The goal of every business is to turn a profit at every corner and capitalize on success with further success. The reality is that taking on business loans is common practice and not something that companies looking for additional funding should steer away from. Temporary debt for long term gain is a sacrifice that aggressive entrepreneurs are willing to make. Here’s a list of times when companies should turn to an online business lender like Fast & Easy Funds for capital:
The best time for a company to seek business loans is when they are having success and looking for ways to increase that success. Company expansion is a fine way to make that happen. When a company is planning to expand into new territories, it’s likely because they’ve established their brand and consumers are already aware of what they have to offer.
A primary business expense that owners have to manage is the purchase of inventory. This is another time when applying for a small business loan is a great idea, as inventory can become costly since companies must replenish their supplies in large quantities. The reason why an owner may prefer to utilize funding from a lender as opposed to business revenue is that chances are it make take time to recoup profits after purchase.
Employee salary is another one of the major business expenses owners must account for. Small business owners in particular may start off wearing multiple hats, but they will need to add help as their business grows. Salary, medical, dental and other items can turn into tens of thousands in expenses annually, in which case a business loan is ideal to help cover the immediate costs of adding an employee until profits rise.
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.
If you haven’t listened to the recent Decrypted podcast about startup funding, we recommend you do. If you haven’t listen to any Decrypted podcast, then we highly recommend you listen to their catalogue. The climate for online business loans and investments is changing, and the recent episode “Why It’s So Hard to Build a Startup Outside the Big Tech Hubs” discusses that perfectly.
This episode of the Decrypted podcast follows Jase Wilson, who launched a startup called Neighborly in Kansas City. Wilson chose to pursue investments rather than an online business loan. At first, this may have seemed like a wise decision, but Wilson found out just how difficult it is to secure an investment.
His company, Neighborly, has the ambitious idea of allowing people to invent in their local communities by purchasing government bonds that will fund local projects. For example, you could invest in a project to build a local park by purchasing a bond for that project.
Though his idea was well thought out and the mission was meaningful, Wilson could not get any venture capitalists in Kansas City to invest in his company. Most venture capitalists will only invest in a company that has secured investments. This is a catch-22 of epic proportions.
And he’s not alone. As the Decrypted podcast hosts point out, it’s more difficult for companies to secure investment outside of tech hubs. Online business loans are becoming the only option for most companies outside of California, Boston, and New York. Those cities fund 75% of all startups. The Decrypted podcast is created by Bloomberg, and each episode takes a detailed look at entrepreneurship, which Fast and Easy Funds recommends for business owners.
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.
Technology is going to have a major impact on the way businesses operate in 2017, but this is no secret. Access to online business loans has changed the financial industry, and experts say it is going to get easier to obtain loans this year.
At Fast and Easy Funds, we believe that the way small business owners use technology to develop great business habits may make a big difference in their overall business health. Here are some good business habits to adopt in 2017:
There has never really been a line between business and personal life for entrepreneurs, which can be tough for some. However, it should not be. Although technology has made it more difficult to separate your personal and professional life, it may have now made it bearable. Apps like Mint connect all your finances in one place. These apps make it easier to keep track of your business and personal finances.
This year, automate your life. Sign up for automatic pay to ensure that you are paying back your online business loans; no more worrying or forgetting. Use this time to focus on your company.
We are all overexposed to information. Tim Ferris, business guru and writer of the 4 Hour Work Week, suggests turning off the notifications and taking a step away from the constant bombardment of information. Do not read the newspaper anymore; instead, get your information through interaction.
Use this year to take a few calculated risks. Consider online business loans, and take the next step in expanding your influence and your business.
It was only a few months ago that major banking institutions like JP Morgan Chase and Well Fargo announced they were going to begin offering comprehensive, easy online business loans. The soar in profits, brand trust, and economic upturn have proven to banks what alternative online lenders have already known, that small businesses need loans to survive, and they need the loans to work for them.
Small business trends magazines are reporting that major banks are now approving online business loans in record numbers. Although major financial institutions are nowhere near as experienced in the industry as alternative online lenders like Fast and Easy Funds, they are doing their best to adapt. The techniques that have made alternative online lenders so successful are being utilized by big banks to streamline their institution’s structure of awarding their online business loans.
The next step in the evolution of online business loans is happening right now. An article in Forbes magazine detailed a new tactic used by Wells Fargo whereby the banking giant actually calls business owners who were denied loans. The idea is that these calls will be used to discuss with the business owners all their shortcomings and ultimately, the reasons why they were denied a loan.
Alternative online lenders have taken more measures in assisting entrepreneurs who look for online business loans, and it seems that major banking institutions are now trying their best to enter the market.
There are a lot of articles, resources, and advice columns that provide great information regarding easy term loans, cash advances, how to choose between them, and etcetera. But, the most common question that business owners want answered is when is it time to take out an online business loan? How can I determine whether my business is ready or could benefit from an online loan or not?
Fast and Easy Funds is an online business lender that has experience dealing with businesses in all stages, and our lending experts know exactly when a business is ready for an easy term loan or cash advance. If you are in any of the following positions as an entrepreneur, consider an online business loan:
The Opportunity to Expand
When the opportunity to expand presents itself, it would be a mistake not to grab it. The opportunity may come in the form of moving to a better location, opening an additional store, or ordering more inventory to satisfy an order than may change your business forever. Without a doubt, this is when to take out an online business loan.
Seasonal Slow Patches
Seasonal fluctuations affect countless businesses across the United States. Obviously, there is no point in completely shutting down just because the season is affecting business. Turn to an easy term loan to supplement income over the course of the season, then pay it off when business reaches its peak again.
If you are considering an easy term loan or any other online business loan, now is the time to jump while rates are low. Loan rates are the best they have been in years and online business lenders are accepting applications from any and all businesses. However, as big banks are entering the online business loan arena and creating competition for smaller online business lenders who typically have a simpler approval process and less fine print, we may see the structure change over the next five to ten years. Take advantage of the beneficial market now with small business lenders.
Business owners will turn to the internet when looking for an online cash advance. They will research which online business lender is best suited, who has the best reviews, what customers are saying about the lender, and what is the required credit score for approval. However, do they realize that online lenders are doing the same to them?
For years, online lenders have used Facebook and Yelp to assist in their decision to lend to clients. It is part of the system that has allowed companies and lenders like Fast and Easy Funds to provide loans with a quick turnaround.
A recent article in the Boston Globe explains how the more established banks are entering the online business loan industry and using a business’s online reputation as part of the decision making process. Major banks like J.P. Morgan Chase are looking at the social media and customer reviews of potential clients. When you ask for an online cash advance, you are stalked briefly and your business is scrutinized from the customer’s side in order for a bank to make the decision of whether or not you are ‘worthy’ of a loan. Sure, this is definitely not the only thing that’s checked, but a business and a business owner’s online reputation is now officially relevant.
Now that business owners know that their next online cash advance may be dependent on their business’s Yelp reviews or their own personal Facebook accounts, how will this change social media and the accuracy of true reviews? Will business owners make sure that they have some friends write great reviews? The vetting process for this practice being accurate is tricky, but only represents a facet of the online business loan approval process.