Fernald Business Association

Archive for February, 2010

There are many ways to go about choosing from a resource of profitable business ideas. One must first look at what is happening in society to determine popularity levels of a service. Choosing something flashy can help you cash in on the latest fad. However, choosing a business that provides a service needed in good economic times and bad, can lead to more consistent profits.

This article will look at a few specific business ideas for those hoping to cash in on services that people are looking for.

Health care: No matter the cost, when people get sick they need service. Even in harsh economic times, the medical industry will not dry up. Starting up a private clinic, or a residential care facility can involve large costs, but also large profits. People are living longer, and health issues never go into recession. This idea requires vast knowledge, but provides consistent profits.

Dentistry: Mush like health care, people are always going to need dental work regardless of the economy. Moreover, the types of food that people are eating, particularly young people, are very unhealthy for teeth. Opening a dental office and hiring dentists and technicians can be profitable for those in the know.

Advertising: When times are good, businesses are more than willing to cough up money for advertising. When times are bad, businesses look for ways to attract people to a dwindling customer base. This phenomenon makes advertising a consistent earner. Although different ad agencies may come and go, the field of advertising is consistently in demand.

Translator: Being a translator, or running a translator service is a particularly profitable idea. In these times, with increased international communication, having skilled translators can be of service to businesses, educators, and legal proceedings. Additionally, having unique translating abilities, such as Mandarin speakers or those with sign language capabilities can set your business apart.

The Automobile industry mainly revolves around the manufacturing and selling of cars. But at this point of time, the automobile industry has taken a new dimension and the new dimension is towards the market arena which is focused on selling and buying used cars. The demand for these cars has been increasing day by and with the current economic recession in progress people are more conscious on spending and in fact they are interested to trace how each and every penny of their money is disappearing now.

Buying a good used car is not so difficult either and people can easily afford to buy one for them. There are many places in the internet where people can find such cars for them and available car is the best in the lot. Do believe me, these cars fetch the retailers more profit than brand new cars and in such a case why wouldn’t this business flourish beyond scales. If you can satisfy yourself with a second hand car, you will be able to save a lot of money with which you can make an investment. So save money, invest them on properties which provide high returns and sit back and feel proud of yourself for taking the best decision of your life. Might be someone else can learn from you as well!

Dubai is a reputable trading jurisdiction worth an estimated US$ 80 billion (up over 100% from 2005) that has made strides in all aspects of the countries infrastructure. Much of what is in place now was built around, and funded, through the gas and oil industry. However, while still producing around 240,000 barrels daily, the oil and gas industry now only accounts for 6% of Dubai’s total economy. The shift from dependence on the emirates natural gas and oil reserves has seen heavy development and promotion of other industries such as tourism.

The UAE has been ranked 30th, and 31st respectively for the Corruption Perceptions Index and UN Human Development Index, the latter being a measure of a country’s standard of living. Both are testaments to the country’s reputation as an effective and developed jurisdiction, economically, and socially.

There are many engineering milestones in Dubai, and many more in planning. For instance the Burj, the most expensive hotel in the world, and until recently the tallest, built wholly on reclaimed land.

In an effort to promote the service industry a variety of incentives and supportive corporate structures have been devised. These include low cost energy and world-class communications infrastructure. Various Dubai free zones have been developed to provide services relevant for entrepreneurs, and hence encourage incorporation in Dubai.

Dubai is part of a collection of Emirates in the Middle East, collectively making the country of the United Arab Emirates, or the UAE. They are unified in many aspects, but each Emirate has their own tax decree, slightly differing from Emirate to Emirate.

As per the Dubai Income Tax Decree 1969, tax shall be imposed on every chargeable person. A “chargeable person” is a corporate body, regardless of whether it is a resident corporation so long as it has a permanent establishment in the Emirate of Dubai, unless under agreement with the ruler to exemption from taxation. Although these are the current taxation laws, they are not practiced. The UAE imposes none of the following taxes:

A few years ago I was left with pretty big debts. I was actually scared to open the door or answer the phone in case it was someone chasing me for payments I couldn’t afford to make.

I knew I had to do something and if I wanted to sort out my finances before they became too bad, I had to do it fast. So I took it upon myself to tackle my debts. I knew it wasn’t going to be easy, so I got a bit of debt advice before I started.

The first thing I did was sat down with all my paperwork in front of me and looked at what I owed. It took me a while, but I wrote down each individual amount on a piece of paper – just so I had all my debts in one place. I could now easily see where my money was meant to be going each month.

After doing this, I looked at how much money I was earning each month. At the time, this was just under £1,000 – and my monthly outgoings (including debt payments) were just over £1,000 – this is where the problem was. My outgoings were taking up all of my income – and more. So I had to take immediate action. I looked at what I was spending money on and decided to cut back on a few things.

For example, I didn’t really need the satellite TV package, my gym membership or my magazine subscriptions, so I cancelled them all. This changed my circumstances dramatically, I could now afford all my payments, and have a little bit of money spare after covering all my costs.

To help my situation even more, I decided to create a strict budget. It was similar to what I had already done, but I decided I had to write it all down. I wrote down exactly what I earned/received each month and exactly what I spent. By doing this, I could keep track of my finances and remain in control of where my money was going.

It took me a few months to get the balance just right, but after that my debts decreased rapidly. I had them cleared within one year and I was back on the road to financial stability. Now (24 months on), I have no debts at all, and I am even starting to save a little bit of money each month!

For more information on clearing your debts visit http://www.firstdebtmanagement.co.uk/