This is a new twist in car insurance which is quite prohibitive even here in the Philippines.

Mile Meter likes to think of itself as the “anti-insurance insurance company.” It sells auto insurance by the mile — which means that the less you drive, the less you pay for insurance. Nice negosyo idea…

Photo by Mile Meter.

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We all know specially bloggers and website publishers that put advertisement on their site that online ad companies like Google adsense usually pay publishers more than thirty days after the’ve run their advertisements on the publisher’s site. Other ad networks can sometimes have as much as a 100 day lag between the time that they say you’ve earned money and when they send it. This delay can really hamper the growth of an online company, and there was a real need for a factoring company to fill this need.

Factoring is a financial transaction where a business sells it’s accounts receivables to a third party at a discount in exchange for immediate money to finance their continued business. Factoring is different from a bank loan, because the emphasis is on the receivables and not on the firm’s credit worthiness.

In the offline world, if a manufacturer received an order for 100,000 units from Shoe Mart (SM), for example, they could take their purchase order into a commercial bank and get a loan to finance the manufacturing. Online, though, there hasn’t been a way to do this, until now.

A new company in the U.S. Fast Pay allows you to get paid faster for your online ad sales. In exchange for a small fee (2.5% per month) they will immediately loan you 70% of your previous month’s ad sales five days after the end of the month. Later, when the ad sales company sends your check, they’ll will send it directly to Fast Pay, who’ll collect their fees and send you the balance.

So, if for example, you earned $10,000 from Google Adsense in the month of January, they’ll send you $7,000 February 5th, and after Google sends them your check in late February, they’ll send you the remainder ($3000) minus their fee ($175).

This is a good negosyo idea for the Philippine market specially that the business process outsourcing is booming.

Image from Fastpay

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Filipinos love to plan there wedding in advance and consider it as a once in a lifetime importan event in there life. It can also be one of the most expensive, running P300,000 on average, according to some estimates. For those who don’t have that much, here is a great negosyo idea that created a new company out of Norwell, Mass., that could help: Wedding Payment Plan will finance your wedding.

Scott Almeida, 35, says he got the idea from watching a family friend succeed at financing orthodontia and Lasik eye and cosmetic surgery. “My first thought wasn’t weddings; it was funerals,” he laughs. “But weddings are a lot more fun.” He wrote up a business plan as a nighttime MBA student at Babson College and began raising money from family and friends. He also tapped $100,000 from an account that he and nine former classmates had set up to back whoever came up with the best startup idea.

Photo by weddingpaymentplan.com

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Check Out The Competition

You may not know right now who is going to buy your products or services, but the competitors who you will be competing with do know that information. That’s why part of the business plan is to understand the competition as well as the market demographics. You can visit their websites and even gather information on their core demographics online by using a tool like Quantcast.com. You can also read their articles and copy and figure out which audience they are targeting the most. From that information, you should be able to get a start as to who will buy your product the most.

Do Some Testing

Another way to figure this out is to start to market to your chosen demographic and then tweak it a bit. You can do split testing that might have a slight change in copy that might appeal to one demographic more than another. If you get better results with a different demographic, and more sales, then you know that you have refined the target audience better. You will then be able to create highly effective ads and promotions that will get these people to not only show up at your door, but also open their wallets too.

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Small businesses here in the Philippines seldom have credit policy to keep existing customers, to get paid and stay in business. The policy should include, clearly outlined procedures and actions when someone can’t pay on time so that a steps can be immediately workout to help the customers and also to protect your business. Here is an excerpt from Entrepreneur.com

Begin starting your credit policy by looking at your reports. See who already owes money, how much, and how far past due on their bill they really are. Start making some phone calls, commit to say 5 phone calls per day or more if your prefer. This will begin the process of getting back the money that is owed to you. Meanwhile, don’t let anyone else charge until you check their credit. This ensures that you will know who will be able to make a later payment, who will not, and who is just attempting to get free items.

Put out a written or typed up statement in your store of what your credit policy is, how much they are allowed to charge, how long until their payment in full is due by, and so on. This lets them know as soon as they walk in the door where you stand on credit and what you will not let them get away with.

Once a customer becomes past due, this is the time to start getting on them. Start off by sending them a friendly reminder regarding their balance. Next, maybe give them a phone call when you know they will be home. If that doesn’t work you can always pay them a personal visit if need be. Or as the final result you could always notify them that they will be sent to a collection agency if the balance is not paid.

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