Being able to work for yourself is sure to be ideal for most people. Studies indicate there are 28 million small businesses in the United States. This may allow you to set your own hours and work as little or as much as you like. The good news is that starting up a new business may allow you to achieve the results you want when it comes to having a more flexible lifestyle. However, this may be much more challenging to do than you thought it to be. It’s ideal to know some specific tips that will be helpful in making your dreams come true with your new business adventure.
Create a Business Plan
An in-depth business plan is the first thing you need to have in place before you start a new business. First time business owners learn right away that getting a business into a state of financial sustainability is not without challenges. While you can never truly be prepared for what’s to come, it’s important to lay out the foundation for your business. A good business plan should incorporate, among other things, your marketing strategy, target customer base, and quarterly plan for growth.
Research Your Market
When starting a new business, it’s vital that you understand the marketspace you’re entering. It’s difficult to develop sales without knowing what your potential customers are interested in. Additionally, you should learn as much as you can about your competition. What have your competitors done to be successful? In what areas have they failed? When it comes to business, knowledge is power.
Develop a Budget
The easiest way to go out of business is to expend all your assets. Most small business owners begin with little to no business credit, and are typically short on capital. It’s important to put in place a budget that enables you to manage and track spending. For business owners who find themselves in an early deficit, lending institutions such as Fast and Easy Funds can provide fast funding for business needs. Before applying for a small business loan, make sure that you have clearly outlined your expenses and what sort of capital you need to cover them while you work to become profitable.
Related: 3 Ways to Get the Best Deal on a Small Business Loan
There’s a large variety of financing options for Boca Raton business owners, each with its own benefits and drawbacks. However, the size and age of the business can greatly limit those prospects. That’s why it’s best to turn to the most reputable business lenders for inventory and purchase order financing needs: Fast and Easy Funds.
What are the difference in chances for small businesses and larger businesses to obtain loans?
It’s important to understand the different in small business loans and mid-large sized business loans. Larger businesses have more access to financing than smaller businesses for several reasons. For starters, small businesses don’t have the number of assets that larger businesses possess. This is important in the eyes of banks and small business lenders when they are considering loan applications. Business lenders want to ensure that they receive timely payments on loans and small businesses present more of a risk factor when it comes to payments. The assets that larger businesses hold can be used as collateral or sold to pay back loans, giving them more of an advantage over smaller businesses.
Additionally, larger companies possess a longer business history with established sales. This is a major advantage that they have over small businesses. Every small business owner is going to see struggles with inventory and purchase order financing, and must figure out how to obtain the capital needed to keep their business moving forward. Larger business owners have figured this out already, making them more investable in the eyes of lending institutions.
Reputations also play a strong factor in business financing. For instance, a Boca Raton lending institution may review an application from a small business owner whose company has only been operating for a year and a half. Although they’ve only been in business for a short period of time, their brand name has managed to spread among consumers in a manner that competes with established companies of over 20 years. Due to that brand recognition, they are more likely to be approved for a business loan.
Cash flow is a priority for seasonal retailers because it’s so severely unbalanced. Seasonal online business loans from online lenders like Fast and Easy Funds are offered all year, because what may be season for one retailer may not be season for another.
However, the principle for seasonal online business loans for retailers remains the same.
Seasonal Online Business Loans
Analyzing your company’s need for an online business loan will be straight forward. The truth is that seasonal retailers are plagued by uncertainty. The only consistency is that there will be unforeseen expenses in the future, and that the fluctuating market is going to put a strain on your retail business.
Seasonal retailers benefit the most from cash advances that online lenders like Fast and Easy Funds provide.
Online lenders have shortened the time between application and approval process, which allows retailers to get the seasonal online business loans they need to purchase inventory, fast. That turnaround time allows business owners to more accurately predict the amount of inventory needed and thus the size of the cash advance.
You can wait until just before the season begins, research the market, and apply for an online cash advance without worry that you won’t be approved in time.
Survive the Off Season
Stagnant cash flow can kill a seasonal retailer during the slow months. Seasonal online business loans for retailers are a means to survive that uncertainty.
Online lenders have allowed businesses to get the cash injection they need to stay afloat, regardless of poor credit scores. In the past, keeping a seasonal retail business afloat during the off season was utterly dependent on seasonal sales. Fast and Easy Funds aims to make seasonal retailers profitable throughout the entire year. Contact us today for more information.
Business don’t have the luxury of sitting on the fence for as long as the rest of us. With that in mind, Fast and Easy Funds has another 4 reasons why entrepreneurs should apply for an online cash advance right now.
Restaurants, seasonal outdoor adventures, retailers in tourist locations. No matter your business, there’s always a busy season. When your “season” is approaching and funds are tied up, what are your options? Online cash advances are a means to keep you afloat through the season.
Unlike a traditional business loan, online cash advances are renewable, meaning once you pay half, you can continuously renew the loan. It works the same way as a line of credit. There’s no need to panic, even if you have already received a business loan through a bank. No matter what the financial situation of your business, you might want to consider an online cash advance from Fast and Easy Funds.
Once you apply for a cash advance online, the approval process is fast. You could receive up to $500,000 in 2-3 days. If you have a poor credit score, you can still be approved. Past bankruptcies don’t automatically disqualify you from the online cash advance either, so long as they were discharged.
Receive an online cash advance from $25,000 and up to $500,000. This is a great way to be able to make moves to expand your business when funds are tight. Even if your business isn’t currently profitable, you can still get a Fast and Easy Cash Advance and work your way out of negative income. There’s no cost or obligation when you submit your information.
Your free quote will be on its way and you can decide whether or not it works for you. It’s “fast and easy” and you can rest easy knowing you explored your loan options.
How are business loans for millennials different than say, business loans for generation X. Flashback to a time in corporate America 1990. Prospective entrepreneurs walked into banks with dreams and hopes of turning a simple business idea into a fortune 500 company. Individuals would draft business plans or sometimes just a short conversation about what they would like to do. A banker would perform a casual investigation into the background and marketable concept of that plan and possibly issue out a loan to get things moving.
Fast forward to the year 2017 and that same entrepreneur may have a less than similar experience. Millennials are learning first hand that business loans aren’t as readily available as they were in prior years and business loans for millennials are a rare occurrence. In a saturated market of same concepts and a lack of financial literacy, lending institutions aren’t as keen to sign approvals for start-up businesses looking for funding. Most financial institutions approve less business loans for millennials than any other generation.
It is age, inexperience or bias? What do online lenders see in millennials?
A Wall Street Journal report listed Millennials, individuals under 30, as being the least entrepreneurial generation in the last few decades. Though most Millennials with start-up companies view themselves as entrepreneurs, the application of said entrepreneurial spirit doesn’t quite follow and so neither do the business loans for millennials.
Young adults looking for financial backing are viewed to be a risky investment and are typically turned away. The lack of discipline, patience and a sense of entitlement has created a gaping hole in the development of young adults as business leaders. College graduates may be armed with the base knowledge of how a company is formed, however it is their parents who are seen as the disciplined entrepreneur that is capable of taking an idea from its inception into fruition.
Fast and Easy Funds has several online business loan options: cash advances, easy term loans, and asset based loans. Each online business loan has different advantages for a variety of companies, but no company can benefit from all the online loans we offer. Collateral for online business loans works only for a specific business type.
Before we determine if your business can benefit from an asset based loan, let’s be sure to define it.
Asset based loans refer to any loan that is secured by an asset. If the loan is not repaid per the agreed upon terms, then the online business lender will take possession of the collateral for online business loan.
If you don’t pay, the company’s physical assets will be transferred to the lender.
Who – Companies that own a lot of collateral for online business loans are best set up to benefit from asset based loans. Usually, these are companies that create products and deliver services in the real world. For example, a digital marketing company would not have enough collateral for online business loans to benefit from the loan.
When – Companies that are in desperate need of capital injection because of some unforeseen financial hurdle. Not all hurdles are negative. Your business could decide to secure an asset based loan to foster growth!
How – This is where Fast and Easy Funds can help. We are a trusted online business lender with years of experience in the industry. Simply contact a business loan specialist at Fast and Easy Funds and we will take care of the rest.
Independent contractors, or businesses where the owner is the only employee, comprise 80 percent of all small business in the US. These fledging entrepreneurs are using online business loans, particularly the ever-popular merchant cash advance, to fund their operations.
The struggle for these independent contractors and small business owners is increasing. Currently, there are roughly 23 million individuals that fall into this category in the US. According to the latest research, most are barely breaking even. In order to continue being profitable, online business loans from independent lenders are used to supplement income.
The current problem is that most independent contractors do not trust or understand online business loans. The ones that do are choosing merchant cash advances to their advantage.
The unfortunate reality is that the small businesses that do not take advantage of online lending opportunities are failing faster than ever.
Small business owners often use merchant cash advances on living expenses while pumping almost all business profits back into the company itself. Which is better, a personal loan or merchant cash advance? The answer is simple: which ever has the lowest interest rate.
To receive a small business loan, most trusted online lenders will ask for proof of income or tax returns from the last two years. Banks may ask for more when you apply for a personal loan, but this depends on your credit and the lending institution.
For information regarding an online business loan, visit Fast and Easy Funds for more information. We welcome independent contractors, small business owners, and large companies.
The beginning of the year is often a time for hopeful thinking and diligent planning. For some people, it means trying a new diet, for others it means adding discipline to their lives, but for entrepreneurs and small business owners, the new year is an opportunity to expand, create, and conquer. The best way to take advantage of the new year is most definitely with the help of online business loans or a merchant cash advance.
Lenders like Fast and Easy Funds issues online business loans to companies with bad or insufficient credit; the companies that big banks turn away. How is a small business meant to survive or thrive without the help of online business loans? Pre-approved business loans are the most viable option for entrepreneurs who wish to start 2017 on the right foot and achieve their goals in the new year.
The merchant cash advance option, also known as an MCA, is a popular choice for business owners seeking loans. Fast and Easy Funds has made the process easier by loosening the requirements for getting a merchant cash advance. That means that there are more loan options for business owners with bad credit through our online business loan services.
Use your merchant cash advance to:
- Open a second location
- Hire more employees
- Create a new marketing campaign
- Purchase new inventory
- Survive another season
You have options and the ability to expand your business through online business loans. Allow us to help! Call Fast and Easy Funds today: 1-800-906-3494
Mark Cuban is one of Americas most iconic entrepreneurs. He is a famous investor, television personality, and owner of the Dallas Mavericks, Landmark Theatres, and Magnolia Pictures. Many entrepreneurs look to Mark Cuban for advice and guidance on starting and running a successful business.
Fast and Easy Funds chose the top 5 most important rules for startups we think will help you with your very own business:
- Do not start a business unless you are completely invested in it. If your heart is not in it, do not waste your time. If you have an exit strategy, your heart is not in it.
- Be intentional with your hiring. Your team should be diverse in backgrounds and perspective, but should also agree on the core values of your company.
- Keep your office open. Cramping employees into cubicles and shutting everyone off from each other hinders morale and productivity. According to Cuban, “Open offices keep everyone in tune with what is going on and keeps the energy up.”
- Sales cure all. Cuban says regardless of a company’s issues, if they can generate sales they will be successful.
- Make the job fun for your employees. Investing time and energy in your work is important, but one of the top rules for startups is to monitor the stress and accomplishments of your employees. If stress levels are too high, modify their work. If the accomplishments are consistent, reward them.
As Cuban says, “It comes down to finding something you love to do and then just trying to be great at it.”
Fast and Easy Funds reports that the rates of entrepreneurship are at a steady increase, with promising numbers for 2017. Studies conducted by the Kauffman Foundation found .34 percent of Americans start a new business each month.
With low capital intensity, low entry barriers, and high profit margins, the following are the top industries ripe with opportunity for startups in 2017:
- Corporate Wellness Services – Providing a low-cost alternative to healthcare.
- Human Resources – To cut costs, many companies are outsourcing human resources to private companies.
- Scientific and Economic Consulting – These companies are specializing in providing their clients with technological developments for their niche, and increasing market competition.
- Street Vendors – The increased demand for unique, gourmet, easily accessible meals are bringing a projected revenue growth of 3.7 percent in the street vendor industry over the next five years.
- Ethnic Supermarkets – In consideration to the growing Asian and Hispanic population in the United States, ethnic supermarkets are popping up everywhere to meet the demand for specialty foods.
- Adult Beverages – The wine and craft beer industries have rapid growth projection in the coming years.
- Tech – Over the past decade, the tech industry has seen the biggest and most successful startups with billions in revenue. Fast and Easy Funds reports projected success for the social network game development specifically.
- Online Survey Software – More companies are starting to use online survey software to engage with their clients, receive feedback, and reach out to potential, future clients.
Contact Fast and Easy Funds today to find out how much capital we can provide for your startups in 2017.