What

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What product are you going to market? If you specialize in making custom cards then you should look at who the competition is. How do your cards stack up to what is being produced and sold by other people? This is a good time to be honest with yourself. Do you make a quality craft that people will want to purchase?

Who

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Who will you sell to? It is very important to know your audience. If you want to make custom cards then you need to know what type of person would like to purchase something like that. Middle-aged men who work in a law office probably won’t be your target. That doesn’t mean they won’t buy your product, they are just less likely to. Get to know the type of person who wants what you have to offer and then cater to them.

When

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Consider time constraints. When making a product it is important to not only consider how much it will cost you to create but how long it will take to make it. Something you need to understand is that time is money. It may only cost you $3 to make a card, but if it took 2 hours to put it together, charging $5 doesn’t seem worth it. You would only be making a dollar an hour.

Where

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Where will you sell your product?

• Craft Fair – Lots of crafty people like taking their items to sell at craft fairs. This isn’t a bad idea, but you should be aware that the booth space will most likely cost you at least $50. If you only make $60 from an entire day at the fair was it really worth it? Maybe it was because you handed out business cards and got your name out there.
• Online – There are many online sale options you could look into. You will need to know how you will get the product to your customers and be willing to be available online for questions and concerns people might have.
• Brick and Mortar – There is also the option of setting up a deal with a local store to sell your product. They will likely want a cut of your profit or they will charge you for the space where you display your product.

Why

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Why should people choose your product? There are thousands of people that sell custom made cards so you need to figure out what makes your product worth buying. Perhaps it is the best deal. Maybe you do custom work. It could be that you’re a good and honest businessman that people enjoy giving business to. Whatever it is you need to find it and market it.

How

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You’ll need time and a plan to get your product ready for market, whether you’re creating it all yourself or enlisting the help of a local manufacturer. Long term goals are great, but make sure you set short term attainable goals as well. You could decide that you’d like to create and photograph one new card design per week to help you build up your product selection. The choice is up to you.

You don’t want a fun hobby to become something you dread doing. Make sure you feel comfortable with starting a business (everything from getting your company certificate, and doing the work, to doing taxes every year), and if it feels right, give it a try. It may take a moment to take off, but a little elbow grease could have you enjoying a nice side income doing something you enjoy.

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As a rental property owner, you would be responsible for any issues your renters might experience from bug problems to broken pipes. You would also need to know and understand the legal side of being a rental property owner. If you’re considering renting property here are a few things you may want to consider.

Commitment

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Being a renter requires more from you than just the initial purchase of the property. The care and upkeep of the property will most likely be entirely in your hands. That doesn’t necessarily mean you have to do it all yourself, but you will be responsible for ensuring that it does, in fact, get done.

Whether you hire someone like this handyman in Portland to take care of maintenance, or are able to do the jobs yourself. You’ll need to make sure the pipes are getting fixed, doorknobs are being replaced and that you’ve got a roof repair service in if there’s any signs of leaking. You’ll also need to keep the yard in mind. Does your property have grass that needs cutting and bushes that need trimming? Will you need snow removal set up during the winter months? And in terms of emergency maintenance, will you need to invest in commercial floor cleaning in Salem, OR (or wherever it is your property is located) if there is a leak or other malfunction that results in damage? You can work these things out with your tenant to decide whether they take responsibility or whether you will do them yourself.

How To Collect Rent

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Getting paid is a wonderful thing. Lots of people prefer to do online payments these days since they can to it from the comfort of their living room. Though it might be easier for you if your tenant just writes you a check, consider that it might be best to set up on online payment option for their convenience.

Legal Problems

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It’s good to look ahead at possible problems that could arise. Before you jump into being a renter make sure you check local and state laws and guidelines. Some ordinances and associations won’t allow rentals in certain neighborhoods. Some places also have special taxes or fees that apply to rental properties.

Do your research before making an investment. It would be awful to put all that money into a property just to find out it can’t actually be rented out in the area that it’s located in.

Tenant Screening

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“I always say that 95 percent of a landlord’s problems can be eliminated in the tenant screening process,” John Nuzzolese, a New York-based landlord, real estate broker and president of the Landlord Protection Agency, says.

Always run credit and background checks on your applicants and don’t hesitate to contact their past two landlords. If you’ll be allowing pets in your rental property, but you’ve stressed that the pets need to be friendly then there is nothing wrong with setting up a meet and greet to ensure the people and the pets hold up to what they’ve put on paper.

Tenant Issues

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You will need to predetermine how you will deal with tenant problems. This is when having a property manager really comes in handy. If there are any renter problems than the manager will usually be the one to deal with them.

If you have a situation where a tenant needs to be evicted, take them to court first. If the judge rules in your favor have local law enforcement evict the rentee. That is their job, not yours. If you try to forcibly evict someone you could end up getting into trouble.

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Take all these things into careful consideration. If you go into being a landlord thinking that it will be a side job that you don’t have to worry much about, you might find yourself sorely mistaken. If you aren’t sure if this is for you, you might want to consider finding a property manager to help you. Just make sure you carefully map out your game plan and you should do great at being a rental property owner!

The post 5 Things To Consider Before Becoming A Landlord appeared first on InstantELLA.