HSBC Declines Internet Entrepreneurship Bank Account

My First Business Decision to Open an HSBC Business Direct Account Turned Out To Be a Wrong One

First Published Date : April 25, 2011 ADawnJournal.com

I have incorporated my Internet Activities in December, 2010. All my websites and domains are now under my new corporation A Dawn Dot Net Corp. – a Canadian federally incorporated business entity. How long does it take to federally incorporate a business in Canada? You will be surprised to know that it took me only slightly more than 24 hours to start my new corporation. How long does it take you to open a business account in Canada? Well, it all depends on which bank you pick. My first business decision choosing HSBC Canada to open my business account turned out to be a bad decision and became a nightmare. After leaving me hanging for 3 weeks, they told me that they would have to decline my application as they did not know what Internet Entrepreneurship was because they never dealt with this type of business before. Today, I will give you some insights into how my first wrong business decision to open a free HSBC Business Direct Account caused pain and agony.

Week 1

I walked into an HSBC branch located on 1940 Eglinton Avenue East in Toronto to apply for a Business Direct account. I was told by the branch that for this account I had to apply online and the branch was unable to provide me any help. So, I returned home and applied online. I was told on the confirmation email that I should hear from an HSBC Business Banking representative within 1 business day. However, 3 or 4 days passed and I did not receive any emails or calls from anyone regarding my application status. Finally, I ended up calling their business customer service. The business banking representative was friendly and apologized for not getting back to me. He interviewed me intensely regarding Internet entrepreneurship. I had to explain to him what a domain is, how we make money from ads on websites, the various faces of Internet entrepreneurship and much more. I had to show him a few of my websites and after a long conversation he seemed to be satisfied. He mentioned that I should be hearing from someone at the branch to visit and produce my corporate documents once my account is approved and that it should not take more than 2-3 days. A point worth mentioning is that I received a bankcard from HSBC in the mail even without even having my bank account approved.

Week 2

About 5 days passed and so far I did not receive any calls or emails from anyone. My Cuba trip was approaching, so I decided to call HSBC business customer service again. To my surprise, this rep asked me the same questions I was asked by the first rep. So I had to explain everything to him all over again. It was like a job interview. I was getting a little agitated. However, he apologized for the delay and mentioned that it should not take more than 2-3 days to get an answer. I mentioned to him that I would be in Cuba for a week. He assured me that I should have an answer before I return.

Week 3

Upon returning from Cuba, I checked my email and Canada Post mail box for any correspondence from HSBC. There was nothing. No rejection notice, no acceptance notice, no nothing. I called their business banking number again. This time, I summarized what happened so far so he did not have to start interviewing me again on Internet entrepreneurship. After listening to me, he mentioned that HSBC never dealt with business bank accounts for Internet entrepreneurship before and they are unable to issue a business bank account. I should be receiving a formal rejection letter within the next few days from HSBC. This rejection letter came to me after 2 weeks, not after a few days. And the funny thing is, although they declined opening an account for me, I still have been receiving a statement every month from HSBC. Their one department keeps issuing a monthly statement not knowing that other department declined my account. I am attaching a copy of this statement on top left of this post.

Final Word

I wasted all of December trying to open a bank account with HSBC Bank Canada. When I went to RBC Royal Bank to open a business account, they managed to do that in one day. I regretted going to HSBC the first time. HSBC claims to be “The World’s Local Bank.” However, they are far from providing world-class service to be considered the world’s local bank.

How To Hire A Virtual Assistant

You Can’t Afford Not To Have A Virtual Assistant

First Published: ADawnJournal.com July 7, 2009

I have outsourced a good chunk of my tasks before; however, those were nowhere near having a virtual assistant.  Those outsourced tasks were done on a one-time basis only by independent contractors and most of the time I have not met those individuals again. I have thought of hiring a VA (Virtual Assistant) before, but I was reluctant due to costs associated with it. However, just a few days ago, I was able to hire a VA at an unbelievable cost, and it does not make sense not to hire at this incredibly low rate. You just can’t afford not to hire anyone and enjoy your free time, or use your newly discovered free time for something more productive.

Today, I am going to tell you how you can hire a VA even if you don’t make a killer monthly income.

Which Sites To Use?

There are many sites online where you can hire VAs at incredibly low rates. To browse through all these sites, do a search by entering these keywords: virtual assistant, outsource, freelance, etc. The site I use to hire my VA is oDesk. This is one of the most cost efficient sites to hire someone at low rates.

How Much Will The Cost Be?

At oDesk, you will be able to hire someone at below $5 per hour. I have hired assistants at $1-$3 per hour in the past. Don’t underestimate these virtual assistants because of their low rates. These are highly qualified, educated individuals in their respective fields. Many of them

hold Masters degrees and speak and write English better than many native speakers.

How Can They Work At Such A Low Rate?

They can afford to do it because these individuals are working from low-cost countries such as Philippines, India, East European countries and so on. With these low rates, they are able to make a decent living – which is unthinkable in Western countries.

How Do I Do The Actual Virtual Assistant Hiring?

Use these simple steps to have your first virtual assistant:

·   Create an account with www.Odesk.com

·   Verify your credit card

·   Post a job

·   Pick and interview a few candidates among the many who will be replying to the job you posted

·   Hire the most suitable person who fits your specifics

What I Like Most

oDesk provides some unbeatable features, such as:

·   You set and control how many hours your VA will work

·   No additional headaches: oDesk does all the admin work such keeping track of hours, billings, and payments for you

·   Pick hourly or fixed price jobs

·   No commitment. You can terminate your assistant or end an assignment anytime you want

The Internet has revolutionized everything. Virtual marketplaces like oDesk provide endless possibilities for entrepreneurs and service providers across the globe – which was not possible just a few years ago.

Make Money Online | Internet Money Making 101

How To Make Money Online

First Published Date : April 19, 2009 ADawnJournal.com
Writing an eBook

There are very few of us who are lucky enough from a financial point of view to be able to ignore an opportunity to make a bit more money. Even the hardest-working among us may often find that we have reason to consider new ways to make money, whether it be because we have new commitments, or an existing line of finance has stalled for one reason or another. In light of this, it makes a colossal amount of sense to consider other options so that we can maximize  our earning potential. If we could all rely on money coming in when we needed it, chances are that the economy would collapse even further than it recently has, purely because the imperative to work would disappear.

It becomes the case, therefore, that we need to create our own lines of income. There is a limited range of things that we can do to make this happen – again, circumstances dictate that making money is never going to be as easy as sitting back and waiting for it to roll in. Making our own opportunities is important because in the final analysis it is down to the individual to make their own way – relying indefinitely on other people will only end one way, and that way is not an edifying prospect. Finding a way to maximize your potential hinges on one thing above all others – finding the answer to the following question: “What do you have that other people do not?”

Individual expertise is something that just about everyone has to some extent. Even if you do not consider yourself an expert, you will find that there is some talent you have that other people comment on. It may be something quite simple. It could be something that you do every day without it ever really being commented on. It might be technological, it might be musical, it may even be something as apparently simple as being a good listener and someone who is good with individual advice. Either way, this qualifies as expertise whether or not you realize it. And where there is expertise, there is cash. One popular way to turn your knowledge into money is by writing an eBook.

Think of it this way – you have the knowledge, and there are people out there who wish they did. Among these people there are certainly some who would pay good money to have that knowledge. As long as you can take the time to sit down and write a bit about how you do whatever it is that you do, how you learned that you could do it, and how other people could do the same thing, you can make money from this.

There is a growing market for eBooks as people realize that with the Internet revolutionizing our world you don’t need to have a publishing deal to write for money. All you need is a computer and a bit of savvy. If you can build websites yourself, then you can set one up to promote your eBook. If not, then you can set up a blog at any one of a number of free blogging platforms. Take a bit of time out of your day to explore the possibility – it could well turn into a very lucrative sideline for you.

Can’t Afford To Buy Physical Real Estate? Buy Internet Real Estate!

How To Buy Internet Real Estate

First Published: ADawnJournal.com Published Date : May 6, 2009

During a recession, property values tend to decrease, and those who can afford it don’t hesitate to grab the opportunity to acquire some nice properties at unbeatable costs. However, buying physical assets may not be a viable option for everyone due to the heavy upfront expenses you need to go through. But how about buying Internet real estate? Is it still possible to grab opportunities that exist due to economic turmoil and buy assets online with very little money and still flourish in the future?

The answer is:  absolutely yes. You see, domains are like virtual real estate that exists only on the web. There are many similarities between domain names and real estate properties: both of them aren’t increasing in quantity any more, we are dealing with the same quantity today as we were twenty or thirty years ago, and due to limited supply, the price has to go up one day. You just need to buy those that will be in demand in the future.

In order to buy domains, you need to know a few things I discussed in this article – How to Make Money from Domain Names. I believe financial crisis opens up opportunities to buy domains which wouldn’t be available otherwise. In a financial meltdown, businesses close down and people lose jobs. As a result, lots of good domains drop out as businesses don’t need them anymore or people just can’t afford to maintain their domain portfolios.

Opportunistic entrepreneurs grab this opportunity to increase their domain buildups. I purchased most of my high-potential domains in the past few months. Also, I hired many programmers to develop a few new web sites. I can do it now because of low hiring costs available due to the current economic crisis. Entrepreneurs should be always on the lookout to use negative circumstances to their advantage and turn them into positive circumstances.

We all hate economic crises like the one we are going through today. The difference between a successful and a failed entrepreneur can be determined by how well you can use this crisis to build a better future. Yes, opportunities even exist in the midst of a crisis.

Can You Afford To Outsource?

How Much You Should Be Spending On Outsourcing

After writing my first outsourcing article, I have come to realize that there are just simply too many people looking for information on outsourcing. Look on the top right, for instance. You see, the number one all time popular article on ADJ is on outsourcing—and looks like it will stay there for awhile. To answer the many other outsourcing questions you may have, I have decided to write more posts on this subject. Today, I will give you my opinion on how much you should be spending on outsourcing.

If you are willing to spend any amount on outsourcing, you could go ahead and do it but it would not be a good personal financial decision. When I outsource something, monetary value is very important to me and I would not outsource anything unless I am totally satisfied with the money I am spending.

But how do I know I can afford to outsource? I use a very simple formula. First, I look at the whole project in terms of how much time I would spend to do the same thing. Let’s say I would like to outsource the chore of replying to all my emails. I spend 2 hours daily replying to my email. If, for example, my salary is $10 per hour, I would therefore be spending $20 of my time daily replying to email. Now, what’s a reasonable amount for me to spend if someone else is doing it for me? Simple—it has to be lesser than 1/3 of my own cost doing the same thing. In the above email example, I would only outsource if I could find someone willing to look after my email for less than $7 a day.

This is just how I do things and you don’t have to follow my formula step-by-step. Come up with your own figures that make sense for you. One thing you need to keep in mind: there are some projects on which you will not be able to put monetary value by comparing it with your own hourly rate. These projects are those which need to be done regardless of costs, such as redesigning your website, producing a professional-looking eBook from your word document, etc. For these types of projects, I recommend that you post your projects on more than one outsourcing site and pick the one with lowest cost. Read my previous outsource article to obtain a list of outsourcing websites.

I hope today’s article will help you figure out if outsourcing is for you and what you can afford to spend on it. I’ll be writing more on this topic in the future, so keep checking back. Don’t forget to bookmark this site for later use.