April 28 Update: The Small Business Administration (SBA) relaunched its Paycheck Protection Program (PPP) yesterday morning as an additional $310 billion in funds was appropriated after the original $349 billion in funding ran out after 13 days. Online Lenders have been able to offer PPP loans since April 9, bringing the ability to provides these funds to approved businesses faster.
Lenders trying to access the SBA’s application portal, known as E-Tran, reported difficulties accessing the site throughout Monday morning and early afternoon as the flood of applications caused the portal to either crash or freeze. However, the SBA said it had already processed 100,000 loan requests by 3:30 p.m. The PPP program has come under fire recently as the loans disbursed under the original program were made to large, publicly traded companies while shutting out smaller businesses. It has recently come to light that businesses like Ruth’s Chris Steak House, Shake Shack, several large hotel chains and even the L.A. Lakers had received millions in PPP loans. Many of these companies are now either returning or repaying the loans, which could provide more funding for smaller businesses as money flows back into the program. In addition to the PPP program, the Small Business Administration is also providing loans of up to $2 million to small businesses as a part of its Disaster Assistance Loans program, with interest rates at 3.75% for small businesses and 2.75% for non-profits. More information can be found at sba.gov. For many small businesses, particularly those that are seasonal or reliant on the prompt payment of invoices to maintain their cash flow, having the necessary funds to cover expenses or fuel an expansion can be difficult. Short term loans can help these business owners grow by putting the working capital they need within reach. These loans can be used to cover payroll, fund new equipment or inventory, or invest in new ventures — almost anything that can enable a business to grow and expand, remain operational or boost profits over time. If you’re in the market for a small business loan, you may be wondering whether you’ll qualify and if so, the type of interest rate you’ll pay. After all, small business loans are notorious for being more difficult to get approved for than, say, a personal loan. The Small Business Administration (SBA) is the most well-known source of small business loans, both short and long term, and offers low interest rates and a number of educational tools for business owners just starting out. However, the SBA loan application process requires a lot of documentation and takes a long period of time. In many cases funds are disbursed two to three weeks after the application has been approved. In some cases, a business owner may need the funds sooner than that. Fortunately, a number of online small business lenders offer high-quality loans that might surprise you with their reasonable rates and fair terms. Many also let you apply online and get a decision within a single business day, with funds being disbursed within one to three days after you’ve accepted the loan offer, which is an attractive feature to some small businesses. “Many small business owners, they just have a big time crunch and often a cash crunch,” says Joyce Klein, Director of the Business Ownership Initiative at the Aspen Institute. “That’s why speed is very attractive to them. For this guide, we compared a number of small business lenders and their loan products. The best business loans available today are featured below, offering loans with reasonable terms and fees for qualifying borrowers. Important Points to Know About the Best Small Business Loans
The Best Small Business Loans of 2020 While the best loan for you will depend on multiple individual factors, some lenders stand out for their low starting rates, fair loan terms, and easy application process. The best business loans featured below meet those criteria.
Best Small Business Loan Reviews The best small business loan for you will depend on how much you want to borrow, your business history, and your credit score. The reviews below showcase each of our top lenders, making it easy for you to compare. OnDeck: Best Small Business Loans for New Business OwnersUpdate: OnDeck is currently offering funding under the Paycheck Protection Program through a partnership with Celtic Bank. It has also applied to become an SBA direct lender and is awaiting approval. OnDeck is a small business lender that offers only two products — short term small business loans and lines of credit. You can borrow from $5,000 up to $500,000 with a small business loan, while lines of credit are offered in amounts from $6,000 up to $100,000. User reviews for OnDeck tend to be excellent, with an average of 5 stars on Trustpilot. You have to be in business for just one year with OnDeck, whereas many other small business lenders require you to have a longer business history for approval. You can apply for a small business loan with OnDeck online and receive your funds in as little as 24 hours. Your business must have at least $100,000 in revenue, however, and there are also requirements for your personal credit, including a minimum FICO score of 600. Loan terms will vary between three and 36 months, with daily and weekly repayment options. Interest rates on loans are fixed, meaning they are only calculated once, and start at 9.99% and can go as high as 98%. There are origination fees but no other fees related to the loan: Summary of benefits:
Fundbox: Best Small Business Loans for Easy ApprovalsUpdate: Fundbox is an approved SBA lender and is currently providing funding through the Paycheck Protection Program. Fundbox offers two business funding products — a line of credit and trade credit (also known as net terms). Both are short term alternatives for businesses looking to maintain a steady revenue stream. A quick online process makes it easy for businesses to get approved for a line of credit in amounts ranging from $1,000 to a maximum of $100,000. In order to qualify for a line of credit, the business needs to have been using a compatible business bank account for at least three months prior to applying for the loan. Repayments are made on a 12 or 24-month schedule, and the interest rates start at 4.66% with no draw fees. No minimum credit score is required, nor is a minimum revenue requirement in place. FundBox’s second product is Net Terms, a form of trade or vendor credit for B2B businesses. It works differently than other small business loans in that Fundbox will pay your vendor invoices for you, allowing you to receive merchandise without having to pay for it upfront. As long as you repay FundBox within the agreed-upon term, the loan is interest and fee-free. You do have to link your bank accounts to Fundbox with this option, however. The repayment schedule, interest rate, and maximum credit amounts are the same as for the line of credit. Fundbox loan products don’t have any early payment fees, so you can pay off what you borrow any time without penalty. The company says you can get a credit decision in as little as three minutes, making it one of the easiest lenders for online approvals today. Summary of benefits:
Funding Circle: Best Small Business Loans with a Low APRUpdate: Funding Circle is an SBA approved lender and is providing funds through the Paycheck Protection Program. Funding Circle offers small business loans with starting fixed fee interest rates as low as 4.99% and as high as 36%, which is still lower than most short term small business lenders. Since the lender’s founding, it has funded $10.9 billion through its online platform. You’ll be connected with a loan specialist within an hour of applying online, who will help you determine the best option for your business. Loans amounts start at $25,000 and go up to $500,000 if you qualify, and the funds can be deposited in your bank account in as little as one business day after you’ve accepted the loan offer. Loan terms can be as short as six months or up to a maximum of five years. Funding Circle loans come with fixed monthly payments, and you’ll never owe an early payment penalty if you pay your loan off early. You can receive a loan decision in as little as 24 hours, and applying won’t affect your credit score. Although there is no minimum revenue requirement, businesses need to have been operating for at least two years and have a minimum credit score of 620 in order to qualify for a Funding Circle loan. The company also requires a lien on your business assets as well as a personal guarantee from the main business owners. Summary of benefits:
National Funding: Best for Short-Term BorrowingNational Funding offers short term small business loans in amounts from $5,000 up to $500,000 with no upfront costs. In order to qualify for a loan with National Funding, you need a personal credit score of 500 (one of the lowest required scores among this type of lender), yearly business revenue of $100,000, an average balance of $1,500 in the business bank account, and to have been in operation for at least one year. Interest is charged as a fixed fee and can be anywhere between 17% and 36%. Loan terms are for 6 to 15 months and repayments are done on a daily basis. There is also a 2% origination fee. You can apply online and have your loan approved the same day, and you can even receive your loan funds in as little as 24 hours. Early payoff discounts up to 7% of the total remaining balance are also available to qualified loan customers who pay their loans off in good standing. This online lender may not be a household name, but National Funding boasts an average of 4.5 stars out of 5 across more than 1,100 reviews on Trustpilot. Summary of benefits:
How We Determined the Best Small Business Loans of 2020The best small business loans available today all work differently, but each lender provides an easy application process and fast fund disbursement. Here are all the most important factors we considered as we compiled this list of the best business loans and lenders for 2020. Easy Application ProcessThe top business lenders offering small business loans today operate online, so an easy application process is important. We gave the highest marks to business lenders that provide a quick and easy online process, especially those that offer loan decisions the same business day. TransparencyWhile small business loans have their share of interest charges and fees, we gave precedence to lenders who are transparent about the cost of their loans. All of the lenders on this list offer information on their websites to help borrowers figure out how much they’ll pay in interest and fees over the life of their loan. Fast Loan FundingWhile an easy loan application process is crucial, we also gave high marks to lenders that offer fast loan funding. The top lenders on this list make it possible to receive your loan funds in anywhere between 24 hours and three days after you get approved. Find the Best Small Business Loan The best small business loans of 2020 help entrepreneurs and small business owners find the funding they need to reach their short-term goals. To acquire the ideal loan for your unique situation, however, you may need to do some legwork upfront. As you evaluate the different lenders and their products you want to make sure they follow transparent and fair business practices. The Responsible Business Lending Coalition has established the Small Business Borrowers’ Bill of Rights which sets a standard of practice for short term lenders. “If they adhere to those practices, then we think the product is responsible,” says Klein. The following tips can help you become a better candidate and save money on your small business loan over the long haul. Remember though, regardless of which financing option you choose, to make sure you feel confident you can meet the terms set by the lender. Check your personal credit scoreWhile your business credit score is a consideration with small business lenders, your personal credit score will also be considered. In fact, many of them will only look at your personal credit score. This means you may want to take a few minutes to check your score before you apply for a small business loan. Some of the lenders on our list let you qualify for small business loans with a FICO score as low as 500, but that doesn’t mean you’ll obtain the lowest interest rate or best terms. There are many steps you can take to improve your personal credit, including paying all your personal bills early or on time and paying off debt to decrease your overall credit utilization. If your funding need isn’t immediate, consider ways to improve your score. By taking these steps early on, you could increase your FICO score and potentially qualify for a small business loan with lower long-term costs. However, if you need funding quickly and your credit score is low, it may be difficult to find a lender willing to approve a loan, and if they do, your interest rates will be fairly high. Consider Different Funding OptionsBefore even beginning to search for short term funding, figure out how much money you’ll need and how you plan on using it. Doing this can help you determine what the best option will be. We’ve offered some great options above that can provide short term loans. These aren’t your only options, however. Lines of Credit: A line of credit will work as an emergency fund. You can apply for and obtain a specific amount, and then only use a portion of the fund as the need arises. You only pay interest on the amount you have used and repayments are scheduled on a daily, weekly or monthly basis. Because a line of credit lets you “borrow as you go,” it could mean borrowing a lower amount and paying less interest in the end. Merchant Cash Advances: This type of cash flow loan is tied to your credit and debit card sales. The lender basically advances you an amount of money, which is guaranteed by your future credit and debit card sales, with repayments taken from these future sales instead of within a set term. Vendor Credits: With this option, you work out an arrangement with your vendors to get time to pay for a product or service — usually terms of 30, 45, or 60 days — instead of having to pay for it on delivery. There is no interest attached to this type of “loan,” unless you fail to pay it back within the predetermined period of time. This option allows you to sell the product to your customer and get the funds necessary to pay the vendor and is easy to manage. Invoice Financing: With invoice financing, you use unpaid invoices as collateral for the cash flow loan. Once you receive payment from your customer, you repay the loan plus any interest and fees associated with it. Another similar option is Invoice Factoring. In this case, you are selling your unpaid invoices to the lender, usually at between 70% to 90% of the value of the invoice. The lender will then work with your customer to obtain full payment of the invoice. Business Credit Cards: While not actually a loan, a business credit card can be a source of immediate funding for a business in need of some short term cash flow. While the interest rate on these cards can be high if you pay the balance off every month or within a short period of time you may save on interest over a traditional loan. You may also be able to take advantage of zero % interest introductory offers or rewards/points programs that can provide added benefits later on. Compare Interest Rates and FeesWhen looking for short term funding, it’s best to compare offers from different lenders. Find out what fees are charged and pay particular attention to the interest rate and how it is calculated. Many online lenders use a fixed fee factor to calculate the interest you’ll be paying on the loan. This means that the interest is not compounding, but calculated once on the full amount of the loan. For example, if you borrow $100,000 and the lender uses a fixed fee factor of 1.2, you will be repaying $120,000. The factor used by the lender will depend on your business’s (or your personal) creditworthiness, the amount of the loan, and the term for repayment. Even if you repay the loan before the term is up, you are responsible for paying the full amount unless your lender offers a discount for early payment. Find out if there are origination fees related to the business loan. For lines of credit, check to see if there are draw fees (an amount charged every time you use the line of credit). Depending on the lender, you may be able to pay loan fees upfront or finance them in your loan payoff amount. Make sure you know and understand any fees you’ll be charged and when, so you can make an informed decision. If you are considering refinancing a previous loan with a new one and are using the same lender, Klein recommends that you fully understand the terms of the new loan. “There’s a practice that we’ve seen called double-dipping where they will actually charge you a financing fee not only on the new money but also on the existing money you already have,” she says. Make sure you completely understand the terms and interest to be paid on the new loan. If you are unsure of the terms, look for other options. Beware as well of lenders who include a Confession of Judgement clause in the contract. In essence, this clause means that you are admitting that you broke the contract and any penalties written into the contract can be imposed without you having the opportunity to negotiate a compromise or work out a payment plan. This clause also allows the lender to take any and all money in your accounts, even if that amount is more than what you actually owe. State laws regulate the language used in Confessions of Judgement, and some states don’t allow them at all, so if you are considering a small business lender, familiarize yourself with your state’s rules concerning this clause. Avoid Prepayment Penalties Finally, don’t forget there’s one fee you never want to pay — the prepayment penalty. This fee can be charged on some loans when the borrower pays their loan off early, but you shouldn’t be penalized for responsible repayment. We suggest considering only small business lenders that let you pay off your loan at any time without penalty. That way, you can pay at a pace that works for you, even early if your finances allow. Some lenders will even offer a discount if you repay the loan before its term, which can represent significant savings on interest. Almost all businesses will at some point need a little help when it comes to cash flow. Prepare yourself for this possibility by maintaining a good credit history and improving your credit score if possible. Be prepared to compare the lending options available to you and choose the one that will provide the funding you need with the terms and fees that make sense for your business. https://money.com/best-small-business-loans/ When solopreneurs are ready to start adding to their staff, hiring freelancers may be their best option. Freelancers can fill a wide variety of roles including administrative support, project managers, web developers, marketing experts, accountants, engineers, and many others. Online platforms have created easy ways to connect qualified freelancers with businesses looking to hire them. By leaning on freelance talent, small businesses can fill skill gaps and run tech-based projects efficiently and economically.
Why Your Business Should Use Freelancers The freelance workforce is projected to grow to over 50 percent of the American workforce in ten years. Freelancers can help meet changing demands while keeping overhead low. While you might need to pay a freelancer a higher hourly wage than a full-time employee, you won't be responsible for a benefits package, health insurance, workers’ compensation coverage, disability insurance, or the employer half of Medicare and Social Security taxes. For new or small businesses, balancing low overhead costs with changing demands and varying production cycles can seem impossible. Freelancers can be an affordable, elastic resource to solve this issue. You can hire freelancers for just one project or for a few months as needed. You don't have to micromanage them and, if they work remotely, you don't even need to provide them with a space to work. What Freelancers Can Do for Your Business Freelancers can help solopreneurs and small business owners with just about any task or project. Job banks are full of available, dedicated freelancers with every skill imaginable. Here are just a few types of professional freelancers your business may need. Website Design - A high quality, user-friendly website is essential for any business to succeed. However, a self-made website may not convey the professionalism you want. Fortunately, many freelancers are available who are web development experts. They can create a website to your design specifications with all the functionality and features you need. A qualified JavaScript developer will have experience with ECMAScript; web fundamentals; JavaScript frameworks such as React, Angular, and Vue; and back-end technologies such as Express.js, Node.js, and Horizon. Social Media Marketing – With over three billion people using social media each month, a social media presence is vital for any successful company. A social media specialist can develop, implement, and manage your company's social media strategy. They can write Facebook, Twitter, and Instagram posts, as well as manage social advertising campaigns, brand promotions, or product lines. They can use analytic tools to monitor progress, make adjustments, and extend the company’s reach as they help build your online brand. Customer Service – Do you need someone to respond to customer questions and complaints, handle phone calls, and answer emails? You can hire a freelance virtual assistant or customer service representative. As your business grows, hiring someone to take on these day-to-day tasks can free you up to work on client retention, product development, or anything else you need to do to grow your business. Bookkeeping - Many business owners come to the point when they don't want to handle the accounting and bookkeeping for their company themselves. Fortunately, many professional freelancers are available for these types of jobs. You may hire a freelance bookkeeper to pay your bills every month, or you might just need someone to prepare an annual budget or do your taxes. Writing - Freelance writers can offer a wide array of services to business owners, including writing blog posts, articles, or website copy, crafting press releases, researching case studies, writing email newsletters, and creating ebooks. You can find individuals with niche writing experience that is geared toward your business. Research indicates that one out of three American workers has a freelance job. With a growing number of experts choosing to do freelance work, as well as an increase in job banks and other platforms where freelancers can offer their services, finding workers who can help boost your business is easier than it’s ever been. Photo via: Pixabay Graphicbliss Branding Agency is excited to announce they will be working with Kewa Pueblo Health Corporation, Inc. (KPHC) to do a design rebrand for Kewa Pueblo Health Corporation, Inc. and The Santo Domingo Health Center (SDHC). Graphicbliss went into discussions about the project after winning a bid for creating their 2019 calendar, which was distributed throughout New Mexico. The project will consist of logo development for both companies along with digital and print projects.
The rebranding is coming at the perfect time as The Santo Domingo Health Center is currently going to an expansion. The project will add 37,170 square feet of space attached to the current facility. Upon completion of this project, the total square footage for the Health Center will be 57,631. The expansion project will focus on critical health services being provided as well as staff requirements who currently have outgrown their space. Specifically, Primary Care, Pharmacy, Behavioral Health, and Lab services have increased significantly over the years mainly from having a qualified and stable panel of professional providers. The rebranding will be completed in three phases and is scheduled for completion in March of 2020. About Graphicbliss Branding Agency Graphicbliss Branding Agency's goal is to work with businesses looking for a strong identity. They work with inspiring companies, influencers, and brands developing logos, ads, flyers, websites, and other marketing materials. Whether you’re a new or established business, Graphicbliss works as a partner to help you stand out from the competition. Learn more at www.gblissdesigns.com By Teresa Robinson-Ewers
You've decided to start your own business. You're probably thinking, "Where do I begin?" This article provides the best products to get you started. A Logo I'm going to be very clear on this statement: YOU NEED A LOGO! Every business needs their own identity. Could you imagine Nike without the swoosh? You need to create that brand image for your company. Business Cards Don't let this digital age fool you. Business cards are still the perfect tool for a business. It is one of the easiest ways to connect with a possible new client. It has all the information they'll need - your business name and logo and your contact information. Website/Blog Even with the invention of Facebook and Instagram, there is still a need for a business website to give a company some credibility. The lack of one may be a deterrent for a potential client as it shows a company in an unprofessional light. A professional website gives you an online presence to attract new clients. Marketing Piece The "take-away" I call it. You want to create a marketing piece that will give potential clients something to walk away with until you follow up with them. Rack cards and postcards are great examples. They can be used to tell someone what you do and how they can get in touch with you. Social Media In this day and age, social media is a must. It is the best way to build brand recognition for your company. Social media will be a daily tool for your business, so make sure you create a schedule to stay in touch with your followers and provide them with fresh content on a regular basis. You have the tools, now it's time to build your brand. Graphicbliss Branding Agency is proud to announce that Kewa Pueblo Health Corporation, Inc. (KPHC) has chosen the branding agency to create their 2019 Project Calendar for The Santo Domingo Health Center. Graphicbliss won the bid after a statewide search. The calendar will be distributed throughout New Mexico.
The Santo Domingo Health Center were recent National Indian Health Board (NIHB) Impact Award recipients at a formal gala held during the 35th Annual NIHB National Tribal Health Conference. For more information about the Center at www.kp-hc.org. About Graphicbliss Branding Agency Graphicbliss Branding Agency works to create an image for businesses looking for a strong identity. They work with inspiring companies, influencers, and brands developing logos, ads, flyers, websites, and other marketing materials. Whether you’re a new or established business, Graphicbliss works as a partner to help you stand out from the competition.. Learn more at www.gblissdesigns.com By Melissa Horton - https://lendedu.com/blog/invoice-factoring/ Small businesses often need quick financing for a variety of expenses, whether for covering working capital, purchasing equipment or inventory, or something else.
Unfortunately, not all companies qualify for funding through traditional banks and credit unions via lines of credit and small business loans. These financing methods are typically reserved for businesses with strong business credit scores and a long-standing track record of revenue and profitability. For small companies that don’t qualify, invoice factoring may be an option. What is Invoice Factoring? Invoice factoring is not a loan but a sale of current invoices owed by a business’ customers to a factoring company. In exchange for these unpaid invoices, the small business receives a lump sum of cash that is then repaid when the invoice balances are collected by the factoring company. Invoice factoring is a popular choice among small businesses with available invoices to sell because the access to funding is fast. Business factoring also provides a way to collect on invoices without the small business putting in the time or effort. While small business invoice factoring can be a viable solution to small business financing needs, there are several considerations business owners must take into account before pursuing a factoring deal. Here are the key features you need to know about small business invoice factoring. Companies Offering Invoice Factoring BlueVine is an online lender offering several options for small business financing, including invoice factoring. Small businesses can submit an application through BlueVine’s online platform in as little as 10 minutes, and get approved within 24 hours. Factoring advances are available for up to $5 million depending on the creditworthiness of the small business. BlueVine’s minimum requirements for eligibility include at least $100,000 in annual revenue, a minimum 530 FICO credit score, at least three months in business, and basic details about invoices from the business. BlueVine also requires that companies operate in the business-to-business (B2B) space. Paragon Financial, a 24-year old company which provides access to capital to qualified small businesses, is another option for invoice factoring. Paragon Financial offers invoice factoring with approval and funding in as little as 24 hours, financing up to 90% of the value of invoices sold. The lender focuses on the customers’ abilities to repay, not the small business, making approval easier than other traditional financing options. Paragon Financial requires information about the small business during the application process, including bank statements and invoice details. Small businesses operating in the B2B or B2G (business to government) space are eligible to apply online. The Application Process Small businesses interested in invoice factoring must submit an application to a factoring company. Through the application process, the business provides detailed information about the outstanding invoices available for sale, bank statements, and in some cases, the credit history of a business owner or the business itself. Most applications are now submitted through an online platform from the factoring company and then quickly reviewed by the underwriting team. Once approved, a lump sum is deposited into the business bank account for use. Benefits of Invoice Factoring Quick FundingThe most apparent benefit of invoice factoring is the ability to get access to funding relatively quickly. An invoice factoring company can provide a lump sum payment in exchange for available invoices in a matter of days, deposited directly into the business account for use. This is unlike traditional bank loans which can take several days to weeks to close. Doesn't Require Strong Credit Additionally, invoice factoring does not require strong credit. Instead, businesses simply need accurate invoices that the company can collect on over the next 30 to 90 days. Saves Time Invoice factoring also benefits small businesses timewise. The factoring company takes responsibility for managing payments for outstanding invoices, so business do not have give an employee the task of collecting on outstanding invoices from customers. Most factoring companies employ highly trained professionals who understand what it takes to receive payment on an invoice, even if the original small business has had trouble collecting in the past. No Collateral Finally, invoice factoring does not require any collateral. Some small business loans and lines of credit require borrowers to link an asset, like real estate or equipment, to a loan to help offset the risk the lender takes on in providing funding. Invoice factoring approval does not hinge on available collateral which means small businesses are more likely to get other types of long-term financing if they need it. Drawbacks of Invoice Factoring Although invoice factoring is a simple solution for many small businesses in need of quick access to capital, there are some caveats. Higher Fees First, small business invoice factoring comes with significantly higher fees than traditional bank loans and lines of credit. The cost for an invoice factoring deal may range from 0.50% to 3%, depending on the industry of the small business and its track records of on-time payments. For example, receiving an invoice factoring advance of $100,000 may require $3,000 in fees. Some factoring companies also charge ancillary fees, such as origination or funding fees. These expenses can add up quickly and eat away at the financing received in a hurry. Invoices May Not be Able to be Collected Additionally, business invoice factoring can be risky if outstanding invoices are not able to be collected. A small business may be required to buy back invoices that are left unpaid, which can be a significant and unexpected cost. Invoice factoring also means small businesses lose control over the collections process. If a factoring company is aggressive in collecting from customers, the business could earn a bad reputation and ultimately lose loyal, paying customers. Alternative Funding Options for Businesses Invoice factoring can be a viable option for some small businesses but merchant cash advances, small business loans, or lines of credit may be better suited for others. A merchant cash advance is a short-term financing solution that is approved based on a company’s past cash flow. No collateral is required, nor is strong credit, so approval and funding can be swift. However, a merchant cash advance may come with high fees that make it a challenge to repay in a short period. Another funding option for small businesses is a traditional business loan or line of credit. A small business loan from a bank or credit union is often the best choice for companies with stellar credit, an established time in business, and collateral available to back the loan. These financing options have the lowest fees and interest rates, and in some cases, the longest repayment terms for businesses that qualify. However, not all small businesses are eligible for a bank loan or line of credit, and invoice factoring or a merchant cash advance is likely a more feasible option for them. Author: Melissa Horton Melissa Horton has worked in financial services for the past 13 years, helping clients understand the often complex vehicles available for both lending and investment needs. She is passionate about financial literacy and strives to educate clients and the general public to empower them in making smart financial decisions. Written by Caitlyn Rose | Finance Journalist / www.lendgenius.com Every small business owner wants to maximize profits over the long term. However, many business owners make mistakes every day that prevent them from seeing success. Correcting these mistakes is key to a more profitable business. Here are five of the most common mistakes that small business owners must stop making:
1. Business Tax Errors Small business owners are notoriously bad with their taxes. Instead of trying to do taxes yourself, spend some time and money with a professional. In the long run, this decision will actually save you time and money. The more time you spend with a tax professional, the more well-versed you will become on the subject. There are a lot of business owners who end up in trouble with the IRS because of tax mistakes made in the past– don’t let this be you! 2. No Website or Digital Presence It’s seems safe to say, the internet is here to stay. Small business owners who still don’t have a website will have to invest time and money in this area eventually. Similarly, social presence is increasingly important for branding and being found by customers. Over the long term, there are many business owners who lose sales because they do not have a website or a digital presence of some kind. Anyone who wants to drive traffic and sales through their site needs to observe current best practices for good results. The easiest way to do this is by using a free website template and hiring a digital marketing professional to help set it up. Social accounts are even easier to create, and are totally free to use. 3. Bad Financial Records Many small business owners are people who like to take action quickly. Instead of being impulsive, it is important to keep an eye on every dollar coming in and out of your business. Successful businesses keep their financial statements updated and free of errors. The benefits of well-kept financial records will reveal themselves when you seek funding, investors, and/or expansion. 4. Too Much Debt Many companies carry too much debt on their balance sheet. Debt can have some very negative effects on your business. Although many large companies manage debt well, this can be difficult if you are a small company. There are various affordable loan options for small businesses to help ease the pressure of daily operations. Make sure to review all of the loan terms and conditions before signing the paperwork to make sure you can afford the repayment terms. 5. A Short-Term State of Mind Finally, too many small business owners today only think in the short-term. Learning how to think about your business in the long-term allow you to see the big picture.A short-term mindset will cost you more time, money, and aggravation in the long-run. Take steps today to plan for tomorrow, and stick to the plan, that’s the only way to sustain growth. Caitlyn Rose is a business consultant and editor for LendGenius with an intimate understanding of business finance. An entrepreneur at heart, she supports small local businesses whenever she can. www.lendgenius.com Graphicbliss Branding Agency is excited to announce that ABQ Arts has chosen the branding agency to develop their new logo for the returning website, ABQ Arts. This will be Graphicbliss' second collaboration with Stephanie Hainsfurther, owner of ABQ Arts. They also developed the graphic for another company, Elbow Room New Mexico.
“I wanted something simple and elegant for my logo, with a bit of movement," said Stephanie Hainsfurther, publisher of ABQ Arts. "Bam! Here ya go! Graphicbliss designed exactly what I needed for my publications (twice) and I couldn’t be happier,” As stated on their website, ABQ Arts shares that their job is to bring their subscribers—theaters, entertainers, venues, filmmakers, cinemas, all manner of performing arts—to your attention. For more information about Stephanie Hainsfurther or ABQ Arts please visit abqarts.com About Graphicbliss Branding Agency Graphicbliss Branding Agency works with inspiring companies, global influencers, and game-changing brands. Whether you’re starting out and need directions or you’re looking to mold your brand, Graphicbliss works as a partner to help businesses stand out from the competition. Learn more at www.gblissdesigns.com Graphicbliss Branding Agency is excited to announce that Entranosa Water & Wastewater Association has chosen Graphicbliss to handle all of their branding needs, including logo development, website updates and social media marketing.
Entranosa’s mission statement is to reliably supply quality drinking water at a reasonable price to their membership, such that the Association is self-sustaining, promote water conservation, provide leadership for the Community concerning water and wastewater issues, protect ground water resources through environmentally responsible business practices, pursue water & wastewater service opportunities in the East Mountain and Estancia Basin Regions. Learn more about Entranosa Water & Wastewater Association at www.entranosawater.com About Graphicbliss Branding Agency Graphicbliss Branding Agency works with inspiring companies, global influencers, and game-changing brands. Whether you’re starting out and need directions or you’re looking to mold your brand, Graphicbliss works as a partner to help businesses stand out from the competition. Learn more at www.gblissdesigns.com A Better U Beauty & Barber Academy Selects Graphicbliss Branding Agency for Their Branding needs1/29/2018 Graphicbliss Branding Agency is excited to announce that A Better U Beauty & Barber Academy (ABU) has chosen Graphicbliss as their branding agency. Graphicbliss will handle all of the company's branding needs. The branding comes at a time where ABU is currently going through an expansion of their 11-year-old business.
ABU, owned by African-American business owner and master barber, Patrick Jenkins, is dedicated to thoroughly training students to become the best in the barbering industry by imparting skills, theory and customer service necessary to become entry-level barbers in the State of New Mexico so that they can make a living, or go on to become great instructors in the field and thus serving the needs of the public. For more information about A Better U Beauty & Barber Academy visit their website at www.abuacademy.com About Graphicbliss Branding Agency Graphicbliss Branding Agency works with inspiring companies, global influencers, and game-changing brands. Whether you’re starting out and need directions or you’re looking to mold your brand, Graphicbliss works as a partner to help businesses stand out from the competition. Learn more at www.gblissdesigns.com |
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