Tag: Resources

5 Resources to Build Your App Idea

Considering building an app? You’re in good company. 

The mobile app industry is expected to be worth more than $407 billion (yes, with a B) by 2026. 

Meanwhile, the average person has more than 80 apps on their phone. That represents a ton of opportunities for app builders. 

However, if you think creating an app is an easy way to get rich, you are setting yourself up for failure. Building an app requires research, hard work, and a willingness to dive in and learn. 

Luckily, there are tons of resources to get you started—including this guide. Below, I’ll walk you through how to build out your app idea and then share five resources to help you launch your app.

How to Build Out Your App Idea

Like any business, creating an app requires laying the groundwork before launch. Here’s a five-step guide for getting ready to launch your app, including how to do your research, ways to monetize your app, and what to include in your business plan. 

Build an App Step 1: Do Market Research

Before you dive into creating your app, you first need to get a lay of the land. Who is your target audience? What other apps offer similar features or functionality? How does your app stand apart?

Start by creating a buyer persona map, which will help you understand who your audience is and what they want. Use this information to create a detailed sales plan, decide what features to include, and choose where to market your app.

Then, perform a competitive analysis to understand your competitors. The information you gain from this will be critical as you build and grow your app. Focus on what current apps do well and what they don’t. The areas where they fail can present opportunities for you to improve and take over part of their market. 

For example, if your goal is to build an app that offers workout and diet recommendations, take the time to download similar apps and read their reviews. What features do people ask for, and what features do they dislike? Who is using these apps? How are they monetized? 

Be thorough—you’ll use this information in the next few steps. 

Build an App Step 2: Decide How to Monetize Your App

There are several ways to make money from an app. The right choice for your app likely depends on your industry, target audience, and the type of app you create. For example, games are often monetized by ads and in-app purchases, while dating apps generally charge a monthly subscription fee.

Consider each of the following monetization methods to decide which is right for your app:

  • Ads: Create a free app and earn money by selling ads in your app. Duolingo uses this model, though they also offer a paid plan. 
  • In-app purchase: Provide a free app and then allow users to purchase add-ons, like Pokemon Go does. 
  • Freemium: Give users access to a limited plan for free and then charge them to access all the features, like the meditation app Mindfulness does. 
  • One-time payment: Charge a one-time fee to access the app. Just keep in mind you won’t have a continuing income stream for updates, redesigns, and marketing. 
  • Monthly subscription: Charge a small fee every month for access to the app. This helps you maintain a steady stream of income, making it easier to pay salaries and invest in marketing. 

Many apps use multiple monetization methods. For example, you might offer a limited free plan and then charge a monthly subscription fee to access all features. You might even use ads to monetize the free plan and offer a paid plan that is ad-free. 

There are pros and cons to each monetization method. Some users might be annoyed by too many ads or hate paying for subscription services. See what other apps in your industry do, but don’t be afraid to break the mold by trying out a different method. 

Build an App Step 3: Create a Business Plan

Most people assume building an app is all about coding, but the real work actually starts long before you create your first line of code (or before you begin building it if you use an app builder).

After you get to know your audience and decide how to monetize your app, take the time to create a business plan. This plan should guide your first few years in business and keep you committed to your app’s core purpose. 

According to the Small Business Administration, your business plan should include: 

  • Executive summary: A brief outline of your company, what you will offer, and basic information about your leadership team, location, and plans for growth.
  • Company description: A detailed guide covering what problem your business will solve, who your app will serve, and what competitive advantages your app offers. 
  • Market analysis: A summary of your market research that covers what your app’s strengths are, trends you take advantage of, and how your app stacks up against others in the same industry. 
  • Structure and management: An explanation of who’s in charge of your business and how your company is structured. Are you creating a C corp or an LLC, or are you a sole proprietor? Include a list of key leaders, their CVs and resumes, and even an outline of the benefits each person brings to the table. 
  • Offering: A description of what your app does and how it benefits customers. Include plans for patent filings or copyright, if applicable. 
  • Market and sales plans: An outline of your marketing strategy and how it will adjust over time. Cover how you plan to attract and keep customers, the sales process, and where you’ll focus your marketing efforts. 
  • Financial projections: Information about your costs, where that money will come from, and prospective profits. Costs of creating an app may be low (especially using the app tools we’ll cover in the next section), but you’ll still need money for things like web hosting, paid ads, etc. Forecast sales for the first year, five years, and ten years, and make sure to explain how you reached those numbers and outline where funding will come from. 

Build an App Step 4: Create the App

Now that you’ve laid the groundwork, it’s time to actually create your app. This might feel a little overwhelming, but it doesn’t have to be. You have three main options for building your app. Let’s explore the pros and cons of each one. 

Code the App Yourself 

If you are technologically savvy, you may be able to code the app yourself. Make sure you have a deep understanding of coding or the patience to learn. 

Pros: 

  • cheap (it only costs your own time) 
  • full control over features, coding platforms, etc. 

Cons: 

  • requires a deep understanding of coding
  • time-consuming 

Hire an App Builder 

Hiring an app builder might be costly, but it could help you get the app to market faster than coding it yourself.

Pros: 

  • launch faster 
  • no need to learn coding languages 

Cons: 

  • can be expensive 
  • less control over features 

Use an App Building Tool 

Remember when building a website required expensive programs and in-depth coding skills? Now you can build a website with just a few clicks. App building tools offer the same functionality for apps. 

Pros: 

  • faster and easier than coding or hiring an app builder
  • likely cheaper than hiring someone to build your app 
  • get to market faster

Cons: 

  • limited by the app builder’s functionality 
  • have to pay to use most (though they are typically affordable) 

Build an App Step 5: Launch & Submit to App Stores

Once your app is built, you’ll need to test it before launch. Ask a few friends to download the app and tell you what you think. Consider using a mobile UX testing tool to see how users navigate your app and make adjustments before you launch. 

Then, you’ll need to submit your app to app stores, which is where users will download it. The most popular app stores are Apple’s App Store and Google Play. Follow this guide to submit your app to the App Store and this one to submit to Google Play. 

Don’t forget to optimize for app SEO! This will help you rank higher so people actually find your app. 

5 Resources to Help You Build Your App 

Creating an app is easier than ever, thanks in part to the variety of app tools that help you build and launch a mobile app. However, with so many options, it can be challenging to figure out which one to use.

Let’s review a few of the top app tools so you can find the right one for you.

iBuildApp

iBuildApp is a full-featured app builder that provides all the tools you need to build an app using its drag-and-drop functionality. Start with any one of their 1000+ templates, then drag and drop features to add video, images, text, and more. 

This tool is ideal for building apps for e-commerce stores, education, healthcare, business, media, retail, and financial services. Brands such as the U.S. Navy, Whole Foods, SEGA, and Emory University have used this tool.

Resources to Help You Build Your App - iBuildApp

Price: Starts at $59.40 per month for one app. 

Appy Pie AppMakr 

Want to build an app but don’t have any coding experience? Appy Pie helps you build an app in just three steps. Choose from over 100 features, including GPS, in-app shopping, offline capabilities, and push notifications. They also offer analytics so you can measure app performance. 

You can use it to create apps for dating sites, customer reward programs, chatbots, retail, restaurants, and more. They’ll even help you submit the app to app stores. 

Appy Pie is used by brands like The Home Depot, Southwest, and Nike. 

Resources to Help You Build Your App - Appy Pie AppMakr

Price: Options start at $18 per month for an ad-free experience, and they also offer a free trial. 

BuildFire

BuildFire is a full-featured app development tool that allows you to build an app with no coding. Use their templates and then customize your app with hundreds of features like push notifications, clocks, private portals, loyalty programs, checklists, forms, or media. 

They also offer a white-label feature, which allows you to build and sell apps to clients. 

Though pricier than other options, this app build tool offers a lot more tools and features, so it’s an ideal choice for building more detailed apps. 

Resources to Help You Build Your App - BuildFire

Price: Plans start at $159 per month, billed annually. 

Usability Geek

Creating an app is just the first step—you also need to test the user experience. Usability Geek provides tools, resources, and UX testing guides to help your app succeed. Explore their UX courses and blog posts about usability to learn the skills you need to help your app succeed. 

Offered courses cover a range of topics, including the Psychology of E-Commerce, How to Create a UX Portfolio, and Quantitative Research for UX. Some courses even offer certification. 

Resources to Help You Build Your App - Usability Geek

Price: Usability Geek offers free blogs about usability testing as well as paid training courses that start at $16 per month. 

GoodBarber

GoodBarber is an easy-to-use app build tool designed for both e-commerce and standard app building. Like many other app tools, it doesn’t require any coding knowledge. 

This tool is ideal for building apps for local delivery, retail, grocery, e-commerce, news, business, and community. Features include adding payment options, push notifications, user authentication, geofencing marketing, videos, maps, calendars, and forms. 

Resources to Help You Build Your App - GoodBarber

Price: Pricing starts at $25 per month for one app and includes SEO optimization, domain name, SSL security, 200 GB of storage, and unlimited pages. 

They also offer reseller plans, which start at $200 per month. 

Conclusion

With the help of app build tools, launching an app is easier than ever. With little to no coding knowledge, you can create, launch, and optimize your new app in just a few days. 

However, building a successful app is about more than just dragging and dropping features. To be successful, take the time to create a business and marketing plan, research your target audience, and make a plan for funding your venture.

Have you built an app before? What app build tools were most helpful to you?

The post 5 Resources to Build Your App Idea appeared first on Neil Patel.

46 Crowdfunding Resources Available to Help You Run Your Campaign

Are you looking for crowdfunding resources? You’ve come to the right place. There are videos, books, articles, blogs, and even special tools to help you run the most successful campaign possible. 

Of course, some of the information these resources offer will not be as useful to you as others.  It all depends on your unique needs and situation. Do take the time to browse them all, even those that are written specifically for a platform you do not intend to use.  You may be surprised at what you can learn and what advice can cross over.

Be aware too, that each platform has its own set of rules. Do not neglect to read the regulations and FAQs for whichever platform you choose to go forward with.

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Try These 46 Crowdfunding Resources to Help You Run a Successful Campaign

Regardless of how many crowdfunding resources you find or how successful your campaign is, you will still need to build fundability for your business.  Crowdfunding won’t work forever, and you need to be sure you have every funding option possible available to you. The best way to do that is to ensure your business is as fundable as possible. 

In truth, fundability is much more important than building the perfect crowdfunding campaign.  That doesn’t mean you should give up on crowdfunding, but you definitely can’t rely on it. It may work, but it may not.  So, building fundability will ensure you have access to the funding you need throughout the life of your business. 

What is Crowdfunding? 

Crowdfunding sites allow you to inform thousands of micro investors about your business or business idea. Anyone who wants to can invest as much or as little as they want.  

Investors pledge a broad range of amounts depending on the campaign and the platform in use. They may give $50, they may give $150, or they may give over $500. Pledges can even go as low as $5.

Though not always necessary, most offer rewards to investors for their giving. Typically, this comes in the form of the product the business will be selling. Different levels of giving result in different rewards. For example, a $50 gift may get you one incentive, and a $100 gift will get you an upgraded version of that incentive, or something different all together.

Where Do You Get Started with Crowdfunding? 

There are many crowdfunding sites, but the most popular are Kickstarter and Indiegogo. Many crowdfunding resources are geared toward aiding in success on these two platforms.  Much of the advice these resources offer is useful on any crowdfunding campaign, but some is specifically useful on one of these two. 

The platforms are similar, but there are some very large differences. The most obvious is when you actually get the funds you raise. 

For example, with Kickstarter you have to reach your preset goal before you can receive the funds. If you set a goal to raise $12,000, investments have to reach that amount before you get your hands on any of the money. 

Indiegogo on the other hand lets you choose if you want to receive funds as they come in or wait until you reach your goal. In addition, they have the option for InDemand, which lets you continue to raise funds after your initial campaign is over.  There is no need to start a new campaign. 

Indiegogo also has a flexible funding option for those who may need it.

To make the choice for yourself, you need to figure out who your audience is, and which platform will best reach them.

The internet is full of advice and tools to help you fund a fabulous crowdfunding campaign. We’ve gathered some of them here in one place so you can get the best start possible.

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Platform Specific Crowdfunding Resources

Like I said, you’ll find many crowdfunding resources are geared toward help on a specific platform. Remember though, don’t underestimate a resource that is not geared toward your platform.  Certain aspects can be helpful regardless of the platform you use.

Kickstarter

Here are some great crowdfunding resources to help with success on Kickstarter.

  1. Hacking Kickstarter by Tim Ferriss 

  2. The Language that Gets People to Give: Phrases that Predict Success on Kickstarter

  3. Stonemaier Games — Kickstarter Lessons 

  4. Kickstarter Stats You Can Use 

  5. Also Kickstarter Step-By-Step: Making $15,000 in 28 hours

  6. Kickstarter Forum

  7. Better tools for project creators 

  8. Kickstarter Calculator 

  9. Kickstarter Creator Handbook

  10. The Five Dollar Movie 

  11. Potato Salad: By the Numbers 

  12. Kickstarter’s 2-billionth dollar statistics 

  13. Kickstarter Stats (official)

  14. What Successful Kickstarter Campaigns Have In Common

  15. How Much Is A Tweet Worth for a Kickstarter Campaign?

  16. How our $500K Kickstarter Crashed And Burned

  17. Why 84% of Kickstarter’s top projects shipped late

  18. The Kickstarter Fulfillment Report

  19. Comix Tribe Kickstarter Resources

  20. Kickstartup 

  21. Kicktraq 
  22. Kickstarter Budget Tool 

Indiegogo

Here are some crowdfunding resources geared toward Indiegogo users.

  1. Indiegogo — 12 Insights for 2012

  2. Indiegogo Playbook

  3. E-Sources for Crowdfunding Campaigners 

  4. Loochi 

Other Specific

These crowdfunding resources are geared toward specific platforms other than Kickstarter and Indiegogo.

  1. BackersHub Facebook Group

  2. Reddit Crowdfunding Thread

  3. RocketHub Success School

  4. Pozible Handbook

  5. FirstGiving Handbook

  6. PledgeMe Project Guide

Non-Platform Specific Crowdfunding Resources

These resources are not directed toward success on any specific crowdfunding platform.  Rather they can offer inspiration and direction on techniques and circumstances that should work regardless of the platform you choose. 

Videos

These video crowdfunding resources may be useful.

  1. Emily Best on Why Filmmakers Make The Worst Crowdfunding Videos 

  2. Taking the shame out of self-promotion 

  3. What getting rejected says about you 

Other Crowdfunding Resources

The following crowdfunding resources do not really fit into another category so we are calling them miscellaneous.

  1. Show Me the Money! An Analysis of Project Updates During Crowdfunding Campaigns

  2. I crowdfunded my PhD research

  3. The Two-Step Method for Easy Press Coverage

  4. The Era Of The Crowdfunded Business

  5. Pay Caesar His Due

  6. Hardware is hard

  7. Crowdfunding Campaign Tools

  8. 5 Effective and Free Publicity Tools to Boost Your Crowdfunding Campaign

  9. The Secret To Getting Exposure From Influencers (video)

  10. 6 Research-backed ways to get more followers on Twitter, Facebook, G+ and more

  11. Crowdfunding Forum

Don’t Put all your Eggs in the Crowdfunding Basket

Crowdfunding is a great option, but the cold hard fact is that it rarely works.  There are far more campaigns that fail than see success. Even those that are successful often end up not raising enough funds.  Then, entrepreneurs end up needing to seek out funds from other sources. 

These other sources may  include loans, invoice financing, and lines of credit.  Of course, grants are an option too. However, they are few and far between.  Furthermore, competition for grants is fierce. That leaves the financing options, and to be eligible for those, your business has to be fundable. 

Fundability if the ability of your business to get funding.  It is affected by many things. Business credit is a huge piece, as is personal credit.  However, it is impossible to have fundability regardless of your credit, if your business is not properly set up to be fundable.

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How to Set Up Your Business to Be Fundable

LIke I said, setting up your business to be fundable is not the only piece of the fundability puzzle.  However, it is the first piece that has to be placed and the biggest piece missed by most business owners.  Here is where you start. 

Contact Information

The first step in setting up a business to be fundable is to ensure it has its own phone number, fax number, and address.   You can still run your business from your home or on your computer if that is what you want.  

In fact, you can get a business phone number and fax number that will function over the internet rather than phone lines.  Also, the phone number will forward to any phone you want it to so you can simply use your personal cell phone or landline if you want.  

In addition, you can use a virtual office for a business address. This is a business that offers a physical address for a fee.  Sometimes they even offer mail service and live receptionist services.  Even better, 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.  You can get one for free from the IRS.

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  This helps show your business is legitimate, and it gives some protection from liability. 

It does not matter which option you choose when it comes to fundability.  It does matter for your budget and needs for liability protection.  The best bet is to talk to your attorney or a tax professional.  Keep in mind, when you incorporate, you become a new entity. Basically, you have to start over. You’ll also lose any positive payment history you may have accumulated. 

As a result, you have to incorporate as soon as possible.  Time in business is important to fundability as well.  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 need a separate, dedicated business bank account.  Here’s why.  First, it will help you keep business finances separate from personal ones.  This is important for tax purposes.

But wait, there’s more.  You can’t get some types of funding without a business bank account.  Many lenders and credit cards want to see a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means you can’t take credit card payments.  Generally, consumers spend more when they can pay by credit card.

Licenses

For a business to be legitimate, it has to have all of the licenses it needs to run.  Conversely, if it doesn’t, it will not appear to be a legitimate business.  Do the research you need to do to make sure you have all of the licenses you need to legitimately run your business at the federal, state, and local levels. 

Website

How can a business website affect your ability to get funding?  In today’s world, you do not exist if you do not have a website.  However, a poorly put together website can be even worse.  It is the first impression you make on most. If it appears to be unprofessional, it will not look good for you with consumers or potential lenders. 

Even more to the point, if potential investors from a crowdfunding site check out your website and it stinks, they will not donate.

Do what you have to to make sure your website is professionally designed and works well.  Also, don’t use a free hosting service.  Don’t forget, 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.

Get all Your Proverbial Ducks in a Row

What’s the take away?  First, crowdfunding is a legitimate option, and these 46 crowdfunding resources can help you on your road to success.  Next, you have to have a backup plan. You have to know you can get funding if crowdfunding doesn’t work out. Fundability is your backup plan.  There are a lot of things that affect fundability, but none of it matters if your business isn’t set up to be fundable in the first place. There are several things you have to do to set up your business to build fundability.

If your business is fundable, you will be able to access pretty much any funding you need now and into the future.  You won’t have to worry about the ability to qualify for a loan, line of credit, or any other type of financing. This will help ensure your business can run and grow for as long as you want.

The post 46 Crowdfunding Resources Available to Help You Run Your Campaign appeared first on Credit Suite.

Resources: Chelsea to authorize Kovacic in spite of restrict…

While Chelsea wait for the judgment of their transfer restriction allure, look into a few of the leading skill cry can remember from lending to boost their team.

Gab Marcotti states resemblances in between Frank Lampard as well as Maurizio Sarri’’s design’’s of play would certainly make the Derby County supervisor a low-risk finalizing for cry.

ESPN FC’’s Craig Burley chooses a couple of from Chelsea’’s popular ‘’ funding military’’ that may make an effect at the club following period.

ESPN FC’’s Shaka Hislop sees Derby County manager Frank Lampard taking the helm at his previous club Chelsea as just a temporary repair for the London club.
Chelsea have actually concurred an irreversible offer to authorize on-loan midfielder Mateo Kovacic from Real Madrid in spite of their transfer restriction, resources have actually informed ESPN FC.
Kovacic made 50 looks for Chelsea in all competitors last period, and also records in Italy declare the contract to maintain him at Stamford Bridge deserves €€ 50 million when all bonus offers are consisted of.
– When does the transfer home window close?
– Barnwell:&& nbsp; Loanees to the rescue for Chelsea?
Chelsea are unable to sign up brand-new elderly gamers due …

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Resources: Spurs near authorizing Ndombele

ESPN FC’s Shaka Hislop claims Christian Eriksen is inching closer to signing up with Real Madrid by sharing his wish to leave Tottenham this summer season.

ESPN FC’’s Craig Burley and also Alejandro Moreno concur that Tottenham’’s Harry Kane will certainly need to make a step in order to satisfy his real capacity.

Craig Burley ranks the current transfer rumours, consisting of Tottenham’’s summer season strategies, Man United’’s right-back search as well as Mohamed Salah’’s future. Lyon midfielder Tanguy Ndombele is bordering more detailed to authorizing for Tottenham, resources have actually informed ESPN FC.
Talks in between Spurs and also Lyon proceeded well today as well as both clubs are confident that the bargain will certainly occur in spite of being yet to settle on a transfer cost
– When does the transfer home window close?
Lyon desire a bundle worth €€ 80 million, consisting of rewards, yet Spurs, that made a first deal of €€ 45m, want to pay €€ 60m plus an extra €€ 15m– a deal which needs to be …

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Spend This Veteran’s Day Building Strong Business Credit and Finding Resources to Help You Build the Business of Your Dreams

As a veteran, your country owes you a debt of gratitude.  Unfortunately, it can be difficult to reacclimate to normal life after the trauma of service. Starting a business can be a great way to get back on your feet, and there are a ton of resources that can help.  These resources, coupled with opportunities opened by strong business credit, mean veterans have more support than ever before to help start and run their own businesses successfully.  F

Find Out Where to Look to Find Resources for Veteran Business Owners with or Without Strong Business Credit

Surprisingly, according the SBA findings released a couple of years ago, 2.52 million U.S. businesses are Veteran-owned.  That is 9.1%. To put it in perspective, almost 10% of the U.S. economy is made up of veteran owned businesses.  It seems, not only do veterans deserve our support for fighting for our country, but for helping to keep the economy running as well!

What frustrates you the most about funding your business? Check out how our free guide can help. 

In addition, the same report shows veteran-owned businesses, have 5.03 million people working for them.  What’s more, that’s an annual payroll of $195 billion. What does this mean? Surprisingly, it means that if veterans aren’t given a way to fund new business ventures, a significant section of the U.S. economy will be hurting.

Thankfully, there are loans, grants, and other resources available for veteran business owners.  Consequently, you have to know where to find them. Fortunately, we can help with that. While we can’t list them all, this should get you started.  

Business Loans for Veterans

First, the list of available business loans for veterans could go on forever.  We selected a few of the most popular to help you get your research started. 

Military Economic Injury Loans

This is an SBA loan that helps both veteran and current military reservists that own a business that suffered when they were called to active duty. As a result, if you own a small business that is having financial issues due to active military service on your part, you likely qualify.  The MREIDL, (Military Reservist Economic Injury Disaster Loan) Program will offer 4% interest loans to help the business stay afloat. 

Remember, it is available to business owners that are also veterans for only up to one year after release from active duty.  Terms are available for up to 30 years. Remember, there is a collateral requirement for loans over $50,000. Also, by law the SBA has to make a determination that the business will not recover without help from the government. 

Veterans Business Fund

strong business credit Credit Suite

Another great option, the Veterans Business Fund, is a newer resource for veterans.  Those are looking to fund a new business or an expansion, and those that want to purchase an existing business or franchise, may find help with this fund. 

It’s funded by donors, and seeks to provide veteran business loans with manageable terms. Per their website, these loans are for veterans, and are non-interest bearing to the extent permitted by law.

You cannot finance a business through VBF alone however.  The program offers loans only in conjunction with personal equity and the funding of an outside banking institution.

Streetshares

StreetShares is veteran owned and run.  They have a passion for funding veteran business loans, though they help those who are not veterans as well. Operating as an online auction marketplace, they connect entrepreneurs directly to investors with an interest in small businesses.

They also provide other information and resources for veterans online. They claim to offer funding approvals in just a few hours. Find out more about StreetShares in this review. 

7-Eleven Veterans Franchising

Along with several other companies, including UPS, 7-Eleven is offering benefits to veteran franchisees.  Eligible business owners can receive up to 20% off the franchise fee.  In addition, they may receive up to 65% financing through 7-Eleven, along with other special benefits. 

What frustrates you the most about funding your business? Check out how our free guide can help. 

SBA Express Loan Program

In the past, the SBA’s Patriot Express Loan program was top notch for veterans.  Unfortunately, that program has ended.  However, veterans can still apply for the regular Express Loan program. SBA Express loans are available up to $350,000, and decisions are made in up to 35 hours.  This is a far cry from the 5 to 10 days SBA loans regularly take for decisions.   

One benefit for veterans is that loans through this program, for those who have served, will have their guarantee fees waived. This is part of the SBA VA Program.  

Hivers and Strivers

This is an angel group that specializes in startups run by U.S. military academy graduates. West Point, Annapolis, the Air Force, and the Coast Guard are all involved. Find out more here. 

Other Options for Veterans with Strong Business Credit and Personal Credit

Although the following lenders do not focus specifically on veterans, they offer small business loans that can supplement what is obtained from veteran resources. 

LendingClub

LendingClub works by giving investors a fixed income alternative by investing in personal loans, while offering borrowers loans with investors’ funds.

It’s a simple process. Just enter how much you want to borrower.  Next, choose the type of loan you are looking for. Then, enter some very basic information. You’ll get two different offers at least. One will have a lower payment but a higher interest rate. The other will be vice versa.

Loans range in amounts from $1,000 to $40,000 with an origination fee of 1% to 6%. This fee comes off the top before funds go into the borrower’s account. That means if you have a $1,000 loan with a 1% origination fee, you will only receive $990 in your account. You still have to pay back the full loan amount of $1,000 of course.

Interest rates range from 6.16% to 35.89%. Repayment terms are typically monthly, spanning over 3 to 5 years. After approval, it can take up to a week to receive loan funds.

The minimum credit score for a loan is 600. In addition, you must have a credit history that goes back at least 3 years.  If you do not have the personal credit needed, they may take strong business credit into consideration.

Fundation

The great thing about Fundation is that they will report payments to the business credit reporting agencies.  In return, this helps you build strong business credit. They offer a streamlined, automated process. Originally, they only had invoice financing.  However, now they offer a line of credit service as well. Repayments are automatic, meaning they draft them electronically.  This happens on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, since the repayment period is comparatively short.  

Loans range from $100 to $100,000.  The max initial draw is $50,000 however.   They do have some products that go up to $500,000.  There is no minimum credit score requirement, but they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.

As I said, they report to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian, which makes them a great option if you want to build strong business credit.

Funding Circle

Funding circle is one of your best options if you are looking for a low APR.  They offer fixed rate term loans. The credit score requirement is 620 or above.  Still, they make take a strong business credit score into consideration if you do not quite meet that.  They do not have a minimum revenue requirement, but they do require at least 2 years in business. Find out more in our Funding Circle review. 

Veteran Funding Options that Do Not Require Strong Business Credit

In addition to loans, there are many grant opportunities for veteran business owners.  They are not all right for every veteran, but if you are eligible, they can be great supplemental funding. 

VetFran Business Grant Fund

This is a grant opportunity for those that have been awarded a franchise through the IFA VetFran program.  Go here to find out more. 

USDA Veteran and Minority Farmer Grant

This is a grant that helps veterans get started in the farming industry. 

StreetShares Commanders Call Veteran Business Award

The StreetShares Foundation offers this award to 3 veteran business owners each year. 

There are three prizes as follows: 

  • 1st Place: $15,000
  • 2nd Place: $6,000
  • 3rd Place: $4,000

To apply, a business must meet the following requirements:

  • The applicant has to be a veteran or reserve or active duty member of a branch of the United States Armed Forces, or a spouse of an armed forces member. 
  • They must be at least 21 years old.
  • The business must be legally incorporated or a formal partnership or sole proprietorship.
  • There must be some sort of social impact on the veteran or military community either in conjunction with or in addition to the primary business function.

In the end, the foundation will choose 5 to 10 finalists.  They base their decision on the social impact of the business idea.  Additionally, they consider how the business will use award funds, and the social impact of that use.  The fit of the product market, the history of the team, and the history of the company also play into the decision. 

Lastly, once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!

Resources that Provide Services Other than Funding Veteran Business Owners

Thankfully, there are many resources available to veteran business owners that provide support not related to business funding. 

Dept of Veterans Affairs

This is the government department set up to help ensure veteran business owners get their fair share of the pie.  That includes government contracts. Find out more at: https://www.va.gov/osdbu/programs/index.asp

Veterans Business Services

Veterans Business Services, or VBS, offers the following: 

  • Self-employment pre -feasibility assessment opinion letters
  • VA vocational rehab
  • Business plan development and coaching for service-disabled veterans
  • Feasibility studies for small business concepts

VBS offers all of this and more.  Go here for more about these and other ways they can help service-disabled veterans. 

VetBiz

The VetBiz program helps veterans “transition military skills into small business success” per their website.  Similar to other programs, they offer training, coaching, and consulting. Also, they partner with the Small Business Administration for the Boots to Business program.  More information can be found here.

Syracuse University’s Institute for Veterans and Military Families

Honestly, there are many programs at Syracuse University for veterans and their families.  Read about all of them here. However, one of the newest programs is an outstanding opportunity for veterans that want to start their own business.  It’s called EBV Accelerate, and it consists of 3-phases. 

What frustrates you the most about funding your business? Check out how our free guide can help. 

Self-stated, the goal of the program is to give veterans business tools and coaching to rocket their business to sustainable growth. To qualify, you must be a veteran business owner that has been in business for 3 years or more.  Of course, the veteran must have at least 50% ownership. 

In addition, there must be active duty with honorable discharge or general discharge under honorable conditions. Also, 5 people have to be full time employees.  It’s short, lasting a little over two weeks. The first phase, Phase 1, is 2 weeks of online work. Next, Phase 2, is a 3-day residency course. Phase 3 consists of resources to support business growth.

More Resources for Veteran Business Owners

For more help, here are a few more resources that can help veteran business owners in a number of ways.

How Can Strong Business Credit Help?  

Truthfully, strong business credit can help any business owner, including veterans, get the funding they need.  Consequently, if you don’t have business credit, now is the time to start building it. In reality, even though it is easiest to start at the beginning, you can start at any time.  Find out more about how to start and build strong business credit here.

Strong Business Credit Can Help You Access More Resources for Veterans

There are resources available to help veteran business owners, but you have to know where to look.  Most of them will not work singularly, but rather they will work together to help ensure the business has the funding and other support necessary to be successful. 

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