A Guide To Offshore Banking You may desire to maintain your financial constant if you are somebody whose profession as well as area of home transforms a great deal. One means to do this is by utilizing overseas financial, which permits you to maintain your cash in one nation, yet have accessibility to it anywhere … Continue reading A Guide To Offshore Banking
Month: May 2020
New comment by amitpatex in "Ask HN: Who wants to be hired? (May 2020)"
Location: Ahemdabad, India
Remote: Only
Willing to relocate: No
Technologies: Ruby on Rails
Résumé/CV: https://www.linkedin.com/in/amitsavani
Email: amitsavani [a] gmail
I am developer for about 14 years. I love writing software and teach how to write good software, passionate about creating web apps using Ruby on Rails. Carrying entrepreneurial bug that make me restless.
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New comment by sumitjami in "Ask HN: Who wants to be hired? (May 2020)"
Location: Nürnberg, Germany
Remote: Yes
Willing to relocate: No
Technologies: Python, Ruby, Golang, Kafka, Prometheus, data pipelines, OpenStack, Kubernetes, Django. etc
Résumé/CV: http://bit.ly/2YtMmZX (google drive)
Email: in resume
https://github.com/sum12/songbook – dynamic video-clip-loops for guitar practice.
https://review.openstack.org/#/q/owner:sumitjami
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A Guide To Offshore Banking
A Guide To Offshore Banking
You may desire to maintain your financial constant if you are somebody whose profession as well as area of home transforms a great deal. One means to do this is by utilizing overseas financial, which permits you to maintain your cash in one nation, yet have accessibility to it anywhere you go. After that this overview has some info that could be beneficial, if you desire to recognize even more concerning overseas financial
Why obtain overseas financial?
Obtaining overseas financial can be beneficial if you are taking a trip around a great deal as well as aren’t actually situated in one particular location. Offshore financial can aid you to have accessibility to your accounts like you were in your residence nation any place you are in the globe.
Tax obligation exception
An additional reason overseas financial is preferred is for tax obligation exception. Relocating it to an overseas account may be beneficial if you have a big amount of cash that you do not desire to pay tax obligation on. Certainly, you require to see to it that you follow the tax obligation regulations of your nation, yet there are lawful means to conserve on your own cash with overseas financial
Advantages of overseas financial
Besides the tax obligation advantages, having your cash offshore suggests that you have equivalent accessibility to every one of the globe’s markets, and also this makes it simpler to buy a varied series of solutions and also items.
Offshore financial functions
You can utilize overseas financial just as an interest-bearing account, or you can utilize it as your primary ways of financial. You can have a bank account with a debit card, and also purchase and also make financial investments insurance policy as well as finances utilizing your overseas financial institution. The majority of the services and products that your conventional financial institution can use are readily available offshore, with the included perk of being offered around the globe.
Dangers
Offshore financial does utilize the regulation to its maximum, and also so there are a number of dangers connected with it. You require to transfer a huge quantity of cash in order to obtain overseas financial, as well as that cash might be at danger if anything occurs in the nation you decide for. If you do this after that overseas financial can aid you conserve cash and also accessibility your funds any place you are in the globe.
One means to do this is by making use of overseas financial, which enables you to maintain your cash in one nation, yet have accessibility to it anywhere you go. Of training course, you require to make certain that you follow by the tax obligation legislations of your nation, however there are lawful means to conserve on your own cash via overseas financial
You can make use of overseas financial merely as a financial savings account, or you can utilize it as your primary ways of financial. You require to transfer a big quantity of cash in order to obtain overseas financial, and also that cash can be at danger if anything occurs in the nation you decide for. If you do this after that overseas financial can assist you conserve cash and also accessibility your funds anywhere you are in the globe.
The post A Guide To Offshore Banking appeared first on ROI Credit Builders.
A Guide To Offshore Banking
A Guide To Offshore Banking
You may desire to maintain your financial constant if you are somebody whose profession as well as area of home transforms a great deal. One means to do this is by utilizing overseas financial, which permits you to maintain your cash in one nation, yet have accessibility to it anywhere you go. After that this overview has some info that could be beneficial, if you desire to recognize even more concerning overseas financial
Why obtain overseas financial?
Obtaining overseas financial can be beneficial if you are taking a trip around a great deal as well as aren’t actually situated in one particular location. Offshore financial can aid you to have accessibility to your accounts like you were in your residence nation any place you are in the globe.
Tax obligation exception
An additional reason overseas financial is preferred is for tax obligation exception. Relocating it to an overseas account may be beneficial if you have a big amount of cash that you do not desire to pay tax obligation on. Certainly, you require to see to it that you follow the tax obligation regulations of your nation, yet there are lawful means to conserve on your own cash with overseas financial
Advantages of overseas financial
Besides the tax obligation advantages, having your cash offshore suggests that you have equivalent accessibility to every one of the globe’s markets, and also this makes it simpler to buy a varied series of solutions and also items.
Offshore financial functions
You can utilize overseas financial just as an interest-bearing account, or you can utilize it as your primary ways of financial. You can have a bank account with a debit card, and also purchase and also make financial investments insurance policy as well as finances utilizing your overseas financial institution. The majority of the services and products that your conventional financial institution can use are readily available offshore, with the included perk of being offered around the globe.
Dangers
Offshore financial does utilize the regulation to its maximum, and also so there are a number of dangers connected with it. You require to transfer a huge quantity of cash in order to obtain overseas financial, as well as that cash might be at danger if anything occurs in the nation you decide for. If you do this after that overseas financial can aid you conserve cash and also accessibility your funds any place you are in the globe.
One means to do this is by making use of overseas financial, which enables you to maintain your cash in one nation, yet have accessibility to it anywhere you go. Of training course, you require to make certain that you follow by the tax obligation legislations of your nation, however there are lawful means to conserve on your own cash via overseas financial
You can make use of overseas financial merely as a financial savings account, or you can utilize it as your primary ways of financial. You require to transfer a big quantity of cash in order to obtain overseas financial, and also that cash can be at danger if anything occurs in the nation you decide for. If you do this after that overseas financial can assist you conserve cash and also accessibility your funds anywhere you are in the globe.
The post A Guide To Offshore Banking appeared first on ROI Credit Builders.
Get Great Startup Business Credit Cards with No Credit
Are you looking for startup business credit cards with no credit? Check out our top choices.
The Absolute Best Startup Business Credit Cards with No Credit
We researched a lot of business credit cards for you. So, here are our top picks.
Per the SBA, company credit card limits are a whopping 10 — 100 times that of consumer cards!
This shows you can get a lot more funds with small business credit. And it also means you can have personal credit cards at retailers. So, you would now have an additional card at the same shops for your company.
And you will not need collateral, cash flow, or financials to get business credit.
Startup Business Credit Cards with No Credit: Benefits
Perks can differ. So, make sure to choose the perk you prefer from this array of alternatives.
Startup Business Credit Cards with No Credit with 0% APR – Pay Zero!
Bank of America® Business Advantage Travel Rewards World Mastercard® Credit Card
The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has no annual fee and comes with a 0% introductory APR on purchases for the initial nine months. Thereafter, the card has a 13.24 – 23.24% variable APR
Earn 3 points/dollar spent when you book travel through the Bank of America Travel Center and 1.5 points/dollar on all other purchases. You can get unlimited points and points never expire.
Details
There is a 25,000-point sign-up bonus when you spend $1,000 in the initial 60 days of opening the account. Cardholders get travel accident insurance, and lost luggage reimbursement.
They also get trip cancellation coverage, trip delay reimbursement and other advantages.
There is no introductory rate for balance transfers. Also, bonus categories are limited.
Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/
JetBlue Plus Card
Check out the JetBlue Plus Card for yet another offer of a 0% introductory APR
Earn six points/dollar on JetBlue purchases, two points/dollar at dining establishments and grocery stores. And get one point/dollar on all other purchases.
Details
Spend $1,000 in the initial 90 days and pay the annual fee. So, then you can earn 40,000 bonus points. New cardholders get a 12-month, 0% introductory APR on balance transfers made in 45 days of account opening.
Afterwards, the variable APR on purchases and balance transfers is 17.99%, 21.99% or 26.99%, based on creditworthiness. Benefits include a free first checked bag and 50% savings on in-flight purchases.
There is a $99 annual fee for this card.
Get it here: https://cards.barclaycardus.com/cards/jetblue-card/
Startup Business Credit Cards with No Credit for Low APR and Balance Transfers
Discover it® Cash Back
Have a look at the Discover it® Cash Back card. There is a 10.99% introductory APR for six months from date of first transfer. So, this is for transfers under this offer which post to your account by January 10, 2019.
After the introductory APR expires, your APR will be 14.99% to 23.99%. So, this is based on your creditworthiness. Your APR will vary with the market, which is based on the Prime Rate.
Details
You can get 5% cash back at different places each quarter. So, these are places like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs. But this is up to the quarterly maximum each time you activate. Plus, automatically get unlimited 1% cash back on all other purchases.
You will get an unlimited dollar-for-dollar match of all the cash back you have gotten at the end of your first year, automatically.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Startup Business Credit Cards with No Credit with No Annual Fee
Uber Visa Card
Check out the Uber Visa Card. Uber is the very first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays.
The card offers 4% back per dollar spent at restaurants, takeout and bars, including UberEATS. Also, get 3% back on hotel, airfare and vacation home rentals. And get 2% back on online purchases.
So, this includes retailers and subscription services like Uber and Netflix. And get 1% back on all other purchases. Each percent/point has a value of 1 cent. Redeem points for cash back, gift cards or Uber credits directly in the app.
By spending at least $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending at least $5,000 per year are eligible to receive a $50 credit toward online subscription services.
Details
If you pay your cellular phone bill with this card, you are insured up to $600 for cellphone damage or theft.
Cardholders are eligible for exclusive access to specific events and offers. Uber anticipates the majority of these offers to be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. There is no foreign transaction fee.
But there is no introductory rate. So, the APR is a variable 16.99%, 22.74% or 25.74%, based on your creditworthiness. Cardholders with less than stellar credit will be on the higher end of the range.
Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, accrue a minimum of 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, per day.
Get it here: https://www.uber.com/c/uber-credit-card/
Costco Anywhere Visa® Business Card by Citi
Not taking Uber? Then you’ll need to fill your gas tank somehow. Why not do so with the Costco Anywhere Visa® Business Card by Citi?
This card earns cash back with every purchase. Earn 4% cash back on the first $7,000 spent on eligible gas purchases annually (1% after that). Get 3% cash back at restaurants and on eligible travel purchases. Also, get 2% cash back at Costco and Costco.com. And earn 1% cash back on all other purchases.
So, note: the $0 yearly fee is only for Costco members. And an active Costco membership is required. Cardholders will get access to damage and theft purchase protection, extended warranty coverage and travel accident insurance.
Also, there is no sign-up bonus offered with this card.
Get it here: https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=Citi-costco-anywhere-visa-business-credit-card
Ink Business Cash℠ Credit Card
Consider the Ink Business Cash ℠ Credit Card. Companies can get cash back with each purchase. Spend $3,000 in the initial three months from account opening. And you’ll earn a $500 bonus cash back.
There is a $0 yearly fee with a 0% introductory APR for 12 months on purchases and balance transfers. Thereafter, the APR is a 15.24 – 21.24% variable.
The credit card comes with travel and purchase coverage benefits. So, this includes an auto rental collision damage waiver and extended warranty protection.
Details
Earn additional cash back on business categories. So, these include office supply stores, telecommunications, gas stations and restaurants.
Note: this credit card has a balance transfer fee. Pay 5% of the amount transferred or $5, whichever is greater. Also, there is a foreign transaction fee of 3%.
Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-cash
United MileagePlus Explorer Business Card
Get a good look at the United MileagePlus Explorer Business Card.
Earn 2 miles/dollar with United and at restaurants, filling stations and office supply stores. All other purchases earn 1 mile/dollar. Earn a 50,000-mile sign-up bonus after spending $3,000 in the initial three months from account opening.
Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation.
Details
Also, get two United Club passes annually. And get hotel and resort perks including upgrades. In addition, get early check-in and late checkout. And get an auto rental collision damage waiver.
Plus, get baggage delay insurance, lost luggage reimbursement, trip cancellation and interruption insurance. Finally, get trip delay reimbursement, purchase protection, price protection and concierge service.
After the first year, the card has an annual fee of $95. APR of 17.99% – 24.99%, based on creditworthiness.
Get it here: https://creditcards.chase.com/small-business-credit-cards/united-mileageplus-explorer-business
Starwood Preferred Guest® Business Credit Card from American Express
Another choice is the Starwood Preferred Guest Business Credit Card from American Express.
This card is for those who stay at Starwood Preferred Guest and Marriott hotels often. Earn six points per dollar of eligible purchases at participating SPG and Marriott Rewards hotels.
And get four points per dollar at US restaurants, American gas stations, and on American purchases for shipping.
Also, earn four points to the dollar on wireless telephone services purchased directly from US service providers. For all other eligible purchases, get two points per dollar.
Details
Earn 75,000 bonus points when you spend $3,000 in the first three months of account opening. Benefits include free in-room premium internet access, Sheraton Club lounge access, and purchase protection.
Plus, you get car rental loss and damage insurance. And you get baggage insurance. There is also a global assistance hotline. And there is a roadside assistance hotline. And get travel accident insurance and extended warranty coverage.
The most significant issue is the annual fee. There is a $0 introductory annual fee for the first year, then it’s $95 afterwards. Plus, there is no 0% introductory APR. Instead, there is a 17.74 – 26.74% variable APR
Get it here: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/spg-amex-starwood-credit-card
Startup Business Credit Cards with No Credit for Average Credit
Capital One® Spark® Classic for Business
For average credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. The card earns an unlimited 1% cash back on all purchases. There is an annual fee of $0.
With this card, you will get benefits including an auto rental collision damage waiver, and purchase security. And you also get extended warranty coverage. And you get travel and emergency assistance services.
But KEEP IN MIND: the ongoing APR is 24.74% variable APR. And the penalty APR is even higher, 31.15%. Also, there is no sign-up bonus. In addition, this card reports monthly to personal credit. It does report to business credit as well, but they generally require a personal credit check and will always report to personal credit.
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Startup Business Credit Cards with No Credit for Luxurious Travel Points
Capital One® Spark® Miles for Business
Be sure to check out the Capital One® Spark® Miles for Business card. With this card, you can earn 2 miles per dollar on all purchases. When you spend $4,500 within the first 3 months of opening an account, you can earn 50,000 miles. So, that is worth $500 in travel.
Benefits for cardholders include an auto rental collision damage waiver, and purchase security. And they also include extended warranty coverage. And you get travel and emergency assistance services.
Cardholders will pay $0 introductory for first year. But they will pay $95 after that for the annual fee.
There is no 0% APR for purchases or balance transfers with this card. The APR is 18.74% (variable).
Get it here: https://www.capitalone.com/small-business/credit-cards/spark-miles/
IHG ® Rewards Club Premier Credit Card
Have a look at the IHG ® Rewards Club Premier Credit Card. it earns hotel rewards worldwide. For every dollar spent at participating IHG hotels, get 10 points. Get two points per dollar spent at gas stations, grocery stores and restaurants.
And all, other purchases earn one point. New cardholders can earn an 80,000-point sign-up bonus when they spend $2,000 in the first three months of account opening.
Details
This card provides a free one-night hotel stay annually. Plus, there is a variety of benefits like travel and purchase coverage and an upgrade to Platinum Elite status with the IHG Rewards Club. The club offers complimentary room upgrades when available and guaranteed room availability.
The biggest issue is that the card does not offer a zero percent APR introductory rate. And the standard APR is 17.99 – 24.99% variable. Also, the annual fee is $89.
Get it here: https://creditcards.chase.com/a1/ihg/premiernaep
Marriott Rewards® Premier Plus Credit Card
This card earns six points/dollar spent at participating Marriott and SPG hotels. And get two points/dollar on all other purchases.
Spend $3,000 in the initial three months from account opening and get two free night awards (each valued up to 35,000 points).
Cardholders get access to perks including a free one-night stay every year after account anniversary. Also get travel and purchase protection. So, this includes free standard in-room Wi-Fi and priority late checkout.
Details
Perks include baggage delay reimbursement, and lost luggage reimbursement. There is also trip delay reimbursement. And there is purchase protection. Plus, there are concierge service and automatic Silver Elite status, which includes a 20% bonus on points.
Spend $35,000 each account year and get an upgrade to Gold Elite status. So, that includes a complimentary room upgrade, free daily breakfast and 4 PM late checkout.
There is an annual fee of $95. The APR is a 17.99– 24.99% variable.
Get it here: https://creditcards.chase.com/marriott/apply
Startup Business Credit Cards with No Credit to Build Credit
Discover it® Student Cash Back
Make sure to have a look at the Discover it® Student Cash Back card. It has no yearly fee. The credit card also offers a six-month introductory period of 0% APR on purchases. And there is an APR of 14.99 – 23.99% variable on all purchases after that period.
One special feature is that it provides an incentive for scholars to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, the card will award the $20 statement credit every year for up to five years.
Details
Use this credit card to build personal credit. While this is a personal credit card versus a company card, for new credit users, their FICO scores will be vital. And this credit card provides an outstanding way to raise FICO while also getting rewards. Better personal credit can also, often, be the key to unlocking online lending.
You can earn 5% cash back at different places each quarter like grocery stores, gas stations, restaurants or Amazon.com up to the quarterly maximum. After that, this card offers unlimited 1% cash back on all purchases.
In the first year, all cash back rewards are matched 100%.
Downsides include a cash advance fee of either $10 or 5% of the amount of each cash advance, whichever is more. And even though they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37.
Get it here: https://www.discover.com/credit-cards/cash-back/it-card.html
Startup Business Credit Cards with No Credit for Cash Back
SimplyCash Plus Business Credit Card from American Express
Check out the SimplyCash Plus Business Credit Card from American Express. There is a $0 yearly fee. And there is a 0% APR on purchases. So this is for the initial 15 months an account is open.
But when the introductory period expires, the APR for purchases is 14.24 to 21.24%. So, this is variable and based on creditworthiness.
Details
This credit card has several benefits. These include purchase protection, car rental loss and damage insurance. And they also include a baggage insurance plan, extended warranty coverage and a global assist hotline.
Also, earn 5% cash back at US office supply stores and on wireless phone services. So, these must be bought from United States providers. But this pertains to the initial $50,000 of yearly spending. Then, you earn 1% cash back.
You also get 3% cash back on spending category of your choice. So, this is from eight distinct categories. They include airfare, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending. Then, you earn 1% cash back.
Cash-back bonuses are automatically credited to the customer’s billing statement.
Note: you cannot use this credit card for balance transfers. There is a foreign transaction fee of 2.7%. The card charges up to $38 in late fees. And the returned check fee is also $38. The penalty APR is 29.99%.
And, it kicks in if you have two or more late payments within 12 months. It can also apply if you fail to make the minimum payment on time or have a returned payment.
Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279
Capital One® Quicksilver® Card
Look at the Capital One® Quicksilver® Card. It offers flat-rate rewards of 1.5% on all purchases. There are no limits to the amount of cash back rewards that cardholders can earn. Also, the card has a $0 yearly fee.
New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after opening the account. And after that they have a 14.74 – 24.74% (variable) APR after that.
A cash bonus of $150 is available for those who make at the very least $500 in purchases in 3 months of account opening.
Details
Also, cash back rewards do not expire for the life of the account. And there is no limit to how much you can earn.
This credit card also offers travel accident insurance. And you get an auto rental collision damage waiver. There are no foreign transaction fees. And there is extended warranty coverage.
Downsides are the flat reward rate, not allowing for any more than that. And the higher APR after the first 15 months.
Get it here: https://www.capitalone.com/credit-cards/quicksilver/
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
Startup Business Credit Cards with No Credit (Secured)
Wells Fargo Business Secured Credit Card
Check out the Wells Fargo Business Secured Credit Card. It charges a $25 annual fee per card (up to 10 employee cards). It also requires a minimum security deposit of $500 (up to $25,000) and it is meant to help cardholders set up or rebuild their credit.
Pick this credit card if you want to get 1.5% per dollar in purchases with no limits or earn one point for every dollar in purchases. You also earn 1,000 bonus points for every month your company makes $1,000 in purchases on the card.
Details
Also, you get free FICO scores every month. There are no foreign transaction fees. It is possible to upgrade to unsecured credit. Your account is regularly reviewed. And you may become eligible for an upgrade to an unsecured card with responsible use over time. Approval is not guaranteed and depends on factors including how you manage this and your other accounts.
APR is the current prime rate plus 11.90%. There is no introductory APR period and no sign-up bonus. This is not a card for balance transfers.
Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
Startup Business Credit Cards with No Credit for Jackpot Rewards
Chase Sapphire Preferred® Card
Have a look at the Chase Sapphire Preferred® Card for travel points.
You can earn two points to the dollar spent on travel and dining at restaurants. And you can get one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel.
The card’s benefits include trip cancellation insurance, travel and emergency assistance services. They also include an auto rental collision damage waiver, purchase protection and extended warranty protection.
When you spend $4,000 in the initial 3 months from account opening, you will get 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.
Details
You can earn an unlimited two points per dollar for travel and dining at restaurants. Then afterwards get one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. So, these include British Airways, Southwest Airlines, United, and Marriott.
There is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 – 24.74% variable. Also, the card has an annual fee of $0 introductory for the first year. And then it skyrockets to $95.
Get it here: https://creditcards.chase.com/rewards-credit-cards/chase-sapphire-preferred
Ink Business Preferred ℠ Credit Card
Get a look at the Ink Business Preferred Credit Card from Chase. Cardholders earn 3 points for every dollar spent on travel, shipping, internet, cable, phone and qualifying advertising with the card. So, this is up to $150,000 each year. And all other purchases earn an unlimited one point per dollar spent.
This is a Visa card.
Cardholders get benefits like purchase protection, trip cancellation or interruption insurance. They also get cellphone protection. And they get extended warranty coverage. And they get an auto rental collision damage waiver.
Details
Earn 80,000 bonus points when you spend $5,000 in the initial 3 months from account opening. There is an annual fee of $95. You can add employee cards at no additional cost.
This card only offers 3 points per dollar to a limit of $150,000 a year. So, this is for travel, shipping, internet, cable, phone and qualifying advertising. All other purchases earn an unlimited flat rate of one point per dollar. And there is no introductory APR
Get it here: https://creditcards.chase.com/small-business-credit-cards/ink-business-preferred
Establish business credit fast with our research-backed guide to 12 business credit cards and lines.
The Perfect Startup Business Credit Cards with No Credit for You
Your absolute best company credit cards hinge on your credit history and scores.
Only you can pick which features you want and need. So, make sure to do your homework. What is excellent for you could be disastrous for other people.
And, as always, make certain to establish credit in the recommended order for the best, quickest benefits.
The post Get Great Startup Business Credit Cards with No Credit appeared first on Credit Suite.
Small Business Crowdfunding: Is it For You?
Small business crowdfunding is just one of many funding options. How do you know which one is best for you? Crowdfunding is an innovative way for a business to get funding. Honestly, it seems to be perfect. Except, it doesn’t work for everyone
Small Business Crowdfunding is Not for Everyone
The problem is, a huge number of crowdfunding campaigns are not successful. That doesn’t mean you won’t see success, but crowdfunding for startups really isn’t for everyone. It works much better for some types of businesses than others.
In addition, how you run your campaign makes a huge difference in your success. We have the secrets to both successful campaigns and which businesses do best with small business crowdfunding.
Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.
What is Small Business Crowdfunding
Crowdfunding sites let you get the word out about your business to thousands of micro investors at once. Anyone interested can invest as much or as little as they want.
They can pledge a wide range of amounts depending on the campaign and the platform in use. They may give anywhere from $50 to $500. Heck, pledges can even go as low as $5.
Most offer rewards to investors for their giving. Usually, this is the product the business will be selling. However, often different levels of giving result in different rewards. For example, a $5 gift may get you a thank you note, and a $100 gift will get you an early release of the product.
What Types of Businesses Do Best with Small Business Crowdfunding?
Any business can give crowdfunding a shot, and success is always possible. However, historically these types of businesses have done best.
New Local Services
This one was surprising to me personally, but it makes sense. If you want to open a local business, especially in an area where there is a direct need, it could do well with small business crowdfunding for startups. It may depend on your platform, more on that later. For now, Local Lift is designed specifically for local businesses to request funding, gauge interest, and even build a customer base before opening.
New High-Tech Gadgets
This doesn’t mean just a new take on what is already out there. Rather, this is something that is completely unique. That is what is going to get the most support. Also, it needs to have a working prototype and there needs to be research behind it.
Unique Inventions for the Home
This category gets a ton of support, especially for items that solve everyday problems. For example, the fly killing salt shotgun and the wet diaper sensor have done really well!
New Tools for Cooking at Home
Think things that will let you do something at home that you normally can’t, like carbonate your own soda, or something that lets your cook things faster, or easier. Items that serve multiple purposes are another option. Maybe an easy way to make sushi at home? New kitchen tools for the home are often a big hit.
Small Business Crowdfunding Platforms
Suppose you have one of these highly successful ideas, or even if you do not and you want to give small business crowdfunding a shot anyway, you need to find the right platform. Now more than ever, with the economic downturn due to coronavirus, you have to choose your platform carefully. Here are a few to start with.
Kickckstarter
With over 14 million backers, Kickstarter is one of the largest crowdfunding platforms in the world. They boast over 130,000 funded projects. These include products and services related to:
- Publishing
- The arts and film
- Comics and illustration
- Design and tech
Kickstarter requires you to have a prototype. In addition, projects cannot be for charity. However, nonprofits can use Kickstarter. Also, you are not allowed to offer equity in a company as a perk.
Other banned projects and perks include anything to do with:
- Contests and raffles
- Cures and medicines
- Credit services
- Live animals
- Alcohol
- Weapons
Creators collect a 5% fee on all funds. They also use a payment processor, Stripe, that applies payment processing fees (roughly 3-5%). Unsuccessful campaigns do not pay a fee. There are also fees of 3% + $0.20 per pledge. Pledges under $10 have to pay a discounted micro pledge fee of 5% + $0.05 per pledge.
Indiegogo
Indiegogo has over 9 million investors. They do not allow campaign goals below $500. Also, they charge 5% platform fees and 3% + 30¢ third-party credit card fees. Note that fees are deducted from the amount raised, not the goal. As a result, if you raise more than your goal, you will pay more in fees. They do not accept PayPal.
Indiegogo is noteworthy because they offer flexible financing in addition to fixed financing options. So, if you do not make your goal and you chose flexible funding, you can at least hold onto what you collected. This is the opposite of how crowdfunding normally works.
RocketHub
RocketHub is better suited for those who need venture capital. They give you an ELEQUITY Funding Room. There, you can pitch your idea and see if it stimulates any interest from donors.
This platform is specifically for business owners working on projects related to:
- Art
- Business
- Science
- Social
If you achieve your fundraising goal, you will pay a fee of 4%. In addition, you’ll pay a 4% credit card handling fee. But if you do not reach your goal, then that fee jumps up to 8% plus the credit card handling fee. That means RocketHub is best for companies that are more confident they will make their goals.
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CircleUp
CircleUp aims to help up and coming brands and companies raise capital for growth projects. However, companies must apply and show revenue of at least $1 million to get a listing on the site. That said, the platform will sometimes make exceptions.
CircleUp can be good for those who already have a somewhat established business. That includes business owners who want both funding and guidance in order to take their businesses to the next level.
If your business gets approval for listing on CircleUp, the fee percentage comes from the total amount you raise.
GoGetFunding
GoGetFunding has been around since 2011. They let fundraisers keep the money they raise, regardless of whether they meet their target. If your business idea is unproven and you are unsure of whether you can meet your funding needs with a crowdfunding for business campaign, flexible funding can be a great option.
They charge a 6.9% fee. This is pretty high, but it includes both the platform fee and the payment processing fee. Therefore, it is actually more cost-effective than many other crowdfunding for business options.
Crowdfunder
With Crowdfunder, investors purchase equity in promising companies. They consider campaigns to be deals, and its donors are investors. Basic listings are $449/month. Self-start listings are $499/month. Self-start plus is $999/month. In their community, there are over 15,000 investors and 200,000 startups.
Fundable
This is a crowdfunding for business platform that allows companies to raise funds from investors, customers, and friends. They have over $80 million in funding commitments.
Fundable does allow equity campaigns. Also, they charge $179 per month to raise funds. Fees on rewards are: 3.5% + 30¢ per transaction. They do not charge success fees.
Fundly
Fundly allows for crowdfunding for creative ventures. If your business has a creative lean, this might work for you.
There is no minimum amount to fundraise or to keep money you raise. You can usually withdraw payments within 24 – 48 hours of the donation. In addition, they offer automatic transfers. It is free to create and share an online fundraising campaign.
Yet, Fundly will deduct a 4.9% fee from each donation you get. A credit card processing fee of 3% is also taken out from each donation. Also, there are nonspecific automatic discounts for larger campaigns.
Keys to a Successful Small Business Crowdfunding Campaign
There is no such thing as guaranteed success. These steps can help make sure you give yourself the best chance possible when it comes to crowdfunding for business.
Do the Research
You have to know your market and what demand looks like. The only way to find that out is to research. Figure out how much money you actually need before you set your goal. Lots of business owners have started crowdfunding campaigns only to find the demand isn’t there or their goal fell short of the actual need.
Create a Prototype
Trulty, you have to have a sample to show investors. It’s important. People are generally more likely to let go of money if they can see something tangible. This is so vital that Kickstarter actually mandates that you to have a prototype to show potential investors
Consider Your Platform
Once you know who your target audience is, you can determine if you would be best served by Kickstarter, Indiegogo, or another successful platform that is not as well known. If your audience doesn’t use the platform you are on, it won’t matter how great your idea or product is. They’ll never see it.
Give Awesome Incentives
This is huge. Don’t make promises you can’t keep, and don’t give away the company. Still, if someone one is going to help you get started, they deserve something amazing. Offer more than a thank you note. Be bold with what you offer as a reward for their support, without harming your success.
Set a Goal
Setting goals you can reach is necessary to success. Make certain you look at the numbers in relation to actual facts before you set a fundraising goal. Be certain you have production facilities on the line that can meet the timeline goals. Do not randomly set goals with no clue what it will take to reach them.
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It’s All in the Marketing
You can’t just willy nilly throw a campaign together. If you create a video, it needs to be professionally edited. Any social media should be specifically targeted toward your audience. If they are a cheesy, audience, then that is how your social media and videos need to be. A more sophisticated audience will need a different feel.
Whether Small Business Crowdfunding Works for You or Not, You Need Strong Fundability
What is fundability? It’s the ability of your business to get funding. What affects the fundability of your business? How do you make your business fundable? Those are short questions with very long answers. Here’s a brief rundown.
How Do You Make Your Business Fundable?
Your business will never build fundability if you do not set it up to do so. These means:
- Having a separate phone number, address, and email address for your business. Don’t use your own.
- Incorporating as an S-corp, LLC, or corporation.
- Opening a separate, dedicated business bank account.
- Have all the licenses necessary to operate.
- Getting an EIN from the IRS.
- Getting a D-U-N-S number from Dun & Bradstreet.
- Having a professional, user friendly business website.
That’s just the setup however. This doesn’t cause your business to be fundable, it just gets it ready. If everything else is stellar and your business isn’t set up this way, it will not be fundable.
What Affects the Fundability of Your Business?
This list is much more complicated. All of these things fit together like the pieces of a very strange puzzle. Some of it has to do with the past, some the future, and some deal with what is happening right now. For example, some things related to you personally, such as liens, traffic tickets, and person credit can actually affect the fundability of your business.
That said, if you flood the agencies that report this information with enough positive information, the older information will not matter as much. At the same time, you have to work to actively build business credit, which is a whole other animal. It affects fundability in a huge way, but contrary to personal credit, it doesn’t build on its own.
Is Small Business Crowdfunding for You?
It might be. If you fit into one of those categories known to be the most successful, give it a shot. Even if you don’t, there’s nothing that says you can’t try. Either way, be sure to follow our tips for a successful campaign, and work on fundability at the same time. In the future, you will most definitely need it.
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