More On Finance
“I think it was a mistake.” “I should have stuck with what I had and...
Now that you find the need to generate more cash for your business, you have...
Every entrepreneur or business owner will encounter the need to generate more money, more than...
Now that you find the need to generate more cash for your business, you have decided to get a business loan. Business loans are quite effective in getting the additional funding you may need for operations or even expansions. But is there a way you can maximize the business loan you are getting? Here are some tips you can use to maximize the deal you get when applying for a business loan.
- Having a business plan will always come in handy. If you don’t have one yet, it’s a good time to create one before you start getting a business loan. Business plan guides you where you want your business to go. It is very important that your business goal and direction is clear so that any expenditure you make for the business contributes to its goal.
- Create a budget which forecasts your business expenditures. Having a budget for the next two years or the term of the business loan will allow you to give an overview of your spending. When you have your expenses laid out for the coming years, you can anticipate the events that may come your way that may prove to be challenging in dealing with your obligations.
- Find the best lender in your area. If you already have a business, one of your options for a business loan is with the bank you are already partnered with. This gives you an advantage because of the relationship you already have with your bank. But don’t close your doors on other lenders. Its always good to check out other lenders and compare the benefits they can give you. They may even have special deals which can provide you with good savings.
- A compare sheet should be able to supplement the previous tip. When you look for other lenders and compare the benefits, a compare sheet is very ideal. It gives you a good overview and summary of what each lender can provide.
- Apply for an ideal amount and never go beyond. When you take on a business loan, like any other loan, you need to make sure you calculated and identified the right amount that can be applied for. Going beyond will only cause you to pay more for money that has no intended purpose.
Finally decided to make accompany website?
The first step you have to take is to find a domain name that you can use. For the past decades, many preferred the .com. it is easily recognizable. You can take advantage of it as well. Here are 6 strategies to consider when looking for a .com domain.
If your ideal domain has been taken, consider using a modifier or an adjective that best describes your business.
It is an advantage if you use a keyword in your domain. It has been revealed that the search users are almost twice as likely to click on the domain name containing their search terms.
Use your location
This is handier if you are a local business, but nevertheless, it makes your domain name unique. If all of your options are taken, you can just add your city or area name.
Use an acronym
Using the acronym of your company name is also a smart way to make a domain name if your other preferred options are already taken. Companies like AOL, IBM and BMW did the same.
Use a domain name suggestion tool
There are available tools that create suggestions if you have no idea on which domain name to use. These tools automatically generate a list of suggestions when you key in your keywords of interest.
There are a lot of companies who have become household names with their unique domain names. You can take out a letter from a word the way Tumblr did. You can also combine two unrelated words such as Facebook. You can also use a common expression that many people are already familiar with such as Yahoo.
If all else fail, then you can consider an alternate suffix, like .NET or .INFO. If you are in Singapore, you can use .sg, if you are in New Zealand, then consider .nz.
Every entrepreneur or business owner will encounter the need to generate more money, more than what the business can bring. The reasons may vary why a business requires more money and it may not always be about not having enough sales or generating the desired income. Sometimes a business needs to spend more cash to bring in more sales and increase income.
This is where business loans come in. Business loans are effective means of generating the cash needed by a business entity for a project or expenditure it requires. But what is the right amount that a business loan should get? Here are a few points you can use to identify how much your business really needs.
- Create a Business Plan
If you don’t have one yet when you started your business or you launched your venture, this is one of the best times you should create one. Having a business plan allows you to guide you where you want your business to go. Understanding its goals and direction will give you an idea about which expenditures are necessary and which are not. If you find that your idea or expenditure is not in line with your business goals and direction, then it would be a waste of resources to get that loan now.
- Review Your Finances
Understanding how the financial position of your business is very important in getting a personal loan. This will help you understand the capacity your business can pay the loan and how much your business can set aside for payment. Knowing the financial position of your business creates an overview of the budgeting you will need to have when you take on that personal loan.
- Identify the Specifics of Your Project
You have to know how much you need so you need to know what you will spend it on. You need to know the specifics of your project to identify what expenses you will incur and what items you will need to buy. If you are expanding your business to other locations, you will need to know how much you need to spend in constructing a new shop or renting and renovating a new place.
Every business needs a capital to start and maintain high-quality productions. This is why many startup owners want to find an angel investor. However, looking for one is like finding a pearl in the ocean.
Here are some tips on how to find an angel investor.
Know whom you’re looking for.
You need to know the characteristics of an angel investor that you must look for. According to WeirFoulds LLP’s Ralph Kroman, a typical investor is around 40 to 60 years old with an income that exceeds $100,000. An angel investor usually has previous successful entrepreneurial experience and likes to give advises to the entrepreneur he is investing in.
Add to that, the angel investors understand that it will take several years before their investments will pay-off.
Angel investors like to invest in businesses that are just near them. Since they usually want to get involved too, they will want to invest in a company where they can just drop by and talk with the owner and other principals.
Usually, entrepreneurs get referred to angel investors. You need to get involved in local business, trade fairs, events, and social community to find a person who will refer you to an angel investor. If you don’t know whom to approach, you can focus on business owners. Business owners may also become angel investors.
Angel investors sometimes are in a group
Many entrepreneurs think that angel investors invest on their own. However, there are also many angels who are part of an informal network or syndicates. They pool their resources to share the risks.
Use the internet
You can hook up with angel investors in other ways. You can make a proposal and present it to a wider audience. There are groups of investors that you can reach out to online such as Angel Capital Association (ACA), The BC Angel Forum, and Gust (formerly Angelsoft).
No matter the size, technology has given every business a fair fight on the internet. From marketing to business process, you can do so much especially with Software-as-a-Service (SaaS) tools. Gone are the times when you have to buy a couple of software and install them on your desktop to be able to use them.
Now, SaaS can do the same thing, only they are stored in the cloud. Add to that, you can access company data anywhere you are with your tablet, iPad or even your smartphone. It has also become cheaper since you just have to pay for your chosen subscription. And if you have a limited budget, you can choose a package that can fit your needs and current finances.
Being a small business, you can compete with other companies in your industry and thrive with these must-have Saas.
You need to collaborate with your team and communication is the key to teamwork. Slack is the best way to keep in touch, be updated and keep your files all in one place. Check on your teammates or employees.
Ever wonder if setting up a meeting with people from different parts of the globe can be made convenient? Thanks to Calendly, that can be made possible. Your team from various places and time zones can see your calendar and they can simply choose which of your available time they will be willing to meet up with you. Freelancers, consultants, and professionals can now easily choose the most convenient date and time to meet up. There is no need to send various emails to different people just to ask and remind them about the meeting.
Accounting and payroll
Want to do accounting and payroll with one software? You can do it with Patriot. FreshBooks, and Sage can also be helpful though they lack the payroll or inventory management features.
There are more SaaS to discover. In case you get overwhelmed, you have to step back and rethink which part of your business process needs a software to make your workload less heavy.