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DO NOT USE YOUR PERSONAL CREDIT CARD TO FINANCE YOUR BUSINESS
January 30th at 9:45pm
Credit cards offer a quick way to get cash advances, purchase equipment, finance inventory, etc. A quick phone call to your credit card company can cause an increase of your credit limit and can offer immediate availability of funds. However, as a business owner, you must know that in many cases, credit cards can become a problem if used to finance your business. Business advisors highlight the following reasons why you should stay away from credit cards when funding your company: Credit cards can have a higher cost of working capital than business funding, or start with a lower and attractive cost of working capital but convert…
REASONS YOU SHOULD START A BUSINESS WHEN YOU ARE OVER 50
January 23rd at 9:34pm
If you are over 50, do not let your age be an obstacle to start a business. Older entrepreneurs have many advantages over their younger peers. In fact, the fastest growing companies have been founded by people 45 years or older, and you may have the same opportunity to do the same. Here’s why: Many investors will see you as a more mature and experienced person to trust their money with.If you partner up with a younger person, then investors and other people interested in your business will have the best of both worlds.Older and mature people are more willing…
How to establish business credit
January 9th at 9:49pm
Just like regular consumers, businesses can have credit reports and scores. Major business credit bureaus such as Dun & Bradstreet, Experian, and Equifax all keep a record of all payments and history of a business. These reports are used by funders and other finance organizations to evaluate a business viability for funding and other financial transactions. If you are looking to build or improve your business credit, you must consider the following: Keep all accounts payable up-to-date.Establish a good credit relationship with all vendors.Obtain an employer identification number (EIN)Open a business credit card and make sure that it’s paid on time.Get Incorporated.Increase…
What is the difference between short term and long-term business funding?
January 2nd at 9:46pm
Short-term and long-term funding refer to the repayment time set by the funder, in which funding is paid back. A short-term funding usually will be paid within a few months to a year, in contrast, a long-term funding repayment period can last a few to several years. The decision to apply for a short-term funding vs. a long-term funding should depend on the purpose for the funding combined with the entrepreneurs revenue projections. business funding preferably should help a business to expand and generate more revenue. Top reasons you business can benefit from business funding: Inventory PurchaseAdd another location or…
BUSINESS LESSONS FROM RICHARD BRANSON
January 3rd at 3:25am
As a wildly successful serial entrepreneur, Richard Branson is uniquely qualified to give advice to young people who aspire to start a business or side hustle. Branson himself dropped out of school at 16 to launch Student magazine, his first venture, in 1968. Here is some of his best advice: “The spirit of adventure will keep you curious; open your mind to great opportunities; and steer you on a lifelong quest to prove that impossible is just a word.”“Never stop dreaming and creating.”“Don’t ever let anyone prevent you from going after your dreams.““You will face many challenges, and often feel…
VENTURE CAPITALISTS: GOOD FOR YOUR BUSINESS?
December 27th at 9:34pm
A venture capital fund is an investment fund made up of contributions from wealthy individuals or companies, who give their money to a VC firm to mange their investment portfolio for them and to invest in high-risk start-ups in exchange for equity. Often, the greatest obstacle between a great idea and a profitable business is cash. Venture capital can be a viable financing resource for either a start-up or a going business. Venture Capital (VC) firms make calculated investments in companies that they believe have the potential to make them money. Advantages: The primary advantage of venture capital financing is…
HOW TO ATTRACT INVESTORS
December 20th at 9:34pm
Before you even begin to consider outside investment, consider how you can launch the company and get to revenue before you have to raise money. Although it seems hard in the short-term, it’ll be better for you in the long-run in terms of your knowledge of the process, and building your own equity. Too many young entrepreneurs become obsessed with raising angel and venture capital. When this happens, these folks lose sight of the real reason they became entrepreneurs – to launch and grow their company. How to Attract Investors for a Startup Start with a research of your own. Be…
MERCHANT CASH ADVANCE FOR SMALL BUSINESS
November 29th at 9:33pm
A merchant cash advance (MCA) was originally structured as a lump sum payment to a business in exchange for an agreed-upon percentage of future credit card and/or debit card sales. … The term “merchant cash advance” may be used to describe purchases of future credit card sales receivables or short-term business funding. When you receive a merchant cash advance, your business gains upfront working capital in exchange for a percentage of future credit card sales. Merchant cash advance companies frequently partner with card processing companies to hold back a percentage of sales revenue. Merchant Cash Advance Costs, Terms, & Qualifications…