Not many business owners like taking out loans but sometimes, it’s the only way to propel a business to the top. Some of the biggest businesses in the world rely on loans to not only get by, but to keep their finances more manageable. So, if you’re wondering why many small businesses apply for loans, or you’re struggling to find out why your small business might need one, have a look at the below possible reasons.

To Keep Your Business Afloat

The main reason why you might want to apply for a small business loan is to simply keep your business running. For whatever reason your business isn’t doing brilliantly financially, you don’t need to lose any pride in taking out a loan to keep your business afloat. Quite simply, taking a loan out when a business is in a poor financial state could be the difference between turning things around and becoming a success. It could help you consolidate existing debt into easier to manage payments at lower interest, saving you money over the long run.

To Purchase New Equipment to Increase Efficiency

Thousands of businesses around the world fail every year because they are inefficient. The trick to maximum productivity in the workplace is to have the necessary equipment in order to make employees jobs easier and quicker. Whether that’s having a new forklift in the warehouse or a new computer system in the office that’s easier to use – it’s these changes that improve overall efficiency regardless of the working environment. So, if your employees are wasting time with the same repetitive tasks because they don’t have the right equipment, it could be a wise move to get a small business loan to invest in such equipment. More efficient employees could be the difference in not needing to hire another employee.

To Build a Good Credit History

You might not necessarily need a loan now to take your business forward, but it could be a clever option for the future, especially if your business is already in an excellent financial position. Many business owners wouldn’t see the point in applying for a loan if they didn’t need it, but later regret it in the future when they want to expand their business physically and can’t get enough capital to do so because of a lack of payment history. If you’re looking to build credit now to build for the future, online business loans are available at https://www.excelcapmanagement.com – better yet, this company specializes in providing loans for those business with little or a bad credit history.

There are many other possible reasons why you may want to apply for a small business loan: to expand your physical location, to invest in more inventory to increase profit margins and lower the buy price, or because you’ve been presented with a business opportunity that can’t be missed. A small business loan has many uses and doesn’t always need to be considered purely by businesses that are in a bad spot.

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By financen | October 26, 2018 - 5:48 pm - Posted in Business, Small Business

Office-decorating-ideas

We live in a world where aesthetics are every bit as important as practicality and functionality. Interior design and tasteful décor have become so commonplace that almost everything that is successful is pleasing to the eye!

The problem arises when we try to decorate the office on a budget. A small business that has started anew cannot possibly spend a fortune on décor. While chairs and desks are all necessities of office space, we need to find some hacks to make everything look beautiful without spending too much money. If you keep a tasteful approach, you will find that the process isn’t too tricky:

Picking out a good Color Scheme

When it comes to rating any room or space, the first thing you must consider is the color scheme. The color schemes you can choose for office spaces are usually quite limited. For example, many people opt for pure white walls with contrasting furniture in colors like black or brown. Some people like to go a little bit bolder and choose light or pastel colors and paint them all over the walls to give a chic, monochromatic look. Choosing dark or bright colors for office space is usually not a great idea.

Keep it Minimalistic

Décor these days is all about minimalism and sleek furniture. You do not have to cramp your small office space by adding large sofas, a huge coffee table, a big chair, and a bulky desk. You should only go for the minimum when choosing furniture. So you can save quite a bit of money while keeping things trendy. Make sure whatever you choose is sleek though!

Add Some Natural Light to the Mix

We cannot emphasize enough on how important it is to have a window or two in your office space. Many people agree that natural lighting is the best kind of lighting there is. Letting a little bit of natural light enter your workspace can be refreshing for the whole environment. Your workspace will no longer look dull and dreary; in fact, it will usually look quite inviting. It can even add quite a bit of splendor to your décor!

Get a Desk Organizer

A neat workspace is an aesthetically pleasing workspace. A desk can help you out in many ways. Without a desk organizer, it is highly likely that your desk will remain cluttered with items like stationery. When you go to look for items that you need to work within these places, you end up creating a larger mess, and it takes you forever to find what you are looking for.

With a desk organizer, it will be easier for you to get rid of this clutter. You can also wrap up by the end of the day without having to improvise spaces to keep stuff in. Some desk organizers even come with cable drops so you can organize all your cables there so that they do not look jumbled up and ruin the look of the office.

Another quick hack is to use monitor arms to suspend your screens. With this, you can easily claim but a lot of space on your desk (rather than have it occupied by the base of the screen).

Make Sure You Have Enough Storage

Storage space is also of utmost importance in all office spaces. There are many items that you do not need on a daily basis that can go in these spaces. They make the entire place look clean and organized, and a clean and organized space can be all the décor you need sometimes.

Storage spaces also make it easy for you to wrap up at the end of the day because you know where each item will go. You might also want to label each space so that only the designated item goes there, which will help you look for things when you need them.

Keep the Lighting Sharp

Another concern of utmost importance is that of lighting. Make sure that the artificial lighting in your office is up to par so that the place can look vibrant and welcoming.

The best option is that of ceiling lights because they distribute the light across the room evenly. At times, they also make the room appear bigger.

You can also place some lamps around the walls to emphasize smaller areas of the office, so even they look bright and inviting.

Office-decorating

Get Indoor Plants

Even though indoor plants are not exactly a necessity in an office environment, they are highly useful and pleasing to look at. Plants are multifunctional, they clean the air and sometimes even freshen it and humidify it.

Some research has also shown that working around greenery can improve your productivity. Since you cannot work in a park or a garden, office space is good enough too.

One of the best aspects of indoor plants is that they are super cheap. So you can spice up the décor in the office without putting a dent in your pocket.

Author Bio:

Hannah is an interior designer by profession, and she knows all the ins and outs of using the right quality of the furniture and accessories for home decor and workplace. She is also a blogger who loves to write about the home and office maintenance tips and tricks. Read more about her posts at ergoedge.co.

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By financen | January 31, 2018 - 4:39 pm - Posted in Business, Funds, Small Business

The main concern with any startup or small business is financing it. There isn’t one approach that everyone can use to get their business up and running rather there are several different routes, businesses can take to finance their project depending on the type and size of the project and the amount needed. Small businesses and startups have even been known to piece their funding together through different sources phased out over time which is a viable option for some. So here are four practical ways to fund your small business.

Personal Savings:

Nobody just gets up one day and decides to start up a new business. There are several hours of ideas and planning behind it so there’s more than likely chance that you will have some savings collected somewhere as you’ll already have an estimate on how much finance is required for your business to break-even at least. Using those savings to fund your business can be the key to your startup becoming profitable as soon as possible since you won’t have to worry about monthly repayments like you would have if you would’ve borrowed from a bank or repaying the loan with a hefty interest rate.

Although realistically, the chances are that you won’t have the entire amount needed to start your business saved up so in that case selling the items you do not need is an excellent option. If you were to look around, you are likely to find items that you barely use, if ever, that could be worth a few hundred dollars and if you were to sell those items and raise the money that way, you’d make sure that you’re keeping 100% equity of your company because you won’t have to sell shares to raise the finance.

The Bank:

If the first option isn’t for you, then securing a loan from the bank is still one of the most practical ways to fund your new business. Getting a loan from the bank isn’t an easy job and you will have to have prerequisites if the bank is to lend you the money. These prerequisites include a healthy personal credit score and a detailed business plan that some business might not have, but once you’re able to secure the loan, it can be essential for business for getting you the maximum yields. That is because if the loan is secured, not only the bank won’t have any issue on how it’s run and you’ll have 100 percent of the business equity to yourself, but you’re also guaranteed the money for the whole term.

Crowdfunding:

Crowdfunding means putting your idea forward on the internet and asking like-minded people to donate you the money, and it is a way that won’t cost you anything. With now successful startups like Ouya and Bitvore getting funded because of crowdfunding, there’s a good chance that you’re business idea will also be funded provided it is a practical and a credible one that people can get behind.

Venture Capitals:

There are firms that will fund your business completely in its early days, and you won’t have to worry about finances so you can completely focus on running your business. However, these firms are expected to have a huge part of your business equity in return when it’s profitable. This option might not be for everyone since you risk losing control of your company, but sometimes it is the most practical way to fund a business.

Author Bio: David

David Simmons is a financial analyst and accounting expert. He has in-depth knowledge about setting up small businesses as well as creating profitable investments. He regularly contributes articles related to business and loans at https://www.ebroker.com.au/.

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By financen | September 16, 2016 - 2:20 pm - Posted in Business, Small Business

Indeed, even the best business person that can discover short cash and a minor business advance need the business exercises, ventures, or the location of a stream shortage to extend money.

Regardless of a lavishness of assets to help minor organizations explore the credit scene, the acquiring procedure remains a puzzle to numerous.

We requested that clear up monetary and business specialists’ confusions around six minor business advances.

If you want to get your Small Business Lending, don’t forget to reach out to US Business Funding.

Banks

While conventional credit unions and banks give the greater part of the minor business advances are accessible to an assortment of option loan specialists, including Staples organization concentrates on the credit Lendio to hold reserves in a minor amount of the moment.

Business visionaries ought to consider all financing choices before an advance offer to acknowledge calls Brock Blake, originator and President of South Jordan particularly in Lendio, UT.

“Each bank has diverse terms, which frequently makes it hard to contrast one type with its logical counterpart,” he said. “Looking for the right advance that addresses the issues of the economy and the present money related circumstance may need the knowledge and information of a man working in the room each day and help the upsides and downsides of credit can explore bargains.”

In spite of the fact that it’s not generally simple to get an advance for your minor business, there should be an inconceivable test. Minor business credits specialists have thought that one of these issues through better planning for the difficulties of the application for a minor business advance can keep away from record.

“While there are difficulties, a great deal of disappointment about getting minor business can be alleviated the financing by practicing due tirelessness,” said Michael Adam, the organizer and Chief of Bankmybiz site style media social connection business visionaries with business benefactors in an email meeting with the day by day News business. “Be arranged and have every one of your reports prepared to present to the loan specialist.”

Immaculate Credit

The financial assessment – both industry and individual – is the principle element utilized by customary and option moneylenders to figure out if an organization meets all requirements for an advance. Your outcome gives a fast appraisal of how the bills that you have done before, which may specify how you will pay later on.

“On the off chance that the financial assessment is not as much as immaculate, you ought to invest energy to enhance your score,” Blake said. “In only six months reliably convenient installments and use credit astutely, business people can enhance your score up to 100 focuses.”

Having an uplifting news for the individuals who think the awful credit individual guides or to build up a business. Albeit low FICO ratings could have been a non-starter as of late, the credit environment today is entirely open credit below average than at any other time.

“While conventional banks might be prohibitive to get regarding a credit, there are different ways,” said Michael Kevitch, President Varsity Business Arrangements, an organization expert Budgetary Gathering, in an email meeting with Business Every day News.

Elective credit sites like those worked by Varsity Business Arrangements (business credits and financing of minor organizations) are generally construct loaning choices in light of the monetary status of an organization in the money related history of the entrepreneur. Kevitch said elective banks take a gander at the execution of the organization, business sort, time in business and income preceding conveyance of an advance specific.

On the off chance that your FICO assessment is too short to get a customary advance, an option moneylender might will to give a minor advance when your credit remake.

Repetitive and Long

Trepidation of the obscure frequently anticipates business visionaries to investigate your alternatives, says Kristin Lord, VP and pro in credits. Ensured by the administration in Rockford Bank and Rockford Trust, IL

“Numerous minor organizations to postpone the advance procedure, since they consider it will be troublesome or too lengthy,” she said. “So they supply their industry with Visas or fumes their possessions until they lose hope. Yet, the more they hold up, the more troublesome to us to be able to aid them.”

The US Minor Business Organization as of late disentangled the application procedure and credit protection, which implies that the borrower can get like a standard mortgage a SBA advance around the similar time.

“You will be required to make a great deal of superfluous documentation accessible and most likely some kind of certification offer” Kevitch said. “Banks and option private financial specialists can give significantly less exertion.”

SBA

Since the SBA does not straightforwardly loan cash, business visionaries must relate for some of these advances by the moneylenders, including credit unions, banks, and non-bank monetary foundations affirmed SBA apply.

To accelerate the credit procedure SBA Blair Cook, Chief of Establishment Denver West The Option Board and administration specialist and mentor prompts business people, so they. With key leaders in the method for associating credit.

“When you are managing a dealer who is liable to be led on until a choice sees the entire bundle may then said no,” she said. “Meanwhile, the organization important time and assets lost.”

The bank advances may not be the best decision for any minor business, however it is a long way from the most exceedingly awful alternative financing. Truth be told, searching for set up organizations at a moderate pace, to develop customary bank financing, when all is said in done is a superb decision, Adam, said Chief of Bankmybiz. It is the point at which an organization does not meet the criteria that businesses ought to consider to shopping into thought.

“On the off chance that you are a youthful, pre-wage or low-pay, yet will increment quickly, in light of the fact that the business is (human services, IT counseling and programming), then a conventional bank advance can confine their development,” said Adam.

In choosing whether a bank credit for your business, research, customary advances and other subsidizing sources. It is likewise critical to know your business all around.

“On the off chance that you expect a supported development in the coming years, while a conventional bank can be better,” said Adam. “In the event that you develop like insane, and you realize that you can build the extent of your advance by a noteworthy increment in each quarter, must proceed and keep up a non-bank acknowledge accomplices, as banks can’t be capable, to stay with their necessities. “

Endorsed Less

You can discover this myth around Web gatherings coasting and possibly listen to family and good natured companions. It is typical to request cash, each master will let you know, simply don’t ask excessively. While this sensible period, the dispersion of your youngster, the measure of water to arrange, is not obtained in the business world.

“An organization needs to ask what they require – no all the more, no less,” said Evan Vocalist, Chief SmartBizLoans, a robotized online SBA advance project, in a meeting with Business Every day News.

Artist suggests both the measure of cash thinking of you as truly need your business and the measure of cash to develop you can bear to pay every month.

While it might be valid now and again, this is not an undeniable reality. Moneylenders consider numerous elements – including guarantees, income and deals conjectures – before choosing whether a credit be endorsed.

Consequently the lord said it is essential to reasonably evaluate the measure of assets required.

“Try not to solicit the appropriate sum from advances is a typical mix-up I get,” she said. “A debtor who needs to purchase another PC won’t not mulled over that presumably require some working investment or to buy extra shares.”

On the off chance that this pushes the advance of the safe place of the bank, it doesn’t mean you’re in a tough situation. Advise yourself to restore a fleeting credit with a possibility for a conceivably higher rate on the off chance that you pay the first. This may create it less demanding to get reserves from an alternative source.

Battle for a Credit

No investigation of minor business financing would be finished without the Sacred Chalice archives minor organizations to say: the strategy for success. There are numerous perspectives in the matter of regardless of whether a customary strategy for success (rundown, examination of the business sector – each 9 meters) still has a spot in the advance application process.

Keeping in mind Bankmybiz President Adam recognizes that most moneylenders don’t require a marketable strategy really taking shape, who believe that in the rundown with an arrangement is dependably a smart thought.

“Each business ought to have some kind of marketable strategy,” Adam said. “It’s only a decent practice to envision development, make benchmarks and stay capable. On the off chance that you don’t have it, make. You will be happy that you did over the long haul.”

A few specialists appear to trust that the financing of the strategy for success to quantify the achievement rate as an apparatus and a business financing alternatives, it is somewhat dated. The vocalist said that while the conventional banks nor marketable strategies amid the credit application procedure may require your organization strategy for success is not required to acquire a SBA advance on the web. The organization as of late propelled the primary completely online stage for sureties from the SBA applications artist advances.

Numerous business people to seek after a minor business advance a win to bolster development arranges or operational enhancements or serve as interim monetary extension amid a troublesome season.

Indeed, money related specialists concur that an ideal opportunity to plan for an advance is before you require them. “It resembles learning sank off the vessel to swim,” Blake said.

Luckily, you needn’t bother with a virtuoso feeling of financing other options to transitory financing for minor organizations.

Reference:

http://mcdevco.org/grow-your-business/business-financing/7-minor-business-loan-myths-busted

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By financen | May 5, 2016 - 4:33 pm - Posted in Business, Small Business, Wage

In 1938, the Fair Labor Standards Act established a federal minimum wage that all private sector employers have to pay to their nonexempt employees. The existing federal minimum wage of $7.25 an hour has been in place since July 2009 and tallies to just $15,080 a year, before taxes, for a full-time position. A family of three living off of minimum wage is well below the poverty level. States are allowed to have their own minimum wage standards that may be equal to or more than the federal rate. Kentucky, Tennessee, Mississippi, Alabama, Louisiana and South Carolina have not adopted a state minimum wage, so the federal minimum wage is applied.

Intended to reduce poverty and share economic growth across workforce levels, the minimum wage loses value every year due to inflation. The first wage was $0.25, which, adjusted for inflation, would be $4.19 today. If the federal minimum wage kept up with inflation it would actually be $10.75 an hour, and if had kept pace with workers’ productivity, the inflation-adjusted minimum wage would be $18.67. Currently, 29 states have minimum wages above the federal rate, with the highest being $10.00 in California and Massachusetts.

Small BusinessHistoric increases became law in early March when the governor of Oregon signed legislation for a regional tiered approach, increasing the current $9.25 statewide to $14.50 in metro Portland, $13.50 in smaller cities, and $12.50 in rural communities by 2022. The minimum wages in these areas will rise by cost of inflation each year, ensuring that wages keep up with cost of living.

With small businesses making up over 70 percent of all U.S. businesses, and wages comprising the largest portion of operating costs, the amount of the minimum wage greatly impacts small businesses. Some argue that in order to deal with a higher minimum wage, small businesses have to reduce their number of employees, reduce employee hours, reduce employee benefits, put hiring freezes into place, sacrifice expansion plans or upgrades, or pass the cost on by raising prices. Others claim that raising the wage increases worker productivity, provides workers with more money to put back into the economy, allows people to support their families without government assistance, improves employee morale and loyalty, and attracts talented workers.

A 2015 survey by The Wall Street Journal and Vistage International found an even split in small business opinion of raising the minimum wage. Although 75 percent of the 728 small firms that were assessed did not employ minimum-wage workers, 49 percent thought the current wage should be raised, while 49 percent did not. According to the survey, some business owners intended to offer wage increases due to a tightening labor market and stiff competition for workers with large corporations. Of the 180 business owners who employed people making minimum wage, 142 said they would offer a $1 raise within one year.

The Raise the Wage Act was introduced to Congress in April 2015, seeking to increase the minimum wage in increments to $12 by 2020. One poll conducted for Small Business Majority found that 60 percent of small businesses supported gradually raising the federal minimum wage to $12 per hour by 2020 and adjusting it annually to keep pace with the cost of living. This support came from small business owners across a range of industries and political affiliations. Of the 50 percent of the respondents that compensated their lowest paid employee from the current federal minimum wage up to $12 an hour, nearly six in ten supported the increase.

According to the Economic Policy Institute, the average person who benefits from a higher minimum wage is 36 years old and earns more than half of their family’s total income. Slightly more than half are women working full-time, and 28 percent have children. That’s a far cry from the teenager with the after-school job that many people imagine as the type of individual who earns a minimum wage. While the reality of living on a minimum-wage income has become a financial hardship for many, business interests must be taken into consideration. The delicate balancing act of how high is high enough continues.

About the Author: Thomas Bunch Sr. has been a practicing attorney in Lexington, KY for more than 50 years. Mr. Bunch is a well-respected business bankruptcy lawyer, specializing in Chapter 7 bankruptcy as well as the seemingly never-ending reorganizations in chapter 11 bankruptcy code. Mr. Bunch continues to accept cases to this day and currently practices law at Bunch & Brock Attorneys At Law

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By financen | June 29, 2010 - 2:22 am - Posted in Merchant Account, Small Business

Today’s tough economic situation has been difficult to small business owners all over. Faced with decreasing sales, shrinking customer base, increasing administrative costs, and tighter lending, business owners are trying to find new ways to keep their businesses alive. Operations that have been traditional cash heavy operations-small eateries, bars, etc, are increasingly becoming more accepting of credit cards in an effort to maintain their competitiveness.

Businesses looking to generate more sales and customers can do so through processing credit cards. Due to the numerous benefits that they offer- with flexibility and convenience chiefly among them, many of today’s shoppers prefer to use credit cards when buying goods/services in-stores and online. The easiest and best way to put your business on the road to credit card processing is by acquiring a merchant account.

A merchant account is essentially serves as a bank account that allows a business to accept a payment made via credit or debit card. The first step in setting up a merchant account is figuring out the solution that best suits your business. This should be assessed largely based upon your business model, service/ product mix, and the industry in which you operate.

ISO’s– short for Independent Service Organizations, are third party processors that help businesses set up merchant accounts that are tailored to their business. These accounts are almost always established with a financial institution- typically a bank partnered with the ISO. In a typical transaction, a customer’s credit/debit card is swiped and the requested amount is tested against available funds or a credit limit. From their, the transaction is either accepted or declined.

If accepted, funds are then transferred to the business’s merchant account and then ultimately deposited into a checking account within three business days.

It is vitally important that a merchant account be able to do the following:

1. Process credit/debit cards in real time
2. Issue credits and voids.
3. Transactions are able to be viewed online.

You should make sure that your business’s merchant account is verified and effective secure as to protect you and your customers. For more information on merchant accounts, check out North American Bancard’s website and Wikipedia as both have very good information regarding the topic.

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