How to Create Evergreen Content Right From the Start

Evergreen content engages and educates readers for longer without a huge amount of effort. Once you master the art of writing “timeless” content, you can ensure your articles, e-books, and tutorials stay relevant for years to come.  Below, I’m going to show you exactly why evergreen content should be part of every marketer’s content strategy, …

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Start a Business with Home Equity

Are You Thinking If You Should Start a Business with Home Equity?

Whether it’s a good idea to start a business with home equity will depend on several factors. But it’s not outside the realm of possibility.

Home Ownership, Business, and Financing

Are you a homeowner? Do you have significant equity in your home? You probably already know that your home’s equity is valuable. But have you ever thought of using your home’s equity to finance a new or preexisting business?

Start a Business with Home Equity Lending

There are two main types of funds you can get out of your home’s equity. Both are second mortgages on your house. A home equity loan has a fixed rate, with a fixed rate loan amount and fixed repayment schedule. It’s a one-time lump sum loan that’s repaid monthly. In that way, it’s a lot like a regular mortgage.

Start a Business with Home Equity Lines of Credit

A home equity line of credit (HELOC) works more like a credit card. It has a variable interest rate. You can use the equity when you need it. This is up to a predetermined amount. You can borrow against it for a certain period. This is usually five to ten years.

You’re only charged interest when you withdraw funds. You only pay interest during this draw period. Hence the monthly payments are lower while you’re not repaying principal. After the draw period it converts to a fixed-rate loan for repayment of the principle.

During the time you’re repaying the principle, you can no longer withdraw funds. You must pay off the entire HELOC balance. With a HELOC, the interest rate will vary. As a result, your costs will go up or down with the prime rate.

Start a Business with Home Equity Loans vs. HELOCs

One issue is that a home equity loan has higher payments than a HELOC. This is because you’re repaying both principal and interest each month. For both types of financing, your home serves as the collateral. So if you default, it won’t matter if you have a HELOC or a home equity loan. You’ll lose your house either way.

Start a Business with Home Equity Credit Suite

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

Start a Business with Home Equity vs. Business Loans

Traditional small business loans can require a lot of paperwork. A bank may require paperwork like a projection of income and finance for the business, personal financial statements, your business lease, your business plan, three years of tax returns, and more.

The smaller and newer your business, the less likely you are to get a bank loan. Home equity can be easier to get. Home equity lenders aren’t concerned with your business plan. They just want to know about your personal resources.

Home Equity Loans: The Details

If you have the income, equity, and credit rating to repay the loan, you’re likely to get a loan or line of credit. Home equity interest rates are lower than business loans. This is because the mortgage lender isn’t taking on the risk of your business. Rather, that’s your risk.

If your business fails or isn’t as successful as you expected, you still have to repay the loan, or lose your home. The low interest rates offered on HELOCs can be misleading. this is because the rates vary during the loan period.

Most equity loans are fixed rate simple interest, but most HELOCs are offered at revolving variable rates. This makes them similar to credit card accounts. Hence, the line accumulates interest far more quickly, and the rate is subject to change. As a result, your best option may be to get a loan for an amount expected to cover immediate or short-term needs, with an equity line for any excess.

Home Equity Loans: Some Positives

A home equity loan may be best for one-time business expenses. And HELOCs may be better used by business owners as a cash reserve over time. Money from a home equity loan or line of credit can be used any way you wish, while business loans may be restricted in their use. The interest on a home equity loan or HELOC may be tax deductible.

You don’t have to pay a HELOC down to zero every year, as business credit lines may require. Interest paid on home equity debt can generally be deducted up to $100,000, or $50,000 if you’re married and filing separately, per the IRS. Interest paid on bank loans, personal loans, credit cards and other types of loans isn’t deductible.

The flexibility with home equity borrowing means, when pledging your home as collateral, the debt generally can’t be discharged in bankruptcy if the business fails. Plus you can’t refinance or consolidate without at least two years of profits as shown on your tax returns. If you use a HELOC to finance your business, pay vary close attention to making sure the business is profitable as quickly as possible. And get into a position to refinance or pay off the debt as soon as you can to mitigate personal risk.

Disadvantages of Home Equity Loans and HELOCs

One of the biggest issues is the possibility of going underwater. If you tap into your home’s equity, and later its value declines, you could owe more on your home than it’s actually worth. This is usually called being “underwater’’ or “upside down’’ on your mortgage.

There may be an issue with closing costs and fees. Home equity loans can serve as a second mortgage. So just like your primary mortgage, the closing costs, often somewhere between 2% and 5% of loan amount, can be expensive.

There may also be an early termination fee if you pay off the loan ahead of schedule. If you decide to sell your home before you’ve finished paying back the loan, the balance of your home equity loan will be due. Only you can decide if it’s worth it.

Which Businesses are Best for HELOCs and Home Equity Loans?

Risky businesses are not a good idea for HELOCs and home equity loans, seeing as your house is on the line. Hence a new product which may not catch on with consumers should be financed in some other fashion. Rather, a business in a well-known and used service industry – such as dry cleaning – would be a better choice. In essence if a product or service would be attractive to a venture capital firm, then it would probably be a poor choice for h0me equity financing.

HELOCs are Harder to Get Right Now

According to Forbes, even though a good 45 million American homeowners have about $6.3 trillion in available equity,“As of May 1, after raising their lending standards in April, JPMorgan Chase and Wells Fargo temporarily are not accepting applications for new HELOCs, “due to the economic uncertainty created by COVID-19.” In its mid-April announcement, Chase identified cash-out refinancing as an option available to homeowners seeking to tap their home equity”.

Consider Cash-Out Refinancing as an Alternative to a HELOC

Cash-out refinancing differs from a traditional refinance. It replaces the old loan with a new one that is for an amount larger than the amount needed to pay off the old note. The difference between what was borrowed and what it takes to pay off the previous loan goes into the borrower’s pocket, no strings attached.

Alternatives to Home Equity Financing

There’s a lot at stake if you use your home as collateral. And if you have a risky type of a business, then you’re unnecessarily jeopardizing your family. Business bankruptcy and even homelessness could ensue. So let’s look at how to protect you and your family.

Start a Business with Home Equity Credit Suite

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

401 (k) and IRA Securities Financing

You can get financing regardless of personal credit using stocks or bonds or a 401(k). Or you can use a guarantor instead. Borrow 90% of stock value, 100% for 401(k). You will still earn interest on investments. Pay rates of 5% and lower. And as a bonus, you can get inventory credit lines for 50% of value of your inventory.

Peer to Peer Lending from Funding Circle

Funding Circle is a peer-to-peer lender offering a line of credit. Their credit lines from $6,000 to $250,000. Pay rates as low as 4.8%. You pay interest only on drawn funds. Decision as fast as 24 hours and funds as soon as the next day.

Start a Business with Home Equity Credit Suite

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

Credit Line Hybrid

With a Credit Suite Credit Line Hybrid, you work with a finance source that specializes in unsecured credit lines. This is a very rare, very little know about program that few lending sources offer. Get up to five to eight times your current high limit, than what you’ll get on your own, because even one inquiry can cost you $25,000 or more. Individual approvals go up to $150,000.

You can get 0% financing for 6 to 18 months. Accounts report to the business credit reporting agencies. Multiple lines create help get you limit increases and give you more tradelines. Get approvals up to $150,000.

A 680 or better FICO score is required for approval. Guarantors are welcome! You must have 40% or lower credit card utilization, and 5 inquiries or fewer in the last 6 months. The consumer card program is easier to qualify for.

Business Credit

Business credit is credit in a business name, that’s linked to the business’s EIN number not the owner’s SSN. When done properly, you can get business credit with no personal credit check and no personal guarantee. You can get business credit as long as you have a business in the USA. You can build business credit for all sorts of businesses. You can get business credit even as a non-profit long as it’s incorporated.

You can get business credit cards with no personal guarantee. You can get 3 types of business credit cards. The first is vendor credit, which offers net 30 terms used to start a business credit profile. Second is store credit, where you can get credit cards with high limits at most retail stores. The last is cash and fleet credit.

Fleet credit is to buy fuel and maintain vehicles, whereas cash credit is Visa, MasterCard, American Express, and Discover cards you can use anywhere. Limits are often $5,000 – 10,000 to start and can exceed $50,000. You don’t have to buy bogus tradelines or shelf corporations, and you never have to put your house on the line.

Takeaways

Home equity loans and HELOCs are similar. They are both essentially a second mortgage on your home. But when you start a business with home equity, there are risks. Your house serves as the collateral for the loan, so if you default, the bank can take your house. There are other financing options which aren’t as personally risky. They include 401(k) financing, peer to peer lending, a credit line hybrid, and business credit.

Making the best decision for business funding is a big step. Let’s take it together.

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From Set Up to Business Start Up Loans: What You Need to Know About Starting a Business

If you are thinking about starting a business, there is a lot you need to know. Our business experts can walk you through the entire process to ensure you have the fundability you need to succeed. From how to set up your business as a fundable entity to making sure you have what lenders are … Continue reading From Set Up to Business Start Up Loans: What You Need to Know About Starting a Business

From Set Up to Business Start Up Loans: What You Need to Know About Starting a Business

If you are thinking about starting a business, there is a lot you need to know. Our business experts can walk you through the entire process to ensure you have the fundability you need to succeed. From how to set up your business as a fundable entity to making sure you have what lenders are looking for when it comes to approving start up business loans, here is what you need to know. 

How to Get Start Up Business Loans and Other Funding

If your business isn’t fundable, you will not get startup business loans, plain and simple. Of course, if you are a start up you aren’t going to have a ton or revenue or business credit history.  So, what can you do to ensure you have a fundable business that can get the money needed to get up and running? 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

The Set Up, and Why it Matters

Fundability starts in the very beginning.  How you set your business up can make or break your ability to get business start up loans.  Here’s why. Lenders want to see that your business is a stand alone entity, fundable on its own apart from you as the owner. It lends credibility to your business as one that is strong and able to survive on its own merits.

start up loans Credit SuiteTo start this process, you need to make sure your business has its own name and contact information. Do not use your own phone numberaddress, or email address. You also need to apply for an EIN. It’s free on the IRS website. This is an identifying number for your business that’s similar to an SSN for an individual.

After that, it is vital that you incorporate. Choose whichever options works best for your budget and liability needs, S-corp, LLC, or corporation.  But, you must do it. It makes all the difference when applying for business start up loans. 

Then, you need to have a separate, dedicated business bank account. It further lends credibility to your business as one that is legit, and there are a number of other benefits that will serve your business well in the future.  For now, just know it is preferred by lenders. 

Business Plan

If your business is properly set up, you will need a business plan. Most business loan applications have a place where you can just fill in the blanks for this part, but that is not what you want to do. You need a professional, well put together business plan that shows you know what you are doing with the money you are asking for. 

You can find templates online, including at SBA.gov.  However, it’s even better if you can hire a professional business plan writer. You will also likely have to hire other professionals to help you complete each part of the business plan. 

For example, you will need a marketing specialist to help you with the market research and an accountant to help with the forecast and other financial sections. The better your business plan presentation is, the better off you will be. 

Business Start Up Loans and Other Funding

Ok, so now for the nuts and bolts. You cannot start a business without money. If your business is properly set up and you have a solid, professional business plan, you have given yourself a great start. It’s time to find the money. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Business Start Up Loans

There are a few different options when it comes to business start up loans. Traditional loans are the most common and typically the first on the list with new business owners. It’s just what everyone knows. If you want to start a business you go to the bank and get a loan.  That works for a lot of people. 

Generally these are all secured loans. That means you put up collateral. However, if you have fabulous personal credit, you might be able to get an unsecured business start up loan. The thing is, you may not want to. You are almost always going to get better rates and terms if you use collateral. 

SBA Loans

For most, SBA loans are going to be the way to go.  These are business loans that have a government guarantee. Because of this, lenders are able to offer them to business owners with lower credit scores than they would otherwise, and the interest rates tend to be better as well. 

Credit Line Hybrid

This is a great option for those needing business start up loans for a number of reasons. First, if security is an issue, this is totally unsecured business financing. You do not put up any collateral, and you can get up to $150,000. It is also no-doc financing, meaning you do not have to provide banks statements or financials of any kind. 

All you need is to have a personal credit score of at least 680 and meet a few other requirements. However, if you do not meet those requirements, you can take on a credit partner that does. You can use the credit of a friend or family member to apply for the credit line hybrid, and the payments will still report to your business credit report, thus building your business credit score. 

Investors and Crowdfunding

Even though business start up loans are where most new business owners head first for funding, they are far from being the only way.  Of course corporate investors are an option. Similar to a business plan, you need a pitch. Angel investors are an option as well. While debt free and effective, neither of these are particularly easy to come by. 

 Another option when it comes to looking for investors is Crowdfunding. It’s not a huge success rate, but there are some businesses that are able to get all they need from this form of funding. You’ll never know if you don’t try. 

Help Through the Weeds

The biggest issue when it comes to business start up loans, and really any other part of starting a business, is getting through the weeds. It can be overwhelming to try and figure out what you need to do to qualify for the funding you need, and then figure out what funding will actually work best for you. A business credit expert is vital to this process. While it is possible to do it alone, it is well worth any expense to get things done not only faster, but the right way to ensure nothing is missed. 

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Business Start Up Loans: Fundability Matters

The truth is, fundability matters regardless of the type of start up funding you use. The reason is, you are likely going to need to access funding of some type throughout the life of your business. If your business is not fundable, you will not be able to get it. So, the best option is to work with a business credit expert now, to get you on the path to fundability while helping you find business start up loans and other types of start up funding to get you up and running. Building fundability and business credit takes knowledge and intentionality. Don’t try to do it alone. You don’t have to. 

The post From Set Up to Business Start Up Loans: What You Need to Know About Starting a Business appeared first on Credit Suite.

How to Start a Podcast in 14 Days

Between the sound equipment, hosting options, learning to edit, and everything else that goes into starting a podcast, the very concept can be overwhelming. But, I’ll let you in on a little secret: It isn’t that difficult to start a podcast.

In fact, you can get one up and running in about two weeks. In this post, I’ll outline exactly how to do that.

The order of my steps might look a little wonky to you. That’s because if you’re going to start a podcast in two weeks, actions you may typically hold off on need to occur earlier because they take longer to complete.

By no means should any of these tasks be completed in a day. The day simply indicates when you should kick off each step.

While this timeline is here to give you an idea of how to prioritize your work, you needn’t follow it to the letter. If you’re working with a team, some of these steps can happen simultaneously.

For instance, you can have your creative department working on your artwork while editorial hashes out the content calendar and you reach out to potential guests.

Why Start a Podcast?

According to Edison Research, the number of monthly podcast listeners in the U.S. grew by 17 million people from 2018 to 2019. And the number of podcast listeners is expected to increase by 20 million each year, passing 160 million by 2023.

Suppose you’re looking for a new avenue to build revenue, raise awareness, or improve conversions. In that case, podcasting may just be the way to do it—particularly if you’re trying to reach a younger audience. In 2020, according to Statista, almost 50% of podcast listeners were between the ages of 12 and 25, and 40% were between 25 and 54.

Start a Podcast Day 1: Do Your Research on Radio and Podcasting

Horror writer Stephen King has written more than 50—and sold about 350 million—books. His advice to new writers? Read. Read everything you can get your hands on because reading other people’s work and understanding how all kinds of novels are written informs your own writing.

The same is true of podcasting. Listen to all kinds of podcasts from a variety of genres. Listen to radio shows, too, both old and new. They are, after all, the ancestors of the modern podcast.

Take notes when you hear something you like—a format, an interview technique, an introduction, anything. When it’s time to construct your podcast, you can pull out your notes and incorporate those elements into your show.

Start a Podcast Day 2: Research and Purchase the Right Podcasting Equipment

At the very least, you’ll need a decent microphone, some recording and editing software, and a quiet place to record your podcast.

While you can use a computer microphone, an external microphone, preferably one with a pop filter, will pick up the sound of your voice better without too much background noise. You should also consider getting an isolation shield if your microphone setup allows one.

And that quiet place to record your podcast? Choose a small space if you can, ideally one with a door that can close and a fair amount of insulation in the walls.

If you can set up a room with soundproofing panels, all the better. Not only will all this cut down on background noise, but it will also reduce echo in the room.

If all that isn’t possible, something as simple as a clothesline with a blanket hanging off it surrounding your recording space can make a world of difference. You can get a special acoustic blanket or just use one from your linen closet.

Finally, research and choose the best recording and editing software for your podcast. The most popular recording apps include

  • Garageband: Works with Apple products, allows you to record and edit your podcast and create original music, free to use
  • Audacity: Works on Windows, macOS, GNU/Linux, and more, allows you to record and edit audio, free to use
  • Apple Logic Pro X: Works on Mac, interfaces with GarageBand, offers advanced tools, $200 one-time purchase
  • Adobe Audition: Works anywhere Adobe products work, lets you edit, record, and create sound effects, $20.99 per month (or part of the Creative Cloud at $52.99 per month, which includes Photoshop—though which you could work on images to go with your show)

But you could even use Skype, Zoom, or Otter.ai to do your recording, then upload your file to one of the programs above so you can edit.

Start a Podcast Day 2: Determine Your Podcast Content Goals

Every part of your content plan has a goal, right? So what would a podcast do for you? Would it:

  • Raise awareness of your brand?
  • Be a way to promote new products?
  • Position you as an expert in your field?

Keep in mind that all content has the same ultimate goal: To solve a problem, or a pain point, for their audience.

For example, my Marketing School podcast, which I co-host with Eric Siu, directly addresses the brands’ marketing pain points. Each week, we share and discuss best practices to help brands grow their businesses.

How to Start a Podcast Marketing school podcast with Neil Patel Eric Siu

But some branded podcasts aren’t so direct in their approach. Some brands even create content purely for entertainment—but even this kind of content solves a problem: boredom.

For example, GE has two science fiction podcasts: The Message and its sequel, Life After. These weave in existing GE technology to decode alien messages and solve futuristic problems.

How to Start a Podcast determine the message you want to send

But there are plenty of ways to solve a problem for your audience while accomplishing your content goals.

GE’s goal is to raise awareness of its tech and expand its audience.

Our goal at Marketing School is to raise awareness of our content marketing services and increase conversions.

No matter your goal, remember this: A podcast can generate more than a 4% increase in brand recall, and 61% of listeners exposed to podcast ads for major brands were more likely to buy those products.

So, what’s the problem you’re trying to solve for your audience? How will you solve it?

Start a Podcast Day 3: Identify Your Podcast Audience

If you already have a strong social media presence, you may have your target audience and audience personas ready to go. And you can use your podcast to reach that audience on a different channel, particularly if they’re moving away from traditional social media.

But consider using podcasts to expand your audience. A podcast, after all, should fit into your holistic content marketing strategy. It can be yet another tool to grow awareness of your brand.

In that case, identify the audience you want to make aware of your brand—and make sure it’s one you can reach through podcasting in the first place.

Start a Podcast Day 4: Choose Your Podcast Format

I’ve talked a little bit about the format already. For example, my podcast is either a monologue or dialogue format, whereEric and I—together or separately—discuss a content or social media marketing topic and share our insights.

Monologue or dialogue formats are great for educational and how-to podcasts.

GE’s podcast follows a theater format, reminiscent of the radio dramas of old. It’s a great entertainment format. GE found a creative way to include their products, but not all brand-related podcasts directly discuss their products.

Some of the other more popular podcast formats include:

Interview Podcasts

The interview podcast is just that; a question-and-answer format where the host interviews guests on a topic related to the podcast’s content goals.

Founder and CEO of Foundr magazine, Nathan Chan, interviews entrepreneurs and startup executives in his podcast, Foundr Podcast, to help educate other entrepreneurs on everything from marketing to raising capital to growing their business.

How to Start a Podcast The foundr podcast

Informal Discussion Podcasts

For an informal discussion, two or three people, whether they be hosts or one host and guests, choose a topic and discuss it freely without a script. A host may have a few bullet points to keep the conversation on track, but there is no other script to speak of.

Slate Magazine’s Spoiler Specials brings movie critics together to discuss recent movies, with plenty of spoilers sprinkled in. While they don’t promote the brand, it positions them as SMEs in movies and entertainment.

How to Start a Podcast Slate spoiler specials podcast

Panel Podcasts

Insurance broker Allianz hosts a panel discussion podcast called Insurance Tomorrow, where panelists discuss current events and how they affect the insurance industry.

In this type of podcast, a host kicks off the discussion and keeps a list of questions or bullet points to keep the conversation on track.

How to Start a Podcast Insurance tomorrow podcast

Journalistic Podcasts

A journalistic podcast can take a few forms. It can merely relay the news of the day, or it can tell longer-form stories, much like you would hear on a news magazine show.

For a branded podcast, the longer-form version is probably best. And it doesn’t necessarily have to relate to your product.

For three years and 58 episodes, Basecamp’s podcast, The Distance, used a journalistic approach to tell the stories of small businesses that had been in business for 25 years or more. The idea was to inspire other small business owners.

How to Start a Podcast The distance podcast

Start a Podcast Day 5: Begin Choosing Your Concept

Once you know your audience and your content goals, you can start brainstorming the podcast’s concept and topics.

Your concept should be unique. Take a look at other podcasts for inspiration, but make sure you’re not duplicating a podcast that already exists.

Your concept should relate to your brand and products in some way. The GE podcast, for example, is loosely related to tech.

Finally, your concept should appeal to your audience and solve a problem for them.

Choosing a concept will take market and audience research. You may even want to survey super users of your product to get an idea of the kinds of topics they would be interested in.

Start a Podcast Day 6: Start Researching a Name

There are a few ways to name your podcast. You can use your podcast’s content, your name if you have a decent following, or your company’s name if it’s well known.

For example, Blue Apron’s podcast relates to its content: Why We Eat What We Eat.

Meanwhile, celebrity Anna Faris’s podcast uses her name: Anna Faris is Unqualified.

How to Start a Podcast Unqualified podcast

Whatever you choose to do, make sure your title is clear, catchy, and memorable—and not already taken. Of course, it should also include keywords that help you appear in search.

You should also look up both your chosen name and variations on it, combined with “podcast,” “TV show,” “book,” “movie,” and anything else you can think of that may force you down in SERPS. Look for these not just on Google but on social media sites as well.

Start a Podcast Day 7: Begin Design of Your Podcast’s Thumbnail Artwork

Apple and other podcast hosting platforms require artwork for your podcast, so there’s something to display in search.

For this step, we’re focusing on what will appear in podcast apps themselves—what you saw above are more akin to the large cover photos (more on those later). What we’re looking at now appear more like Instagram pictures in shape:

How to Start a Podcast Marketing school podcast cover art

Apple remains the big name in podcasting— after all, “podcast” is short for “iPod broadcast!” So, you want to pay attention to Apple’s recommendations for creating good cover art:

  • Keep it simple and easy to recognize, with relevant images.
  • Have your podcast title visible with a clear, large font.
  • Keep it to a max of 3000 x 3000 pixels.
  • Avoid logos that are in use by others.
  • Don’t put artwork at the bottom of the image—it could end up hidden in apps.
  • Consider dark mode when creating your art.

Where do you get this art?

In a perfect world, you’d have an incredible artistic team at your disposal—use them if you do. But, not everyone is that lucky, and you may need to find someone to do this work for you. Consider:

  • Looking at the show notes of podcasts to see who they credit for logo creation. Could you contact them as well?
  • Checking out freelance sites like Fiverr for freelancers.
  • Creating your own via apps like Canva—just double-check any copyright rules before nailing down the final product.

Start a Podcast Day 8: Create Your Content Calendar

Now it’s time to determine how often you’re going to post new episodes and what those episodes will be about. Brainstorm topics and keywords for your episodes, and write down a list of guests you might want to have on the show.

Create a content calendar that includes enough time to schedule your guests (if you have any) or write your script (if that fits your format), and record, edit, and post your podcast.

Start a Podcast Day 9: Write Your Podcast Script and Find Your Music

Developing a full script can take anywhere from a day to a few weeks, depending on the format, amount of research needed, and how many review levels it has to go through. But here are the basics.

The Podcast Script

The type of script you write—if you write one at all—depends on the format you chose for your podcast. Most podcast scripts include the following:

  • Theme music
  • An intro that mentions the show’s name and concept, describes the episode’s topic (including keywords) and introduces any guests.
  • An outro, or conclusion, that wraps up the show and includes a call to action. Your call to action should tell your audience to rate, review, subscribe, join you on social media, and, most importantly, spread the word.

If you want a more informal feel to your podcast, you can simply write an outline or some bullet points of what you want to talk about and then riff on your topic from there. Or, you could write a full script, but be ready to go off track and banter with your cohost.

If you’ve chosen a story-telling format, like GE’s podcast, or even a how-to format, you will need to develop a fully fleshed-out script.

For a tutorial on scriptwriting, check out NPR’s guide for students. It’s full of helpful tips to get you started.

Podcast Music and Sound Effects

Most podcasts have some kind of music before the intro to their show. If you want something unique to your podcast that is consistent with your branding, this is something you’ll want to commission.

Like with artwork, you can bring on a local musician or friend, a freelancer from a site like Fiverr or via a local job board, or, ideally, use someone in your office. No matter who you use, be sure to give them credit on every set of show notes—it’s just good practice.

If you don’t want to commission someone, you can look into royalty-free music sites, such as bensound.com. These generally allow you can browse music in a variety of genres.

There are also free and subscription services for sound effects, such as Zapsplat, if you need sound effects for your podcast. Like with music, some of the recording options we talked about a while back also have these available.

Start a Podcast Days 10 and 11: Record Your Podcast

It’s finally time to record. There are some best practices you should follow, though. Even if you’re comfortable speaking in front of a crowd, setting up a sound system and using a microphone is different for podcasts.

Using Your Podcasting Microphone Correctly

The good news is that most of your recording equipment—especially if you bought from some superior brands—will likely have videos you can watch to help you set things up and use them appropriately.

You can generally find these on the company’s website or YouTube. On YouTube, you may also be able to find podcasters using them, and their tips maybe even more helpful than the company’s because they’ve done practical troubleshooting already.  

Here are a few best practices:

  • Be sure your microphone is stable: If you’re using a mic stand of any sort, make sure it’s not easy to knock over.
  • Get your distance right: Being too far will make you sound like you’re speaking from a distance, while being too close will make you either sound too loud or catch too many things, like breaths. Two to three inches is usually best, but you’ll want to try different things with your microphone. A pop filter may allow you to be a bit closer to your mic.
  • Angle your microphone appropriately: There are a couple of ways to do this, and what works best for you is up to you. You could have the mic angled directly at your mouth, which may provide you with the highest among of clarity and “fullness” of your voice. However, you could also turn your mic slightly away, which could mitigate any issues caused by high frequencies.
  • Check your mic level: “Gain” and “input level” mean the same thing, and your microphone setup may use either term to describe the control for how much signal is recorded. Speak into the microphone in the tone of voice you plan to use and adjust until you’re in the -10dB range. If you’re using headphones adjust the knob until you hear buzzing, then turning it down a bit if you’re using GarageBand or Audacity.
  • Do a test recording: Use the full range of the voice you plan to use for your podcast. If you know you’ll get excited or upset, talk about those things in the way you would on your show—as well as things you’d be speaking about in your normal voice—so you can hear yourself and change levels and mic angle and distance as needed.

Best Practices For Recording Your Podcast

Now that you’ve tested everything out with your microphone and other recording equipment, it’s time to get down to business. Make sure your recording studio is closed off to others and that people know not to enter while you’re working, then get started!

Like with microphone use, though, there are some best practices while you record:

  • Warm-up your voice first: Do some vocal exercises, so your voice is at its best the whole time you record.
  • Recheck your levels: You can sometimes do this before you even begin recording, sometimes after. Make sure everything still looks right and adjust if needed.
  • Start with silence: Leave about five to ten seconds of actual silence at the beginning of the episode. Watch your levels to make sure it’s not picking up your breathing or any other noise that won’t usually be there. This lets your app read the actual level of background noise so you can edit appropriately later.
  • Watch for filler words—but don’t panic about them: “Filler words” are the things we say without realizing it, like “um,” “like,” and “okay?” when they’re not adding anything. We all do this, so don’t feel embarrassed by them. Be aware of your filler words and try to avoid them, but remember you can often edit many of them out later. As you go through more episodes, chances are you’ll become better at not using them.
  • Find a way to note mistakes for easy editing: This is especially important if you’re editing the show yourself. If something happens that you don’t want your audience to hear—a big stumble over words, a sneeze, a barking dog, a passing train, something that just came out wrong, etc.—find a way to make them visible in your editing process. This could be a long silence or snapping your fingers at the microphone three times, as that will show a great change in volume. You could also note the time the issue happened. If you have someone else editing, you can also just say “cut that out” directly in the recording.
  • What if a noise issue is unavoidable? Let your audience know. For instance, if you can hear your neighbor mowing the lawn, but you have to record right now, just mention it and move on. Or if you’re recovering from a sore throat but can’t miss an episode? Just tell them. People are usually pretty understanding.
  • Keep excess noises away from your mic: Taking a sip of water? Turn away. Notes on paper? Keep them far away from your mic. Blowing your nose? Well, maybe make the editing note above.

Start a Podcast Days 12 and 13: Get to Editing

Allow at least a day for editing your podcast and then another day for final approval. This is when you add in your music and sounds, edit mistakes, or take out entire parts that you don’t feel add any value to the podcast.

Like recording, there are some best practices for editing. If you’ve got a pro on board, you probably don’t need to worry about this. But if you’re doing it yourself, you should take some time to learn about these. Thankfully, YouTube comes in very handy for things like this.

While the best practices will vary slightly based on the editing software you’re using, here are the basic steps you should take while editing—and be sure to wear headphones while you do it. While this advice is intended for Audacity users, it applies to most editors:

  1. Listen to the material before you do anything else. Note the times of things you want to change.
  2. Use the noise reduction tool to get rid of any background noise—this is why we recorded that silence at the beginning. (We also did this so you have a background noise level you can insert elsewhere, so don’t delete this silence until you’re done.)
  3. Get rid of what you don’t want content-wise.
  4. Remove other noises you don’t want. This includes filler words—though be careful not to overdo this because you don’t want to sound unnatural. If cutting a filler word or other short piece of audio makes you sound like your words are jumping on top of each other, that’s where pasting in some of that silence from the beginning comes in.
  5. Normalize at about -2.0.
  6. Amplify anything that’s too quiet.
  7. Compress and equalize.
  8. Add in your music, sound effects, and—unless your hosting site does this automatically—any advertisements.

For very detailed advice about editing, check out this article from Podcast Rocket.

Start a Podcast Day 14: Post and Promote Your Podcast

Okay, this one is a bit out of order—we’re talking about in-the-trenches promotion, not pre-show promotion. When you’re starting a podcast for your brand, you should let your audience know before your first episode. Hype them up.

Here’s a fun fact: If you post your podcast to the three major platforms—Apple Podcasts, Spotify, and Google Podcasts—you’re already in front of more than 95% of all podcast listeners!

One common misconception about podcasting is that these platforms host your podcast. Not so. You first need to sign up for a hosting site, such as Buzzsprout. Some hosts automatically submit your podcast to several platforms, while you may need to do it manually for others. You do this with your RSS feed, which you can find in your account on your hosting site.

Your RSS feed will need the right tags, your artwork, and at least one episode to be accepted. Once you have all that submitted, you’re up and running!

Now it’s time to promote your new podcast. Utilize your social media and own website for this, but be aware of other avenues as well. For instance, if you have a guest on the show, make sure they’re going to advertise their involvement. You could consider purchasing ads on social media or other sites, too. And if you have a brick-and-mortar store? Put up signs with QR codes to your podcast’s website, post on your main site, social media, or use Linktree.

Beyond Two Weeks: Track Your Podcast

Your podcast host, Apple, Google, and Spotify all provide analytics, so you can track how your podcast is doing. Additionally, Chartable compiles several apps’ data, so they could also be helpful. Use that information to inform when you should post, how well you’re promoting it, and what your next episode should be about.

Be sure to Google your podcast several times over the following weeks to see if you’ve been picked up by platforms you didn’t know about so you can add these options to your “where to listen.”

You should also keep an eye on reviews. Many podcast apps don’t have reviews, but Apple does. Reviews aren’t the end-all, be-all, but they can help you move up charts, better advertise your show (if the reviews are good), and see where you need to improve. Just bear in mind not all reviews are valid—they could be from rivals or from people who just like to complain—so use your judgment about how to go forward after reading them.

If You Can’t Start a Podcast From Scratch, Partner With Someone Who Can

Even enterprise brands need a little help podcasting sometimes. If you don’t have the time or resources to start your podcast, try partnering with a brand or business that can.

Sephora, for example, partnered with GirlBoss Radio to create a branded podcast called #LipStories. The podcast features interviews with remarkable women from around the world.

How to Start a Podcast Sephora example

Conclusion

Podcasts can help your brand reach an entirely new audience, and starting one doesn’t have to be as stressful as it may seem on the surface. If you follow these steps and make your podcast SEO friendly, you may be well on your way to increasing your sales.

And you may even have some fun along the way.

What kind of podcast are you thinking about? How can it help your brand?

The post How to Start a Podcast in 14 Days appeared first on Neil Patel.

How to Use Crowdfunding to Start a Business in a Recession – Amazing!

The Fantastic Way to Use Crowdfunding to Start a Business in a Recession and Get the Financing You Need – Even if the Economy Tanks

Crowdfunding has become all the rage and it’s not surprising. It’s (generally) free money which you do not have to repay. And you can get these funds without needing to give up any ownership or control over your small business. Additionally it can help you to determine the popularity of an idea or a prototype or invention. Because there is no sense in continuing if there is no interest in your design. Still, a lot of entrepreneurs can use crowdfunding to start a business in a recession.

You will need to make a lot of choices before you even launch a startup crowdfunding campaign. And this goes double in an economic downturn.

Use Crowdfunding to Start a Business in a Recession: How Much?

Your very first decision should be: just how much do I need to crowdfund? If you need $1 million, you are going to need to crowdfund more than that. Why? Because that is how crowdfunding platforms make their money– they take a percentage of any money you can raise. Thus, you will need to take that into consideration. Crowdfunding percent charges vary from 4% to 10%.

Use Crowdfunding to Start a Business in a Recession

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Use Crowdfunding to Start a Business in a Recession: Will I Succeed?

Another decision has to do with how successful you think your campaign will be. If you are extremely confident that you will be 100% funded at the end of your campaign, then traditional funding is for you. If you are not sure, then try GoFundMe’s flexible funding.

With flexible funding, you, the campaign runner, can keep your donations even if your campaign falls short. However, for this benefit, you will have to pay a higher fee to GoFundMe. Other crowdfunding platforms like Kickstarter don’t offer this option.

Use Crowdfunding to Start a Business in a Recession: What Should I Offer for Perks?

Yes, you will have to offer perks to your donors. Perks can take many forms– buttons, tees, book marks – every one of those are possible tangible perks. Consider a perk format which can sync with your business. If you sell homemade jam, then perhaps create a unique flavor just for the campaign, and offer bigger and bigger-sized jars depending on donation amount.

If you are a horseback riding stable, offer a complimentary lesson or a postcard with a favorite horse’s image on it, or something like that. Does your startup flip houses? Then consider offering a coupon to a neighborhood home supply company (work with them beforehand, of course) or the like.

Pro Tip on Perks

Physical perks are a pain! A lot of people love them, and they will stand out. However, you also have to ship physical perks. International shipping is extremely expensive, even for small items. So if you offer physical perks, specify whether you will allow international donor addresses.

Even if everything has to be shipped in the US, you are still left with working with a data base of names and addresses (a few of which might have misprints or be incomplete) and usually a range of available perks. Did Jane want the stuffed teddy bear or the book mark? Did Alan want the pennant or the tee shirt? Do Jane and Alan live at the same address so perhaps you could mail their perks out together? What if a perk is lost or broken in the mail? And what if it injures someone?

Because of this, if you can do it, try for digital perks. For a house flipping startup, you might record video footage about home design or repair. For a pastry shop, you could offer downloads of recipes. And for a health club, maybe offer digital coupons for a free month of membership.

Use Crowdfunding to Start a Business in a Recession

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Use Crowdfunding to Start a Business in a Recession: Your Campaign

Your campaign’s success is far from assured. However, you can capitalize on a few proven approaches. First off consider these four feelings that you need to engender in donors. Use one or more of them as the focal point of your campaign as a starting point.

Urgency

The first two and last two days of a crowdfunding campaign are pretty much always the days with the biggest payoffs. Often, lengthening the campaign doesn’t make you significantly more money. So why not open a campaign for only a week? Don’t let donors feel they can contribute any old time they feel like it.

Scarcity

If you have thousands of something or other to supply as a perk, it will not be as desirable. If you only have a few copies of a specific perk, that will instill a feeling in some potential donors that they just have to have it. Do this with your larger donation levels only. Therefore, you might want to establish a perk/donation level system similar to this:

Donation Level Number of Perks
Lowest 1,000
Second lowest 500 (reward also incorporates lowest level reward)
Second highest 50 (reward also includes two lower level rewards)
Highest 10 (reward also incorporates all other levels’ rewards)

Remember: a lot of variety in physical perks will make fulfillment a lot harder, so don’t work with greater than maybe five separate varieties of physical perks– and even that is pushing it.

Novelty

If you are offering the identical thing as a thousand other places, no one will want to make a donation. Your widget needs to be lighter, hotter, cheaper, or more resilient. Your food should be reduced in calories or higher in nutrition or better-tasting. Or your professional services need to be delivered better or quicker, by friendlier and more skilled employees. And it should come with a money back guarantee your competition does not provide.

Cool factor

Is your product a work of art? Is it a new, gadget-like innovation? Then it may have a coolness aspect which you can construct your campaign around. But don’t be discouraged if it isn’t! These days, some of the most unforgettable advertising campaigns are based around a product the majority of people found uninspiring not ten years ago– insurance.

Use Crowdfunding to Start a Business in a Recession: Crowdfunding Strategy

A few words on strategy:

Your Pitch Video Will Need to be Great

Use an expert to film it and develop the script. Are you unable to pay for experts? Then try schools, both pupils and educators. Your script doesn’t need to be verbatim but you should have points you wish to make and not babble. Write a script and stay with it. This is not the right time to ad-lib.

If You Have Tangible Evidence of Your Project, then Make Sure to Present it

Put it in your campaign video and on your campaign page. This means a picture of your health spa’s sign or a short video clip of your prototype robot. A number of people are naturally doubtful about crowdfunding. An image and a tangible thing will go a long way to assuring them that your project isn’t vaporware.

Manners Matter

Say please, thank you, and you’re welcome to everyone. Use these magic words in your pitch and in your communications with your donors, even in the cover letters you deliver with your perks (even internet perks can include a cover email message). You do not have to be servile, but you absolutely must be diplomatic.

In particular, be courteous when you want to use crowdfunding to start a business in a recession. After all, you have no idea what people may be going through.

Don’t be Greedy!

If you need $250,000 for your campaign, but you call for $1,000,000, that will not do anyone any good. You’ll just look like you want to leech off other peoples’ generosity. Instead, explain your expenses as plainly and transparently as possible.

And incidentally, if you misuse your funding, you may end up in an unpleasant meeting with your state’s attorney general. So be truthful!

Use Crowdfunding to Start a Business in a Recession

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Save your money during the recession!

Your Stretch Goals Should be a Combination of Readily Achievable and Pie in the Sky

If you are crowdfunding for $100,000, a reasonably easy to attain stretch goal is $125,000. Pie in the sky going to be more like $300,000.

Make it abundantly clear what you will do with any added money if you are fortunate enough to get it. Will you buy the property your startup is in? Employ five more people? Replace your old equipment? Launch a brand-new market on another continent? Let your donors know what you are pursuing, so they can dream with you.

Be Gracious if Your Campaign Fails

Even if you use GoFundMe’s flexible funding option, you still may not receive enough to make an appreciable dent in your funding requirements. If you wanted $100,000 and you just got $500, your best option is to simply give back the money.

If you nearly made it with $95,000, then thank everybody who donated. And see what you can possibly do, although there’s a deficiency. And let them know what you are doing! Maybe you’ll purchase your building next year, or hire four people rather than five.

Once more; give your donors a stake in and an inside look at your startup. This will enable them to feel invested. And they may just opt to make up the deficiency themselves. Even if your crowdfunding campaign concludes does not mean a donor cannot send a check or buy extra goods or services. If that comes about, then politeness is essential.

Start a Business in a Recession with Crowdfunding Credit Suite

Use Crowdfunding to Start a Business in a Recession

Line up the Most Significant and Most Dependable Donors You Can Before You Start

Tell your mother or your brother in law or your former high school soccer coach to postpone on handing over their $1,000 or $10,000 donation till you start your campaign.

And ask them (nicely!) to release their donation at a very precise time. Which time? The initial or final day of the campaign (split the funds as well as you can. If the split isn’t around half and half, then request the larger chunk of donations to come on the very last day of the campaign.

Make the most of the novelty factor of the first day of the campaign, or the urgency factor of the very last. Just like a busker with a couple of her own bucks in her hat, to motivate people to toss in a few bucks for a song, you want your biggest donors to demonstrate to other donors that they believe in you and in your project. And you also want them to suggest your other donors that they had best get in on investing in your startup before the opportunity ends.

Share Your Campaign on Social Media

And ask your family and friends to do so, too. Tweet the link. Incorporate it as a Facebook status. Make it a Tumblr post or a snap on Snapchat or create a blog post about it. Ask your network to publicize the link.

The most effective technique to get your network to help you out is by assisting them in return. If your relative’s rock band is on Facebook, share their page, or tweet about it.

Be a collaborative member of your own personal network. And then your contacts will be more likely to help you out when you ask.

And rerun these social media postings. Considering time zones and our all-too hectic lives, people may not see your message the first time around. Mix it up and deliver it at odd hours (you can oftentimes use scheduling software such as HootSuite for this), including what is the middle of the night where you live.

Use Crowdfunding to Start a Business in a Recession: Pay it Forward

Finally, if your small business crowdfunding campaign succeeds, think about donating a few dollars to others’ campaigns. Because your business goodwill and a good reputation are priceless. And you never know when the economic pendulum will swing the other way.

The post How to Use Crowdfunding to Start a Business in a Recession – Amazing! appeared first on Credit Suite.

Alternatives to Traditional Start Up Business Loans

Start up business loans are the age-old solution for funding a new business.  Since the beginning of capitalism, entrepreneurs have used a combination of investors and business loans to fund a startup.  But what happens when the traditional routes don’t work?  What happens when you can’t get a start up business loan, for whatever reason? 

What are The Best Alternatives to Standard Start Up Business Loans?

Today, entrepreneurs have more options for start up funding than ever before.  In addition to traditional investors, you have SBA loan programs.  Dig deeper and you’ll find angel investors, crowdfunding, online lenders with alternative eligibility criteria, and hybrid options that most don’t even know about. Let’s dive into what’s out there so you can have a better idea of which options will work best for you. 

Start Up Business Loans: SBA Loans

SBA loans are the most like standard start up business loans. In fact, they are exactly the same, except that they come with a government guarantee.  That means lenders can relax their standards a little when making approvals. 

That’s not to say they are easy to get.  Due to the government guarantee, there is a ton of red tape involved.  However, once you cut through it, it is easier to qualify for SBA loans than regular start up loans.  Here are a couple of SBA loan programs that work well as start up business loans. 

7(a) Loans

This is the Small Business Administration’s most popular program. It offers federally funded term loans that go up to $5 million. The money can fund expansion, purchasing equipment, working capital and even start ups. Lenders partner with the SBA to process these loans and disburse the cash.

The minimum credit score to qualify is 680, and there is also a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. You have to be in business for at least 2 years. However, business experience equivalent to two years will meet this requirement if you are a start up.

504 Loans

You can get up to $5 million from the 504 program as well.  You can use the money to buy machinery, facilities, or land. Generally, they are for expansion.  Private sector lenders or nonprofits process and disburse the funds. They work especially well for commercial real estate purchases.

Terms for 504 Loans range from 10 to 20 years, and funding can take from 30 to 90 days. They require a minimum credit score of 680.  The asset that is being financed has to be used as collateral. There is also a down payment requirement of 10%, which can increase to 15% for a new business.

Like 7(a) loans, to qualify you must be in business at least 2 years, or management must have equivalent experience if the business is a startup.

start up business loans Credit Suite

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Microloans 

The microloan program offers funds up to $50,000. You can use the money to start a business, purchase equipment, buy inventory, or for working capital. Unlike most other SBA loan programs, this financing comes directly through the SBA.

SBA Express Loans 

You can get up to $350,000 through the express loan program.  To qualify, your credit score must be above 680, and you must have a debt to service ratio of 1.1 or higher. If the loan is greater than $25,000, collateral may be necessary depending on the lender.

These loans have a much faster turnaround.  In fact, the SBA takes 36 hours or less to give a decision. Necessary paperwork for application is less also.  Consequently, express loans are a great option for working capital, among other things, if you qualify.

Start Up Business Loans: Private Lenders

What do you do if you do not qualify for an SBA loan?  You can try a private lender.  The lenders operate largely online.  They draw is that they rely on things other than credit score to determine whether a borrower qualifies for a loan.  Most still do a credit check, but they do not require as high of a score as traditional loans and SBA loans. 

Yet, you do have to be careful.  There are a lot of scammers when it comes to online lenders.  Do your research so you know exactly what you are getting into.  Here are a few to get you started. 

BlueVine 

You will find with most any online lender, they often offer options more similar to invoice factoring and lines of credit.  This is because these present fewer risks than straight term loans.  You can find out more in our Bluevine review.

Upstart

Upstart is an online lender that 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.  They choose to use a combination of artificial intelligence (AI) and machine learning to gather alternative data instead.  They then 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. You can use their online quote tool to play with different amounts and terms to see the various interest rate possibilities.  

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.  For more information visit our Upstart review

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.

It’s important to remember that, as with all lenders, the details of interest, minimum and maximums, and eligibility requirements can change without notice. Be sure to check all information with the specific lender for the most current information.

start up business loans Credit Suite

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Start Up Business Loans: Credit Line Hybrid

This is an option that most entrepreneurs do not know about.  It allows you to fund your business without putting up collateral, and you only pay back what you use.  

To qualify on your own, your personal credit score should be at least 685.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less than 5 credit 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, you can take on a credit partner that does.  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. 

What are the Benefits of a Credit Line Hybrid? 

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

Even better, typical approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, you can often get interest rates as low as 0% for the first few months.  This will allow you to put that savings back into your business. 

The process is pretty quick, especially with a qualified expert to walk you through it.  Also, 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. 

Start Up Business Loans: Debt Free Alternatives

It is rare to run a business completely debt free.  However, you can definitely raise some funds that you do not have to repay.  Any little bit helps.  

Crowdfunding

Crowdfunding is a way to get lots of micro investors at one time.  You advertise your business on a crowdfunding platform, and pretty much anyone who wants can give you money.  Rewards based crowdfunding allows donations as low as $5, and backers receive some non-equity gift for their generosity. 

There is also a such thing as equity crowdfunding which works virtually the same way, but investors actually receive equity in the company for their outlay.  Usually these amounts have to be at least $500. 

Grants

Grants are another debt free option to help supplement start up business loans.  There are not a ton of them out there, and the competition is fierce, but it’s worth the hassle for free money.  If you are a business owner that is a minority, a woman, a veteran, or if you run a business in a low -income area, there are more grant options available. 

Start Building Business Credit

The best time to start building business credit is in the startup phase. It takes time, but with expert help to guide you through the process, it can go much more smoothly.  This will allow you to access funding for your business, as it grows, on the merits of the business itself rather than your own credit.  

Why is the start up phase the best time to begin the business credit building process?  Because the entire process hinges on how your business is set up.  It’s much easier to set it up to build credit for itself in the beginning than to try and back track after the fact. 

start up business loans Credit Suite

Credit Line Hybrid Financing: Get up to $150,000 in financing so your business can thrive.

Start Up Business Loans: What’s Best for Your Business?

Usually, some combination of a number of different funding options is necessary if you do not qualify for traditional start up business loans.  Sometimes, this is necessary even if you do qualify for traditional financing.  The options you choose will depend on what you have available to you.  

If you can get SBA loans, that’s great.  If you want to get short term lower interest rates with no security, a credit line hybrid can be an amazing solution.  Of course, private lenders are there to help you out if you need them, but keep in mind they use higher interest rates to help reduce risk since they do not put as much weight on credit scores. 

In the end, you have to weigh what you are eligible to get against what makes the most business sense.  It helps to have an expert walk you through it.  For more about expert help and alternatives to traditional start up business loans, check out these options.

The post Alternatives to Traditional Start Up Business Loans appeared first on Credit Suite.

Exactly How To Start Investing In The Stock Market

Just How To Start Investing In The Stock Market The very best method to begin purchasing the securities market is to select a location of competence. When you begin purchasing the stock exchange, you intend to choose from firms that do organisation in an area with which you are currently acquainted, or that sell a …

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