Obtaining financing for your business ventures is often challenging for entrepreneurs. From being in the startup phase to growing your business, you may face difficulties with the requirements of traditional bank loans. But the 7(a) Program may be able to help – it’s SBA’s primary and most popular program. Here’s some insight to see if this is the right option for you. Am I eligible? If you can demonstrate a need for funds and have a sound business purpose in mind, you’re on the right track. To be considered...
Are you looking to expand or modernize your small business? If you’re exploring your financing options, then SBA’s 504 Loan Program (or Certified Development Company (CDC) loan) may be for you. Designed especially to help small businesses grow, you can use funds to make purchases for real estate and equipment, just to name a few. Read on for more details to see if this is a good option for you. Am I eligible? In addition to operating your business for profit, you’ll need to have a feasible business plan and relevant...
If you’re a growing small business and need help, there are a number of non-employee options available to help you staff your business (explained here), but if you do choose to move forward with part- or full-time employees, what should you pay them? The general rule of thumb is to pay a salary based on experience, location and the available talent pool. But how do you bring all these factors together and come up with a number that potential candidates will find attractive (and you can afford)? In this quick online video, Brad Farris, a...
Money is the lifeline of any business, so whether you’re starting a business or running an existing one, securing financing is a major factor, especially for small businesses. Many budding entrepreneurs find the task daunting and don’t even know where to begin. Here’s a simple yet practical guide on how to go about preparing to apply for a small business loan. 1. What criteria do banks look for in making small business loans? Different banks or lending institutions may have different standards, but in...
According to the U.S. Census 2007 Survey of Business Owners, women owned 7.8 million businesses, representing almost 30 percent of all companies in the country. It’s also worth mentioning that the growth of women-owned firms has outpaced the growth of other types, having increased by just about 44 percent between 1997 and 2007. So, what can you do to join the ranks of these successful women business owners? Are you exploring your options for capital? If you’re looking for help to finance your business venture, check out these...
If you’re new to business or are out-growing your current spreadsheet-based accounting system, it might be time to look at establishing a more formalized accounts receivable process. In part one of this two-part series on bookkeeping basics, I covered the steps you need to take to set-up and manage accounts payable (i.e. the bills you need to pay) and using it as a tool to help you manage cash flow and inform your overall budgeting management process. As a new business owner, whether you are a freelancer or multi-employee company, it...
If you’re running a business, it doesn’t matter whether you’re an independent contractor or a growing company, managing accounts payable is a key part of your everyday business administration. Simply put, accounts payable is the process of tracking money owed by your business to suppliers. As a new business owner or sole proprietor, this can be done with a simple spreadsheet. But as your business grows, so does the complexity of your accounts payable process. Here are some tips for setting up a workable accounts payable...
Today is International Youth Day – so what better way to celebrate than to talk about the incredible potential of our young entrepreneurs? In 2012, young entrepreneurs ages 20-34 comprised more than a quarter of the total new entrepreneurship activity in the United States (according to the Kauffman Foundation). That was 26 percent of first-time entrepreneurial efforts being led by the youngest age bracket. Entrepreneurship can be an exciting adventure, and it can be easier than you might think for the young. The barriers –...
Heard the buzz about crowdfunding but not sure how it can help you finance your business? Is crowdfunding even right for you? Here’s some information and tips that will help explain crowdfunding concepts and how you can take advantage of them to fund your business. What is crowdfunding? Crowdfunding is a collective cooperation of people who network and pool their money and resources together, usually via the Internet, to support efforts initiated by other organizations. Unlike angel investments, in which an investor takes a large...
Budgets are difficult to plan and maintain at the best of times – unexpected events, cash flow problems, supply chain issues and more can all reap havoc with even the most thoroughly planned business budgets. The other problem with budgets is that many of us set budgets in our business and personal lives at the beginning of the year, and then file them away until the year-end rolls around once more. And this is where the problem lies: your business is never static, and your budget shouldn’t be either. Here are some tips for...
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