I am back with one of my post about managing your finance. I have written about managing family finance before and now I want to mention some tips about financing your business if you have your own business.
Most of top bloggers have changed the way they manage their blog incomes by registering a company. The company has the ownership of the blog and the blogger and probably his/her family members become share holders of the company. This is reasonable for a blog which is making $1,000 a day. In that case the company pays for their life including their house. The reason they do that is tax! This way they pay less tax than the case they had the ownership of the blog. If they want to buy a house, the company can take care of it using Commercial Mortgages.
If you are a blogger or not and you are applying for a commercial mortgage pay attention to the following points:
- Before getting a commercial mortgage make sure you are getting the lowest possible interest rate. You should ask for a quote.
- It is also important that the you get the money as soon as possible. Banks have complicated procedures for commercial mortgage applications. However, you can apply at other places.
- Even if your business is new you might have a chance of getting the application approved, so apply.
- Make sure you have a good business plan and you can make enough money to pay your mortgage back.
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