5 Components to a Self-Employed Benefits Package



When you’re self-employed, you get perks that many traditional employees miss: Unlimited vacation and sick days, flex time, tax deductions, and perhaps the ability to work from any location. These are just a few upsides of being your own boss.

Whether you have a part-time side gig or run a small business full-time, enjoying the entrepreneur lifestyle may be a huge reason you want to work for yourself. But a major downside to all this freedom is not getting a cushy benefits package, which most employers offer.

In this post, you’ll learn how to create your own self-employed benefits program, which is probably easier than you think.

1. Individual Health Insurance


If you’ve made the leap from a corporate job to being self-employed, the first benefit you’re likely to miss is health insurance. Group plans cost much less than an individual policy; plus, your employer may have subsidized all or some of your premium.

If you have a spouse or domestic partner with group health benefits, you can become a dependent on his or her policy. But if you’re single or have a partner who’s also self-employed, start shopping.

Depending on your income and family size, you may be eligible for a subsidy that reduces the cost of coverage. If you have low income, you may qualify for free or low-cost coverage from Medicaid or the Children’s Health Insurance Program (CHIP).

One option to reduce the cost of health insurance is to choose a high-deductible plan. These allow you to make contributions to a health saving account (HSA), which you can spend tax-free on many different qualified medical expenses.

2. Health Savings Account (HSA)


With many types of insurance policies, a strategy to cut premiums and save money is to raise your deductible. A deductible is the amount you must pay first before your benefits kick in.

If you’re in relatively good health, a high-deductible plan can make sense. But the downside is that if you do get sick, you’ll have to pay more out-of-pocket before your payouts for covered claims begin.

When you choose a high-deductible health plan, not only do you pay lower premiums, but you’re also allowed to contribute to a health savings account (HSA). You can have an HSA if you get your qualified plan on the open market as an individual, or through a group plan at work.

Contributions to an HSA are deductible on your tax return, which reduces your tax liability, even if you don’t itemize deductions. Your funds can earn interest or be invested for potential growth. And when you take distributions to pay for qualified medical expenses—such as doctor co-pays, prescriptions, eyeglasses, and supplies—your contributions and earnings are completely tax-free.

3. Term Life Insurance Policy

The good news is that if you’re in relatively good health, finding affordable life insurance is probably easier and less expensive than you think.

First, consider if you need a life policy. If anyone depends on you or would be hurt financially if you weren’t around, such as children, a spouse, partner, or aging parents, you need life insurance. There are different types, such as term life and permanent life, depending on your financial goals.

  • Term life insurance provides a benefit upon the death of the policy owner for a set period, such as 10 or 20 years. Many people prefer term insurance because it’s inexpensive and gives you the most benefit for the dollar.
  • Permanent life insurance includes a variety of products such as whole life, universal life, and variable life. I won’t get into the details on each of those, but they provide a death benefit and an investment all wrapped up in one. They’re also called permanent life policies because you get lifetime coverage.

Life insurance coverage is more affordable than most people think. For example, if you’re in your 30s with relatively good health, your premium for a 20-year, $500,000 term policy would be about $200 per year. You can shop and compare term life quotes at sites like Haven Life, Liberty Mutual, and USAA.

4. Disability Insurance

Did you know that you’re more likely to suffer a disability than you are to die before the age of 65? And when a long-term disability occurs, the average absence from work is 2½ years. Remember that health insurance only pays a portion of your medical bills; it doesn’t pay your living expenses, like housing or food, if you can’t earn money for an extended period. A disability policy pays a percentage of your gross income, such as 60% or 70%, if you can’t work due to a disability, illness, or accident.

Not being well enough to work could cause a major financial strain for you or family members who depend on your income. Social Security is only available after you’ve been out of work for a year and are completely disabled.

If you’re self-employed, you can elect to pay state disability premiums, which may be less expensive than a private policy. Shop both options to find coverage that makes sense for your work and financial situation. Check out companies including MetLife and State Farm.

5. Contribute to a Tax-advantaged Retirement Account

Another essential benefit you’ll need to handle on your own after becoming self-employed is contributing to a retirement account. There are great options to invest for the future, even when you don’t have a traditional day job with a 401k.

There are great options to invest for the future, even when you don’t have a traditional day job with a 401k. Here are four different types of tax-advantaged retirement accounts to consider when you work for yourself.

1. Traditional IRA (Individual Retirement Arrangement).

2. Roth IRA

3. SEP-IRA

4. Solo 401K

Thinking About Starting Your Own Business?

Being your own boss is an exciting jump to make, but when entering into that adventure, you’ll find that there is much preparation to be done. One of the biggest obstacles new business owners find themselves up against is funding. Where will you get the money to purchase your equipment? How will you purchase or rent a space? How will you hire your marketing specialist? Or pay for advertisements? Fortunately, many new business owners qualify for Business Loans or No-Doc Loans. If you’re ready to dive into your new business, give us a call to see what size loans you qualify for. There’s nothing more exciting to us, than helping out new business owners to achieve their vision!

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

How to Create a Business Through Drop Shipping

Do you need a college degree to start a business?

What is Drop Shipping?

Drop shipping is essentially the process of selling goods from a third party platform, to your customers. The third party business will take care of the production and shipping for you, which reduces your overhead costs.

What can you drop ship?

Pretty much anything. These days, if you can dream it, you can create an online store around it. Instagram is littered with little shops with intriguing collections curated to fit their branding. For example, clothing and accessories are the most common types of businesses who sell items from a third party business to their customers.

What kind of business should I start?

It’s a really fun process, dreaming up the different ways you can sell from a third party business. If you have a tendency to be hands-on and creative, then there are hundreds of platforms that will allow you to create designs and then have them implemented onto t-shirts, hoodies, coffee mugs, tote bags and so on. The third party business will take care of the printing, shipping and even the customer service for you! This will remove a lot of the stress from your plate, and allow you to focus on imaging designs to fit your brand. Start with the type of concept you want for your brand, what your voice will be as a business. Do you want to make a statement? Will it be political? Centered around music? Do you want to appeal to kids or adults? Once you choose the direction or theme for your business, you can begin to pour your creative talents into innovative designs.

If you would rather curate a collection, choose a platform like Alibaba and again, choose a theme. Their options are endless! Would you like to sell home goods? Cookware? Sports equipment? You name it, they probably have a large variety for you to pick and choose for your website or social media store.

What is the cost?

Starting with the basics, you will want to prepare for your average small business costs, such as equipment. Will you be needing a computer to design your work? Will you need programs such as Adobe to create your designs? You will also need a platform for your customers to purchase from, so creating a dynamic and functional website is a must. Many third party sites will also allow you to create a store within their platform, so if you are not able to create your own branded website, that will suffice.

Consider the cost of hiring potential employees to help with the workload, such as design creation or website development. If these are things that you are not comfortable enough to implement yourself, you will need to factor in the cost of outsourcing that work. Aside from these things, you will most likely not need to hire many people, if any,

Finally, your biggest cost will be marketing. You are essentially taking the products from another company and marketing them in alignment with your brand. Using Paid Ads, such as Google AdWords and Facebook or Instagram Ads will increase your audience exposure. You will also need to research and develop target audiences to market the products to. If this is something that you do not have much experience or you just don’t feel like learning it, you may need to look into hiring a social media or ad specialist to help set up your ads.

What if I don’t have enough money to get started?

The amazing thing about these types of small businesses, is that if you are motivated enough, you can start the business will little-to-no cost. On the other hand, if you need assistance and must turn to outsourcing for some of the set up, or if you want to go full throttle into the paid ads, then you can look at acquiring Small Business Loans or Start-Up Loans. The possibilities are endless, so determine what will be the best fit for you!

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

Do You Need a College Degree to Start a Business?

Do you need a college degree to start a business - Business startup - Entrepreneurs -  Small Business Loans - Start-Up Loans

So you have this brilliant idea for a business. You may have gone as far as mapping out your business plan, gathering your best networking contacts, and have looked into Small Business Loans. There are many classes to take, YouTube and other online webinars, and maybe you even registered to learn all you could about running a business. I mean, maybe that’s why you’re taking a peek at this blog! The big question remains, “Do I need a college degree to start this business?”.

This debate has been going on for quite a long time, whether entrepreneurs need college degrees to succeed, or whether the time and money spent earning that diploma is better spent launching your business. With college costs and student debt skyrocketing, the newest consideration is whether student debt is preventing would-be entrepreneurs from starting a business.

Drowning in Student Debt

Let’s take a look at the numbers. A recent study shows that a person who graduates with $30,000 in student loans is 11% less likely to start a business than a person who graduates with no student debt.  $30,000 is nearly the average student debt load. As of 2018, 42 million students have a debt amount of $100,000 or less, with most of these borrowers between $10,000 and $25,000. That’s quite a bit of cash!

The best time in your life to start a business has been considered your 20s and 30s. At this point in life, most people do not yet have a mortgage to pay, children to raise, or a spouse to consider in the equation. However, individuals in their 20s and 30s are likely to have looming student debt payments, unlike Generation Xers or baby boomers.

With good solid job opportunities being difficult to find, the young adults today are stuck between a rock and a hard place. Ironically, with more college-level entrepreneurship courses and entrepreneurship degrees than ever, getting a college degree could seem even more helpful for starting a business.

Startup or School?

The choice is different for every person, and highly depends on their circumstances, target industry, personality and so on. If you are looking to become your own boss and deciding whether you should enroll for a degree, consider these factors:

  • What is your Business Concept?

If your sights are set on a business in the professional services industry, you may need to get a specialized degree in your field. However, there are some types of businesses that only require an apprenticeship program and work experience – such as carpenters.

  • What education alternatives do you have?

We live in a very advantageous time, where online education is a click away. From YouTube tutorials to Ted Talks, Lynda and various professional webinars and online workshops, you have many options outside of the traditional college setting – depending on your industry of course.  

  • What other advantages would you get from college?

Don’t be so quick to cross a college education off your list. First examine what opportunities you would glean from college that you wouldn’t have access to otherwise. This includes Professors – amazing resources and networking contacts to have in your book. Peers in similar industries, as networking contacts and moral support. Along with specialized learning materials, the contacts you make in college are some of the best reasons to invest your time and funds into a college.

  • What is your financial situation?

Think about how much money you have available, whether you have capital for either college or a startup and calculate the numbers. Take into account your existing financial obligations and create a picture of your financial state – present and potential. Not only are there loans available for education, but also for Start-Ups and Small Businesses. Maybe in your financial situation, you will find that the best bet for you is a No-Doc Loan? We have many options to help you explore, if that is your case.

  • Is now the best time?

We know that you are excited to start your new business, but don’t be afraid to consider the timing. Some businesses are best launched by a younger person; for others, you need a bit more life experience. Perhaps this is one reason entrepreneurs in their 20s are less likely than older business owners to build high-growth companies, according to a paper Age and High-Growth Entrepreneurship. Would waiting to start your business benefit it in the long run?

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

4 Ways to Deal with Holiday Stress as a Business Owner

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Oh, the holidays can be a magical time filled with heart-warming moments, but they can also drive you crazy – especially as a business owner. For many businesses sales are fantastic, but the increase in traffic also equates to more fires to put out and also more of the business funds to be routed to things such as; extra help during the busiest times, equipment breaking down, and of course gift giving. You may often wonder how in the world you will make it out alive, but we have the inside scoop to help you retain at least enough sanity to enjoy the holiday fun.

  1. Recycle

No, not plastics – people. Finding good help is difficult, so when you discover an individual who exercises good work ethic and output, keep bringing them back. It’s easier to teach a person new skills, than to instill honest and diligent work ethic. During high traffic times, such as the holidays, many businesses will hire seasonal employees to help ease the load. When it comes to these circumstances, keep a file of individuals with a proven record of working hard and maintaining a positive attitude. It’s rewarding to both parties and keeps consistency and predictability in high stress times.

  1. Plan out Marketing Campaigns

When it comes to the fast pace of the holiday season, nothing will set you up for success like planning ahead. You can do this months in advance, before the stress begins to enter your workplace. Analyze your competition and your target market ahead of time to set up any promotions you may be running, as well as goals and sales projections. Having your marketing planned out and in place well before the season hits will not only alleviate some of your stress, but will keep all your goals visible to all involved. Coordinate your social media content, email marketing and paid ads, whether you have someone in-house to develop the content or even if you must bring on additional outside help to ensure that your campaign is created and executed flawlessly.  

  1. Organize Your Appointments Schedule

Many resources are available to help you to rein in your appointments schedule. For example, Square’s scheduling software is one of many effective tools for those in the service industry to keep track of appointments. Your clients can book services at any hour, any day of the week, and you can sync your personal calendar for added convenience and clarity. Checking availability, confirming appointments and sending text or email confirmations are just a few of the advantages to using platforms like Square to manage your schedule. At your busiest times, any tool that can help you organize information is key to your success.

  1. Budget for the Unexpected

Surprise expenses can pop up at any given time of the year, but during the holidays these types of unforeseen expenses tend to make more of an unscheduled appearance. From employee gifts or bonuses, to special promotions or even fixing equipment that has suddenly gone haywire, having a specific budget set aside for the holidays is the best way to prepare your businesses for all types of surprises. If don’t have the extra room in your budget, and especially if you are a small business or self-employed professional, you have the option to take out a Small Business Loan to cover your bases. If you are just beginning your business around this fast-paced holiday season, you can even build your financial foundation from the start by taking out a Start Up Loan or No-Doc Loan. We can guide you through the process to make sure you are able to prepare your business to flourish during this potentially profitable season!

 

No-Doc Loans, Start-Up Loans, Small Business LoansUnsecured 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

Holiday Zen in Business

Holiday Zen in Business Loans

In recent years, one of the surprising trends has been the rise of mindfulness in the workplace. Many business leaders are turning away from the traditional stereotypical mindset of “hard-charging, aggressive, workaholic business person” and are seeking a softer, calmer, gentler, and more generous and peaceful approach of mindfulness.

Mindfulness means different things to different people. Some business leaders are using meditation or mindfulness apps to help them stay focused and calm throughout the day; other business leaders are doing yoga or using a daily spiritual practice to help them keep their minds clear and centered. But whatever mindfulness means to you, there are a few reasons why mindfulness can help your business. With mindfulness, you will:

Center Yourself

Running a business is exciting, and most business people are powered by passion, but that doesn’t mean you have to be running ragged all the time and feeling like a nervous wreck. Mindfulness helps business leaders stay relaxed and focused. If you’re feeling frazzled or overworked, mindfulness—whether it’s meditation, yoga, or some other spiritual practice, or even something simple like going for a walk outdoors and feeling grateful every day—can help you stay in your best, most productive mindset.

Make Good Choices

When you are deprived of sleep, anxious, and cranky, you’re less likely to make good business decisions. Mindfulness practice can help with this, too. Being mindful can help your brain feel rested throughout the day; it keeps your mental muscles feeling fresh. Instead of feeling pressed for time and low on patience, mindfulness helps you remember to operate with a spirit of abundance: There is enough time, there is enough room, there is enough opportunity for you to do your best work.

Mindfulness acts like a little angel on your shoulder, nudging you in the right direction and helping you make the right decisions—and helping you feel at peace with the decisions you make, even if the results don’t work out as well as you’d hoped.

Improve Time Management

We only have 24 hours in the day, and unless you’re a cyborg who doesn’t require sleep, we’re only awake for 18 hours (or less). Instead of working more hours, look for ways to maximize your time by maintaining a calm, clear mind. Mindfulness can help you relieve your anxiety, improve your mental clarity, and boost your productivity—not by spending more hours at your desk, but by getting more out of the time that you spend, and by getting better at delegating or offloading your workload in more productive ways.

Become Creative

Mindfulness can help you come up with more creative ideas and be more innovative. The best ideas often come from idle moments of daydreaming and free thinking; your mind needs to be calm and relaxed to be able to wander. Your opportunities are limitless when you approach them with a creative mindset. You can even take out Business Loans to help achieve concepts that you may have limited yourself on in the past.

Get the Most out of Life

Mindfulness helps you maintain a healthy perspective that can help you at work and in life. Meditation and emotional calm can help you realize and reach for the accomplishments and experiences and relationships in life that are truly important to you. Whatever you truly need more of in life—whether it’s finding the right clients or taking a long-deserved vacation—mindfulness can help you to visualize it and accept it.

Redefine Success

Why should people assume that the only way to be successful in business is to be busy all the time? Some of the most successful people are great at relaxing and carving out time for themselves, and not just working and being reactive to the demands of work. Mindfulness can help you dig deeper into what you really want your life to be about, and what values are really important for you to live by, in ways that go beyond traditional metrics of business success.

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

4 Things Every Small Business Should Know About Filing Taxes

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As this year is coming to a close, many small business owners are examining their financials, and planning for tax time, which is fast approaching. If you are a new small business owner, this could be a confusing and overwhelming task, but we have some information that can help you navigate the process.

  1. Know Who is Responsible for Paying Your Self-Employment Taxes

There are many advantages to having your own business, but there is also a brand-new bundle of responsibilities – paying your own taxes is one of them. If you are new to owning a business, this may come as a surprise, but certainly you are up to the task! Self-employment tax is comprised of Social Security and Medicare taxes and is paid by those whose income is not subject to employer withholding. This means that you are now responsible for both your portion of the self employment tax, along with the half that is typically paid by an employer.

Deducting the employer-equivalent component of your self-employment tax should be done routinely, to lessen the burden when tax time comes around. As a business owner, you can claim half they pay in self-employment tax as an income deduction. Make sure you are also taking advantage of business and startup expenses to limit net income and your self-employment tax burden.

If this is all entirely new to you, and a little overwhelming, you can hire an advisor to help you to create a workflow that will make everything easier to navigate throughout the year and leading up to tax time.

  1. Your Legal Entity Affects Your Tax Burden

Not all small businesses endure the same tax burden. Depending on the legal entity that you elect to form can have an incredible effect on your tax liability over the years. From sole proprietorships and LLCs, to S corporations and partnerships, there are various business types, each with its own benefits and limitations. Make sure you are performing efficient research to determine what the best option will be for your business.

  1. Deductions Can Be More Than You Realize

Small business owners must come up with methods of stretching their financial resources, especially when you are starting a new business. From raw materials, to employee salaries, to business rent, to utilities, the various operational costs of a startup can be overwhelming. Fortunately, as a new small business owner, you may be able to deduct a number of expenses in order to minimize your tax burden while maximizing company profits.

According to the IRS, businesses can deduct expenses deemed both ordinary and necessary. Ordinary expenses refer to those that are common to your specific trade, meaning what’s reasonable for one company may not be relevant for another. On the other hand, necessary expenses are helpful (but not always obligatory) in your field.

Some of the most common business deductions include rent on a business or home office, supplies, furniture and equipment, such as computers, copiers and fax machines. Additionally, many small businesses can deduct costs associated with providing healthcare benefits for their employees.

4. Make Estimated Payments


As a new small business owner, you probably know that it’s important to pay taxes accurately and on time. However, you may not realize that self-employed persons are responsible for making quarterly estimated tax payments throughout the year.

While startup founders are excused from making estimated tax payments in the first year of operation, they are responsible for submitting accurate quarterly payments in the years to come. Business owners filing as sole proprietors, partners and S-corporation shareholders must all make estimated tax payments if they anticipate owing $1000 or more for the tax year.

Filing estimated tax payments for the first time? You may want to use last year’s income, tax credits and deductions to calculate your expected tax burden. Business owners who fail to submit at least 90% of the taxes they owe may be subject to penalties, so perform your due diligence to ensure you’re in the clear.

What Does This Mean for Loans?

If you are a small business looking to acquire a Small Business Loan or a Startup Loan, there are options for obtaining your funds, even when you are writing off a large portion of your income. Our No-Doc Loan is a loan based off stated income.  Stated income means your true income.  The total income you made for the year.  Checks, cash, credit cards and any other income that you made.  Since its a stated income product you will not have to prove financial documents including taxes, w2’s or pay-stubs. Want to learn more about how these types of loans can work for your business? Give us a call!

 

No-Doc Loans, Start-Up Loans, Small Business LoansUnsecured 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

3 Ways to Handle the Holidays as a Self Employed Professional

The holidays can be absolutely crazy, whether you are self-employed or working for a company, but the latter can at the very least offer you some paid down-time to recoup. Self-Employed Professionals have to hustle to make sure their income is constant by taking care of existing clients and actively seeking out new business. But, with everyone around you relaxing in nostalgic bliss, and guilting you into doing the same, how do you handle of holidays?

Plan Ahead

This may seem like common sense, but many self-employed professionals will find themselves wrapped up in festivities, or juggling all the holiday rush work, and forget to stop, sit down and plan it out. Creating the “Plan of Attack” for the holidays is just one thing that should be determined ahead of time. It is equally important to start mapping out your vision for the new year, major goals, and how to accomplish them.

One of the biggest reasons that self-employed professionals become so stressed out and anxious during the holiday season is worrying about the work that needs to get done. Which clients will you need to contact, come January 2nd? What leads should you be following up on? What does your budget look like? Will you need a Small Business Loan or a Start-Up Loan ? Setting aside time to create a strategy ahead of time will not only decrease your amount of stress, but allow you to enjoy the holiday season.

Learn to Say, “No”

Everyone, family especially, will be tugging at your sleeves, trying to get you to take some additional time off, come to all sorts of holiday parties, celebrate out late, or just come early and prep. Be realistic about your time and how to budget it. Don’t be afraid to say, “No”, when you have business to take care of.

The holidays can be a lovely time to pause and spend moments by the fire or at the table, surrounded by those you love, but as a self-employed professional you must know when attention needs to be paid to business matters first. Let your friends and family know that you are also essentially “on call” when it comes to urgent business matters. Sometimes it’s necessary to keep an eye on incoming calls or emails, in case a fire needs to be put out. Explaining this upfront to your friends and family will cut back on the side-eyes and comments when you have to take a business call.

Don’t Wait to Start the New Year

While many companies are allowing the first couple of weeks for their staff to recoup and spend time relaxing, self-employed professionals do not have that luxury. The new year begins January 2nd, with scheduling follow-up calls for existing and potential clients, executing new strategies, aligning your financials and so on. While the temptation to stretch out your holiday vacation is real, so are your responsibilities as a business owner. However, despite all the extra work, the upside to being a self-employed professional and the advantages are many – but of course, you already knew that when you chose this path, didn’t you?

Best of luck over this holiday season, and may you find a balance that will allow you to enjoy precious moments with friends and family, while hustlin’ like a pro.  

 

No-Doc Loans, Start-Up Loans, Small Business LoansUnsecured 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

4 Mistakes Self-Employed & Small Businesses Make

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And how investing in your business can counteract the obstacles

There are so many things to contemplate when it comes to running a business, whether you are self-employed or the owner of a small business. Learning what mistakes have been made by other business owners is one of the best ways to map out your own business strategy in an effort to run flawlessly. We have done some of the digging for you to discover 4 mistakes that many small businesses and self-employed professionals commonly make.

Being Mediocre

When potential clients seek out a small business to do their bidding, they are looking for innovative and efficient work. Small businesses have a reputation for working hard to offer something that bigger companies do not, and in most cases this is a level of customization. Not only can smaller businesses focus more time on their clients, but they also have to really work to distinguish themselves from the competition. Bigger companies become robotic when dealing with clients and their work is generally mass produced.

When you are a small business, you must be wary of getting into a rut, or just following the motions when it comes to producing goods or services. In any business, big or small, there is the temptation to just fall into your routine and forget to focus on delivering personalized, custom work. Larger companies can get away with it more so than self-employed or small business owners can, because they already have a reputation and an abundance of publicity and business. Smaller companies and self-employed professionals have to fight to stay ahead of their competition and earn their following by demonstrating an ability to think innovatively and produce work that is anything but run-of-the-mill.

Pricing Too Low

Determining price points is difficult for many startups. There is an ocean of research to perform, in most cases, that leads to the final decision in pricing for goods or services produced by a self-employed professional or a small business. The thought process adopted by many small business owners is that if you run discounts and promotions from the beginning you will get more clients “through the door”. While occasionally running promotions is a good way to rack up more exposure when properly planned and coordinated with holidays and other events, it is no way to consistently run a sustainable business.

In the beginning, more than anything, you should be pricing according to the quality of the work. Earn your dollars and reputation by supplying a level of service and substance that will not be found anywhere, or from any of your competitors. The goal is convince your audience that you have something rare of great value and delivering that level of quality to them in an efficient and time-effective manner. Your audience needs to know that what they can expect from your business is beyond anything they could receive at those big fancy and impersonal companies, and that you are worth every penny. This is how you survive the early years and build a sustainable business that will be able to keep the lights on.

Blurred Focus

Maintain your focus on your internal structure. This refers to the effort placed in constantly evaluating your business structure – retraining (if you have staff), refinancing, reengineering and reinvesting. All too often, small businesses and especially the self-employed think in the terms of “set it and forget it” when it comes to their business plan. It is assumed that they already went through the whole debacle of researching, speaking to other professionals and piecing together their plan, so why would they need to check through it again, right? Wrong.

Your business will evolve and so will your knowledge of business management. Each new circumstance is an opportunity to learn what works and what not to do. This is especially true of finances. You may have already invested the initial startup cost to get everything up and running, but depending on your type of business you may need to keep reinvesting in things such as; office supplies, on-hand product, rent, equipment, business insurance and licenses, marketing, etc. You can acquire a Small Business Loan or a Start-Up Loan through a variety of sources (like us!) – however another issue that could rear its ugly head is common among small businesses or the self-employed – stating your income. (Mark – if you want to correct or add anything here, please do so). We specialize in dealing with small business and self-employed professionals when it comes to these tricky matters. Issues such as your credit score can even pop up to tangle things, and we can provide guidance to help you get back on track if that happens to be your biggest obstacle. Don’t hesitate to give us a call when you are ready to invest or reinvest in your business.

Lacking in Creativity

Even if you are thinking, “my business isn’t in the creative industry”, you are required to weave creativity throughout your business, whether you do it personally or if you hire a professional. Every small business or self-employed professional relies on creativity to set them apart from their competition. Creative in the care and customization that you provide to your customers and clients; creative in the branding you use for elements such as your website, logo, social media, and perhaps packaging; and creative in the methods of marketing that you use to promote your business and grab the attention of all the eyes available out there. To make it as a small business or self-employed professional, there is no option but to utilize creativity as much as possible, and if you can’t exercise that part of your brain, hire it.

No-Doc Loans, Start-Up Loans, Small Business LoansUnsecured 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

 

Funding & Other Obstacles for Wholesale Startups

loans, business loans, start-up loans, case studies

Wholesale businesses are an unsung hero behind many of the new companies we see popping up all over Instagram and Facebook. You know the companies I’m talking about, they constantly post meticulously posed models wearing enviable stylish outfits and donning an array of their beautiful accessories – handbags, jewelry, hats, scarves. In most of these cases, those pieces aren’t handmade and original, but rather they are mass produced and sold by wholesale companies to retailers. One of the most popular wholesalers currently is a business you have likely heard of, and even more likely have purchased their items from a retailer — Alibaba. This Chinese company has dominated in recent years, providing products directly to retailers, and even to secondary wholesale companies. Companies like Alibaba buy mass amounts of products directly from the manufacturer at low cost, and sell the products at a marked up prices to businesses with high volume purchase orders. The advantage to being a wholesale business is the profit margin, however there are obstacles on your journey to success.

3 Big Obstacles for Wholesale Startups

Accommodation

While the fantasy and draw of starting a wholesale business is very seductive, there are a few issues that many new wholesale startups will face. The first is accomodating for the mass amount of product to keep on hand at your facility. If you are asking, “What facility?”, you have your first problem. You may be tempted to dropship your wholesale items directly from the manufacturer to the retailer, but keep in mind that you may be purchasing from manufacturers overseas, which will increase your lead time and possibly decrease your reputation as a wholesaler. Keeping items on hand is one of the most effective ways to keep your retailers happy and meet demands- especially during high traffic shipping times like holidays. Finding a warehouse or facility that will adequately store your products is a high priority for a wholesale startup.

Shipping

As a wholesaler, you will require a lot of manpower, based on the amount of product you intend to move. This means including a fast and reliable staff that will be able to get large amounts of items out quickly and without error. Shipping supplies are also another necessary expense. What kind of products will be you shipping? Small items like jewelry and accessories? Or larger items like hardware and machinery? Depending on the fragility, weight and size of your products, special accommodations may be required to ensure that the products are arriving in the best condition – cutting down on the chances for returns.

Funding

When all the details are down on paper, everything accounted for, your biggest barrier will inevitably be funding. Especially for a wholesale business, you are fronting a large cost with the risk of how long it will take you to move your product. Once you have all your numbers calculated, how do you get funding for a wholesale startup business?  Well, there are several options:

  • Existing Funds

If you have the ability to finance everything on your own, great! Using your savings, or selling persona assets can get you to a certain point, and depending on what is required to start your business it may be enough. However, you have to think about what is on the line if the business does not work out and where the risk may lie.

  • Loans

One of the most popular options for startups is a Small Business Loan or a Start-Up Loan. Unsecured Finances offers many types of loans, as well as consulting about what is the best fit for your business. We can guide you through the steps to find a solution for you. If there are further obstacles keeping you from getting your funds (such as a low credit score), we can offer our professional advice to help you get your finances back on track so you are able to reapplying as soon as possible.

  • Raising the Funds

The final option is raising the funds. Depending on the type of business, you can find a way to create a fundraising event or page. However, these efforts can be extremely sensitive to execute, and reaching your desired funding may be a lot more difficult and time consuming. Regardless, checking out options like gofundme.com and similar platforms is a good option to research to see if it will be effective for your business.

No-Doc Loans, Start-Up Loans, Small Business LoansUnsecured 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

5 Tricks to Treat Your Customers this Halloween

Halloween Marketing, Small Business Loans, Start-Up Loans, No-Doc Loans

The Holidays are headed our way, and with them are millions of ways to develop specific marketing strategy to funnel your target market your way. With so many businesses taking advantage of this marketing season, it is especially important for small businesses to invest in holiday marketing to keep up with their competition instead of being swallowed whole!

Marketing Investments are an incredibly important driving factor for businesses. If you are self-employed or running a small business, it can be tricky to decide how to allocate your marketing dollars, but we can tell you that holiday marketing gets a lot more attention in the budget of most businesses. Taking out a Small Business Loan can be a great option for the holidays alone, and when you utilize some of these great marketing tips your business will be sure to see the impact!

  1. Mood

Atmosphere is what makes the holidays so magical! People love to be surrounded by all the elements that contribute to the unique feel of each holiday. For Halloween it is that spooky factor, bats, ghosts, spiders, fall leaves, orange and black, and of course pumpkins! Your first step is to decide the level of “spooky” that is appropriate for your business. There are ways to add to your Halloween mood without breaking down the professionalism barriers. Tasteful uses of orange and black, Autumn leaves and pumpkins are a great addition to any office without getting too funky!

In your marketing, slight changes can be implemented to suit your holiday theme. Halloween or Fall color palettes are a great way to set the mood. Slipping in the occasional pun (depending on your business) adds a little holiday humor and most audiences can appreciate a good giggle. Updating and personalizing your marketing demonstrates attention to detail, and resonates with audiences.  

  1. Savings

Customers everywhere are constantly looking to save a buck, but this is the most true of holiday season. October is when a lot of the holiday shopping begins, and bargain hunters start the earliest. Take advantage of their attention with great holiday themed promotions and savings. Groupon is a great resource for adding a deal for your business and making it searchable. Post your promotions on your social media and give them the extra boost with the Ad Managers for your social media platforms.

  1. Local Events

Wherever you are located, or wherever your target audience is centralized, you can come up with a list of popular Halloween / Fall events in the area. Making these in print form with your business’ information and branding is genius because your potential customers will need to have the list in-hand when scouring it for the best events, which means they will be subconsciously viewing your business information over and over during their hunt for the perfect party / parties.

  1. Treats

Giveaway promotional items with your information on them! There are endless ways to utilize this strategy, from giving bigger gifts to your existing clients (take this Halloween treat from Edible Arrangements, for example), to handing out mini-candy corn packets with your logo from anypromo.com. There are also Pumpkin Totes for kids, brain-shaped stress balls, and an array of different Halloween pens! Whatever item you decide to go with, make sure it will be easy to give away and likely to be used more than once. To give it an added kick, post the item on social media, run a giveaway for them and create a hashtag for recipients to post photos of their “treat” and tag your business for a chance at an “ultimate giveaway”!

  1. Costume Contest

The Power of Showing Off. People love to post photos of themselves on the internet, case in point, “Selfies”. When you take a holiday like Halloween when everyone is spending a generous amount of creative thought, effort and dollars to execute the perfect costume, they will want the end-product to last as long as possible with maximum exposure – enter, the costume contest. Create a contest with a unique hashtag, require the participants to use the hashtag and to also tag your business on social media, and offer a prize. Boom, leads. Choose a winner, advertise that on your social media, and encourage the winner to post of photo on their social media with the prize (tagging your business). Next, be sure to follow up the rest of the participants with a “Thank You” for participating and invite them to sign up for emails that alert them to future contests, etc. The costume contest is the gift that keeps giving!

 

No-Doc Loans, Start-Up Loans, Small Business LoansUnsecured 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