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Assessing the Value of Creative Input in Business

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Many people assume that starting up a business is all about making lots of money and indulging in luxurious profits. However, seasoned businessmen will say otherwise.

For a business to thrive, it is important to add a touch of creative input to really make an impact in the industry and allow customers to be captivated by your work. Creativity in business is an approach that inspires and challenges you to find innovative solutions and create unique opportunities to deal with problems.

That is also one of the major reasons why many prospering companies never fail to amaze us with their new and amazing business services or products – while on the other hand other companies just stick to their old and boring ideas.

In fact, according to the World Economic Forum, it was stated that creative thinking is one of the top three skills that are required to run a successful business. And to further prove our point, we will talk about one of the most highly accomplished innovative thinkers of our time, Kyle Noonan.

Kyle Noonan is a revered American restaurateur, entrepreneur, speaker and a T.V personality. He is also the owner of the prestigious FreeRange Concepts – a restaurant development firm based in Dallas specializing in creating innovative restaurant concepts.

His company initially started with just two employees but eventually made it to over a thousand employees in just four years. Plus, FreeRange Concepts is expected to grow even more than $100mm in annual revenue in 2021.

So what exactly made his company so famous? Here are a couple of his many establishments that have earned him his esteemed reputation.

Bowl & Barrel

In 2012, Noonan started his very first business venture through FreeRange Concepts called Bowl & Barrel. The restaurant had a bowling alley with a complete service modern American tavern including house-made specialties made by Chef Sharon Hage. Dallas was the first place the restaurant launched and eventually made it to San Antonio and Houston by 2016.

Mutts Canine Cantina

After getting a great response from his first venture, he decided to start another restaurant the following year called Mutts Canine Cantina.

Dog lovers especially loved this one as this place was a restaurant AND an off-leash dog park. This way, people were able to either have a relaxing time in the beer garden or play in the off-leash park.

The first location of the restaurant was in Dallas and eventually in Fort Worth in 2018. It also has eleven more units that are under process in various cities such as Arizona, Texas, etc.

The Rustic

This restaurant was launched in 2013 and was one of Noonan’s most famous business ventures. The restaurant was made in partnership with Grammy-nominated country music artist Pat Green.

The Rustic is a full-service restaurant with live music that started in Dallas, and eventually, its growing popularity led to its further establishments in Houston Downtown, Houston Galleria and San Antonio.

These restaurants are prime examples that show how unique ideas can make a significant difference in the business world and lead businessmen like Noonan to their success.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

What Is Debt Consolidation and How Does It Work? 

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Debt consolidation combines all debts of an individual, often high-interest ones like credit card bills, into one payment system. 

Suppose you can secure a reduced interest rate. In that case, debt consolidation may be an ideal option for you, assisting you in reducing your overall debt and restructuring to help you clear it quicker.

This guide will walk you through what debt consolidation is and how it works. 

What Is Debt Consolidation?

Debt consolidation is a debt relief alternative that helps consumers bind multiple financial obligations in to one that can be regularly paid with a consolidation loan or a debt management plan (DMP).

This approach lowers the charges on debts and reduces the monthly payment. Debt consolidation sorts out the challenges faced by consumers, especially those who find it hard to service their numerous bills on time.

How Debt Consolidation Works

To consolidate debts, a borrower may request their bank or other loan providers for a balance transfer credit card, a personal loan, or a similar debt consolidation instrument. 

In the event of a debt consolidation loan, the lender may instantly clear off the borrower’s outstanding bill, or the borrower may collect the money and pay their remaining sums. 

Similarly, most balance transfer credit cards feature a recommended method for combining a cardholder’s current credit cards.

Although debt consolidation frequently reduces the amount a debtor owes monthly, it prolongs the repayment term of the merged debts. 

However, consolidating debts simplifies the payments process, making it simpler to handle finances—this is particularly beneficial for borrowers who have problems managing their money. 

Once the debtor’s old liabilities have been sorted with cash from the new loan, they’ll make just one monthly payment plan on the new loan.

Is Debt Consolidation The Same As Debt Settlement? (50 words)

While these are debt-relief options, they have a distinct difference. 

Debt consolidation transfers the borrower’s loan from multiple creditors to a single creditor but does not reduce the initial amount. 

On the other hand, debt settlement targets to lower the consumer’s debt levels. Settlement firms do not give loans; instead, they negotiate with creditors on behalf of the debtors.

Types of Debt Consolidation 

1. Debt Consolidation Loan

Debt consolidation loans are personal loans used to reduce a debtor’s interest rate, simplify payments, and generally better loan terms. 

While personal loans are often accessible in credit unions and banks, many online loan providers also provide debt consolidation services. 

However, before picking an alternative, you need to seek debt advice to give you an insight into the hidden risks. Reputable FREE debt advice platforms, such as Reform Debt Solutions, could help you. 

2. Credit Card Balance Transfer

A credit balance transfer happens when a debtor applies for another credit card, often one with lower rates, and transfers their entire balance to the new credit card. 

Similar to other debt consolidation methods, this approach leads to a single repayment to manage, may cut on the debtor’s monthly payment, and can lower the general fee of the debt by reducing the interest rate. 

Before deciding to go for a credit card balance transfer option, you should consider the accessibility of interest rates, transfer charges, transfer deadlines, and the implications of defaulting payment. 

3. Student Loan Consolidation

Student loan consolidation refers to binding different student loans into one. 

Besides reducing and streamlining monthly payments, graduates can benefit from borrower protections such as Public Service Loan Forgiveness. 

This concept is frequently used in combination with student loan consolidation, which entails consolidating multiple governments or private student loans into one personal loan.

4. Home Equity Loan

A home equity loan is a debt consolidation approach that includes obtaining a loan guaranteed by the debtor’s home value. The cash is given to the debtor in a single payment, and they can use it for clearing off or consolidating previous obligations. 

After the money is disbursed, the borrower pays interest on the whole loan. Still, since their property secures the loan, they are likely eligible for a considerably lesser interest than a debt consolidation loan.

5. Cash-out Mortgage Refinance

A cash-out mortgage refinance happens when consumers refinance their mortgage for a sum more significant than the outstanding loan balance. The borrower can then withdraw the excess in cash and clear off other debts. 

This approach then allows the borrower to combine their other loan payments with the mortgage payment to make one payment. Additionally, when the loans are folded into a guaranteed mortgage, the rate is likely to be significantly less than the rate on the initial obligations.

Pros and Cons of Debt Consolidation 

Pros

  • Combines multiple loans into one and simplifies payment 
  • Can lower the borrower’s gross interest rate
  • May reduce a borrower’s gross monthly payment 

Cons

  • Providers can charge loan origination, balance transfer, or closing fees
  • Borrowers may lose their houses if they fail to pay off the consolidation loan
  • Some come with high rates

Bottom Line

Using debt consolidation as an option for debt relief comes with many shortcomings. And indeed, it’s not the ultimate solution to the debt issue. Unlike the debt settlement approach, which reduces your loan, debt consolidation only transfers you to another lender. Besides, most of its methods tend to extend the time for settling your debts, attracting more interest rates. 

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