Review the Pitch – The Shark Tank Podcast

Unless you’ve lived underneath a rock, you’ve heard of the popular TV show, “Shark Tank.” Shark tank is a show where entrepreneurs pitch their companies and products to a panel of investors. The investors (The Sharks) consist of multimillionaires Barbara Corcoran, Lori Greiner, Daymond John, Robert Herjavec, Kevin O’Leary and billionaire Mark Cuban. The capital needs of each entrepreneur can range anywhere from business expansion, purchase order fulfillment, marketing, employee hiring and so forth.

What Makes a Shark Tank Pitch Successful?

The Shark Tank sharks invest in companies based on certain principles. They want to invest in a business that displays strong sales, has a clear-cut business path, can compete with competitors in the market, and has an owner that is dedicated and informed about the market. Some individuals go to the Shark Tank expecting the sharks to play a large role in running the company. However, the sharks are looking to help young (in business years) entrepreneurs get to the next level while making a profit for themselves. This is generally through cash flow funding or an outright purchase of the company itself.
After a review of the pitch, the most successful entrepreneurs/brands were found to be:

  • Credible
  • Agreeable
  • Interactive
  • Captivating
  • Relevant
  • Entertaining
  • Confident
  • Powerful
  • Funny
  • Inspirational

Lending institutions, such as Fast and Easy Funds, look for some of the same qualities when determining whether to approve a small business loan. Entrepreneurs who take the time to carve out a business concept that can likely get a deal on Shark Tank will have a high probability of getting a loan approved anywhere else. The most important thing to take away after a review of the Shark Tank pitch is that opportunities are available for those who go for them.

 

Related: Misconceptions About Small Business Financing

 

Tax Tips for Small Business Owners

Now that tax season is officially underway, you will need to begin preparing your documents for your small business in order to file your taxes. Fast and Easy Funds, an independent lending institute, realizes that many companies will hire an accountant or attorney to complete their company’s taxes. However, the suppliers of asset based loans want you to know that you can make the tax process easier by being organized and being careful of tax pitfalls. Here are some of Fast and Easy Funds’ tax tips for small business owners that you should be keeping in mind year round.

– The importance of record keeping. Incomplete records are one of the biggest complications when it comes time for a small business to file their taxes. Using tax filing software year round to keep documents organized will ease the process and help protect your business from costly errors. Another practical application of good record keeping is in the event that you want to expand your business using a cash advance from Fast and Easy. Owners will need to provide financial numbers to potential lenders.

– Tax time. The providers of small business loans strongly recommend taking your tax return to an account for review so that you can help your business plan for the future. You should always have a forward looking approach. You should make sure that any financial errors are addressed, so that they do not remain a problem in the years to come.

– Employees. Make sure that you have all of your employees’ documents in order by the time tax season arrives. You will be required to issue a W-2 form to all of your employees and a 1099 to any employee that can be categorized as a freelancer. The IRS will match the 1099 copies it gets against the income that you have reported, so Fast and Easy recommends keeping good records.

Small Business Loans Revived the Market

According to the latest Biz2Credit Small Business Lending Index, the approval rate for small business loans is twice as high as it has been in the past two years. In fact, Fast and Easy Funds is happy to announce that loan approval rates are again at post-recession highs. Lending rates by lenders had increased from 62.4 percent in November, to 62.5 percent in December. Small business lending institute’s approval rates are significantly increasing from 48.9 percent in November, to 49.1 percent in December.

According to Biz2Credit, small lending companies are approving more small business loans applications under the SBA loan program. The program has significantly reduced the risk that small lending institutes assume. As the economy rebounds, loan approvals at lending institutes such as Fast and Easy Funds, continue to increase.

Borrowers seek speed and convenience, as well as a technologically advanced system that allows small business owners to easily navigate the loan approval process. The adoption of technological advancements on digital platforms has streamlined the loan application process, resulting in lessened chances of a loan defaulting, therefore increasing profits and a higher volume of loan approvals.

At Fast and Easy Funds, our financing professionals make your loan process as smooth as possible. We are not a bank and therefore, we do no have the restrictions that a traditional lender faces. We offer a simple application, same day approvals, and next day funding. It really is Fast and Easy. We understand that your business needs funds in order for it to grow, and we put you in direct connection with working capital solutions.

4 Signs It’s Time to Use an Inventory Financing Loan to Grow Your Business

Committing to the decision to take out an Inventory Financing Loan from Fast and Easy Funds can be a difficult and stressful decision. No matter what kind of deal, APR, or lender that you choose to borrow from you will always have the outstanding debt that you are responsible for paying back weighing on your mind until you repay it. Unnecessary Inventory financing loans can add anxiety to your life, you will need to factor interest rates into your budget as well. The other thing to keep in mind is that when you small business need an inventory financing loan and you do not get one out of fear the results could be disastrous.

There is a lot of information circulating inventory financing loan options, but not a whole lot of advice. It may be difficult to determine when your business needs an inventory financing loan. Fast and Easy Funds, an independent supplier of inventory financing loans, wants to help you read the signs for when it is the right time for you to take out an inventory financing loan for your business.

1. Increased working capital.

You are having issues with equipment of inventory, and you are not a seasonal business and you are feeling strapped for cash flow. Working capital is cash consumption for your businesses day-to-day operations that doesn’t necessarily translate to profits or losses.  If your business experiences a soft month or have a credit customer who is slow to pay you may want to consider taking out an inventory financing loan.

2. Emergencies.

This is the most obvious sign of when you should take out an inventory financing loan. When something goes horribly and unpredictably wrong and you need to fix it fast. If something happens and you initial reaction is “How am I going to pay for this?” an inventory financing loan may be the best option for you. Fast and Easy Funds approves you fastly and offers working capital that same day.

3. Need to build business credit.

Building up business credit can be a long and excruciatingly slow process. No personal owner wants to use their own credit score to secure business credit so what do you do until your business has reported payment history to the credit bureaus? You will need to start building business credit history. One of the best ways to accomplish this is to take out an inventory financing loan to build business credit.

4. Expand your business.

If you have plans to grow your business by opening new locations, start a large marketing campaign, increase your inventory, hire new employees and you’re feeling financially secure but want to take it to the next level then you should be looking into an inventory financing loan to grow your business. Taking out a loan to improve or diversify your operations is always a great idea as long as the funds you receive from your new growth outweigh the payments owed on your inventory financing loan, then you’re in the clear.

How to Raise Your Credit Score fastly

Fast and Easy Funds is an independent lender for small businesses and is aware that many people may not be as proud of their credit score as they would like to be. A survey from the National Foundation for Credit Counsel indicated that people would be more embarrassed to reveal their credit score than their weight. The good news is that it is possible to change your credit score fairly fastly, but keep in mind that “fastly” is a relative term. Any improvement can take 30 to 60 days to be reflected in your credit score. If you don’t act though, nothing will happen in regards to your credit score changing.

Fast and Easy Funds explains how the first step to taking action is to get a complete copy of your credit report. The three major credit reporting bureaus have to give you one free copy annually, so plan to order one every four months. Once you receive your credit report, use one or more of Fast and Easy Funds’ tips below to fastly raise your credit score, which has very influential power the financial actions that occur during your everyday life.

  1. Dispute any errors.

Mistakes happen to everyone. Fortunately, when it comes to your credit score you can dispute errors online through one of the major credit reporters. Once you have cleared up any errors, follow the next steps to see if there are any additional steps that you can take to improve your credit score.

This is life and things often come up that may make it difficult to make a payment to your credit card. You can ask creditors to “erase” the debt or any account that went to a collection agency. You can write a letter offering to pay the remaining balance, and in return ask the creditor to report the account as “paid as agreed” or even remove the mark altogether.

You can also ask for a “good will adjustment”. If you are a loyal customer with pretty good standing with one of your creditors, you can ask that the “missed payment” remark be removed from your credit report.

  1. Check your credit limits.

Fast and Easy Funds suggests that you make sure that your reported credit limits are accurate and not lower than they actually are. If your newly raised credit limit hasn’t been reported yet, request that this be done.

  1. Apply for a credit card.

Having a line of credit through a credit card provider can do great things for your credit score. You must be a responsible user of this credit though.

  1. Raise your credit limit.

Ask your creditors to increase your limit. You have to be careful though and responsible enough not to use the additional credit and increase your spending; otherwise, you could find yourself back in the same situation.

  1. Under use your credit available.

Do not whip out the plastic every opportunity. Credit utilization should never exceed 30% and ideally should be even less than that.

  1. Don’t close any lines of credit.

Canceling a credit card will cause your available credit to drop, which does not look good to the bureau. Pay your cards off, but keep them active.

  1. Pay your bills on time.

Payment history makes up a whopping 35% of your FICO score. Automate your payments if you are forgetful. You can even make double payments every month if you have the extra funds.

Using an Accounts Receivable Loan to Grow your Staffing Agency

A Fast and Easy accounts receivable loan is for clients to accelerate their cash flow by financing their receivables as collateral in exchange for a cash advance, which makes this loan type ideal when you are looking to expand your staffing agency, since you have no tangible inventory to use as collateral. You will be able to receive cash in advance typically within 30, 60, or 90 days, once you provide the needed capital to meet the operational overhead.

For many staffing agency owners, cash flow problems are chronic and can be a continual threat in the survival of the staffing agency. This holds true for many rapidly growing agencies. Most commercial clients will be more than happy to use your staffing agency, but they tend to take their time paying their invoices. Delaying payments to staffing vendors is their own way to deal with their own cash flow issues. In the meantime, this can leave your staffing agency on the hook for salaries, tax benefits, and overhead.

Fast and Easy Funds offers the solution to alleviate the lapse in payments to your staffing agency. The Fast and Easy accounts receivable loan will allow you to borrow 85-90% of your accounts receivables that are less than 90 days old, giving you stable cash flow, the funds to meet your current obligations, as well as the ability to finance the staffing of new clients. In turn, you can use this money to hire temporary staffing for new perspective clients, which seems to be the obvious choice to meet personal needs both now and in the future.

Fast and Easy Funds offers fast approvals on account receivable loans and the option to not notify your clients, apply online today!