Tag: Definition

Marilyn Monroe historian slams Netflix's 'Blonde,' says film is 'the definition of exploitation'

Marilyn Monroe historian Scott Fortner is one of many who are slamming Netflix’s controversial Marilyn Monroe film.

The NC-17 flick, an adaption of Joyce Carol Oates’ 2000 novel, is a fictionalized take on the real-life actress and the struggle she endured during her brief life. The drama, directed by Andrew Dominik, stars Ana de Armas as Monroe. “Blonde” became available for streaming on Sept. 28.

While the film got a rapturous reception at the Venice Film Festival, it has been largely panned by both film critics and Monroe fans since its release. Many have said it exploits Monroe, who passed away in 1962 at age 36.

“As a Marilyn Monroe historian, it’s very disappointing that author Joyce Carol Oates and director Andrew Dominik have gone to such great lengths to victimize Hollywood’s most famous and beloved icon,” Fortner told Fox News Digital.

CRITICS RIP NETFLIX’S ‘BLONDE’ FOR BEING ‘EXPLOITATIVE’ AND ‘SEXIST’: ‘SELF-INDULGENT ACT OF CRUELTY’

“’Blonde’ is a fairytale that straddles a very thin line between actual events in Marilyn Monroe’s life and the false narrative Oates fabricated for her novel,” he said. “In this film, Andrew Dominik has gone even further with graphic, grotesque and disturbing adaptations of the chapters in the book. It is the definition of exploitation. And worse, it is the assassination of a woman who isn’t even here to defend herself and clarify definitively what’s true and what’s false.”

Fortner is considered an authority on Monroe and assists major auction companies in authenticating and verifying memorabilia. He owns the world’s largest private collection of Monroe’s personal possessions, which he shares on both his website and social media. Most recently, he is launching a podcast titled, “All Things Marilyn,” which will aim to explore Monroe’s career and legacy based on conversations with notable experts.

“Above all else, viewers must note that ‘Blonde’ was not a biography about Marilyn Monroe nor is this Netflix film a biopic,” he said. “Nearly every scene in the film portrays a mistruth or fabricated event. It does not tell the true story of Marilyn Monroe.”

Fortner has also taken to his website to publish an in-depth review after watching “Blonde.” In it, he criticized the film’s numerous inaccuracies on Monroe’s life, which he said are presented as fact.

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Like Fortner, Emily Ratajkowski took to social media to share her feelings about “Blonde.” The model, 31, admitted that she has yet to see the film. However, the conversations surrounding it have compelled her to speak out.

“I’m not surprised to hear it’s yet another movie fetishizing female pain even in death,” said Ratajkowski. “We do that in many, many different ways, but I want that to change.”

Ratajkowski compared Monroe’s treatment by the media to other modern-day stars who have suffered in the public eye.

“Look at Amy Winehouse, look at Britney Spears, look at the way we obsess over [Princess] Diana’s death,” she shared.

‘BLONDE’ STAR ANA DE ARMAS IS CONFUSED ON WHY MOVIE GOT NC-17 RATING: ‘I DIDN’T UNDERSTAND WHY THAT HAPPENED’

Adrien Brody, who starred in “Blonde,” defended the project, insisting it was “supposed to be a traumatic experience.” The Oscar winner told the Hollywood Reporter that both the film and the book that it was inspired by are “rife with themes of exploitation and trauma” because “Marilyn’s life, unfortunately, was full of that.”

“I think that since [the film is] told in this first-person perspective, it works somehow for the film to be a traumatic experience because you’re inside of her — her journey and her longings and her isolation — amidst all of this adulation,” said the 49-year-old. “It’s brave, and it takes a while to digest. And I think it’s in conflict with what the public’s perception of her life is.”

Monroe’s official Instagram page has dedicated its most recent posts to her accomplishments as a star.

“Throughout Marilyn’s life, she never stopped aiming to better herself and her career,” one post read. “She studied under many coaches and was always eager to develop her talent.”

ANA DE ARMAS NC-17 MARILYN MONROE MOVIE ‘BLONDE’ WILL LIKELY ‘OFFEND EVERYONE’: DIRECTOR

“Marilyn dedicated her life to acting,” revealed another. “Once she got into the movie business, she got acting lessons and advice to help her succeed.”

Dominik, who has read many of the reviews, said that “Blonde” is supposed to be “a horror film.”

In his post, Fortner noted that the grotesque inaccuracies of “Blonde” make it a true horror show even for those unfamiliar with Monroe’s journey beyond the big screen. Rather than exploring a complex life that included both triumphs and tragedies, it only created a poor caricature of a star mocked decades after her death.

“In a 1960 interview with journalist Georges Belmont, Marilyn said, ‘The true things rarely get into circulation. It’s usually the false things.’” Fortner pointed out. “’Blonde’ is utterly atrocious, misogynistic and a fail in every sense of the word. My only hope is that it is perceived by viewers as so incredibly ridiculous, salacious and horrifying that the general public will switch it off and assume it couldn’t possibly be an accurate representation of the most famous blonde of all time.”

“We should all take comfort in knowing Marilyn Monroe is not here to witness this,” he added.

2022 Guide to Fundability and a Fundable Definition

The new year is a great time to review fundability. To do that, it’s important to have a fundable definition that you understand. Essentially, fundability is the current ability of your business to get funding. There are 125 factors that affect fundability.  Some of them you can control, and some of them you can’t. Having a fundable business means you can get the funding you need for your business, when you need it.  

Fundable Definition: A Fundable Business Has a Foundation of Fundability

The way your business is set up lays down the foundation for fundability. This includes a number of factors. 

Business Name

First, keep the name of a high-risk industry out of your business name. Maybe try Bobby’s instead of Bobby’s Gas Station. This will help prevent early denial from a lender that only sees the “gas station” part. 

Another common reason for credit denials is that the lender can’t easily locate a business.  So, name your business in a way that makes it easy to find both online and offline. The name on your application should be exactly the same as what is online and on your Secretary of State paperwork. 

It also needs to be the same everywhere else. This includes corporation papers, licenses, utility statements, and bank statements. In fact, all business information needs to be consistent. That means, if you change your business name, you have to be sure to change it everywhere. 

Even the smallest details make a difference. If you use an ampersand in one place and the word “and” in another, you are going to run into issues.  If you hyphenate your last name on one document, then you do not on another, a red flag will go up.

Business Address

Next, your business address needs to be a physical address where you can receive mail. Do not use a UPS box or a PO Box. A virtual address may work if you need to hold a meeting or an interview.  In fact, it’s a lot more professional than meeting at your kitchen table. Still, not all credit providers will accept a virtual address. 

EIN

Get a free EIN for your business at IRS.gov.  This is an identifying number for your business similar to your personal SSN. Use your EIN to open a bank account and to build a business credit profile. 

Business Entity

It’s important to incorporate. Incorporating creates a separate business entity, thereby adding a layer of protection between your business’s debts and actions and you.  It doesn’t matter if you choose to do so as an S-corp, LLC, or C corporation when it comes to fundability.  Work with an attorney or tax professional to figure out which option will work best for your budget and need for liability protection.

Business Phone and 411 Listing

For fundability purposes, you need a separate, dedicated business phone number.  A separate number keeps your family from accidentally answering a business call, and it means your listing will have the name of your business and not your own. It should be listed with 411. Many credit providers actually require this. 

Toll-free phone numbers are best.  Lenders see them as a sign of business credibility. Thankfully, it’s very easy and inexpensive to set up a virtual local phone number or a toll free 800 number. Don’t use your personal cell or home number. Instead, have your business number forward to your personal number.  It’s also easy, and perfectly fine, to use VoIP.  

Business Licenses

Make sure you know what the licensing requirements are for your business at both the state and local levels. 

Web Domain and Professional Website

Lenders and credit providers will research your corporation on the internet. Consequently, it is best if they learn everything directly from your business website. Not having a website can hurt your chances of getting business credit. 

The website needs to be well put together and user friendly.  If you can’t make it look professional, pay to have it professionally designed.  It’s also important to pay for web hosting.  Do not use a free service. 

Along the same lines, you need a company email address for your business that has the same domain as your website.  This is more professional than a free service URL such as Gmail or Yahoo.  It also greatly helps your chances of getting approval from a credit provider.  

Business Bank Account

You must have a separate business bank account. The IRS frowns on mixing business funds and personal funds anyway. Separate accounts make it easier to keep funds separate. Beyond that, the date you open your business bank account is the day that lenders consider your first day of business.  

As a result, if you opened a business bank account yesterday, your business started yesterday. That’s the case regardless of how long you have actually been in business.  Time in business is a major factor for credit providers when it comes to approvals, so this is important. 

A separate business bank account also means you can sign up for a merchant account, so you can take credit cards. Study upon study has shown that people will spend more if they are using credit rather than cash.

Get Set Up With the Business Credit Reporting Agencies

You’ll need a D-U-N-S number. You can get one for free on the Dun & Bradstreet website. You cannot have a business credit score with D&B without this number. Since they are the largest and most commonly used business credit reporting agency, a D-U-N-S number is essential.

Once you are in D&B’s system, search Experian and Equifax’s sites for your business as well. You’ll have an identification number from Experian as well.  It’s called a BIN, but Experian assigns that number. You do not have to apply.

The Foundation is What You Can Control

You can control the way your business is set up.  That’s good, because it is a huge piece of fundability.  In contrast, the rest of the factors that affect fundability are not quite as controllable. 

Still, you have to understand exactly what else affects the fundability of your business if you hope to get a handle on it.

Fundable Definition of Other Business Data Agencies

There are other business data agencies that affect reports indirectly. This is in addition to the business credit reporting agencies that directly calculate and issue credit reports. 

Two examples of this are LexisNexis and The Small Business Finance Exchange.  These agencies gather data from a variety of sources, including public records. They even have access to information relating to automobile accidents and liens. You cannot access or change the data the agencies have on your business.  However, you can ensure that any new information they receive is positive. Enough positive information can help counteract any negative information from the past.

Fundable Definition: Personal and Business Credit History 

Your credit history has everything to do with your credit score, a huge factor in fundability. Personal credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

But with business credit, the main issue is whether you’re paying your bills on time.

The point is, the more accounts you have reporting on-time payments to the business credit reporting agencies, the stronger your business credit score will be. 

Fundable Definition: Financial Statements

Both your personal and business tax returns need to be in order. It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends credence to the legitimacy of your business. 

Often tax returns for the previous three years will suffice for personal financials. Honestly, it’s best to have a tax professional prepare them. Now, this is the bare minimum you will need. Other information lenders may ask for include check stubs and bank statements, among other things. 

Fundable Definition: Bureaus

There are other agencies with data relating to your personal finances as well. For example, FICO is where most traditional lenders will look for personal credit.  Your personal FICO score needs to be as strong as possible. 

ChexSystems is another example. They track bad check activity and their report makes a difference when it comes to your bank score. If you have too many bad checks, you will not be able to open a bank account. That will cause serious fundability issues. 

There are other bureaus with all sorts of information on you, like: 

  • Have you ever been convicted of a crime? 
  • Do you have a bankruptcy or short sale on your record?  
  • Do you have any liens or UCC filings? 

All of this can and will play into the fundability of your business. 

Personal Credit Scores and Reports

Your personal credit scores from Experian, Equifax, and Transunion affect fundability as well. If your scores aren’t great right now, work on them. The number one way to get a strong personal credit score or improve a weak one is to make payments consistently on time. 

Monitor personal credit reports frequently to make sure the information is correct and current.

Application Process

Did you know that even the process of applying for a loan can affect fundability? For example, consider the timing of the application. Maybe you paid off a large account recently.  The payoff will increase your score.  However,  that may not be reflected on your credit reports immediately. It may be best to wait to apply until after the account shows as paid.  

Also, your business name, business address, and ownership status need to be verifiable. Lastly, make sure you choose the right lending product for your business and your needs. For example, do you need a traditional loan or a line of credit?  Would a working capital loan or expansion loan work best for your needs? Choosing the right product to apply for can make all the difference. 

Get a Handle on a Fundable Definition

Obviously It can be difficult to get a handle on a fundable definition. This is mostly because the entire idea of fundability is so overwhelming. 

 Imagine, it is affected not only by the decisions you make today, but also decisions you made in the past. Not to mention, there are things that affect fundability that you do not have any control over. Understanding exactly what fundability is and what affects it is a great start to getting your business in a good position. 

The post 2022 Guide to Fundability and a Fundable Definition appeared first on Credit Suite.

A/B Testing: Definition, How it Works, Examples & Tools

A/B testing is a fantastic method for figuring out the best online promotional and marketing strategies for your business. It can be used to test everything from website copy to sales emails to search ads. While it can be time-consuming, the advantages of A/B testing are enough to offset the additional time it takes. Well-planned …

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A/B Testing: Definition, How it Works, Examples & Tools

A/B testing is a fantastic method for figuring out the best online promotional and marketing strategies for your business. It can be used to test everything from website copy to sales emails to search ads. While it can be time-consuming, the advantages of A/B testing are enough to offset the additional time it takes.

Well-planned tests can make a huge difference in the effectiveness of your marketing efforts. Narrowing down the most effective elements of a promotion and then combining them, can create a far more effective marketing plan.

What is A/B Testing and Why Does it Matter?

A/B testing is a marketing strategy that pits two different versions of a website, ad, email, popup, or landing page against each other to see which is most effective.

For example, you might test two different popups to see which drives more webinar sign-ups or two different Google Ads to see which drives more purchases.

On my own site, I spent time A/B testing my popup to find out what encouraged users to engage with my brand.

neil patel A/B testing example

Over time, we found offering a free website analysis (which provides tons of value) was the most effective way to establish expertise and show visitors the value we offer.

Why is A/B Testing Important?

Accurate A/B tests can make a huge difference to your bottom line. By using controlled tests and gathering empirical data, you can figure out exactly which marketing strategies work best for your company and your product.

When you figure that one variation might work two, three, or even four times better than another, the idea that you would run promotions without testing starts to seem a bit ludicrous.

When done consistentyly, testing can improve your bottom line substantially. If you know what works and what doesn’t (and have evidence to back it up) it’s easier to make decisions and craft more effective marketing strategies.

Here are a few other benefits to running regular tests on your website and marketing materials:

  • Helps You Better Understand Your Target Audience: When you see what types of emails, headlines, and other features your audience responds to, you can better understand who your audience is and what they want.
  • Higher Conversion Rates: A/B testing is the single most effective way to increase conversion rates. Knowing what works and what doesn’t gives you actionable data that can help you streamline the conversion process.
  • Stay On Top of Changing Trends: It’s hard to predict what type of content, images, or other features people will respond to. Testing regularly helps you stay ahead of changing consumer behavior.
  • Reduce Bounce Rates: When site visitors see content they like, they stay on your site longer. Testing to find the type of content and marketing materials your users like will help you create a better site — and one that users want to stay on.

How Do You Plan an A/B Test?

The first thing to do when planning an A/B test is to figure out what you want to test. Are you running an on-site test, or an off-site test? If you’re running an on-site test, you’ll want to think of all the sales-related pieces of your website, and then figure out which elements to test.

For example, you might test:

  • headlines
  • calls to action text
  • calls to action location
  • pop up
  • featured images
  • copy
  • the number of fields in a form

With off-site tests, you’re probably testing either an ad or a sales email. Testing ad copy to see which ad drives more conversions can help you focus your advertising efforts. Once you know your ad is converting as well as possible, it’s easier to justify spending more money on it.

The same goes for emails. If you send out two versions to your list (randomly selecting which half gets which email), and then track which one converts better, you can send only that version the next time.

Once you know what you’ll test, make a list of all the variables you’ll test. For example, if you’ve decided to test your call to action, you might test:

  • the location
  • the exact text used
  • the button color or surrounding space

It’s a process, and it’s common for multiple A/B tests to be carried out prior to making a final decision or final change.

Before you start testing, make sure you have a clear idea of the results you’re looking for. You should already know your baseline result, which is the results you’re currently getting. You want to test option A and B against each other, but you also want to know that whichever one does better in the test is also doing better than your current results.

Alternatively, you can use A as your control (leaving whatever you’re currently using) and then use something new for B.

Tests need to be run simultaneously to account for any variations in timing. You can’t test one variation today and the other one tomorrow, because you can’t factor in any variables that might have changed between today and tomorrow. Instead, you need to split the traffic seeing your variations at the same time.

Here’s an A/B testing checklist to review before running your first test:

  • Decide what you want to test.
  • Create two versions of the same ad, landing page, etc.
  • Decide how long your test will run (I suggest at least two weeks, but it may be longer or slightly shorter depending on your traffic and industry)
  • Chose a testing tool to help you run your test. (More on that later.)
  • Launch!
  • After two or so weeks, take a look at the results. Which version won?
  • Rinse, and repeat. A/B testing is most effective when done continually.

What to Use A/B Testing to Test

You can test virtually anything in your marketing materials or on your website: headlines, calls to action, body copy, images, etc. If you can change it, you can test it.

That doesn’t mean you should spend months testing every little thing. Instead, focus on changes most likely to have a big impact on traffic and conversions.

On your website, this likely includes:

  • the headline
  • your call to action
  • any graphic you use in direct correlation to your sales efforts
  • the sales copy or product descriptions
  • feature image

In an email, you might test the title, images, links, CTAs, or segmenting options. In a paid ad, especially a text ad (like a search ad), you have fewer things to change, and so you might test the main headline, the offer, or targeting.

Testing different offers is also important. Just make sure that each person is always offered the same promotion. For example, if a free gift is offered to group A, and a discount is offered to group B, then you want to make sure that group A always contains the same visitors, as does group B.

You can also test the full path of conversion. For example, you might test newsletter A with landing page A, and newsletter B with landing page B. Later, you may want to test newsletter A with landing page B, and vice versa.

This can give you a better idea of what is working, especially if you’re getting mixed results or if the results are very close. Here are a few other tests you can run.

How Much Time Does A/B Testing Take?

A/B testing is not an overnight project. Depending on the amount of traffic you get, you might want to run tests for anywhere from a few days to a couple of weeks. Remember, you only want to run one test at a time for the most accurate results.

Running a test for an insufficient amount of time can skew the results, as you don’t get a large enough group of visitors to be statistically accurate. Running a test for too long can also give skewed results, though, since there are more variables you can’t control over a longer period.

Make sure that you stay abreast of anything that might affect your test results, so that you can account for statistical anomalies in your results. When in doubt, run the test again.

Considering the impact A/B testing can have on your bottom line, it’s worth taking a few weeks to properly conduct tests. Test one variable at a time, and give each test sufficient time to run.

Can I Test More Than One Thing At a Time?

There are two approaches to this question. Say you just want to test your headline, but you have three possible variations. In that case, running a single test and splitting your visitors (or recipients in the case of an email) into three groups instead of two is reasonable, and would likely still be considered an A/B test.

This is more efficient than running three separate tests (A vs. B, B vs. C, and A vs. C). You may want to give your test an extra couple of days to run, so you have enough results to see what actually works.

Testing more than one thing at a time, such as headlines and calls to action, is called a multi-variate test, and is more complicated to run. There are plenty of resources out there for multi-variate testing, but we won’t be covering that when talking about A/B testing.

A/B Testing FAQs

What is A/B Testing and Why Does It Matter?

A/B testing is a marketing strategy that pits two different versions of a website, ad, email, popup, or landing page against each other to see which is most effective. It’s one of the most effective ways to increase conversion rates.

How Do You Plan an A/B Test?

Decide what to test, create two versions, decide on how long to run the test, choose a tool, then see what works!

What to Use A/B Testing to Test

Any part of a paid ad, website, or marketing material including (but not limited to) pop-ups, emails, landing pages, and featured images.

How Much Time Does A/B Testing Take?

Most tests should be run for at least two weeks, but A/B testing should be continual.

Can I Test More Than One Thing At A Time?

Yes, in some cases. In general, it is best to stick to two versions of the same asset.

What A/B Testing Tools Should I Use?

Google’s Optimize is a free, powerful A/B testing tool. Your email platform, landing page tools, or website plugins may also offer this feature. For paid tools, consider Optimizely.

Conclusion

A/B testing is a marketer’s best friend. It allows you to see, for example, what ads drive the most conversions, what offers your audience responds to, or what blog headlines drive the most traffic.

There are a variety of tools you can use to get started, including Google Optimize (which is free!) and Optimizely.

If you’re looking to get started with A/B testing, you can start by learning how to a/b test in Google Analytics.

Are you considering trying A/B testing? What is holding you back?

Beyond a Simple Crowdfunding Definition: What You need to Know Now

Funding for businesses is needed now more than ever.  Funding that does not have to be repaid is always in high demand, as is funding that does not require a stellar credit score.  In the eyes of most, and rightly so, that is exactly what crowdfunding is.  That is not the crowdfunding definition however.  There is so much more to the whole crowdfunding scene. 

Crowdfunding Definition: What It Is, What It Is Not, and What Your Other Options Are

According to Dictionary.com, the crowdfunding definition is: 

“the activity or process of raising money from a large number of people, typically through a website, as for a project or small business.”

It sounds like a great plan, right?  It is, until you know that the average success rate of crowdfunding campaigns is 50%.  That said, 78% of crowdfunding campaigns reach their goal.  Of course, that sounds better.  Still, reaching your goal doesn’t guarantee success.

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Crowdfunding Definition: What Crowdfunding Is

The thing is, crowdfunding is definitely a viable option, but it is too risky to depend upon as your sole source of funding.  For some, it works out to where you can get a whole business off the ground without any other funding source.  For most, crowdfunding simply reduces the amount of debt you must take on.  Yet, for many, there are not even enough funds raised from such campaigns to get started. 

Crowdfunding Definition: What Crowdfunding is Not

Whether crowdfunding for startups or for an already existing business, it is not a legitimate only option.  There needs to be a backup plan for either supplemental funds or full funding.  If your credit score is good, there is no worry here as financing options abound.  However, a not so great credit score can make a backup plan more difficult.  

Crowdfunding Definition: Crowdfunding Platforms

While not an exhaustive list, these are some of the most popular crowdfunding platforms. 

  • Kickckstarter
    • Indiegogo
    • RocketHub
    • CircleUp
    • GoGetFunding
    • Crowdfunder
    • Fundable
  • Fundly

Whichever platform you choose, whether one of these or one not on this list, remember there are a number of crowdfunding resources available to help you on this journey.  You just have to look for them. 

Crowdfunding Definition: Behind the Scenes

definition of crowdfundingNow, the best way to find out about crowdfunding is to take a look at some actual campaigns.  Here are some of the most notable, the good, the bad, and the ugly. 

Pebble SmartWatch

Pebble actually has several of the top 10 campaigns ever on Kickstarter. Their 2nd campaign is the highest funded campaign to date, reaching over $20,000,000. That’s not too shabby for a goal of only $500,000. They blew it out of the water!

Are they still successful? Well, yeah, but not in the way you may think. They actually sold to FitBit.

FlowHive

This one is not one that most would expect to explode onto the scene the way it did. The FlowHive Indiegogo campaign definitely generated some major buzz. The idea was to find a way to get the honey from bees without harming the bees.

Traditionally, hives are simply broken open to obtain the honey. This process can kill the bees. FlowHive developed a fake hive of sorts, made from reusable plastic. Bees make honey in it, and the honey flows through a spout out into the world. The bees are safe and fresh honey is ours for the taking.

Apparently, beekeeping is growing in interest. This campaign raised $14,000,000. Though they won’t disclose exact numbers, the queen bees claim they are still buzzing and in the black.

CoolestCooler

The coolest cooler was a super cool Kickstarter campaign that came in at over $13.000,000 raised. The cooler boasted bluetooth and a blender among other things. Investors received a cooler for their donation toward the cause.

This one had some trouble when it wasn’t able to deliver investment rewards as quickly as promised and there was actually a lawsuit. In the end, everything worked out and everyone got their rewards.

BauBox Travel Jacket

This jacket has 10 different  elements, including a drink holder and a neck pillow. They raised over $11,000,000 across 2 campaigns. It was a bumpy start, partially because the jacket was available on retail sites before investors even got theirs, but it is still selling today.

As you can see, while mostly successful, even these top campaigns had some pretty serious bumps along the way.  You need to be prepared for the same, even if you reach your fundraising goals.

Crowdfunding Definition: The Backup Plan

Here are some options for financing.  The one that will work best for your business will depend on your credit score, your business fundability, and how much  you are able to raise through crowdfunding and other debt-free options.

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Traditional/ SBA Loans

These are lumped together because they each require working with a traditional lender and a decent credit score.  However, it is important to remember that SBA loans typically require a lower credit score, although still good, as they are government backed business loans. A few examples of SBA loans that work great for starting a business include: 

7(a) Loans

This one offers federally funded term loans of up to $5 million. Funds can be used for expansion, purchasing equipment, and  working capital, in addition to startup. Banks, credit unions, and other specialized institutions, in partnership with the SBA, process these loans and disburse the funds.  

504 Loans

The funds work well to purchase  machinery, facilities, or land. They are generally used for expansion.  Private sector lenders or nonprofits process and disburse funds. They are also good for commercial real estate purchases especially.  

There is also a requirement you be in business at least 2 years, or that management has equivalent experience if the business is a startup.  

Microloans

Microloans work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based non-profits administer microloan programs as intermediaries.  Financing comes directly from the Small Business Administration.  

Credit Line Hybrid

A credit line hybrid is a form of unsecured business funding.  With it, you can fund your business without putting up collateral.  You only pay back what you use.  

It is not as hard to qualify as you may think.  Your personal credit needs to be good, as in at least  680.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have no more than 4 inquiries, and you should have less than a 45% balance on all business and personal credit cards.  It’s also preferred that you have established business credit as well as personal credit.

However, if you do not meet all of the requirements, the credit line hybrid is still accessible. You can take on a credit partner that meets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. This makes a credit line hybrid an excellent option for bad credit business funding. 

Credit Line Hybrid Benefits

There are many benefits to using a credit line hybrid.  For example, it is unsecured, meaning you do not have to have any collateral to put up.  Next, it is no-doc funding.  This means you don’t have to provide any bank statements or financials.  

Not only that, but typical approval is up to 5x that of the highest credit limit on the personal credit report. Also, it is possible to get interest rates as low as 0% for the first few months.  That allows you to put that savings back into your business. 

The process is usually fast, especially with a qualified expert to walk you through it.  One other benefit is this.  With the approval for multiple credit cards, competition is created.  This makes it easier, and likely even if you handle the credit responsibly, that you can get interest rates lowered and limits raised every few months. 

Alternative Lenders

These are also an option if your credit score is lacking.  Remember, lenders change details such as requirements and rates frequently.  Be sure to check with the specific lender for the most up to date information. 

BlueVine 

The minimum loan amount available from BlueVine is $5,000 and the maximum is $100,000. Annual revenue must be $120,000 or more and the borrower must be in business for at least 6 months. Your personal credit score has to be 600 or above.

Upstart

Upstart is an online lender unlike any other.  It  uses a completely innovative platform for loans.  The company itself questions the ability of financial information and FICO, on their own, to truly determine the risk of lending to a specific borrower.  Instead, they use a combination of artificial intelligence (AI) and machine learning to gather alternative data.  Then, they use this data to help them make credit decisions.

This alternative data can include such things as mobile phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances.  The software they use learns and improves on its own. To be eligible for a loan with Upstart, you must meet the following qualifications:

  • Credit score of 620+
  • No bankruptcies or negative public records
  • No delinquent accounts
  • Meet debt to income standards (they only note they will check this ratio, not what their standards are.)
  • Have fewer than 6 inquiries in the past 6 months on your credit report, not including those related to student loans, vehicle loans, or mortgages

These are the requirements they list on their website.  One independent review said that the requirement for the debt to income ratio is a maximum of 45%. It also says that the minimum annual income has to be at least $12,000.

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Fora Financial 

Founded in 2008 by college roommates, online lender Fora Financial now funds more than $1.3 million in working capital around the United States. There is no minimum credit score, and there is an early repayment discount if you qualify.

The minimum loan amount is $5,000 and the maximum is $500,000. The business must be at least 6 months in operation and the monthly revenue has to be $12,000 or more. There can be no open bankruptcies.

OnDeck 

Obtaining financing from OnDeck is quick and easy. First, you apply online and receive your decision once application processing is complete. If you receive approval, your loan funds will go directly to your bank account. The minimum loan amount is $5,000 and the maximum is $500,000.

Just like any other online lender, they do have certain requirements to qualify for a loan.  For example, a personal credit score of 600 or more.  Also, you must be in business for at least 3 years. Annual revenue must be at or exceed $100,000. In addition, there can be no bankruptcy on file in the past 2 years and no unresolved liens or judgements.

Crowdfunding Definition: The Down and Dirty Truth

Knowing the crowdfunding definition is just the first step.  As with most else in the world, a definition isn’t enough.  Once you know the crowdfunding definition, the hard part starts.  You have to figure out if it is right for you and your business.  It may work great, or it may not.  Plan for the best and hope for the worst is a great motto to live by here.  Do your research on how to run a great campaign, and spend the time necessary to thoroughly research platforms and determine which one will work best for your needs. 

Then formulate your backup plan. Do you need loans, a credit line hybrid, or some combination?  The time to figure that out is on the front end, before you need it.  By the time you see the need is a reality, it could be too late.

The post Beyond a Simple Crowdfunding Definition: What You need to Know Now appeared first on Credit Suite.

The Definition Of Asset Management

The Definition Of Asset Management

Numerous of you have actually possibly listened to the term “possession monitoring” Before, yet you might not have a concept of what it actually is. It can be specified as a procedure that overviews the acquiring of possessions, along with their usage and also disposal in order to make the many of the properties and also their possible throughout the life of the possessions.

Property Management can be utilized for a selection of points. Financial organizations are taken into consideration a type of possession administration (financial savings accounts, CD’s, common funds, cash market accounts, and so on) along with financial investments. The ideal possession administration system can be made use of to make the item a lot more easily offered, less complicated to generate, less costly to deliver to consumers, and so on

.
Insuring the item and also tracking is additionally a method of possession managagemant. The item is a property to business and also necessary for its survival as well as for monetary security. Managing this item and also preserving is of the up many significance.

This property has to do with common as well as public possessions such as: the structure as well as preserving of roads, freeways, water therapy centers, sewer, electrical power, all-natural gas, tidy air, and so on. Typically, your city or neighborhood federal government makes use of possession monitoring to preserve the price of these properties.

They likewise utilize it to create a few of these properties better as well as in a much more expense effective fashion. Natural deposits such as: water, electrical power, and also gas are taken care of to make sure that they can be restored frequently and also hence readily available reasonably.

Property Management Resource:

There are several various ways of property monitoring. There are firms and also software application items readily available to aid in property monitoring.

1. Enhance property usage and also handle all upkeep initiatives entailed by
making possessions as exact, trusted, and also effective as feasible.

2. Lowering the need for brand-new possessions as well as therefore conserve cash by utilizing need administration strategies and also keeping existing properties.

3. Utilizes a type of property monitoring: recognizing where the property goes to perpetuity, just how much the possession deserves, as well as just how much the possession expense you to start with. It must likewise integrate this throughout the whole life of the possession.

4. Constantly attempts to attain better worth for cash with assessing the property choices: the price of preserving, creating, using it, and so on

5. Constantly supplies a record on the worth of the possessions, together with any type of expenses associated with preserving the properties.

With any luck you currently have a far better understanding of the numerous types of possession administration. There are numerous various points that can be specified as properties, therefore there are numerous various ways of possession monitoring. Since you recognize it a little bit, you can choose what your possessions are and also just how you can preserve them much better in order for them to be extra useful for you!

It can be specified as a procedure that overviews the getting of properties, along with their usage and also disposal in order to make the many of the possessions as well as their prospective throughout the life of the possessions. Typically, your city or regional federal government makes use of property monitoring to preserve the price of these properties.

Makes use of a type of possession monitoring: understanding where the property is at all times, exactly how a lot the possession is worth, as well as just how much the property expense you to start with. Constantly gives a record on the worth of the possessions, along with any kind of prices entailed in keeping the possessions.

There are so lots of various points that can be specified as possessions, therefore there are so numerous various ways of property monitoring.

The post The Definition Of Asset Management appeared first on ROI Credit Builders.

The Definition Of Asset Management

The Definition Of Asset Management

Numerous of you have actually possibly listened to the term “possession monitoring” Before, yet you might not have a concept of what it actually is. It can be specified as a procedure that overviews the acquiring of possessions, along with their usage and also disposal in order to make the many of the properties and also their possible throughout the life of the possessions.

Property Management can be utilized for a selection of points. Financial organizations are taken into consideration a type of possession administration (financial savings accounts, CD’s, common funds, cash market accounts, and so on) along with financial investments. The ideal possession administration system can be made use of to make the item a lot more easily offered, less complicated to generate, less costly to deliver to consumers, and so on

.
Insuring the item and also tracking is additionally a method of possession managagemant. The item is a property to business and also necessary for its survival as well as for monetary security. Managing this item and also preserving is of the up many significance.

This property has to do with common as well as public possessions such as: the structure as well as preserving of roads, freeways, water therapy centers, sewer, electrical power, all-natural gas, tidy air, and so on. Typically, your city or neighborhood federal government makes use of possession monitoring to preserve the price of these properties.

They likewise utilize it to create a few of these properties better as well as in a much more expense effective fashion. Natural deposits such as: water, electrical power, and also gas are taken care of to make sure that they can be restored frequently and also hence readily available reasonably.

Property Management Resource:

There are several various ways of property monitoring. There are firms and also software application items readily available to aid in property monitoring.

1. Enhance property usage and also handle all upkeep initiatives entailed by
making possessions as exact, trusted, and also effective as feasible.

2. Lowering the need for brand-new possessions as well as therefore conserve cash by utilizing need administration strategies and also keeping existing properties.

3. Utilizes a type of property monitoring: recognizing where the property goes to perpetuity, just how much the possession deserves, as well as just how much the possession expense you to start with. It must likewise integrate this throughout the whole life of the possession.

4. Constantly attempts to attain better worth for cash with assessing the property choices: the price of preserving, creating, using it, and so on

5. Constantly supplies a record on the worth of the possessions, together with any type of expenses associated with preserving the properties.

With any luck you currently have a far better understanding of the numerous types of possession administration. There are numerous various points that can be specified as properties, therefore there are numerous various ways of possession monitoring. Since you recognize it a little bit, you can choose what your possessions are and also just how you can preserve them much better in order for them to be extra useful for you!

It can be specified as a procedure that overviews the getting of properties, along with their usage and also disposal in order to make the many of the possessions as well as their prospective throughout the life of the possessions. Typically, your city or regional federal government makes use of property monitoring to preserve the price of these properties.

Makes use of a type of possession monitoring: understanding where the property is at all times, exactly how a lot the possession is worth, as well as just how much the property expense you to start with. Constantly gives a record on the worth of the possessions, along with any kind of prices entailed in keeping the possessions.

There are so lots of various points that can be specified as possessions, therefore there are so numerous various ways of property monitoring.

The post The Definition Of Asset Management appeared first on ROI Credit Builders.

A Working Fundability Definition

The definition of fundability is often misunderstood.  It’s hard to get a grip on a fundability definition. The term is thrown around a lot, but few understand what it really means.

Getting a Grasp on a Fundability Definition

Fundability Definition: Foundation

You cannot talk about a working fundability definition without talking about the foundation of fundability.  This is how your business is set up.  It has to appear to be a fundable entity separate from you, the owner.  Like any foundation, it is best to start at the beginning.  It will be faster and easier if you do.  If your business is already up and running however, you may not have that option.  It’s never too late to start, but start now. The longer you wait the harder it will be, for several reasons. 

Contact Information

The first step in setting up a foundation of fundability is to ensure your business has its own phone number, fax number, and address.   Of course, that doesn’t mean you have to get a separate phone line, or even a separate location.  You can still run your business from your home or on your computer. You do not even have to have a fax machine.  

In fact, you can easily get a business phone number and fax number will work over the internet instead of phone lines.  In addition, the phone number will forward to any phone you want it too so you can just use your personal cell phone or landline if you want.  Whenever someone calls your business number it will ring straight to you. 

You can use a virtual office for a business address. What is that, and how do you get one? It’s not what you may think.  There are businesses that offer a physical address for a fee, and sometimes they even offer mail service and live receptionist services.  In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person. 

EIN

The next thing you need to do is get an EIN for your business.  This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  Some business owners used their SSN for their business. This is what a lot of sole proprietorships and partnerships do.  However, it really doesn’t look professional to lenders, and it can cause your personal and business credit to get all mixed up.  When you are looking to increase fundability, you need to apply for and use an EIN.  You can get one for free from the IRS.

Incorporate

This is the most important step in fundability thus far.  Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

Which option you choose does not matter as much for fundability as it does for your budget and needs for liability protection.  The best thing to do is talk to your attorney or a tax professional.    When you incorporate, you become a new entity. You basically have to start over. You’ll also lose any positive payment history you may have accumulated as well. 

This is why you have to incorporate as soon as possible.  It is necessary for an appropriate time in business. The longer you have been in business the more fundable you appear to be.  That starts on the date of incorporation, regardless of when you actually started doing business. 

Business Bank Account

You have to open a separate, dedicated business bank account.  There are a few reasons for this.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

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There’s more to it however.  There are several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit cards payments.  Studies show consumers usually spend more when paying by credit card is an option.

Licenses

 For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, it is a huge warning to lenders.  Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Website

I am sure you are wondering how a business website can affect you ability to get funding.  Think about it.  These days, you do not exist if you do not have a website. Still, having a poorly put together website can be even worse than not having one at all.  It is the first impression you make on many, and if it appears to be unprofessional, it won’t look good to potential customers or lenders. 

Spend the time and money necessary to ensure your website is professionally designed and works well.  Pay for hosting too. Don’t use a free hosting service.  Along these same lines, your business needs a dedicated business email address.  Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.

Fundability Definition: Business Credit Reports

This is the credit report, much like your consumer credit report, that details the credit history of your business.  It is a tool to help lenders determine how credit worthy your business is.  

Where do business credit reports come from?  There are a lot of different places, but the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  Since you have no way of knowing which one your lender will choose, you need to make sure all of these reports are up to date and accurate. 

Other Business Data Agencies 

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from different sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data these agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help distract attention from negative information. 

Identification Numbers 

Dun & Bradstreet is the largest and most commonly used business credit reporting agency.  Every credit file in their database has a D-U-N-S number.  To get a D-U-N-S number, you have to apply for one through the D&B website. You have to have this number to have a file with D&B, and you have to have a file with D&B to build business credit. 

Business Credit History

Your credit history has everything to do with everything related to your credit score, which is a huge factor in the fundability of your business.  

Your credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

The more accounts you have reporting on-time payments, the stronger your credit score will be. 

Business Information

On the surface, it seems obvious that all of your business information should be the same across the board.  However, when you start changing things up, like adding a business phone number and address or incorporating, you may find that some things slip through the cracks. 

This is a problem because of those fraud concerns lenders have.  When business information doesn’t match up, it sets off alarms.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the same information?  

The key to this piece of the business fundability is to monitor your reports frequently.   When it comes to business credit reports, you can monitor through the reporting agencies directly, or save money by going here. 

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Keep your business protected with our professional business credit monitoring. 

Fundability Definition:  Financial Statements

Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

It is best to have an accounting professional prepare regular financial statements for your business. Having an accountant’s name on financial statements lends to the legitimacy of your business. If you cannot afford this monthly or quarterly, at least have professional statements prepared annually. Then, they are at the ready whenever you need to apply for a loan. 

Often tax returns for the previous three years will suffice for personal financials.  Get a tax professional to prepare them.   This is the bare minimum you will need. Lenders may also ask to see check stubs and bank statements. 

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  For example, many business owners do not realize that their ChexSystems report can affect fundability.  In the simplest terms, this details any bad check activity.  It makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will seriously affect fundability. 

Everything can come back to bite you.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? All of this can and will affect the fundability of your business. 

Personal Credit History

Your personal credit score from Experian, Equifax, and Transunion all matter.  You have to have your personal credit in order because it will definitely affect the fundability of your business.  If it isn’t great right now, get to work on it.  The number one way to get a strong personal credit score or improve a weak one is to make payments on time, consistently. 

Also, make sure you monitor your personal credit regularly to ensure mistakes are corrected and that there are no fraudulent accounts being reported. 

Fundability Definition: The Application Process

First, consider the timing of the application.  Is your business fundable right now?  If not, do some work to increase fundability. Next, make sure that your business name, business address, and ownership status are all verifiable.  Lenders will check.  Lastly, make sure you choose the right lending product for your business and your needs. Do you need a traditional loan or a line of credit? Would a working capital loan or expansion loan work best for your needs?  Choosing the right product to apply for can make all the difference. 

To Understand How to Become Fundable, You Need a Working Fundability Definition

You need your business to be fundable. To make it happen, you have to have a working definition of fundability.  That isn’t really enough however. You also need to understand exactly what affects the fundability of your business, and how to mitigate anything that is holding it back.  Then, you can get to work making sure your business is as fundable as possible. It may take some time however, depending on where your current fundability stands.

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Keep your business protected with our professional business credit monitoring. 

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