4 Ways to Use Micro-Influencers to Grow Your Business

Getting more customers in today’s competitive world is nearly impossible.

Search engine optimization takes months to drive any measurable traffic, PPC costs tons of money and is often difficult for the average marketer to run without hiring an agency.

Referrals are great, but you can only generate so many of them.

The reality is most marketing tactics require tons of effort and months of planning before you see results.

Most of us can’t wait that long for results.

So, what do you do?

You take advantage of nano and micro-influencers.

Influencer marketing is one of the best ways to drive sales.

In fact, according to BigCommerce, 17 percent of companies spend over half their marketing budget on influencers.

But most people can’t afford celebrity influencers like Kim Kardashian.

Thankfully, you actually don’t want to use influencers like that.

You want smaller, niche-focused influencers called “micro-influencers.”

Here are what micro-influencers are and four ways to use them to gain customers.

What Are Micro-Influencers and Why You Should Use Them?

It’s no secret that influencer marketing is already a booming industry.

The growth of influencers and social media platforms is astounding, to say the least.

In fact, influencer marketing is a tactic I’ve used countless times to build my brands and companies.

Promoting when you have no followers for growth is tough.

That’s why influencers come in handy.

They provide instant promotion of your product or service with amazing conversion rates.

It’s one of the best ways to drive big sales.

All types of companies and brands take advantage of it.

instagram influencers mcdonalds example

So, what is a micro-influencer? How does micro-influencer marketing differ from typical influencer marketing? Why should you focus on micro-influencers and not ordinary influencers?

Well, let’s start off with some basic definitions.

Micro-influencers are pretty much exactly what they sound like.

They are hyper-specific influencers who have lower follower counts in a given niche. They have intensely engaged audiences, yet a relatively low (below 25k) follower count.

Major celebrities are not micro-influencers.

They have millions of followers.

Accounts with less than 25,000 followers are generally considered micro-influencers. They often have very active audiences. Furthermore, nano-influencers have followers in the thousands.

The data proves that nano- and micro-influencers are successful.

Markerly studied over 800,000 Instagram accounts, each with over 1,000 followers. They analyzed how engaged their audiences were in comparison to major celebrity influencers.

They found that as the follower count increased, like rates dropped significantly.

micro influencers guide likes vs followers guilde

They also found that comments and engaged users decreased as followership increased:

micro influencer guide comment vs followers chart

This means that the more followers an account has, the fewer likes and comments they get (relative to the follower count.)

So using influencers who have millions of followers might get you less bang for your buck.

On top of this glaring data, they also found that Instagram influencers with 1,000 to 10,000 followers earned likes at a 4 percent rate. In contrast, accounts with over 10,000 only achieved a 2.4% like rate.

The big-ticket celebrity accounts with over 1,000,000 followers only got a 1.7 percent like rate.

Experticity studied big groups of micro-influencers to see what power they held.

Here are two of the incredible statistics they uncovered:

  1. Micro-influencers achieved 22.2 times more conversations than average consumers when they recommended products.
  2. 82 percent of consumers reported that they were highly likely to follow a recommendation made by a micro-influencer.

So micro-influencers have more conversations about buying recommendations than macro-influencers. At the same time, they hold greater power when driving actual conversions.

If you think you need millions of followers to grow your brand, think again.

Nano and micro-influencers drive more engagement and hold better recommendation power.

So it’s time to stop wasting money on expensive influencers who aren’t driving engagement or traffic.

Here’s how you can find micro-influencers and four ways to use them to gain more customers.

How to Find Micro-Influencers for Your Brand

Before we jump into the ways you can use micro-influencers to gain more customers, you need to understand how to locate these people.

Finding the right influencer is critical.

It can make or break your campaign.

If you select the wrong influencer in the wrong niche, you risk wasting money on a failed campaign that won’t grow your business.

Fortunately, there are a few tools we can use to collect influencers and begin the process of outreach.

My favorite tool is HYPR.

microinfluencers guide hypr

It’s an analytics-based tool that allows you to find data on tons of different influencers in any given niche.

It’s also free for over 100 searches.

Most of these tools cost tons of money, but HYPR gives you free searches and detailed reports.

To get started, create your free account.

Once you’ve made it to the dashboard, it’s time to search:

hypr example microinfluencers guide

Once we’re here, we want to set some search filters based on the data we covered earlier.

Remember: influencers with 1,000 to 10,000 followers earned likes at a 4 percent rate, while accounts with over 10,000 followers only achieved a 2.4 percent like rate.

For micro-influencers, we want to focus on accounts in the 1,000 to 10,000 following range.

To do this, select the following ranges as your minimum and maximum:

hypr micro influencer guide

Next, type your niche category into the keyword search engine at the top:

hypr micro influencer guide

You can select up to five different interests to target.

Next, you want to refine your audience based on typical demographics of your customer base:

hypr micro influencer guide refine search

Remember, micro-influencers work because they are specific, niche audiences that are hyper-engaged.

So, focus on as many narrowing filters as you can to get a better conversion rate.

Once you’ve searched, you can click on any of the given influencers to start inspecting their profile and data:

hypr find micro influencer guide

HYPR gives you a ton of free influencer data that can help you decide who to use for your next campaign:

hypr micro influencer guide influencer data example

Once you’ve created a list of influencers, start reaching out to them.

These micro-influencers will help you drive tons of growth and gain more customers quickly.

Now, here are four ways to use these micro-influencers to gain more customers.

1. Use Campaign-Specific Hashtags

Campaign-specific hashtags are one of the best ways to spread brand awareness and drive sales.

They allow niche micro-influencers to connect easily with your brand.

For example, check out how sparkling water brand Lacroix does it:

micro influencers example on instagram

They work with tons of micro-influencers to promote their products and gain more customers.

You’ll see that the influencer in this photo has barely over 1,000 followers:

micro influencers example

But that specific micro-influencer gets tons of interactions, which makes the partnership worth it.

And on top of that, Lacroix runs dedicated hashtag-based influencer campaigns:

micro influencers guide lacroix

They send out free products for promotions to these influencers and get tons of traction on Instagram.

If you click on any of these influencer posts, they almost all have fewer than 10,000 followers:

microinflencers example sofithevialla

Why do they work?

It’s because they’re genuine and authentic.

These people truly live the Lacroix lifestyle and embody the brand image.

They are down-to-earth, real people.

Accounts with over 1 million followers may seem like a cool way to promote your brand. But at the end of the day, their engagement rates are lower than that of micro-influencers.

On top of that, they likely are major celebrities who don’t embody your brand.

Follow in Lacroix’s footsteps by creating your own hashtag-based campaign.

You can start a hashtag with your company name in it to drive tons of branded traffic and explode your customer growth.

2. Leverage User-Generated Content

One of the best user-generated content campaigns I have ever seen used a batch of micro-influencers.

In January of 2015, the Hawaiian Tourism board took micro-influencer campaigns to a new level:

hawaii micro influencers example

They leveraged the power of micro-influencers in a way that revolutionized Instagram marketing.

Here’s what Vince Soliven, the executive creative director of the campaign, said about it:

When you have a social media star who is ‘a regular person,’ it bridges the gap for the consumer. If this person is having this experience, it’s not fabricated, it’s not the result of some crazy $5,000 photo shoot. They got that with a GoPro. Maybe I could have that experience, too.

Hawaii’s “Let Hawaii Happen” campaign generated 100,000 posts in a single year.

On top of that, the campaign reached 54% of all U.S. travelers!

The cherry on top: 65 percent of people who saw the campaign said that they planned to visit Hawaii in the next year or two.

They did this by leveraging local Hawaiian micro-influencers like Lindsey Higa:

hawaii microinfluencers

They focused on influencers who connected to their ideal vision and brand image.

Despite being a boring tourism board, they were able to generate incredible traction and drive high amounts of interest in travel.

One of the key reasons that they found such success was because of user-generated content.

They didn’t merely post pictures on their account.

They allowed influencers to post pictures for them, suggesting authenticity and boosting their credibility.

In fact, 93 percent of consumers find UGC to be an influence when making a buying decision!

On top of that, UGC can increase your campaign conversions by 29% on average.

Thankfully, it’s not hard to start leveraging UGC in your campaigns.

Buffer does it all the time:

buffer user generated content example

User-generated content may be the “ace in the hole” for your next micro-influencer campaign.

Focus on creating great connections with your influencers and using them to position your brand with a trustworthy image.

3. Create Sponsored Posts

Sponsored posts are similar to UGC in that you focus on getting the influencers to post the content on their own accounts.

These posts drive up engagement and create a more authentic brand vision.

They also allow your influencers to make detailed videos or content pieces surrounding your product.

This publicity reinforces your brand to the audience and gives you valuable traffic and interest.

You can see this all the time on Instagram:

instagram microinfluencers sponsored post

They are on YouTube, too:

microinfluencers on youtube example

Sponsored posts are one of the most common ways to leverage a group of influencers, and it works great for micro-influencer campaigns as well.

One of the best ways to do this is by reaching out to your desired influencer and offering to send them free products in exchange for honest reviews.

If you already have influencers that you work with, it’s even easier. Depending on your campaign contracts, you can simply ask them to post sponsored content!

It’s no secret that influencers hold significant power to drive conversions.

People trust them, and they will trust what they recommend.

Use this to your advantage by having your influencers create sponsored posts for your brand.

4. Tell a Story With Your Promotion

Storytelling increases conversions. There’s no doubt about it.

A few years ago, when I was starting to ramp up my blog, I was struggling to get visitors.

My blog posts were great. I was posting consistently, but the blog wasn’t compelling users to stay.

So I started to personalize it by telling stories with my content that people could relate to.

Here’s what happened:

micro influencers guide increase in visitors due to storytelling.

In just a few months, my traffic started to skyrocket.

I found the growth I never knew I had access to!

The same goes for micro-influencer marketing.

Storytelling drives conversions naturally because people begin to care about you and your brand.

For example, check out how American Express uses influencers to tell stories:

american express storytelling example micro influencers guide

They connect a boring consumer product to the desires of nearly every human: travel, exploration, and fun.

The influencer doesn’t merely post a sponsored post saying “AMEX is the best!” Instead, they use a story to craft why AMEX fits the influencer’s life.

It helps people bridge the gap between a boring product and developing the need for that product in their daily lives!

Ultimately, they are much more likely to understand why they need it.

To start using storytelling, inspect your preferred influencer platform. Look for specific micro-influencers who already have a story.

For example, do they love to travel?

microinfluencers guide lukebarrow travels example

Are they a popular niche micro-influencer?

NeilPatel com 4 Ways to Use Micro Influencers to Gain More Customers txt Google Docs

The goal here is to find influencers who fit your brand story.

For example, let’s say your brand donates part of the sales it makes to charity. In that case, find someone who travels the world volunteering and helping third-world communities.

If your brand gives computers to underprivileged kids, find an influencer who works with similar groups.

Telling a detailed story with your marketing is one of the best ways to drive sales and gain more customers.

I’ve personally used it on my blog to gain more clients and scale growth.

I even use it on social media when I share personal posts:

micro influencers share stories

It helps connect people to your brand in ways that sponsored posts and UGC simply can’t.

It’s another level of influencer marketing that gives people inspiration, purpose, and a reason to love (and talk about) your product.

Be sure to incorporate storytelling into any micro-influencer campaign you run.

Micro-Influencers Conclusion

Driving more sales and landing more customers is a grind.

That’s especially true in today’s world where every niche and subset of that niche has a competitor.

There are countless businesses just like mine and just like yours.

So how do you compete? How do you drive sales in such a difficult environment?

Well, most people turn to SEO or PPC.

However, SEO takes months to start bringing in reputable, quality traffic, and PPC is a nightmare when you have other things to focus on.

So what do you do?

You start investing in influencer marketing.

Specifically, with micro-influencers.

It’s a growing niche within the influencer-marketing space that is seeing a huge return on investment.

Start by scouting micro-influencers. HYPR is one of the best tools you can use to compile a list of micro-influencers to utilize.

Remember, influencers with fewer than 10,000 followers will net you the best bang for your buck when it comes to engagement.

Next, use campaign-specific hashtags. That’s one of the best ways to use micro-influencers to drive tons of growth.

Take advantage of the buying power that user-generated content can give you.

Create sponsored posts to spread awareness quickly.

Finally, get your influencers to tell a story with their posts. It’s one of the best ways to connect users to your product.

How have you found success using nano- or micro-influencers in your marketing strategy?

When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do …

The Perfect Business Credit Portfolio Includes Vehicle Financing

Does your business need vehicles to get the work done? This can be any number of kinds of vehicles, such as trucks for deliveries and hauling, sprinter vans, company cars, and even vans to facilitate commuting for your employees. Vehicle financing can be a smart way to afford all of them.

Vehicle Financing in a Nutshell

Much like you probably didn’t buy your personal vehicle outright, financing is a great way to go in order to get a vehicle now, without having to wait until you can just pay cash and drive it off the lot. With a car for personal use, your choices are usually buying or leasing. Providers include banks like Bank of America or the financing arm of the manufacturer, such as Chrysler Capital.

Commercial vehicle funding has certain parameters. Whether a vehicle is purchased new or used will affect the number of years you can finance the vehicle and the rates you will pay. If a vehicle is used, then the number of miles on it will also affect terms. Plus, business owners may be required to personally guarantee vehicle loans.  If you are a co-borrower the loan will most likely report to your personal credit report. Some loans have a prepayment penalty and charge you for paying ahead.

In general, the following will eliminate the need to provide a personal guarantee for this type of financing: good business credit, a decent amount of time in business or good personal credit. And much like with any other kind of business borrowing, the more assurances you can give the lender, the better.

Basic Terms and Qualifying

You need to establish the amount of money you have for a down payment, and the vehicle you need. Plus, you must establish the costs associated with buying the vehicle.

You’ll need to provide documentation that proves you are the owner of a business. This includes business licenses, partnership agreements, LLC documents, and articles of incorporation (if applicable), listing you as having at least a 20% stake in the business.

You may also have to provide personal documentation like personal credit score and credit history. If you are a sole proprietor and the business is under your Social Security number, you are the borrower and guarantor. Hence you are personally liable for repaying the loan. It is also a good idea to have a loan proposal. A loan proposal should detail your business, loan needs, and financial statements.

Good Business Credit Can Help

If your company needs vehicles for operation build your business credit. This, way you will be able to qualify with no PG. Having this ability can give you the freedom to grow your fleet, and without your signature. More on this later. First, let’s look at those four keys to financing.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #1: Using Business Credit for Vehicle Financing

You can even finance a vehicle purchase or lease through our Business Credit Builder. These offers are in Tier 4, so these lenders will have certain requirements that business credit neophytes just won’t be able to meet. Lenders will want to see that you have the income to support the purchase. 

As an example, consider Ford Commercial Vehicle Financing.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial funding options. These include loans, lines, and leases to actual business entities. This is not for sole proprietorships. You can get a loan or a lease.

Ford may ask for a Personal Guarantee (PG)  if you don’t get an approval on the merit of your application. Apply at the dealership. Ford will report to D&B, Experian, and Equifax.

Ford Commercial Vehicle Financing: Terms and Qualifying

To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable) and a business bank account

You will need to have a strong business credit history. And you must have a good Experian business credit score.

Demolish your funding problems with 27 killer ways to get cash for your business.

Ally Car Financing Through Credit Suite

Ally provides personal financing. But Ally will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only. Ally will report to D&B, Experian, and Equifax

Ally Car Financing: Terms and Qualifying

For Ally Commercial Line of Credit, to qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account
  7. Bank reference
  8. Fleet financing references

If you use a personal guarantee, Ally will not report to the personal credit bureaus unless the account defaults.

With Ally Commercial Vehicle Financing, you can get a lease or a loan. To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account

There is no minimum time in business requirement. Apply in person only, dealer will advise if approval or Personal Guarantee (PG) needed.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #2: Credit Line Hybrid

Yet another potential form of vehicle financing is through the Credit Suite Credit Line Hybrid. A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. Get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Vehicle Financing Key #3: 401(k) Financing

Another option for vehicle financing is using your 401(k) as collateral. This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

401(k) Financing: Terms and Qualifying

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it. You can usually get up to 100% of what’s “rollable” within your 401(k) . The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Vehicle Financing Key #4: SBA 504 Loans

The SBA 504 loan can be used to purchase “Long-term machinery and equipment”. As a result, it’s not a standard car loan. But you can purchase a truck with it. You can use an SBA 504 loan when the vehicles being purchased qualify as heavy equipment.

Some examples of trucks as ‘heavy equipment’ can include:

  1. Cement trucks
  2. Dump trucks
  3. Custom-build heavy trucks fit for specific purposes (loading/unloading septic tanks, for instance)
  4. Semis and tanker trailer trucks

If your vehicle needs run in this direction, then an SBA loan could be perfect for your needs.

SBA 504 Loans and Credit Suite

Did you know that you can get SBA loans through Credit Suite? Established businesses with tax returns that show good revenues and profitability can get very large sums of funding with Secured Small Business Loans. If you have positive business tax returns, you should apply for secured government-backed SBA program loans from $250,000 up to $12,000,000. Approval amounts will vary based on the collateral your business has, and the amount of net profit reflected on your tax returns.

The total time to close these loans is about 2-4 months. SBA loans offer some of the longest payback terms available for business financing. Get loan terms for 10, 15, or even 25 years with the SBA. Interest will total approximately 3% of the debt. The rate may be financed with the loan.

Get approved for up to $12 million. Your credit will have to be of good quality. Your collateral will need to equal 50% of the loan amount. Financials will be necessary.

SBA 504 Loans Through Credit Suite: Documentation 

The SBA will require certain documentation to qualify including:

  1. Business and personal financials
  2. Resume and background information
  3. Personal and business credit reports
  4. Your business plan
  5. Bank statements
  6. Collateral and any other documentation relevant to the transaction

Vehicle Financing: Takeaways

Getting vehicle funding involves variables like whether the vehicle is new or used. Heavy vehicles like dump trucks can be paid for with SBA 504 loans. There is a possibility that you would have to provide a personal guarantee to get a loan or lease. Credit Suite offers financing that you can use to purchase vehicles, and we offer even more options through our Business Finance Suite. There are four keys to open the door to affording vehicles for your business. And there are a lot of options. Let’s explore them together.

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When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do …

The Perfect Business Credit Portfolio Includes Vehicle Financing

Does your business need vehicles to get the work done? This can be any number of kinds of vehicles, such as trucks for deliveries and hauling, sprinter vans, company cars, and even vans to facilitate commuting for your employees. Vehicle financing can be a smart way to afford all of them.

Vehicle Financing in a Nutshell

Much like you probably didn’t buy your personal vehicle outright, financing is a great way to go in order to get a vehicle now, without having to wait until you can just pay cash and drive it off the lot. With a car for personal use, your choices are usually buying or leasing. Providers include banks like Bank of America or the financing arm of the manufacturer, such as Chrysler Capital.

Commercial vehicle funding has certain parameters. Whether a vehicle is purchased new or used will affect the number of years you can finance the vehicle and the rates you will pay. If a vehicle is used, then the number of miles on it will also affect terms. Plus, business owners may be required to personally guarantee vehicle loans.  If you are a co-borrower the loan will most likely report to your personal credit report. Some loans have a prepayment penalty and charge you for paying ahead.

In general, the following will eliminate the need to provide a personal guarantee for this type of financing: good business credit, a decent amount of time in business or good personal credit. And much like with any other kind of business borrowing, the more assurances you can give the lender, the better.

Basic Terms and Qualifying

You need to establish the amount of money you have for a down payment, and the vehicle you need. Plus, you must establish the costs associated with buying the vehicle.

You’ll need to provide documentation that proves you are the owner of a business. This includes business licenses, partnership agreements, LLC documents, and articles of incorporation (if applicable), listing you as having at least a 20% stake in the business.

You may also have to provide personal documentation like personal credit score and credit history. If you are a sole proprietor and the business is under your Social Security number, you are the borrower and guarantor. Hence you are personally liable for repaying the loan. It is also a good idea to have a loan proposal. A loan proposal should detail your business, loan needs, and financial statements.

Good Business Credit Can Help

If your company needs vehicles for operation build your business credit. This, way you will be able to qualify with no PG. Having this ability can give you the freedom to grow your fleet, and without your signature. More on this later. First, let’s look at those four keys to financing.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #1: Using Business Credit for Vehicle Financing

You can even finance a vehicle purchase or lease through our Business Credit Builder. These offers are in Tier 4, so these lenders will have certain requirements that business credit neophytes just won’t be able to meet. Lenders will want to see that you have the income to support the purchase. 

As an example, consider Ford Commercial Vehicle Financing.

Ford Commercial Vehicle Financing Through Credit Suite

Ford offers several commercial funding options. These include loans, lines, and leases to actual business entities. This is not for sole proprietorships. You can get a loan or a lease.

Ford may ask for a Personal Guarantee (PG)  if you don’t get an approval on the merit of your application. Apply at the dealership. Ford will report to D&B, Experian, and Equifax.

Ford Commercial Vehicle Financing: Terms and Qualifying

To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable) and a business bank account

You will need to have a strong business credit history. And you must have a good Experian business credit score.

Demolish your funding problems with 27 killer ways to get cash for your business.

Ally Car Financing Through Credit Suite

Ally provides personal financing. But Ally will also report to business credit bureaus. If your business qualifies for financing without the owner’s guarantee, you can get financing in the business name only. Ally will report to D&B, Experian, and Equifax

Ally Car Financing: Terms and Qualifying

For Ally Commercial Line of Credit, to qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account
  7. Bank reference
  8. Fleet financing references

If you use a personal guarantee, Ally will not report to the personal credit bureaus unless the account defaults.

With Ally Commercial Vehicle Financing, you can get a lease or a loan. To qualify, you need:

  1. Entity in good standing with Secretary of State
  2. EIN number with IRS
  3. Business address- matching everywhere
  4. D-U-N-S number
  5. Business license (if applicable)
  6. And a business bank account

There is no minimum time in business requirement. Apply in person only, dealer will advise if approval or Personal Guarantee (PG) needed.

Demolish your funding problems with 27 killer ways to get cash for your business.

Vehicle Financing Key #2: Credit Line Hybrid

Yet another potential form of vehicle financing is through the Credit Suite Credit Line Hybrid. A credit line hybrid is a form of unsecured funding. Our credit line hybrid has an even better interest rate than a secured loan. Get some of the highest loan amounts and credit lines for businesses. Get 0% business credit cards with stated income. These report to business CRAs. So you can build business credit at the same time. This will get you access to even more cash with no personal guarantee.

Credit Line Hybrid: Terms and Qualifying

You need a good credit score or a guarantor with good credit to get an approval (a FICO score of at least 680). No financials are necessary. You can often get a loan of five times the amount of current highest revolving credit limit account. This is up to $150,000.

Vehicle Financing Key #3: 401(k) Financing

Another option for vehicle financing is using your 401(k) as collateral. This is not a loan. You will not have to pay an early withdrawal fee or a tax penalty. You put the money back by contributing, just like with any 401(k) program. This means you won’t lose your retirement funds. This is a 401(k) Rollover for Working Capital program. The IRS calls it a Rollover for Business Startups (ROBS).

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. This type of financing isn’t a loan against, your 401(k), so there’s no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

401(k) Financing: Terms and Qualifying

Pay low rates, often less than 5%. Your 401(k) will need to have more than $35,000 in it. You can usually get up to 100% of what’s “rollable” within your 401(k) . The lender will want to see a copy of your two most recent 401(k) statements.

You can get 401(k) financing even with severely challenged personal credit. The 401(k) you use cannot be from a business where you are currently employed. So it will need to be from older employment. You cannot be currently contributing to it.

Vehicle Financing Key #4: SBA 504 Loans

The SBA 504 loan can be used to purchase “Long-term machinery and equipment”. As a result, it’s not a standard car loan. But you can purchase a truck with it. You can use an SBA 504 loan when the vehicles being purchased qualify as heavy equipment.

Some examples of trucks as ‘heavy equipment’ can include:

  1. Cement trucks
  2. Dump trucks
  3. Custom-build heavy trucks fit for specific purposes (loading/unloading septic tanks, for instance)
  4. Semis and tanker trailer trucks

If your vehicle needs run in this direction, then an SBA loan could be perfect for your needs.

SBA 504 Loans and Credit Suite

Did you know that you can get SBA loans through Credit Suite? Established businesses with tax returns that show good revenues and profitability can get very large sums of funding with Secured Small Business Loans. If you have positive business tax returns, you should apply for secured government-backed SBA program loans from $250,000 up to $12,000,000. Approval amounts will vary based on the collateral your business has, and the amount of net profit reflected on your tax returns.

The total time to close these loans is about 2-4 months. SBA loans offer some of the longest payback terms available for business financing. Get loan terms for 10, 15, or even 25 years with the SBA. Interest will total approximately 3% of the debt. The rate may be financed with the loan.

Get approved for up to $12 million. Your credit will have to be of good quality. Your collateral will need to equal 50% of the loan amount. Financials will be necessary.

SBA 504 Loans Through Credit Suite: Documentation 

The SBA will require certain documentation to qualify including:

  1. Business and personal financials
  2. Resume and background information
  3. Personal and business credit reports
  4. Your business plan
  5. Bank statements
  6. Collateral and any other documentation relevant to the transaction

Vehicle Financing: Takeaways

Getting vehicle funding involves variables like whether the vehicle is new or used. Heavy vehicles like dump trucks can be paid for with SBA 504 loans. There is a possibility that you would have to provide a personal guarantee to get a loan or lease. Credit Suite offers financing that you can use to purchase vehicles, and we offer even more options through our Business Finance Suite. There are four keys to open the door to affording vehicles for your business. And there are a lot of options. Let’s explore them together.

The post When The Most Successful Companies Look for Fleet and Vehicle Financing … Here’s What They Do … appeared first on Credit Suite.

Is Business Credit Scoring a Killer Application or Application Killer?

Is Business Credit Scoring a Killer Application or Application Killer?

Goal designers made HAL to bring out a range of technological orders to secure the ship’s objective. HAL ran perfectly till it reported the fallen short procedure of a ship system that was running completely.
Several tiny company proprietors think that HAL’s kids are bring out HAL’s homicidal goal in the little organization credit rating field. Each day in the U.S., computer systems with elegant formulas rack up thousands of tiny organization credit score deals.
By acquiring a far better understanding of the credit report procedure, you might have the ability to aid your company maneuver in the brand-new globe of credit history. Below are some bottom lines regarding company credit history worth keeping in mind:
Credit report automates the credit rating analysis procedure. Debt companies utilize these systems to quicken funding handling, to reduce handling prices, to promptly readjust terms as well as prices to match credit scores dangers, as well as to include a high level of neutrality to debt choices.
Credit history is an anticipating system based upon analytical modeling. Rating systems are made to anticipate whether customers will certainly achieve success in settling finances. Several systems consume to 20 aspects to examine credit score merit.
Several lending institutions as well as renting firms utilize credit report for service deals under $100,000. Over 90% of significant credit score service providers make use of credit-scoring systems on purchases listed below $ 50,000.
A leader and also leading credit history solution, Fair Isaac and also Company, investigated analytical credit scores modeling in the 1980s. They identified that the individual credit scores actions of a business’s crucial principals/owners is a solid forecaster of their service credit rating actions. Merely specified, a company owner that pays individual costs on schedule normally will create his/her firm to pay costs in a timely manner.
The Fair Isaac racking up version creates organization credit rating varying from 50 to 350. Credit report service providers generally take into consideration a company credit rating over 220 to be an excellent threat. They take into consideration a rating of much less than 175 to be a high threat.
The overriding consider organization credit report is the credit rating of business proprietors or the crucial principals. Furthermore, there are various other variables associated with the proprietors’/ principals’ individual credit report accounts utilized to rack up small company purchases
Business-related credit history elements racked up consist of: the firm’s time in organization; firm dimension; sector; type of firm organization; background of paying costs promptly; service total assets; typical financial institution equilibriums; proportion of financial debt solution to capital; as well as current judgments, insolvencies or firm collections.
Several huge lending institutions, such as Well Fargo Bank as well as Bank of America, have actually created their very own anticipating service credit scores designs. A number of have also fine-tuned the Fair Isaac design to far better fulfill their choices and also demands.
Ask the lending institution to describe the denial if your company is denied for debt based on a racking up version. Some loan providers will certainly reevaluate if asked for, yet might need added debt info.
Some loan providers have unique swimming pools for greater danger debts. They typically bill greater prices and also use terms that are much less beneficial than for high-scoring purchases. Others might request for credit rating improvements to provide authorization, such as extra security or outdoors warranties.
Right here are 10 methods to boost organization credit rating:
Boost the credit score behaviors and also accounts of the crucial principals or local business owner
Pay all back tax obligations
Resolve superior liens and also judgments
Pay costs on schedule and also follow settlements
Remove vendor disagreements by clearing up with any kind of providers or previous staff members
Market or factor balance dues to boost capital
Develop your company’s credit history document by signing up with the Secretary of State where your organization is integrated
Attempt to boost private and also business debt for at the very least twelve months
Purchase from suppliers that report task to the significant credit rating bureaus
Establish automated account debiting with lenders to assist remove the opportunity of paying sluggish
Credit report racking up is not developed to forecast private car loan efficiency with assurance. A negative aspect of debt racking up systems is that they are very easy to defalcate.
If your company does not rack up well under a racking up version made use of by a significant lending institution, you might deal with an uphill fight for credit scores authorization. Some smaller sized credit rating companies attempt to separate themselves by not making use of racking up designs.

A leader as well as leading credit report racking up solution, Fair Isaac and also Company, investigated analytical credit score modeling in the 1980s. They established that the individual credit report actions of a business’s crucial principals/owners is a solid forecaster of their organization debt actions. The Fair Isaac racking up version creates organization credit history ratings varying from 50 to 350. Credit score carriers generally think about a company credit history rating over 220 to be an excellent threat. If your company does not rack up well under a racking up version utilized by a significant lending institution, you might encounter an uphill fight for debt authorization.

5 Ways E-Commerce Companies Can Use BrickSeek to Increase Sales

If you’ve heard of BrickSeek, you likely know it’s a powerful tool for consumers, allowing them to track down inventory and find the best deals at big retailers.

However, once you scratch beneath the surface, you’ll find out there’s a lot more to BrickSeek. Far from just a customer-facing app, it has a lot to offer e-commerce companies.

In this guide, I’m going to explain how e-tailers can start using BrickSeek right now to boost their sales and revenue.

What Is BrickSeek?

I’ve written before about BrickSeek’s feature set and how consumers can use it to find hidden inventory sales, so for a more in-depth explanation of the app, check out my previous article.

brickseeker home page

However, to give a brief overview, BrickSeek started out in 2014 as a web application enabling LEGO collectors to track down popular sets online and in-store. 

Then it branched out, leveraging the same technology to help users find inventory levels, sales, and clearance deals at some of the nation’s largest retailers, including:

  • Amazon
  • Best Buy
  • Lowe’s
  • Macy’s
  • Office Depot
  • Target
  • Walmart

Why Should E-Commerce Companies Use BrickSeek?

The same things that make BrickSeek such a useful tool for consumers also make it a potentially invaluable resource for online retailers. Think about it. Wouldn’t you love to know: 

  • How much of a certain product your biggest rivals have in stock?
  • How much other brands are charging for a specific item?
  • Which products are being marked down, and in which locations?
  • Which products are attracting the most interest from shoppers?

You can find all that information and much more on BrickSeek. In other words, it can be a vital source of competitive information if you know how to use it intelligently. It’s almost like having your own network of spies inside your rivals’ warehouses. Who wouldn’t want that?

Ways E-Commerce Companies Can Use BrickSeek to Increase Revenue and Sales

If you’re an e-commerce store owner, here are a few ways you can use BrickSeek in your business:

1. Use BrickSeek to Help You Set Your Prices

Do you sell the same products as your rivals? Then it’s vital you get your pricing right. After all, 91 percent of consumers say product price impacts their online purchase decisions, ahead of factors like free shipping (78 percent), brand preference (65 percent), and recommendations from friends and family (60 percent).

Set your prices too low and you won’t earn enough margin, which eats into your profits. Set them too high and you won’t drive enough sales. Get them just right and you’re well-placed to increase sales and revenue.

That’s where BrickSeek comes in.

First, search for a product’s stock-keeping unit (SKU) or universal product code (UPC). You can either find this through the website of the retailer in question or by using BrickSeek’s built-in SKU finder:

BrickSeek SKU finder
BrickSeek SKU checker results

Then run a search on the SKU, using a zip code that aligns with an area you cover, to be presented with all the pricing information for your chosen product. Now you know how much you can afford to charge.

2. Use BrickSeek to Buy Materials for Cheap 

Just because you sell products to consumers doesn’t mean you’re solely a B2C business. After all, your products need to come from somewhere. If you do some of your own manufacturing, you’ll need to source your own materials, too. 

In those instances, you can simply access BrickSeek as if you’re a consumer, using the app to track down wholesale-standard prices on the products and materials you require.

3. Save Time Checking Retailer Inventory 

Looking for the best prices on products to sell is a time-consuming endeavor. BrickSeek helps you do it faster as you can quickly check the inventory from many different retailers.

Just enter the SKU or UPC using the same steps I described earlier, enter a relevant zip code, then hit “Check Inventory” to immediately see stock and pricing information from a given retailer on a specific product:

walmart air fryer on brickseek

4. Discover Hot Sellers 

Running a successful e-commerce business hinges mainly on knowing the right products to sell. This is something else BrickSeek can help you with. By checking the inventory of the retailers the platform supports, you can pick trends in products that move fast. That’s an indicator of which products you should consider selling.

5. Monitor Market Trends 

The secret to success and longevity in the e-commerce industry is understanding market trends. That’s where BrickSeek’s top product searches feature comes in. By observing the products your customers frequently search for, you can anticipate trends in your niche. Monitoring market trends will help you make data-based decisions to help you stay ahead of the curve and your competitors.

BrickSeek trending deals

FAQs About BrickSeek

Is BrickSeek.com legitimate?

Yes, BrickSeek is a legitimate tool for finding pricing information and inventory levels, as demonstrated by its A- rating from the Better Business Bureau.

How accurate is BrickSeek?

While it’s definitely legitimate, BrickSeek isn’t always 100 percent accurate, as with any third-party tool. The site freely admits retailers will not honor inventory or pricing discrepancies between BrickSeek and “real life.” 

How often does BrickSeek update?

All the inventory information provided through BrickSeek’s inventory checker is collected in real-time when you do a search.

Is there an app for BrickSeek?

At the time of writing, the BrickSeek app is in beta testing and is only available to Premium and Extreme members. In other words, you can’t currently access it without a paid BrickSeek account. If you’re a paying subscriber, you can request access to the Android or iOS apps here.

BrickSeek for E-Commerce Companies Conclusion

In less than a decade, BrickSeek has gone from being a simple, niche tool for finding obscure LEGO sets to a potentially mass-market app offering huge value to consumers and retailers alike. That’s some transformation!

Use BrickSeek intelligently, and you can gain unique insights on your biggest rivals, which in turn can help you:

  • set competitive pricing
  • pick up bargain prices on raw materials and products
  • understand when other retailers are struggling to access stock on key product lines
  • figure out whether a new product is worth selling based on levels of consumer interest
  • keep track of trends in your market

Best of all, BrickSeek is still comparatively underutilized among e-commerce companies. By learning how to make it work for your brand, you can position yourself to beat your competition.

What do you think are the biggest reasons for retailers to start using BrickSee

Dendron (YC W21) Is Hiring

Article URL: https://wiki.dendron.so/notes/c378b702-7d49-4e91-be6e-b2078103c86e.html

Comments URL: https://news.ycombinator.com/item?id=27774766

Points: 1

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Algolia (YC W14) is hiring to scale its search engine

Article URL: https://www.algolia.com/careers/senior-software-engineer-distributed-systems-search-core-london-paris-remote-dublin-bucharest

Comments URL: https://news.ycombinator.com/item?id=27758202

Points: 1

# Comments: 0

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: Google faces fresh antitrust suit from states targeting Play Store

The lawsuit builds on complaints from app developers about Google Play Store for Android devices.

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