Author: Courtney Robie

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?

The Best Equity Crowdfunding Sites – and How Equity Crowdfunding Can Work for Your Business

If you are considering equity crowdfunding for your business, then you are, by definition, considering equity crowdfunding sites. We take a look at the best out there and dig into their nuances and differences. Make a smarter choice – knowledge is power!

What are the Best Equity Crowdfunding Sites All About?

When you consider equity crowdfunding sites, you will need to take a number of factors into account. Crowdfunding is a way to get funds from a lot of people, versus one or two investors. 

With equity crowdfunding, you raise cash through the sale of securities such as equity, debt, revenue share and more. These security sales would be coming from a company that is not listed on stock exchanges. Equity crowdfunding has been around for less than 10 years. It is not the same as rewards-based. Rewards-based crowdfunding comes from places such as Kickstarter.

Equity Crowdfunding Sites versus Rewards-Based Crowdfunding Sites

What are the differences between equity crowdfunding and rewards-based crowdfunding? The major difference is what investors get for their investment. With reward based crowdfunding, investors generally receive some incentive for their donation. That incentive is not equity in the company. But with equity-based crowdfunding, the investor receives equity. That is, they get a share in the company.

Also, as a general rule, equity-based crowdfunding brings in larger amounts of money. This is because it draws a different type of investor. So, how come not everyone choose that? The key is some businesses are better suited for equity-based crowdfunding than others.

Details on Equity Crowdfunding versus Rewards-Based Crowdfunding

With equity crowdfunding sites, you raise capital from the crowd online. Potential investors visit a funding portal website. There, they can explore different equity crowdfunding investment opportunities. Note: there are limits on how much capital an individual can invest based on their income and net worth. Plus, investors must be 18 years old, or older.

The main purpose of equity crowdfunding is to sell securities in a business. Hence, this is also the main purpose of equity crowdfunding sites.

In contrast, with a platform such as Kickstarter, businesses make money by pre-selling their products. But on equity crowdfunding sites, companies sell securities, in the form of equity in the company. Or it can be in the form of debt, revenue share, convertible note, and more. Equity crowdfunding gives investors a stake in your business. 

What is in it for Equity Crowdfunding Investors?

Equity crowdfunding investors are playing a long game. They stand to make a profit if they make a good investment, and the company they invested in grows. Here, the business can create hundreds of brand ambassadors who want to see you succeed. They are an audience the company can depend on to spread the word about their business and share the product with their own networks.

The ability to cultivate reliable brand ambassadors can be one consideration when trying to offset the cost of equity crowdfunding on a platform

What is in it for Business Owners Hoping for Equity Crowdfunding?

The business owner gets to dictate terms. The entrepreneur raising capital has total control of the offering. So this is including what to sell, how much, and, at what price. The owner can set the terms, including their valuation and how much capital they hope to raise.

Companies can set a minimum funding goal along with their desired maximum. So if they do not fully reach their funding goal, the entrepreneur can still successfully raise capital. Those who want to invest can do so even if the market interest is not enough to reach the goal.

Businesses raising money via equity crowdfunding sites are private companies. A business using equity crowdfunding does not have to issue an IPO (initial public offering). The business does not have to become a fully reporting public company. this is helpful, as being a fully reporting public company is financially burdensome for most small businesses. Investors do not have to be accredited. A business can raise funds without having to turn to venture capitalists. 

For more information, see forbes.com/sites/howardmarks/2018/12/19/what-is-equity-crowdfunding.

Equity Crowdfunding Sites Credit Suite

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

A Look at all the Best Equity Crowdfunding Sites

Crowdfunder

Crowdfunder is an equity crowdfunding platform. With Crowdfunder, investors purchase equity in promising companies. They consider campaigns to be deals, and its donors are investors. 

Starter listings are $299 per month. Premium listings are $499 per month. In their community, there are over 130,000 entrepreneurs and investors. 

Crowdfunder does not work with every industry. 

The following are prohibited industries:

  • Guns and Firearms
  • Tobacco, Cigarettes, and Cannabis
  • Pyramid Marketing
  • Adult Products and Entertainment
  • Gambling
  • Contests and Raffles, and 
  • Illegal Substances and Drugs

For more information, see crowdfunder.com.

Fundable

Fundable is a crowdfunding for business platform. It allows companies to raise funds via equity sales. Those funds come from investors, customers, and friends. They have over $80 million in funding commitments.

Fundable will charge $179 per month to raise funds. Fees on rewards are: 3.5% + 30¢ per merchant processing transaction. They do not charge success fees. 

Fundable is one of the equity crowdfunding sites (such as Crowdfunder and Fundrise, below) which seem to be more accessible to regular folks.

They do not seem to focus on just one specific industry.

For more information, see fundable.com.

Equity Crowdfunding Sites Credit Suite

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

Crowdstreet

What is so special about Crowdstreet? 

The industry most likely to use equity crowdfunding is real estate. This is because real estate allows for a much larger asset to be there from the very start. For a startup company based upon an idea for a new product, there is extraordinarily little available to seize in case the investment goes south. Whereas with real estate, even if there is never any development, land has an intrinsic value no matter what.

Crowdstreet allows you to invest online in commercial realty. Investors can choose between direct investing, fund investing, or managed investing. Crowdstreet boasts over 101,000 investors and over 260 commercial real estate developers.

Direct investing has varied minimum investment amounts. The minimum for fund investing is $25,000. The minimum for managed investing is $250,000. Hence this is one of those equity crowdfunding sites that is more for professional investors. 

For more information, see crowdstreet.com/marketplace/overview.

RealCrowd 

Real Crowd is another real estate investing platform, via equity crowdfunding. RealCrowd charges a technology access fee to the operating partner for their services. They do not charge investors any upfront fees, ongoing asset management fees or promote/carried interest in the investments.

You can browse offerings before you sign up. The information includes minimum investment and average returns. This allows for a lot of the decision making to happen before you even log in. Real Crowd offerings are open to accredited investors. 

For more information, see https://www.realcrowd.com/how-it-works. 

Fundrise

Fundrise is a great starter site for those that want to break into the world of equity crowdfunding. They do not require that you be an accredited investor. The minimum investment for the starter account level is $500. Minimum investment amounts go all the way up to $100,000 for the premium account level.

Fundrise will charge 0.15% in annual advisory fees for managing your account through the online platform. They do not charge any transaction fees, sales commissions, or additional fees for enabling features on an account, such as dividend reinvestment or auto-invest.

Fundrise will also charge 0.85% in annual management fees for managing a Fundrise portfolio. They could potentially charge other fees, such as development or liquidation fees, for work on a specific project. Dividends earned are net of any fund fees.

For more information, see: https://fundrise.com.

Alternatives to Equity Crowdfunding

If you do not wish to give away any of your equity, then rest assured, you have other options. Build business credit is one option. And others include inventory financing, merchant cash advances (if you have sales coming in), and securities financing. With securities financing, you use your stocks, bonds, 401(k), or IRA as collateral for borrowing.

Try a Credit Line Hybrid Instead

Another great option is our credit line hybrid.

A hybrid credit line could be just what you need.

Equity Crowdfunding Sites Credit Suite

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

The gist of a credit line hybrid is you can leverage good personal credit in order to get business funding. Because a good personal credit score is the main thing the lender is looking for, it can be perfect for a startup venture. So, it is another option to consider. You do not necessarily have to give up business equity in order to finance your entrepreneurial venture.

Equity Crowdfunding Sites: Takeaways

Equity crowdfunding involves calling on a crowd to invest in your project. Rather than pre-selling products, you are selling pieces of your business. 

The industry most likely to use equity crowdfunding is real estate. But other industries can use equity crowdfunding. Be sure to check the platform and see if there are any restrictions. Some industries will not do well at all and may even be shut out by a platform. Fees and investment minimum amounts will vary widely.

If you are interested in equity crowdfunding for your business, the best thing you can do is to shop around. Rates vary dramatically. But also check on success rates. Many equity crowdfunding platforms are expensive, or they have high minimum investment amounts, or both. Do not waste your time and money if you are not sure there is a good fit.

And, if you decide equity crowdfunding is not for you – or even if you do but want a fall back – then consider other forms of business funding. That should always include building business credit.

The post The Best Equity Crowdfunding Sites – and How Equity Crowdfunding Can Work for Your Business appeared first on Credit Suite.

Caught in the Recession Rubble? Build Your Own Empire with a Recession-Proof Self-Employed Business

Wondering how to recession-proof, or social distance proof, your business?  These are unprecedented times. Many business owners are wondering how to get business funding. Federal funding is available, but it may not be enough.  The self-employed are perhaps taking one of the hardest hits, not even sure their business will be around when this is … Continue reading Caught in the Recession Rubble? Build Your Own Empire with a Recession-Proof Self-Employed Business

Best Options for Salon Financing in A COVID-19 World

As many businesses are beginning to look at reopening, salon owners are facing a particularly unique predicament.  Merchant cash advances have long been a salon financing standard, but without credit card sales coming in and no guarantee of when they can open up, that funding source is no longer a viable option for many. 

Best Salon Financing Options

There are other options of course, but which ones work best for salon financing?  Is a term loan best?  Would credit cards work better?  How about a line of credit?  Of course, the answer depends on a number of factors. Take a look at these options, consider your own situation, and see which one will work best for you.

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

Salon Financing: Credit Line Hybrid

One unique option is the credit line hybrid. It is easier to get than a lot of salon financing options, and you can typically get more money than with other options. It’s basically revolving, unsecured financing.  It allows you to fund your business without putting up collateral, and you only pay back what you use.  

Do You Qualify? 

It’s not as hard as you may think to qualify.  First, 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.  

If that seems daunting, don’t worry.  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? 

salon funding Credit SuiteThere are many benefits to using this for salon financing.  First, it is unsecured.  That means you don’t have to have any collateral to put up.  Next, the funding is “no-doc.”  That means you do not have to provide any bank statements or financials either.  

Better yet, typical approval is up to 5x that of the highest credit limit on the personal credit report. Often you can get interest rates as low as 0% for the first few months.  This allows you to put that savings back into your business. 

The process is pretty fast.  This is especially true if you have a qualified expert to walk you through it.  One other benefit is that the approval of multiple credit cards creates competition. This makes it easier, and even likely,, that you can get interest rates lowered and limits raised every few months. 

Funding Flexibility

In addition to these fabulous benefits, a credit line hybrid is an especially flexible form of funding.    Funds are available as needed and when needed for a variety of things, including but not limited to: 

  1. Paying off higher interest debt.  This could allow you to lower monthly payments and increase credit score. Imagine using a 0% interest credit line to pay off a number of high interest credit cards.  You could literally save yourself hundreds of dollars a month that can then be put back into your business. 
  2. Bridging a cash gap caused by slow collections or seasonal issues. You could never have to worry or stress about large invoices being paid slowly, or slow business in the off season, ever again.
  3. Covering bills during a global pandemic. COVID-19 turned the whole economy on its head.  No one knows if or when it will happen again.  Funds from a credit line hybrid can help you stay above water without waiting for or just hoping you can get government relief.
  4. Taking advantage of promotional pricing. Think about the next time your best seller goes on sale with the wholesale company, you can buy as much as you want at the promotional price because you have the funds.  
  5. Growing and expanding your business by adding equipment, adding on to your building, or even opening a new location. 
  6. Funding updates and repairs. Don’t let things slide any longer because you can’t pay for it.  Get the repairs you need, do the updates that need doing, and watch your business thrive. 
  7. Save it for a rainy day.  Leave it alone until you need it.  No one can see into the future.  It never hurts to have a safety net.

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

Online Lenders

Online lenders tend to work well for salon financing.  Your credit score doesn’t have to be quite as high as it does with traditional banks, and the funds can be in your bank account much more quickly. There are tons out there, but some work better for salons than others.  Here are two examples that are generally favorable for salons. 

OnDeck 

Obtaining financing from OnDeck is fast and simple. First, apply online.  Then, receive your decision once application processing is complete. If approved, 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 three 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.

Kabbage 

Kabbage is a well known online lender offering a small business line of credit that can help businesses accomplish business goals. The minimum loan amount is $500 and the maximum is $250,000. They require you to be in business for at least one year.  Also, you must have $50,000 or more in annual revenue.  They will accept $4,200 or more in monthly revenue over the most recent three-month period to meet income requirement as well.

Kabbage is a go-to if you need cash quickly. Their non-traditional approach puts less weight on your credit score.  This means they may work well for borrowers that still have some work to do in that department.

Credit Cards

Just like online lenders, some credit cards work better for salons than others.  There are dozens out there.  It takes some research to determine which ones may work best for your salon financing needs.  Here are a couple that tend to work well to help get you started. 

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no yearly fee and there is a 0% introductory APR for the initial twelve months. After that, the APR is a variable 14.74 to 20.74%.

Get double Membership Rewards® points on everyday business purchases.  These include office supplies or client dinners.  This applies to the first $50,000 spent annually. Get 1 point per dollar afterwards.  You’ll need great credit to qualify. 

Capital One® Spark® Classic for Business

Consider the Capital One® Spark® Classic for Business. It has no yearly fee, but there is also no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your company. There is no minimum redemption requirement either.

This card is within reach if you have fair credit, but beware of the APR. Still, if you can pay on schedule, and completely, then it’s a great deal.

SBA Funding

We all know the emergency SBA funding in response to COVID-19 has been a debacle, but their regular loan programs are still available.  Some of them can work well for salon financing. 

7(a) Loans

This is the Small Business Administration’s most popular loan program. One reason is, it offers federally funded term loans up to $5 million. In addition, 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.

The minimum credit score to qualify is 680.  Also, there is a required down payment of at least 10% for the purchase of a business, commercial real estate, or equipment. Lastly, the minimum time in business is 2 years. In the case of startups, business experience equivalent to two years will do the trick.

Funds are available for a wide variety of projects, from working capital to refinancing debt.  You can even buy a new business or real estate.

504 Loans 

These loans are available up to $5 million and can buy machinery, facilities, or land. For the most part, they are for expansion. Private sector lenders or nonprofits process and disburse these loans. They especially work well for commercial real estate purchases.

Terms for 504 Loans range from 10 to 20 years.  Unfortunately, funding can take from 30 to 90 days. They require a minimum credit score of 680, and collateral is the asset the loan is financing. Furthermore, there is a down payment requirement of 10%, which can increase to 15% for a new business.

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

Microloans 

Microloans are available in amounts up to $50,000. They work for starting a business, purchasing equipment, buying inventory, or for working capital. Community based non-profits administer microloan programs as intermediaries. Unlike the others, financing comes directly from the Small Business Administration.

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

SBA Express Loans 

These loans max out at $350,000.  Moreover, they have a maximum interest rate of 11.50%. Terms range from 5 to 25 years.  In contrast to the others, the SBA guarantee is less, at 50%. To qualify, your credit score must be above 680.  Also, 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.

The turnaround for express loans is much faster.  In fact, SBA takes 36 hours or less to give a decision. Not only that, but the necessary paperwork for application is less also.  This makes express loans a great option for working capital, among other things, if you qualify.

A Quick Note on Equipment Financing

If you need to buy equipment for your salon, like chairs, tools, or sinks, any of these options will work.  However, it’s possible that specific equipment financing options may work even better.  These are small busienss loans in which the lender lends a portion of the quoted cost for the equipment you wish to purchase. 

Equipment loans are different because the asset you are purchasing is the security for the loan.  This makes equipment loans easier for those who do not have great credit or for borrowers that want to reduce their guarantee.

Is Your Salon Fundable? 

One of the best ways to ensure you can get salon financing when needed is to work on the fundability of your salon.  This includes a lot more than credit score.  It has to do with how your business is set up, how all of your personal and business records line up, and what information is available to lenders about your business from various sources.  It’s wise to do an analysis of fundability to ensure that your ducks are in a row.

In the meantime, it’s easy to make sure your business is set up to be fundable.  Consider the following: 

  • Do you have a separate business phone number and address?  This is necessary to fundability and business credit. 
  • Do you use an EIN to apply for business credit rather than your personal SSN?  You can get one for free at IRS.gov if you don’t already have one. 
  • Is your business incorporated?  It’s non-negotiable.  You must be incorporated to build fundability and business credit. 
  • Do you have a separate business bank account?  That’s necessary as well, for a number of reasons, including building fundability and business credit. 
  • Make sure you have all the licenses required to operate your business at all levels. 

Of course, this list is not exhaustive, but it is a great start and you can work on it now.  

Salon Financing is Out There, You Just Have to Know What You are Looking For

The truth is, these post COVID-19 times are hard for everyone, and salon financing may look different during hard economic times.   It is available, but you have to know which type of funding will work best for you.  Often a term loan isn’t an option, and even more often it isn’t the best option.  A credit line hybrid works well for almost anyone, and it comes with the bonus of potentially helping to build business credit. 

In the end, the answer depends on what you qualify for and what works best for your specific situation.  Research is key, and increasing your fundability always helps.

The post Best Options for Salon Financing in A COVID-19 World appeared first on Credit Suite.

The Definition Of Asset Management

The Definition Of Asset Management

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

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

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

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

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

Property Management Resource:

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

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

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

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

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

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

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

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

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

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

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

Success in Houston, TX… $50,000.00 in Business Revenue financing!

Deligent Health Services in Houston, TX  obtained $50,000.00 in business revenue financing!  This helped the client have working capital.

In turn he was able to help achieve business goals in a quick time frame.

Congratulations to the team at Deligent Health Services; glad to be a part in your success!

Click Here to see how much funding you can get for your business.

The post Success in Houston, TX… $50,000.00 in Business Revenue financing! appeared first on ROI Credit Builders.

New comment by xisnextbigthing in "Ask HN: Freelancer? Seeking Freelancer? (August 2019)"

SEEKING WORK – Istanbul, Turkey / REMOTE

Hi, I’m a full-stack developer with 10 years of experience. I worked on a wide range of projects with clients from mostly English speaking countries. Currently available. Would like to work on your MLPs (Minimum Lovable Product).

I try to work on my clients projects like they’re my own and strive to do best both technically and business-wise. The thing needs to launch, but first impression matters too.

– MSc in CompSci

+ JS (React + MobX, FeathersJS, Node.js, Vanilla ES5+)

+ HTML5 (Offline Apps), CSS (Sass, CSS Modules)

+ PHP (Laravel, WordPress, Symfony)

+ Python (Data Wrangling, NLP, Scrapy), Conversion Optimization, UX, App Performance, Solr, Selenium, RDBMS (PostgreSQL, MySQL), NoSQL, Software Architecture, Docker, DevOps

I am open to interesting and challenging work, involving research and learning.

You can see some reviews about my work here:
https://gasoved.github.io/testimonials/

As sample work, a side project of mine:
https://metacopter.com

My rate is $50 per hour and can work up to 20 hours per week.

Feel free to drop me an email:
gasoved [at] gmail

New comment by cascada in "Ask HN: Freelancer? Seeking Freelancer? (August 2019)"

SEEKING WORK

Location: Eastern Europe

Remote: Yes

Résumé/CV: https://gildedhonour.me

Email: alex @ serendipia.email

=====================================

Hi, I’m Alex. I’ll solve your problem in building custom software for you. Mostly I specialize in web.

But not only in web. Other areas I’ve been working in and interested are:

1) security

2) machine learning

3) marketing

——-

My latest projects are 2 e-commerce stores I’ve built from zero, they’re live. Full list:

https://gildedhonour.me/projects

The post New comment by cascada in "Ask HN: Freelancer? Seeking Freelancer? (August 2019)" appeared first on Get Funding For Your Business And Ventures.

The post New comment by cascada in "Ask HN: Freelancer? Seeking Freelancer? (August 2019)" appeared first on Buy It At A Bargain – Deals And Reviews.

The Top 10 Small Business Credit Cards – Excellence for Every Entrepreneur

The Top 10 Small Business Credit Cards Can Be Yours

Do you know the top 10 small business credit cards? We did the research for you. So here are our favorites.

Per the SBA, company credit card limits are a whopping 10 – 100 times that of personal cards!

This shows you can get a lot more cash with corporate credit. And it also means you can have personal credit cards at shops. So you would now have an additional card at the same stores for your business.

And you won’t have to put up collateral, cash flow, or financials to get business credit.

Credit Card Benefits

Features vary. So make certain to pick the perk you prefer from this collection of possibilities.

Top 10 Small Business Credit Cards: 10. Ink Business Cash Credit Card for a Terrific 0% APR Period

For a 0% APR period, this card is great. You pay no yearly fee. It’s got an interest-free time period. It has flexible cash-back rewards. There are spending limits for employees. However, you will need a credit score of 690 or higher.

Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-cash

Top 10 Small Business Credit Cards: 9. Ink Business Preferred from Chase for Excellent Rewards

With this card, you can get 80,000 bonus points. But this is once you spend $5,000 on purchases. And it is within your first three months from account opening.

Earn three points per dollar. But this is on the first $150,000 spent in combined purchases on travel, shipping purchases, internet, and cable and phone. It is also on advertising purchases made with social media sites and search engines. But this is for each account anniversary year.

Also, earn one point for each dollar on all of the other purchases. There is no restriction to the amount you can earn.

Get it here: https://creditcards.chase.com/credit-cards/small-business/ink-business-preferred

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

Top 10 Small Business Credit Cards: 8. SimplyCash Plus Business Credit Card from American Express for Awesome Cash Back

Small Business Credit Cards Credit Suite

Check out the SimplyCash Plus Business Credit Card from American Express. So you can earn as much as $400 cash back. Get a $200 statement credit. But this is after spending $5,000.

Also, get 5% cash back at US office supply stores and on wireless phone services. So these must be bought from US service providers. But this applies to first $50,000 of yearly spending.

You also get 3% cash back on spending category of your choice. So this is from eight distinct categories. They include air travel, gas, advertising and computer purchases. But it applies to the first $50,000 of yearly spending.

Plus you get 1% cash back on all other purchases.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/simply-cash-plus-business-credit-card/44279

Top 10 Small Business Credit Cards: 7. Gold Delta SkyMiles Business Credit Card from American Express for Luxurious Travel Points

If you want Delta SkyMiles, then this card is for you. Get 30,000 bonus miles. But this is after you make $1,000 in purchases on your new card. And it is during your first three months. Terms and limitations apply.

Also earn a $50 statement credit. But this is after you make a Delta purchase with your card. And it is in your first 3 months. Earn two miles per dollar spent on purchases made straight with Delta. Also, earn one mile per qualified dollar spent on purchases.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/gold-delta-skymiles/44279

Top 10 Small Business Credit Cards: 6. Spark Cash Select From Capital One for Jackpot Rewards

With this card, you get 1.5% cash back on all purchases. So this is with no restrictions.

New cardholders can also get a $200 cash bonus. But that is once they spend $3,000 on new purchases. So this is within three months of account opening.

New customers also get initial APR of 0% on purchases. But that is for nine months. Also, there is no annual fee.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

Top 10 Small Business Credit Cards: 5. Blue Business Plus from American Express for a Fantastic Introductory APR Period

This card an introductory 0% APR time period, we also prefer the Blue Business ℠ Plus Credit Card from American Express. So it has an introductory 0% APR for 15 Months. Also, you can earn double points on day-to-day company expenses up to a yearly cap. But the regular APR is 12.24% – 20.24%. So this APR is variable.

Right now corporations can earn double points. But this is on the initial $50,000 in purchases each year.

Get it here: https://creditcard.americanexpress.com/blue/

Top 10 Small Business Credit Cards: 4. Bank of America Business Advantage Cash Rewards MasterCard

With this card, you can get a $200 statement credit. But this is after $500 in purchases. And that is within 60 days of account opening.

You also get 3% cash back on purchases at filling stations and office supply stores. But this is as much as $250,000 annually.

Also, you get 2% cash back on purchases at restaurants. And get 1% cash back on all purchases. Also, there is no yearly fee. But it is available to applicants with excellent credit.

But you can only redeem your cash back in $25 increments.

Get it here: https://www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/

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

Top 10 Small Business Credit Cards: 3. Wells Fargo Business Secured Credit Card for Excellent Credit Building

This card allows cardholders to secure a credit limit of $500 – $25,000. The amount available corresponds to the amount of funding you supply to secure the line.

Your purchase APR rate can be as low as a variable 13.15%. And the yearly fee is $25. But the more cards you have, the more expensive your annual fee will be.

This card lets company owners with bad personal credit to get a card to make purchases and build business credit.

But the card will only report to the personal credit bureaus if you default or are late on payments.

Get it here: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/

Top 10 Small Business Credit Cards: 2. US Bank Business Edge Platinum for Low APR Bliss

For Low APR/Balance Transfers Business Credit Cards, this card is king. So you start with twelve months of 0% APR financing on new purchases and balance transfers. There is a 3% balance transfer fee.

Afterwards, the purchase APR is a variable 10.49% – 18.49%. And this depends upon creditworthiness. There is no yearly fee. But this card is just available to people with great or superb credit. But there is no rewards program for purchases.

Get it here: https://www.usbankedge.com/credit/business-edge-platinum.do

Top 10 Small Business Credit Cards: 1. Business Platinum from American Express for Amazing Travel Perks

Check out the Business Platinum Card from American Express. It is a fantastic option for travel benefits!

Travel benefits including access to these airport lounge networks:

  • Priority Pass Select
  • Delta SkyClubs
  • American Express Centurion Lounges

You also receive Gold Status when you register for the Starwood Preferred Guest program. There is also a $200 yearly air travel fee credit.

There is a $100 credit towards the Global Entry application fee, which includes access to TSA PreCheck program. And you also get one point per dollar spent on the majority of purchases.

Also, you get 1.5 times the points. But this is on charges of $5,000 or more. And it is on qualifying purchases. But this is up to one million additional points per year. Get five points per dollar. But this is for purchasing flights and prepaid hotels from the American Express Travel website.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279

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

Bonus #1: Capital One Spark Classic for Business for Fair Credit

For Fair Credit, we like the Capital One Spark Classic for Business. It has no annual fee. There are cash-back rewards. But you will need a credit score of 690 or higher.

But BEAR IN MIND: the ongoing APR is 23.99% variable APR.

Get it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

Bonus #2: Business Gold Rewards Card from American Express OPEN for Jackpot Rewards

Take a look at the Business Gold Rewards Card from American Express OPEN. So you can earn 50,000 Membership Rewards points. But this is after $5,000 in purchases on the card within first three months.

Also, you get three points on your choice of five categories. In addition, get two times the points on the other categories.

Also, get one point per dollar on all other purchases. It has a $0 yearly fee for the first year. But then your yearly fee rises to $175.

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-gold-rewards

Bonus #3: Business Platinum Card from American Express OPEN

Also, have a look at the Business Platinum ® Card from American Express OPEN. So you can earn as much as 75,000 Membership Rewards points upon account opening.

Also get 50,000 Membership Rewards points. But this is subsequent to spending $10,000.

In addition, get 25,000 more points. But that is after spending an additional $10,000 all on eligible purchases. But this is during the initial three months.

And also you can get five times the Membership Rewards points. So this is on flights and pre-paid hotels on amextravel.com. But it has a $450 yearly fee. Yikes!

Get it here: https://www.americanexpress.com/us/small-business/credit-cards/business-platinum/44279

The Top 10 Small Business Credit Cards for You

Your best small business credit cards will depend on your credit history and scores.

Only you can decide which rewards you want and need, so make sure to do your research.

And, as always, make sure to build credit in the established order for the best, fastest benefits.

Share this and tell your friends what you think of the best company credit cards.

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