beautiful birds, however, my birds are going on three and three year olds and between the two sets I had 17 eggs this year. None were fertile because they have their first laying years as somewhat of a practice run, now next year they will breed and I will have fertile eggs. Fertile eggs can go for $20 for two of them on ebay and more depending on the color of your birds. I have paid $25 for a bird that was only two months old.
My thing is that I only want a few birds, so I figured if they are going to breed I may as well make some money off it right? I can not imagine what I would have done with all those peeps if those eggs would have been fertile.
so it all started as a hobby and now I am considering a small business venture, there are actually resturants that sell the meat as a specialty, not for me of course. Some people eat the eggs, again I will pass on it. I am just seeking advice to see where this all leads as next year at this time I do believe that I will have my hands full with baby birds. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Tue Sep 09, 2008 11:27 pm
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| Okay I am done puking now!!!!! It does sound like it could be a good money making idea. I know nothing about birds so this is pretty informative for me. I had cockatiels once but gave them away..they squacked too much. I can not believe someone would pay $20.00 for two fertile eggs. Here I thought $2.09 a dozen was expensive. |
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peacockrancher
Joined: 07 Sep 2008
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Posts: 45
162 Magic Points
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Wed Sep 10, 2008 1:55 am
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Fireyone
These eggs are then hatched out and the people that buy them have new bloodlines for their brood, just like anything else you want to keep a healthy blood line and introduce new or better traits. I have never shipped eggs before, I do know that you can have them out of the nest for like 7 days. These are some very hardy characters in and out of the shale. My birds stay out in winter hail storms and all inclimate weather.
There are many ways to make some money off these birds, I will work on crafting this winter with the feathers that I have collected. Hopefully it is something that I can sell on ebay and make enough for some feed. I would like them to pay for themselves. |
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fireyone
Joined: 26 Feb 2008
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Posts: 4124
1011 Magic Points
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Fri Sep 12, 2008 2:33 pm
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| Okay I know you are not familiar with my troubles before. I answered this post already but I do not see my response listed. I hate when that happens. Anyway you can make them pay for themselves by selling these eggs and making crafts. I am sure there are other ways to go about getting a return on your investment. Can I say maybe if you google your birds something will come up that will catch your eye more than their beautiful feathers? |
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goodnatured
Joined: 03 Nov 2007
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Posts: 3735
10 Magic Points
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Sat Sep 13, 2008 1:38 am
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I have seen some beautiful thinks made of peacock feathers, have you thought about selling them to local craft shops, you should check this out.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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