Stores Are Stocked Like We're All Still Working From Home

With offices reopening and restaurants filling up again, the economy is struggling to adjust anew

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The Disadvantages of Working from Home: 5 Things to Consider When Using Your Home Address for Your Business

Working from home has many advantages. One of the easiest ways to start a business is to start it from your own home.  It’s the most natural way to start for many.  Whether you are baking, woodworking, offering a service, or anything else, doing so out of your house has many advantages. What isn’t discussed as often are the disadvantages of working from home. 

5 Surprising Disadvantages of Working from Home

Most business owners just assume that if they are running their business from home, their home address and their business address will be one and the same.  That’s fine, but what if you decide to move out of your home?  Changing business address can cause issues. This is just one of many surprising disadvantages of working from home.

Disadvantages of Working from Home #1:  Your Home May Not Be Conducive to Productive Work

A home may not necessarily be well equipped to handle working. You need a workspace that will help you be productive.  This will be different for everyone.  But, consider that you at least need a room with a door you can close.  Drawing boundaries between home life and work life can be hard.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Managing time can be harder when working from home as well. It can be easy to work all day when you are at home, or not work enough due to “home” distractions. It’s hard to get people to respect your time and boundaries. Also, isolation and depression are not uncommon. 

Disadvantages of Working from Home #2: You May Not Be Allowed to Run Your Business From Your Home

In some situations, you may not be allowed to run your business from your home. If you rent, you will need to check your lease to make sure there are no issues. Whether you rent or own, you need to check zoning requirements. Also, agencies like the Health Department and the FDA have guidelines related to running certain types of businesses from your home. 

Disadvantages of Working from Home #3: Home Address on Public Record

Many people worry about their home address as their business address.  They feel it is unsafe, so they turn to a PO Box or an UPS Box. However, that can make it difficult to get funding.  Lenders require a physical address.  

This is a unique disadvantage of home-based businesses.  Even home based businesses need funding for a number of things: 

  • Supplies
  • Inventory
  • Equipment (for jewelry making, woodworking, computer/ office equipment, etc.)
  • Even working capital

One option is to use a virtual address.  Be aware however, that some lenders will not accept those either.  The truth is, if someone wants to find your home address, it’s easy enough regardless of whether you use it as your business address or not.  In the end, to get funding for your business you are going to need to use a physical business address where you an receive mail.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Disadvantages of Working from Home #4: Changing Your Business Address Later Can Cause Problems

You may think you can get by with using your personal address now, and just change it later. That’s not a good idea. If you think about it, your business address goes everywhere.  For example: 

  • All legal documents
  • Licences
  • Marketing materials
  • Your website
  • Insurance papers
  • Everywhere!

The longer you wait, the more places you will have to remember to change it. It is a bigger deal than you may think if you miss one. If lenders start looking into your business and see your business address is listed differently in different places, it can cause unnecessary issues. It brings up fraud concerns. 

A bank will not take the time to try to figure out all the different ways a business may be listed. Even something as simple as using Street vs St, or using an ampersand in one spot and the word “and” in another can cause issues. So you can imagine using your home address in one spot and a separate business address in another will definitely cause problems. 

That doesn’t mean that if you move your business out of your home you have to keep your home address.  Just be aware that you will need to make sure the address is changed everywhere.  

Disadvantages of Working from Home #5: Legal Issues

There are a number of legal considerations that you have to think about when it comes to running a home based business. For example, even if zoning laws allow you to run your business from your home. You need to check out what requirements those laws lay out. Some cities have regulations regarding foot traffic. Some even regulate yard sign use for advertising. And if you have an Homeowners Association (HOA) you may need their permission as well.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Some cities limit the number of employees a home based business can have. Some even regulate the number of customers that can come to your door. You’ll need to check with your local city officials to determine what if any regulations apply to you. And figure out what licences and permits you need to operate.

Consider the tax issues as well. While you can deduct some expenses when it comes to home-based businesses, it can get complicated. You need to make sure you thoroughly understand the home business deduction on the front end and plan accordingly. 

Insurance needs to be considered as well. If you have employees or customers coming in and out, you need to think about what would happen if they were injured. Will homeowners’ insurance cover it? Often you will need to purchase a separate policy or a rider. All insurance needs to be in place on the front end.  Be sure it has the proper business address on it!

Avoid Many Disadvantages of Working From Home 

Nothing is perfect. Running a business from your home is no different. However, you can avoid many of the disadvantages of working from home by building fundability from the beginning.  Not only will it help with legal issues, but it makes a bigger difference than you may think when it comes to funding.  

The best way to start building fundability, whether you own a home-based business or run a business from a different location, is to work with a business credit expert. Contact us today for a free consultation.

The post The Disadvantages of Working from Home: 5 Things to Consider When Using Your Home Address for Your Business appeared first on Credit Suite.

Advantages of Working from Home Running a Business

Everyone knows there are advantages of working from home.  In the post COVID-19 pandemic world, the disadvantages have become clear as well. However, working from home and running a business from home are two very different things.   Do the Advantages of Working from Home Apply When Running a Business? The short answer to this question … Continue reading Advantages of Working from Home Running a Business

Advantages of Working from Home Running a Business

Everyone knows there are advantages of working from home.  In the post COVID-19 pandemic world, the disadvantages have become clear as well. However, working from home and running a business from home are two very different things.  

Do the Advantages of Working from Home Apply When Running a Business?

The short answer to this question is yes. The advantages of working from home are still there when running a home based business.  In fact, the same disadvantages are present as well.  What many do not realize is that there are some unique disadvantages to working from home while running a business.  However, they are not impossible to overcome.

Clear Advantages of Working from Home

It’s not hard to find information on the advantages of working from home.  The internet is full of articles and blogs on why working at home is great and how to make it even better. All you have to do is search “work at home tips” and a plethora of information will be at your fingertips. You save money on overhead.  You save money and time not commuting.  Clothing costs are significantly cut.  Eating out is not as huge as a temptation so you can save money and your waistline. 

Of course each of these advantages of working from home can be a disadvantage as well. For every meal you don’t have to eat out you can make as many trips to your fridge as you want and get whatever you want.  That can add to your waistline and your grocery bill.  Some are not as productive when they are wearing pajamas.  Despite the savings, a lot of people would rather have the  commute time to wind down after a long day. It all depends on the individual.

Unique Disadvantages of Working from Home Running a Business

Sometimes it can be hard to determine if the advantages of working from home overcome the disadvantages.  Loneliness and isolation, lack of physical activity, distraction caused by everyday activity in the home,  and lack of accountability are all well documented disadvantages of working from home. However, running a home-based business out of your house comes with a unique set of disadvantages. 

Harder to Manage Employees

First, if you have employees, you no longer have to worry only about your own productivity.  You have to ensure they are being productive as well.  That’s a challenge, but technology has come a long way in that area.  There are a number of options for daily contact and project management that can reduce the issues caused by this. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Fundability is More Difficult to Achieve

The truth of the matter is, you achieve fundability the same way regardless of whether you run your business out of your home or from a separate location.  The difference is, running a business from home may tempt you not to bother with some things that actually have a huge impact on fundability.  

For example, for a business to appear fundable to a lender, it needs to be totally separate from the owner.  This means having separate contact information, an EIN, being incorporated, and having a separate business bank account amount other things.  These are all things that a lot of home-based business owners do not worry about in the beginning. 

I mean, running your business from your home is an easy way to start. You can just use your own phone number and address, use your SSN and not worry about an EIN, and use your own bank account because it’s your money anyway.  

This is perfectly legal and definitely the easiest way to do things. But the easiest ways are not always the best ways.  If you set your business up to be a separate, fundable entity from the start, you are much more likely to be able to get the funding you need. 

How to Overcome the Work from Home Challenges of Running a Home Based Business

This potential lack of fundability can make it much harder to get approval for home based business loans and other types of business funding.  There is a way to overcome this issue, but you need help.  There are over 100 factors that affect fundability.  It is virtually impossible for a business owner to keep tabs on all of them on their own. 

advantages of working from home Credit Suite

 

 

 

 

In fact, the secret sauce required by each lender is typically known only to that lender.  That is, unless you can find a business credit expert to help you navigate. This is someone who not only understands all the ins and outs of fundability, but knows how to access it for your business. They have the knowledge and relationships necessary to know where to look and who to talk to to get the information you need to establish and build strong fundability.

They can also help you find financing that you qualify for right now, while you work on building the fundability of your business. Here are some examples.

Best Home Based Business Loans

Despite the fact that one of the biggest advantages of working from home is cost savings, getting funding is an issue.  When running a home based business, you have a few options. If your business is set up to be fundable, you have a lot more.  The key is to find the funding you can get now, and work on fundability in the meantime. 

Resist the urge to get a personal loan if you can find another possibility. Funding your business with personal credit should be a last ditch effort. It can have a serious negative impact on your personal credit score and financing in general.  Here are a couple of things to try first. 

Credit Line Hybrid

A credit line hybrid lets you fund your business without putting up collateral, and you only pay back what you use.   You need a personal credit score of at least 680.  In addition, you can’t have any liens, judgments, bankruptcies or late payments.  Furthermore, in the past 6 months you should have less than 4 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.

If you do not meet all of the requirements, it’s okay. You can take on a credit partner whomeets each of these requirements.  Many business owners work with a friend or relative to fund their business.  If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

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.

Not only that, but typically approval is up to 5x that of the highest credit limit on the personal credit report. Additionally, often you can get interest rates as low as 0% for the first few months, allowing you to put that savings back into your business.

The process is pretty fast, especially with a qualified expert to walk you through it.  Also, the approval of multiple credit cards creates competition.  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. 

The best part is, these accounts report to the business credit reporting agencies, which helps you build your business credit score.  A strong business credit score strengthens fundability.

401K Plan Financing

401(k) plan financing is not a loan. You will not have to pay an early withdrawal fee, and you will not have to pay a tax penalty.

Our 401(k) plan financing offers a powerful and flexible way for new or existing businesses and franchises to leverage assets that are currently in a 401(k) plan or IRA. In as little as 3 weeks you can invest a portion of your retirement funds into your business. This gives you more control over the performance of your retirement plan assets. And it gives you the working capital you need for business growth.

What About the IRS?

This is a 401(k) Rollover for Working Capital program.  The IRS calls it a Rollover for Business Startups (ROBS).  According to them, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual, owns the trade or business. Therefore, some filing exceptions for individuals may not apply to such a plan. As always, it is going to be best to check with an expert.

401K Financing Details

This type of financing is not a loan against your 401(k), so there is no interest to pay. It does not use the 401(k) or stocks as collateral. Also, it’s quite easy to qualify for. You will not need financials or good credit to get approval. All the lender will require is a copy of your two most recent 401(k) statements.

If your plan has a value of more than $35,000, you can get approval even if your personal credit score is bad. You can receive whichever percent of your 401(k) is “rollable” as financing.  In many cases, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

The 401(k) you use cannot be from a business where you are currently working. Also, you cannot be currently contributing to it.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Enjoy All the Work from Home Benefits While Running Your Own Business

It is harder for a home-based business to get funding.  This stems from the fact that it is harder to separate the business from the owner for fundability purposes. That does not mean that you cannot enjoy all the advantages of working from home while running a business however.  It can be done.  You can build business fundability while running your business from home.  You just have to be intentional. A business credit expert to walk  you through the process is a must. Do not fall into the trap of thinking you can do this on your own. 

This is someone who can not only help you assess and build fundability, but they can also help you find the financing you can get right now easier and faster.  Find out more today.

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Make the Benefits of Working From Home Outweigh the Disadvantages

There are some obvious benefits of working from home.  There are also some not so obvious disadvantages.  The key is make the most of the benefits of working from home and figure out how to work around the disadvantages. 

How to Ensure the Benefits of Working from Home Outweigh the Disadvantages

Many do not realize there are ways to fund your work at home business without using your personal credit.  In fact, many would consider difficulty finding funding a formidable disadvantage of working from home running a business.

The truth is, you most definitely can enjoy the benefits of working from home and not have to fund the whole endeavor using your personal credit. You can build business credit even while running a home-based business.

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

Advantages of Working from Home

What are the advantages of running your business out of your home? It’s a hard question to answer.  The problem is, what is a benefit to some is a disadvantage for others.  Some love the isolation, others miss working with people.  Production increases for some people for various reasons. Others struggle to stay focused when working from home. 

The close proximity of food is fabulous for some. You can save money and time by simply eating what is in your fridge. Others find it hard to stop eating when working from home. This makes it hard to maintain a healthy weight. Along the same lines, some find it easier to exercise working from home, while others need the commute to or from the office to encourage them to stop by the gym.

That said, one clear advantage of running your business from your house is that you save money.  Overhead costs are much lower. You save on building costs. Time and money spent commuting is almost nonexistent. Clothing costs are significantly less as well. Even so, business funding is always a necessity.

Disadvantages of Working from Home

Aside from those already mentioned above that are actually an advantage for some, there are some other clear disadvantages of working from home. First and foremost, it can be difficult to get home based business loans, or even home based business grants.  That doesn’t mean funding a home-based business is impossible. You just have to know what to do to make even a home based business  more fundable. 

How to Increase the Fundability of a Home-Based Business

The number one best way to increase the fundability of your home-based business is to talk to a business credit expert. A consultation like this can be priceless. It’s true, you can take the work from home tips about funding that we are about to offer and execute many of them yourself. However, it will take you twice as long.  Furthermore, you may very well miss something.

A business credit expert can help you assess the current fundability of your business. Then, they can walk you through the steps to help you fill in any fundability gaps. Finally, they have relationships with lenders to help ensure you get the best funding possible for your business now.

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

They not only help you start the processes necessary to ensure you are eligible for funding in the future, but also help you find the best funding for your home based business right now. 

Is Your Home Based Business Set Up to Be Fundable? 

This is likely the number one issue with the fundability of a business run out of your home.  Most home business owners set their business up as a sole proprietorship. They use their personal contact information. Typically they do not incorporate, and some do not even open a business bank account. 

This seems like the easiest, fastest way to do things.  It’s no wonder it is the standard. Still, it is probably the number one reason for the work at home disadvantage of having trouble getting funding.  Setting up as a sole proprietor can be detrimental to fundability.  For a lender to see your business as a separate, fundability entity apart from you as the owner, you need to do things differently. 

  • Separate contact information, including a business phone number and a business address that are different from your personal phone number and address.  

  • An EIN, to use in place of  your SSN on business documents and funding applications. You can get one for free from the IRS.

  • Incorporate and an LLC, S-corp, or C-corporation.  It is necessary to fundability.  Also, it lends credence to your business as one that is legitimate. Not to mention it offers some protection from liability. 
  • Open a separate business bank account. Among other things, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

Best Home Based Business Loans 

Fundability, in the simplest terms, is the ability of your business to get funding.  If your business is not seen as fundable, then lenders will not help you fund it. Home based business loans will be out of the question. 

Not all loans are created equal when it comes to getting money for your home based business however.  Some work better than others. Here are some of our top picks for work from home business loans. 

Credit Line Hybrid

With the Credit Line Hybrid, you can usually get a loan of 5x the amount of your highest revolving credit limit account, up to $150,000. Honestly, this is more than what you could get on your own when applying for credit cards. Furthermore, you can get cash out on this program.

Also, there is no impact on your personal credit with this type of financing. You need a 680+ credit score, but if you don’t meet that you can take on a credit partner who does. A lot of business owners use the good credit of friends or family to help them get the funding they need. 

The best part is, not only does this not affect your personal credit score, it can help build your business credit score if your business is set up properly as mentioned above.

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

401K Financing

Your existing 401(k) or IRA can help fund your business as well. The funds work as collateral for business financing. As a result, your personal credit score isn’t really an issue. This program uses IRS proven strategies. You will pay no tax penalties, and you still earn interest on your 401(k).  Even better, rates are low, and this option usually has a quick closing and funding process.  

SBA 7 (a) Loan

This is the SBA’s most popular program. The SBA offers federally funded term loans up to $5 million. The funds can be used for expansion, purchasing equipment, working capital and more. Banks, credit unions, and other specialized institutions in partnership with the SBA process these loans and disburse the funds.

Credit Suite business credit experts can help you with these types of funding and more! 

Funding Doesn’t Have to Be a Disadvantage of Working from Home

Arguably, business funding is one of the greatest work from home challenges.  It can be such a challenge in fact, that it can seem to overshadow many, if not all, of the work from home benefits.  With the right expert to walk you through the process, you can be sure that at least this one challenge can be overcome, and the benefits of working from home can tip the scale.  You’ll have to keep yourself out of the refrigerator though.

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A Marketer’s Guide to Working Remotely

Remote work is going from an occasional perk to the norm. As long as you have a computer and internet connection, you can perform your job anytime, anywhere.

For marketers, creating promotional materials, meeting clients, and completing projects from home, hotel, coffee shop, library—basically anywhere with an internet connection.

While working remotely has many benefits, employees who regularly worked in the office may have a difficult time making the transition to exclusively working this way.

In this article, we’ll talk about the how’s and why’s of remote work for marketers.

The Rise in Popularity of Working Remotely 

Remote work has been around for years. 

However, the COVID-19 pandemic made it unexpectedly the norm for many businesses, and both employers and employees are realizing the work-from-home system can be successful.

According to Global Workplace Analytics, big companies like Best Buy, British Telecom, Dow Chemical found remote workers are 35 percent to 40 percent more productive. 

The survey also found employees call in sick less often and feel empowered to work independently while also increasing collaboration. Importantly, many people are less likely to report unemployment due to workplace discrimination or lack of transportation.

Employees often prefer working remotely than regularly frequenting the office. In fact, 72 percent of employers believe remote work leads to increased employee retention. 

These numbers show remote work is likely here to stay. 

Employees prefer the convenience of working from their desired location. Meanwhile, employers can enjoy a more productive and efficient workforce. It’s a win-win-win situation for everyone. 

The Benefits of Working Remotely As a Marketer

There are a ton of benefits to working remotely as a marketer. For many, there are feelings of freedom and improved work-life balance that didn’t exist when going into the office every day.

Here are five of the top benefits of working remotely as a marketer.

1. Working From Anywhere in the World 

Gone are the days when employees had to issue a leave of absence to go on a vacation. 

As long as you have a laptop and WiFi access, you can create promotional content from a beach in Thailand or a coffee shop in Japan. As long as you work during your expected hours, where you’re working from generally doesn’t matter.

Hence, talented marketers who want to explore the world can do their job and travel simultaneously. 

2. Work at Your Preferred Time 

While this isn’t allowed by every workplace, working remotely may allow you to have more control over your hours.

If you’re a morning person, you could start your day at dawn and be done by the afternoon. If you’re a night owl, you could start and end later.

This type of work also frees you up to use your breaks however you please. For instance, if you want to hit the gym, you don’t have to worry about showing up back at work with wet hair—or showering at all, if that’s your thing.

3. More Time for Loved Ones

You know the feeling: You get up early, commute, are “on” all day at work, commute home, and are just spent when you walk in the door. 

If you have a long commute, you may be out the door before your kids even finish breakfast or feel unable to go out with friends at the end of the day.

With working remotely, you may have more time to help the kids prepare for school or have conversations with your significant other. 

Upon finishing your deliverables, you don’t have to spend an hour in traffic. Instead, you can just walk out of your home office and transition to your “real life.”

4. Take Advantage of Time Zones 

While being in different time zones could make finagling meetings a bit challenging, there are also some benefits. Your end of the day is the beginning of the day on the other side of the world, meaning you could send a project from your desk in New York to a worker in Singapore at 5:00 pm your time, and they’ll instantly receive it—at 5:00 am their time. 

While you sleep, they can work, and it’s almost like your project traveled through time to meet your deadline.

5. Save Money 

Remote work can help you save money. 

You don’t have to spend money on gas, a professional wardrobe, or an expensive lunch in the cafeteria—which can amount to $4,000 per year

A FlexJobs study found the average commuter spends $2,000 to $5,000 annually on gas, vehicle maintenance, and insurance (which can cost less if you drive less). If you work from home, that money can stay in your pocket.

Besides transportation costs, households spent $1,866 a year on clothes and $3,459 on “food away from home.” As a remote marketer, you may only need to dress up during video calls and cook from your kitchen.

Challenges of Working Remotely as a Marketer

Not everything is perfect, including remote work arrangements. Here are a couple of hurdles marketers may encounter when they’re far from an office. 

1. Reimbursement for Office Equipment 

Marketers creating video content and editing images may require a high-end computer and software. You may also need to purchase a home office setup. Who would foot the bill? 

Plenty of big companies provide quality equipment for marketers, but small agencies and startups may not offer these privileges. 

If you’re interviewing for a remote position, don’t be afraid to ask them about these costs before you accept the position: Who will pay for the internet connection, software, or equipment? Will your employer provide a home office stipend?

2. Difficult to Establish Relationships 

Marketers based in an office may find it easier to establish genuine relationships with their teams or bosses. 

As they fulfill tasks together, they can make small talk and get to know each other better. In contrast, remote work means you may talk to co-workers only during meetings. (Though off-topic group chats aren’t uncommon.)

Moreover, you’re not exactly working closely with your boss. Hence, it may be challenging to set yourself up for a promotion or improve your professional relationship with your boss. You have to take extra steps to build camaraderie.

Tips for Successfully Working Remotely 

How can you succeed as a remote worker? Let’s take a look at these tips which could help you out. 

Minimize Distractions 

As a remote marketer, you don’t get to be monitored by your boss or co-workers. You can work anytime and anywhere as long as you finish your deliverables. 

The downside is you may also be prone to distractions. It’s easy to get sidetracked by a social media notification when no one is watching your back. 

How to minimize distractions? Some practical tips include the following:

Put Your Phone in a Different Room

While chances are you’ll need your phone at some point during the day, consider putting it in a different room when it’s not necessary for your work. Otherwise, you may find yourself scrolling through Twitter instead of staying on task.

Plan Your Break Time

Most marketers have a ton to accomplish in a day, such as blog post writing, SEO optimization, and planning marketing campaigns. The hectic tasks may tempt you to take an unplanned 30-minute break which quickly becomes a one-hour break. 

To help yourself avoid this, plan your break time and length of the breaks before beginning the day. Set alarms and timers to force yourself to remain focused. 

Understand Your Most Productive Time

When are you most productive? 

According to BBC, 11 in the morning is the most productive time of the day. Of course, this may vary by person.

Tips for Successfully Working Remotely - Understand Your Most Productive Time

Determine when you’re at your peak productivity and tackle difficult tasks then. For instance, a morning person could start with high-priority tasks in the morning and switch their attention to less important tasks in the afternoon.

Time Yourself

Setting timers isn’t just for breaks. You can also use it to set self-imposed deadlines or give yourself permission to step away from a stressful task.

For projects needing to be done soon, you could set yourself a 60-minute timer, telling yourself you can’t even check your email until that timer goes off. You can come back to it later, but returning with fresh eyes could help you improve what you’ve created.

If you’re working on something mentally exhausting, like a very emotional piece, you could also set a timer for yourself. If you know you’re going to need to step away from it for your own wellbeing, it may be much easier to stave off the negative feelings if you know you only have to look at it for one hour right now.

While you could use your phone timer, there are other time tracking software options that could help you reach maximum productivity. Plus, these may make it easier to keep track of what time of day it is so you don’t suddenly look up and realize you were off work an hour ago.

Create a Workspace

Having a dedicated workspace is the key to maximizing productivity and focus. The ideal workspace can help you get in the mood to get the work done. 

Here are some tips for creating a good workspace for marketers.

Pick a Good Spot

In a perfect world, you could set up an office in a space no one else has much access to, like a spare bedroom. An ideal workspace should help you concentrate on your current marketing campaigns. Hence, pick a quiet area free from distractions. 

For example, Li-Chi Pan’s workspace keeps it simple with a desk equipped with an iMac and lamp. Her entire setup is beside a panoramic window which provides ample lighting and a gorgeous view of Sydney’s rooftops. 

Tips for Scuccessfully Working Remotely - Pick a Good Spot for Workspace

However, this option isn’t available to everyone.

If you don’t have a spare space, set yourself up in an area that’s as distraction-free as possible, even if that means facing a wall at your kitchen table. Avoid setting up a space in your bedroom, as that may make it harder to view it as a place of rest.

Change Up Your Remote Work Scenery 

Even when your workspace looks gorgeous, sometimes working a long time from home can lead to boredom. After all, when you’re around others at the office, what you see is constantly changing.

I highly recommend working in a coffee shop, library, or co-working space when possible. This could not just stave off boredom from looking at the same stuff all day, but if you’re someone who thrives with company, it could help prevent feeling isolated.

Have a Board for Your To-Do List or Ideas

Marketers often have plenty of sticky notes for their various tasks or marketing campaign ideas. The nice thing about being at home and not the office is you can arrange this however you want because you’re in control of the space.

Consider having a board where you can place your schedule or creative schemes to help you stay organized. 

For example, this workspace by Oh Happy Day has a transparent glass board where a marketer can place their weekday priorities. 

Tips for Successfully Working Remotely - Have a Board for Your To-Do List or Ideas

Get the Right Office Equipment and Office Supplies for Remote Work Success

Ask your employer to provide your equipment such as monitors, a mouse, and a keyboard. You can also inquire about reimbursement for office supplies or even needed furniture like a desk.

While much of your work may be possible via video conferencing tools, some clients prefer talking on the phone. If this is the case for you, ask your work about getting you a work phone so you don’t have clients calling your personal number. 

Unfortunately, these expenses are often not tax-deductible anymore, though some states allow this, so be sure to check on your laws and talk to a tax professional if needed.

Ensure Your WiFi Works Well Enough

Whether you’re working from home or on the beach, make sure your internet connection is strong. You don’t want work to delete just before it backs up or for a client’s call to be dropped.

I highly recommend using Virtual Private Networks (VPN) to guarantee you’ll have a secure and private connection. Some marketing agencies may also benefit from a VPN because it helps them determine the organic search results, peek at YouTube ads, and conduct competitor analysis when browsing from a specific country or region. 

Celebrate Your Remote Work Wins

Did your marketing campaign generate record-breaking results? Have you gotten a new client? Every groundbreaking achievement is a cause for celebration. 

Sadly, your wins and successes may not be as visible when you’re working from home or a remote location. 

A potential solution is to encourage teammates and employers to set-up an announcement system whenever you and your teammates have a win. This can be as simple as announcing the achievement through a dedicated group chat or sending an email with a list of successes. 

Conclusion 

Just like everything else, working as a remote marketer comes with perks and drawbacks. Productivity may go up, and money may be saved—both for employees and employers—but it can get a bit lonely.  

As long as you can minimize distractions and have a dedicated workspace, you could efficiently accomplish your projects and marketing campaigns. Don’t forget to ask your employer for the right equipment and to ensure you have WiFi access.

Whenever you and your digital marketing team experience big or small victories, celebrate your successes. This way, everyone is motivated to do their best even when they’re apart. 

How will you succeed as a remote marketer?

Working With a Digital Marketing Agency Vs. Hiring In House

If you are looking to scale up your marketing, you will need talented people that can take charge of and execute your strategy.  But should you build your own in-house marketing team or hire an agency partner?  There are compelling reasons for both, and it mostly depends on your situation. Read on to find out … Continue reading Working With a Digital Marketing Agency Vs. Hiring In House

PayPal Working Capital Review: Will It Work for You?

PayPal Working Capital is a funding option offered through the PayPal online payment service.  What do they offer? Are they a good option for you? Let’s find out. 

What Does PayPal Working Capital Offer, and Is It Right for You?

If it is a good fit, PayPal Working Capital can help you run and grow your business. However, it  isn’t right for everyone. The product is solid, but there are some major drawbacks that make it perfect for some, and not so much for others. 

PayPal Working Capital Review:  The Basics

PayPal Working Capital has a physical address at: 

2211 North First Street

San Jose, California 95131.

San Jose is the home of PayPal Working Capital’s corporate headquarters.

You can call them at: (888) 221-1161. Their contact page is here: https://www.paypal.com/us/selfhelp/home. They have been in business since 1998 but that is actually how long PayPal itself has been in business.

Paypal Working Capital Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

PayPal Working Capital Review: Amounts and Eligibility

PayPal offers flexible payments with a fixed fee and no credit check. The reason they can offer no credit check is that they use your PayPal business transactions as the basis for approval.  The amount of your loan and fees are all dependent on the amount of you take in each year through PayPal. In addition, your loan is repaid as an automatic deduction of collections through PayPal, so as long as you are collecting money through PayPal, they will get their money.

The maximum loan amount can be up to 30% of annual PayPal sales, and no more than $97,000 for a first loan. The third loan can be up to $125,000. Your business can get funding in minutes and there is no early payment penalty.

You must have a PayPal Business or Premier account for 3 months or longer to qualify. You also have to process more than $20,000 in annual PayPal sales if you have a Premier PayPal account.  A regular business PayPal account only requires $15,000 annually to be eligible. 

PayPal Working Capital Review: Rates, Terms, Fees and Repayment Options

Automatic repayments are deducted as a percentage of each PayPal sale. The fee is based on your business’s PayPal sales history, your loan amount, and the repayment percentage chosen. A higher payment percentage will lower the fee. 

You can use their calculator tool to get an idea of what fees might look like with different repayment percentages.  It can also help you get a feel for how everything works. You do have to pay a minimum amount over a 90-day period, which PayPal claims is easily met by most out of the daily sales percentage.  However, if there were a 90-day period where you were not able to hit the minimum out of sales, you can log on and make a payment. 

Keep in mind, you get to choose what percentage of sales is taken as repayment.  The calculator will show you several options, but the larger the percentage the lower the fees. The website offers these examples: 

  • If you borrow $10,000 ($9,800 loan + $200 fixed fee) and the loan is estimated to be repaid in 13 months based on your previous years’ PayPal sales, then your minimum repayment is 5% or $500, every 90 days.
  • If you borrow $30,000 ($29,500 loan + $500 fixed fee) and the loan is estimated to be repaid in 8 months based on your previous years’ PayPal sales, then your minimum repayment is 10% or $3,000, every 90 days.

PayPal Working Capital Review: The Brass Tacks

For those with steady, reliable PayPal sales, this is a great option.  Keep in mind however, the amount you are eligible to borrow will be limited by your PayPal sales amounts.  If you make sales via other platforms, that revenue will not be included in the decisions making process. 

What If I do not Qualify for PayPal Working Capital? 

One of the top reasons why business owners use PayPal Working Capital is that there is no credit check.  If credit is an issue, it’s time to get to work so you can have more funding options. Credit isn’t the only thing you have to work on however. It is possible the complete fundability of your business needs work.  

The Fundability Puzzle (for PayPal Working Capital and More)

Fundability is the ability of your business to get funding.  It is affected by many variables, only one of which is business credit.  The better your fundability, the more funding options you will have.  

What affects the fundability of your business?    The answer isn’t hard, but it is kind of long.  Sure, a great business credit score is important, but there are so many more pieces to the puzzle.  

The key is, a potential creditor needs to see that your business is legitimate and profitable.  Many loan applications are denied approval due to fraud concerns.  Others, simply because something didn’t match up and threw up a red flag. Maybe the addresses or phone numbers didn’t match on a couple of reports and it just looks unprofessional.  Business credit just isn’t the whole story.

If you understand what fundability is and how to get it, you can open up a world of funding options you never had before.

Paypal Working Capital Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Building a Foundation of Fundability

The foundation of fundability is in how your business is set up.  It has to be set up to appear to be a fundable entity separate from you, the owner.  How do you accomplish this?  Well, like any foundation, it is best to start at the beginning.  It will be faster and easier if you do. However, if your business is already up and running, then you may not have that option.  That’s okay, it’s never too late to start, but start now.  For several reasons, the longer you wait the harder it will be. Here is what it takes to build a fundable foundation.

Contact Information Specifically for the Business

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

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

An EIN Is Essential

The next thing you need to do is get an EIN for your business.  This is an identifying number that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.

You Must Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

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

A Dedicated Business Bank Account Cannot Be Ignored

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

However, there are also several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card.

Get Your Licenses

Fundability also includes being a legitimate business.  For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, red flags will go up.  Do the research you need to do to make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels. 

Don’t Forget the Website

A business website can affect your ability to get funding.  These days, you do not exist if you do not have a website.  

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

Other Pieces of the Fundability Puzzle

In addition to having a fundable foundation, you need these pieces to complete the fundability puzzle and have the complete picture.

Business Credit Reports 

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

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

Other Business Data Agencies 

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

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  You need to be aware that these numbers exist.  Some of them are simply assigned by the agency, like the Experian BIN.  One, however, you have to apply to get. It is absolutely necessary that you do this. 

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

Business Credit History

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

Your credit history consists of a number of things including: 

Paypal Working Capital Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

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

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

Business Information

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

This is a problem because a ton of loan applications are turned down each year due to fraud concerns simply because things do not match up.  Maybe your business licenses have your personal address but now you have a business address.  You have to change it. Perhaps some of your credit accounts have a slightly different name or a different phone number listed than what is on your loan application. Do your insurances all have the correct information?  

The key to this piece of the business fundability is to monitor your reports frequently.   

Financial Statements

This encompasses a broad spectrum of things.  First, there is the obvious. Both your personal and business tax returns need to be in order.  Not only that, but you need to be paying your taxes, both business and personal.  

Business Financials

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

Personal Financials

Often tax returns for the previous three years will suffice.  Get a tax professional to prepare them.   This is the bare minimum you will need.  Other information lenders may ask for include check stubs and bank statements, among other things. 

Bureaus

There are several other agencies that hold information related to your personal finances that you need to know about.  Everyone knows about FICO.  Your personal FICO score needs to be as strong as possible. It really can affect business fundability and almost all traditional lenders will look at personal credit in addition to business credit. 

In addition to FICO reporting personal credit, you have ChexSystems.  In the simplest terms, this keeps up with bad check activity and makes a difference when it comes to your bank score.  If you have too many bad checks, you will not be able to open a bank account.  That will cause serious fundability issues. 

For this point, everything comes into play.  Have you ever been convicted of a crime? Do you have a bankruptcy or short sell on your record?  How about liens or UCC filings? All of this can and will play into the fundability of your business. 

Personal Credit History

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

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

The Application Process

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

PayPal Working Capital Review: A Final Word

The more options you have, the better.  If you do a ton of business on PayPal, then PayPal Working Capital is a completely legitimate option.  However, regardless, it is best to ensure your overall fundability is in order so you can have as many funding options as possible. 

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