Month: October 2020

As every business owner learns at some point in time – mistakes happen. Whether you have a new business or you are a veteran entrepreneur, here are a few tips to help you avoid falling victim to the following scary business mistakes. 

All By Myself

For many people, running their own business is all about the freedom of working for themselves. However, just because you work for yourself, doesn’t mean you have to—or should—go it alone. Identify areas where you can use some help. For example, start with the financial side of your business. If numbers aren’t your area of expertise, working with an accountant to develop a proper financial plan can help keep your balance sheet in the black. 

A Matter of Trust

While it’s helpful to have people you can bounce ideas off of, it’s imperative to build a team of professionals that you can trust to help you run your business. This requires you to identify areas in need of support, such as sales, marketing or client services, and then recruit candidates with the right skill set to handle a given job.

No [Financial] Plan

This may be one of the scariest mistakes that business owners can make. If you haven’t done the proper planning, it’s exceptionally difficult to achieve your financial goals. A solid financial plan enables you to monitor the metrics critical to business growth, such as:

• Required capital to build and run your business based on your long-term goals.

• Level of revenue, profits and expenses you can expect within a specific time frame. 

• Required capital to pay for outsourced services, equipment and other expenses.

Having a financial plan in place is one area where you don’t want to skimp. Hire a professional with the appropriate experience to support you here.

Measure Up

Key Performance Indicators (KPIs) are specific data points that allow you to measure business performance (compared to goals) in multiple areas. Here are a few standard KPIs every business owner should pay attention to: 

• Sales revenue

• Net profit margin

• Gross margin

• Monthly recurring revenue 

Because every business owner will have unique goals, your KPIs may vary. This is why you want a seasoned financial expert in your corner. 

Take steps now to avoid these scary business mistakes If you have made any of the mistakes listed above, take action today. Start by identifying the most pressing issue and then make a plan to correct it—whether that means recruiting new staff or updating your financial plan. Here’s to your business success!

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

Getting a business loan sounds simple — until you realize how many types of loans exist and how many lenders offer those loans. Suddenly, you find yourself overwhelmed by choices that you didn’t even know existed. That’s where we come in. We can help you to navigate the loan landscape and find which loan is the best fit for you and your business. 

The best place to start is by identifying what your specific use will be for the loan. If your objective for the money isn’t clear, it’s safe to say you have work to do before knocking on a lender’s door. Create a solid plan, and then determine the specific amount of money needed to make it happen. Also consider how long you would like to have to pay the money back.

There are many types of loans available to business owners out there. We’ll go through a few of the favorites:

Business line of credit

A business line of credit is revolving, so rather than receiving a lump sum, you can access the money as many times as required. There’s no pressure to dip into the money, but it’s always there. Whether you’re using it to purchase equipment, add inventory, hiring staff, expand to a new location, pay invoices, or add a vehicle to your fleet, you’ll only pay interest on the exact amount of money you use.

SBA loan

The main purpose of the SBA (Small Business Administration) is helping small businesses find the funding and resources they need. In particular, the SBA assists small businesses that are disadvantaged and might not be able to get help otherwise. One downside to SBA loans is they’re famous for being slow and paperwork-intensive. For example, if you submit an application in early July, you often won’t see the funds until August or September. In some cases, it might even stretch into October.

SBA loans are unique because the aforementioned agency isn’t actually the lender. Rather, it guarantees a substantial portion of each loan, which reduces other lenders’ risk and makes them more willing to approve your request.

Before you apply for an SBA loan, you’ll need to gather all the necessary documentation. You’ll need to include your business license, 2 years of business tax returns, 2 years of personal tax returns, YTD Profit and Loss statement, YTD balance sheet, and a debt schedule.

Business term loan

A business term loan is a great way to acquire working capital, expand your business operations, purchase equipment, hire additional staff, or whatever else it is that you need.

Plan on your business term loan repayment terms to be somewhere between 1-5 years. These loans have a fixed interest rate or flat fee, so the payments will never go up during the lifetime of the loan. A major benefit of this loan is it’s easier for you to identify how much you can afford to borrow, while also making it less stressful to pay off.

Merchant cash advance

With a merchant cash advance, you borrow against your future earnings to secure the financing you need. Once you’ve been approved and the funds are advanced to your account, you’ll begin repaying the loan by having an agreed upon percentage of your daily credit card deposits withheld for the lender. Your advance can be used for myriad purposes, so this type of financing has earned a reputation among entrepreneurs for being very flexible.

Startup loan

It will always be tough to build a business, but you don’t have to bootstrap things to the extreme. A startup loan gives you the capital necessary to lease office space, build inventory, purchase equipment, hire and train staff, and cover your other regular expenses.

To qualify, it’s usually necessary to have a credit score of 680 or higher. A lender will also want proof that you have experience in the industry related to your small business. Some lenders will also request collateral to secure your loan. This assurance might include personal assets like a house, car, or boat.

Thinking of Starting a New Business?

Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584

At the forefront of all the conversations surrounding businesses reopening across the country, is the conversation about safety in the workplace. While many businesses are still keeping their employees on a remote basis, there are businesses that require a physical presence from their team. As a business owner, your primary concern should be the health and safety of your employees and customers. All places of business, including shops, restaurants, construction sites and offices, must take precautions to reduce the risk of spreading COVID-19 on-premises.

Here are some considerations as you develop your new safety policies in the post-coronavirus workplace:

General Hygiene 

• Think about how you can best reiterate and enforce the CDC’s guidelines for proper, frequent handwashing and coughing/sneezing into a tissue or elbow when employees return to work.

• Assess your business’s current cleaning and sanitation practices against the CDC’s recently released recommendations. What procedures can you implement or upgrade to reduce the spread of the virus, and how can your staff help maintain those practices? This may include sourcing and stocking up on cleaning products and sanitizers for employee use during work hours.

Personal protective equipment (PPE)

• If your business was subject to the Occupational Health and Safety Administration’s general requirements for employee PPE use, make sure you continue to adhere to those guidelines when you reopen.

• If your state has issued requirements for your employees and/or customers to use face masks and gloves on-premises, have a plan in place to enforce that regulation and provide PPE to employees if at all possible. Otherwise, you may wish to encourage employees wear cloth face coverings in the workplace, per the CDC’s official recommendation.

Social distancing

• Consider how your current workspace can be reconfigured to encourage social distancing if telework is not possible. The CDC recommends installing physical barriers, changing layouts to put at least six feet of distance between work stations, closing communal spaces, staggering shifts and breaks and refraining from large events.

• According to LifeLabs, you may wish to consider limiting the number of employees in the workplace and alternating teams to further encourage social distancing.

Employee health monitoring

• Develop a plan for monitoring your employees’ health, with a particular focus on COVID-19 symptoms.

• Decide how you will handle a positive case of COVID-19 in your workplace after you reopen. OSHA’s guidelines give specific steps on how to manage and isolate employees displaying COVID-19 symptoms.

• Reiterate your sick time and paid time off policies to employees and discourage them from coming to work if they feel ill.

Security

If your business has been able to operate remotely during the crisis and plans to continue this arrangement long-term, cybersecurity will need to be a top priority. Coronavirus scams are rampant, and your employees are the first line of defense against hackers.

You may have put ad-hoc security solutions in place like Virtual Private Network (VPN) access, but if employees will be working from home on a more permanent basis, consider the technical infrastructure you might need to ensure the security of your sensitive business and customer data. This may include banning personal device use for business purposes, limiting company-wide file access, making password managers mandatory, implementing multi-factor authentication and training (or re-training) employees on cybersecurity best practices.

As part of your post-COVID-19 communications, you’ll need to set clear and accurate expectations with those who interact with your business.

Thinking of Starting a Remote Business?

Of course there are more options, which we will share on our next blog, but the key is to start exploring now. Don’t just sit at home watching Netflix and letting this opportunity go by. If you have the dream, we can help you get the funding to take the next step. 

It’s becoming all the rage now, with people looking for opportunities and creating new business ideas. If you are one of the bright new entrepreneurs looking to weather this storm by building a strong boat, we can help you find funding options that are right for you. Why wait another moment?

Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!

Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.

Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584