More than two dozen athletes who were based in Iowa have filed a federal lawsuit alleging state criminal investigators violated their constitutional rights during a widespread sports wagering investigation.
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SEEKING WORK | LOCATION: EU (BUT WORKING EASTERN TIME HOURS) | REMOTE ONLY I’m a fractional CTO, product designer and engineer with ~ 16 years of experience. I help tech entrepreneurs and tech companies achieve their product and engineering goals. Depending on the stage: 1. Pre-product – I can help you turn an idea into … Continue reading New comment by gregnavis in "Ask HN: Freelancer? Seeking freelancer? (April 2024)"
Bryan Kohberger, the suspected killer of four University of Idaho students who police arrested in Pennsylvania Friday, made the 2,500-mile road trip home with his dad and was pulled over twice along the way, according to his public defender.
Jason LaBar, Kohberger’s Pennsylvania defense attorney in the extradition case, did not immediately respond to Fox News Digital’s request for comment Monday.
However, he illustrated parts of the suspect’s cross-country race home in a televised interview, stating that Kohberger’s dad flew into Spokane, Washington, and then drove down to Pullman in a pre-planned trip ahead of the drive home ahead of the holiday break.
“I don’t know whether they were speeding or not or if they were even issued a ticket,” LaBar reportedly told NBC. “I just know that they were pulled over in Indiana almost back-to-back. I believe once for speeding and once for falling too closely to a car in front of them.”
An Indiana State Police spokesman told Fox News Digital he could not find evidence of any such encounters.
“We have examined records and do not find any record of any traffic stops or any interactions involving Bryan Kohberger, his father, or any Kohberger,” Sgt. Glen Fifield said Monday.
LaBar did not immediately clarify which jurisdictions the stops happened in.
Kohberger, 28, was a PhD candidate at Washington State University in Pullman, roughly 10 miles from the University of Idaho in Moscow. The two communities lie just across state lines from one another.
Classes ended at WSU on Dec. 15 and the following day at UI. It was not immediately clear when Kohberger left Pullman, but he returned to Albrightsville, Pennsylvania by Dec. 17, according to LaBar.
CRIMINOLOGIST GRAD STUDENT HIT WITH FOUR COUNTS OF FIRST-DEGREE MURDER
Police allege that sometime between 3 and 4 a.m. on Saturday, Nov. 13, 2022, Kohberger entered a six-bedroom house and attacked four students in their sleep with a knife.
The ambush killed Maddie Mogen and Kaylee Goncalves, 21-year-old best friends, as well as their housemate Xana Kernodle and her boyfriend Ethan Chapin, both 20.
Two other young women on the home’s bottom level were left alone, according to police.
Kohberger has a master’s degree from DeSales in criminal justice and was studying at WSU’s department of criminal justice and criminology.
UNIVERSITY OF IDAHO MURDERS TIMELINE: WHAT WE KNOW ABOUT THE SLAUGHTER OF FOUR STUDENTS
Pennsylvania police arrested him on Friday after Idaho authorities charged him with four counts of first-degree murder and another charge of felony burglary for allegedly entering a residence with intent to commit murder.
In Washington, investigators searched his apartment for hours on the same day, removing boxes and bags of evidence as well as a desktop computer.
Kohberger is expected to waive extradition Tuesday and return to Idaho to face the charges.
Through his attorney, he said he expects to be exonerated.
However John Kelly, a criminal profiler and psychotherapist who has interviewed multiple serial killers, told Fox News Digital Monday that if Kohberger did commit the crimes, he made a series of key errors, especially for someone with an education focused on criminology.
“Flight can be a sign of guilt,” Kelly said.
But other mistakes include the indoor crime scene – virtually impossible to clean up, attacking so many people at once with a knife and allegedly believing he could avoid leaving behind evidence.
Justice Samuel Alito led a dissent by three of the court’s conservative justices Thursday to a decision allowing President Biden to end “Remain in Mexico” policy.
EverWash | Philadelphia, PA | Full-time | 100% Remote or Hybrid | No Visa
Hiring for: React Native devs, C#/.NET devs, and UI/UX designers
Tech Stack: JavaScript/PHP/.NET/MySQL (web) and React Native/Objective-C/Java (mobile), hosted on Azure
EverWash is a Series B startup that works with car washes nationally to transition them to a more lucrative membership-based business model. Car owners can then subscribe for a low monthly fee (cancellable anytime, like a typical monthly subscription) to get unlimited car washes at participating locations. We’re at 700+ locations now and continuing to scale quickly. You can apply directly below:
React Native ($140-150K+, negotiable for more senior devs) – https://www.linkedin.com/jobs/view/2997255067
C#/.NET ($140-150K+, negotiable for more senior devs) – https://www.linkedin.com/jobs/view/3005559429/
UI/UX ($70-105K) – https://www.linkedin.com/jobs/view/2974739150/
Or email me at katarina@everwash.com with any questions or referrals. We pride ourselves on having an efficient interview process and developer-friendly practices. Thanks!
The 125 factors that affect the fundability can be broken down into 4 main categories. One of those categories is the Application Process.
Here are 6 ways applying for a small business loan can affect the fundability of your business.
When you apply for a loan makes a difference. Consider your current circumstances. If you have recently paid off a lot of credit card debt, that’s great! But, the payoff will not show up on your credit report immediately. Lenders will see more debt than is actually there.
The same is true of any change on your reports. UCC filings, liens, bankruptcy, and anything else that may be added or about to roll off can affect a credit provider’s decision.
You have to monitor your business credit and personal credit reports so you can get the timing right when applying for a small business loan.
#2: Lender NegotiationsHaving a good relationship with a lender that is familiar with your business and its industry is priceless. It can allow you insight to understand if you have flexibility to negotiate. Maybe you apply for a loan and get initial approval for $10,000. If you have a couple of other credit providers that are ready to extend substantially higher amounts, you might be able to use that to convince the lender to approve more.
It may seem like applying online is always the best option these days. It’s for sure faster and easier. Yet, there can be substantial differences in what is available if you apply in person or with a paper application.
Some lenders may require a personal guarantee if you apply online, but have a paper application that does not require one. There are any number of possibilities, that’s just one example.
You have to choose the right lending product for your business. A large project you want to complete may mean you need a business loan. However, if you simply have a lot of smaller expenses and want a way to manage cash flow, a credit card or line of credit may work better
Some lenders may loosen their belts and lend more around the end of the
year. Eventually, they will tighten up again. Then, another group of lenders may decide it is time to increase lending. Knowing which lenders are lending more what you are applying for a small business loan greatly increases your chances for approval.
When you apply for credit, you have to include your business name and address on the application. Lenders will then search with the Secretary of State to make sure you are the owner. They will also verify your business phone number and business address match what is on file with the Secretary of State.
Lending trends, choosing the best lending product, and a number of other factors in this process are difficult to maneuver on your own.
This is where the business credit specialists at Credit Suite can really help. We are in a unique position to be able to see the big lending picture throughout the year. Our finger is always on the pulse of the industry, so we can help direct you toward lenders that are lending the most at the moment. We can see the big picture.
The post 6 Ways Applying for a Small Business Loan Can Affect Getting Approved appeared first on Credit Suite.
Rafael Nadal won the Australian Open in epic fashion, rallying from two sets down to beat Daniil Medvedev and win a men’s record 21st Grand Slam title.
The post Nadal wins Aussie Open for record 21st GS title appeared first on Buy It At A Bargain – Deals And Reviews.
Are you looking for government contracts for small business? The federal government can be a terrific place to get clients. But there are many details to learn! The Small Business Administration has got you covered.
The government is a huge consumer of goods and services. So any US business should be trying to get a supply contract with them. Unlike other customers, the government will be a consumer for as long as the United States exists. The SBA Contracting Guide helps small businesses navigate the details.
The SBA has a role in government contracting. They work with federal agencies and offer what are essentially SBA contracting assistance programs. The idea is to award 23% of prime government contract dollars to eligible small businesses. It also offers counseling and help to small business contractors.
Government contracts are a tremendous financial opportunity for small businesses. Per the SBA Contracting Guide, the US government buys all types of products and services. And the law requires it to consider buying from small businesses.
The government wants to buy from small businesses for several reasons, including:
At times, set-aside contracts might make up certain types of tasks on larger contracts. In others, entire contracts may be reserved for small businesses. When a contract is set aside for one specific small business, it’s called a sole-source contract.
Demolish your funding problems with 27 killer ways to get cash for your business.
Start with market research. To bid on and win government contracts, you must sell products or services the government buys. And you must do so at a competitive price. Check to see if there’s a market for your product or service. The SBA can help you to determine how big the market is, and find potential buyers.
Move onto the Federal Procurement Data System. This system is the repository of all federal contracting data for contracts over $25,000. With this system, you can see which agencies have contracts and with whom. Find out what agencies buy, and learn which contractors have contracts.
Take a look at USASpending.gov. USASpending.gov tracks government spending through the contracts it awards. This searchable database contains information for each federal contract. Use this information to help identify government purchasing trends.
Federal agency procurement forecasts can be very helpful. Each government agency releases a procurement forecast. It includes contracting opportunities for small businesses. Review Agency Recurring Procurement Forecasts. Find out if there are agencies that are buying what you sell.
Procurement forecasts can get granular. You can look up procurement for (for example) the Department of Veterans Affairs. And then break it down by location. And then see budgeted amounts for everything from asbestos abatement to buying stretchers.
The government prefers to work with established, reliable businesses. This means it’s likely that startups need not apply. Do you have a track record of delivering quality goods and services on time and within budget? Is your reputation within your industry strong?
It take a long time to win your first government contract. And it can also take a significant amount of money. Some businesses spend between $80,000 and $130,000 to earn their first contract! Also, it could take up to two years to start making a return on your investment. So you must have enough cash flow to sustain your business. 
Keep a diverse list of private-sector clients. This can help offset any potential initial losses. Being e-commerce savvy is also very important in government contracting. For example, to work with the Department of Defense, you must be able to invoice and receive payments electronically.
One form of this help comes from a government contracts website called Procurement Center Representatives. Procurement Center Representatives (PCRs) help small businesses win federal contracts. PCRs view many federal acquisition and procurement strategies before they’re announced. This way, they can influence opportunities that should be set aside for small businesses. PCRs also conduct market research and help small businesses with payment issues. They also provide counseling on the contracting process.
You can also check out the SBA Learning Center. The SBA offers free online courses. These are to help small businesses understand government contracting. These are in the form of video classes.
Demolish your funding problems with 27 killer ways to get cash for your business.
Or work with Procurement Technical Assistance Centers. PTACs help small businesses interested in government contracting. PTACs can help you determine if your business is ready for government contracting. They can help you register in the proper databases. And they can help you to find and bid on contracts.
Another option is working with SCORE. SCORE is a nonprofit association. It has thousands of volunteer business counselors around the country. These counselors educate small business owners. SCORE provides free in-person and online counseling. They also provide educational workshops.
Or try the SBA’s Small Business Development Centers. Small Business Development Centers (SBDCs) offer free, one-on-one counseling and low-cost training services. Business owners can go to SBDCs for help with procurement and contracting. SBDCs will also help with market research. And they will provide 8(a) program support for minority-owned businesses
Or you can turn to the SBA’s small business offices. Many federal agencies have an Office of Small and Disadvantaged Business Utilization (OSDBU). Or they may have an Office of Small Business Programs (OSBP). These offices work to identify opportunities to contract with small businesses.
An OSDBU promotes using certain kinds of small businesses. These include disadvantaged, 8(a), women-owned, veteran-owned, service-disabled veteran-owned, and HUBZone small businesses. This is within the US Department of Commerce’s (DOC) acquisition process.
OSBPs advocate to include small businesses in the cleared industrial base. They do so through education and collaboration. They also maximize opportunity for small businesses in DCSA acquisitions. DCSA stands for Defense Counterintelligence and Security Agency.
Demolish your funding problems with 27 killer ways to get cash for your business.
Before a business can engage in federal contracting, they must meet certain basic minimum requirements. Your business must have a D-U-N-S number. It also needs an NAICS code.
You must also meet size standards. Most manufacturing companies must have 500 employees or fewer. Most non-manufacturing businesses with average annual receipts under $7.5 million will qualify. You’ll need to register with SAM (the System for Award Management). SAM is a database that government agencies search to find contractors. And you must maintain compliance. The federal government’s purchasing process comes under the Federal Acquisition Regulation.
Note: Federal Acquisition Regulations allow for some deviance from the norm. Regulations covering government contracting programs for small businesses are in 13 CFR 125. This rule defines when a business can say one or more service-disabled veterans own it. It also includes the government definition of subcontracting.
You want to find contracts – use databases like the Dynamic Small Business Search. And you must market to the government. Some great places to find out what agencies or prime contractors need are:
You also want to address any objections that may arise. A federal contracting officer may reject a business due to questions about ability to fulfill the contract. Then the SBA offers the small business a chance to apply for a Certificate of Competency. Here, you can prove your business is up to the challenge. But note: a COC is only good for one contract. So you may need to reapply in the future if you bid for another government contract in the future.
The government limits competition for certain contracts to small businesses. Those contracts are called small business set-asides. Set-asides can be competitive or sole-source. These can be some of the easiest government contracts to win.
If 2+ small businesses could do the work or provide the products, the government sets aside the contract just for small businesses. Much of the time, this is automatic for government contracts under $150,000. Also, some set-asides are open only to small businesses in SBA contracting assistance programs.
The government issues some contracts without a competitive bidding process. This often happens when only one business can fulfill the requirements of a contract. For consideration, register your business with the System for Award Management. And take part in any contracting program you may qualify for. Such as 8(a) Business Development or Women-Owned Small Business.
The US government is a huge consumer of goods and services. They are a client likely to be able to pay your business on time, and unlikely to go out of business in your lifetime. The SBA gives extensive guidance for getting government contracts for small business. Also, check if you or your business qualify for special programs to help you win government contracts.
The post How Do Government Contracts for Small Business Work? appeared first on Credit Suite.
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Every great online store starts from the same place—with an ecommerce website builder. These tools make it easy for anyone to launch an ecommerce business by building a website from scratch.
So if you’re interested in selling products or services on the web, you’ll need to find an ecommerce builder to create your online store.
You don’t have to have any web design experience whatsoever to get started. To find an option that suits your goals, check out recommendations below.
You’ll find in-depth reviews of the eight best ecommerce website builders, followed by a brief buyers guide to help you narrow in on the best one.
Wix is one of the best overall site builders on the market today. The platform can be used to create any website—including ecommerce sites.
More than 160 million people across the globe have used Wix to create a website from scratch. There’s no code to write, no technology to master. If you know what you want, you can build it in Wix.
Start with one of Wix’s beautiful online store templates. These have been used by thousands of businesses to get their products and deals in front of customers. From there, you can customize the look and feel of your site to match your brand using the simple drag-and-drop ecommerce website builder.
Wix is a great option for beginners. Anyone can use this platform to build an ecommerce site, regardless of technical skill level. Here’s what makes Wix so great:
Ecommerce plans from Wix start at $23. But I recommend starting with the Business Unlimited plan, at a minimum. It’s just $4 more per month and comes with enhanced features.
You can start building your Wix site for free to try out the drag-and-drop builder. Then take advantage of a 14-day free trial to access premium features.
BigCommerce is another industry leader in the ecommerce world. For more than a decade, this platform has served ecommerce sites in 120+ countries.
Over $25 billion in merchant sales have been powered by BigCommerce. It’s a great option for people who don’t want to hit annoying limits about what their site can and can’t do.
This platform is great for wholesalers, international ecommerce sites, B2B sellers, and multi-channel sales. For selling at scale, look no further than BigCommerce.
Overall, BigCommerce is my top recommendation for large ecommerce websites. If you want to sell online without restrictions, this will be a top option to consider.
Plans start at $29.95 per month. Try BigCommerce free for 15 days.
Squarespace is another all-in-one website builder that can be used to create any type of website.
But unlike other traditional site builders out there, Squarespace is optimized for businesses. With the exception of the personal plan, all Squarespace subscriptions come with built-in ecommerce functionality.
Squarespace is a popular choice for creative professionals who want to showcase their portfolios and sell online. It comes with features like:
You’ll need to connect your own payment processor to run an online store with Squarespace. Ecommerce plans start at $18 per month. Upgrade to the Basic Commerce plan ($26 per month) to avoid 3% transaction fees.
If creating a visually appealing ecommerce site with stunning designs is your top priority, Squarespace should definitely be on your shortlist.
Square is best known for its payment processing and POS solutions. But the platform also provides business owners with the ability to create a free online store.
If you’re a brick and mortar retailer that’s currently selling with Square POS, you can easily expand your online presence by building an ecommerce site using Square Online.
Let’s take a closer look at some of the features and benefits that you’ll get with Square Online:
Launching an ecommerce site with Square Online is free; you’ll only pay the transactional fees (starting at 2.9% + $0.30). For advanced features, paid plans start at $12 per month. Try it for free.
It can be a hassle to get a WooCommerce store up and working brilliantly.
From managing the WordPress plugins—both WooCommerce itself and the companion plugins needed to power up WooCommerce for your needs—to conducting regular updates, health checks, backups and so on, building a WooCommerce store can be daunting.
Bluehost is here to help.
With their specialized WooCommerce Online Stores offering, Bluehost has made setting up a WooCommerce store a breeze.
It starts with Bluehost’s Online Store Creation Experience, a tool that will guide you gently through initial store creation and product uploads.
I love this because Bluehost has long been one of WordPress’ recommended hosting providers. They get WordPress, so who better to trust with maximizing the best ecommerce store plugin for it?
And remember what I said above about companion plugins?
Well, Bluehost has picked out the top ones your web store will need and included them at no charge to you.
That’s a big deal since it would cost you $80 each to install and utilize USPS shipping, FedEx shipping, and UPS shipping, for just one example. Right off the bat, you get the three major shipping providers and Bluehost saves you $240.
And that’s just three of the many plugins included.
Bluehost is generous with included features beyond that, as well. In the basic package, you’re allowed unlimited products and access to traffic analytics, 24/7 support, easy payment processing, manual order creation, and much more.
Plus, you get a free year of CodeGuard Basic for regularly backing up your site.
All of this comes at a good price of $12.95/month if you agree to a 36-month commitment. But if you’re serious about running an ecommerce store, I’d expect you want to be around for at least three years.
Upgrade to Premium—which starts at $24.95/month for the same 36-month term—and you’ll also get the ability to sell subscriptions, customize your products on a deeper level, and book appointments online.
Plus, they’ll give you CodeGuard basic completely for free, as well as domain privacy and protection.
In essence, Bluehost is taking so much work, research, and upkeep off your hands, there’s no question that this is one of the easiest ways to build and maintain an ecommerce store on your WordPress site.
Get started with Bluehost Online Stores, powered by WooCommerce, today.
If you currently have a WordPress website and need to add shopping cart functionality to it, WooCommerce will be the best option for you.
This plugin is built specifically for WordPress, and it’s one of the most popular WordPress plugins on the market today.
What makes WooCommerce so great? Let’s take a closer look:
To get started with WooCommerce, you’ll need to have an existing WordPress site. That means you’ll have to handle the domain registration and hosting on your own as well.
The WooCommerce plugin is free to install.
Shopify is king in the ecommerce space. Trusted by 1+ million websites in 175 countries, it’s one of the most popular ecommerce platforms available on the market today.
More than $200 billion in online sales have been facilitated via Shopify.
The platform is extremely versatile. Whether you’re starting a new ecommerce business from scratch or expanding your physical presence to an online store, Shopify can accommodate your needs. It comes with everything you need to build your website and start selling online:
Regardless of your business size or industry, Shopify’s ecommerce platform is versatile enough to support your site.
Plans start at just $29 per month. You can try Shopify for free with a 14-day trial.
If you have unique needs and you’re working with a developer or designer, Shift4Shop (formerly 3DCart) might be the solution for you.
Shift4Shop isn’t quite as popular as some of the other ecommerce website builders on our list. But with that said, it’s not for everyone.
While Shift4Shop does have drag-and-drop building tools to accommodate beginners, the software is powerful enough to support the needs of developers and design experts. So it can essentially be as simple or complex as you want it to be.
Other top features and noteworthy highlights of Shift4Shop include:
All plans come with secure hosting, unlimited orders, 24/7 support, and no transaction fees.
If you use Shift4Shop for your payment processing, the entire platform is free to use. Whereas some ecommerce website builders cost hundreds of dollars a month, Shift4Shop doesn’t cost a thing more than the transaction fees, which you would still be paying on a platform that cost money.
The potential to save big is yet another reason I recommend Shift4Shop. Subscriptions are backed by a 30-day money-back guarantee. Try it free for 15 days.
Before you start searching for different ecommerce site builders, it’s important to understand how to evaluate these options.
Much will depend on where you are starting from and where you want to go.
Someone who wants to add ecommerce functionality to an existing website, for example, has a different set of challenges than a person who is still planning to launch their site.
Here are the major factors to consider as you’re shopping around and narrowing down your top picks.
What is your technical background?
Some ecommerce website builders are designed for beginners, others are made for advanced users and developers, and the rest fall somewhere in between. If you’re a DIY-type person, then your technical abilities will play a significant factor in choosing the right platform.
Beginners should aim for platforms that don’t require coding. These website builders will let you put everything together with simple drag-and-drop functionality.
Advanced users and developers may want the ability to access the site’s backend code for advanced customizations. Businesses should consult with their tech team or whoever will ultimately be working on the site before finalizing a decision.
New business and rapidly scaling startups won’t necessarily have the same needs in an ecommerce website builder. Some of you might even be looking to sell a handful of products online as a small side project or part-time job.
If you already have an existing website, you might not need a complete site builder. There are other tools out there that can add shopping cart functionality to your current site (more on this shortly).
Do you still need to register your domain name? Have you picked a web hosting plan yet?
There are website builders out there that provide you with all of these capabilities out of the box from a single platform. In other instances, you’ll need to get your domain and hosting plan separately.
Dropshipping makes it possible to run an ecommerce website without having to buy, store, or ship inventory to your customers. When someone purchases something from your website, the supplier handles fulfillment and ships the product directly to those customers.
If you’re interested in running an ecommerce site that follows this business model, you need to make sure that your site builder supports dropshipping.
While not every website builder will come with dropshipping functionality out of the box, the best ones will seamlessly integrate with dropshipping software and third-party tools.
Start to think about the visual aesthetics of your ecommerce site. The best ecommerce website builders will make it possible for you to create a beautiful site without having to hire a designer.
The easiest way to do this is by starting with a pre-built template and customizing it with your content. You should be able to choose a theme or template that fits with your brand image and industry.
As you start browsing and evaluating different platforms, you’ll quickly realize that the templates and design tools aren’t equal across the board—some are undoubtedly better than others.
Not every ecommerce website builder comes standard with a long list of functions. In some cases, you’ll have to customize your site’s functionality by adding features from a marketplace or app store. Depending on the functionality you’re looking for, you might even need to integrate your site with a third-party tool or platform.
With that said, other site builders will provide you with all of the functions you could possibly need out of the box (with some restrictions).
There’s really no right or wrong answer here; it’s all about personal preference. Would you rather have every feature at your disposal as soon as you create an account? Or do you prefer adding functionality as needed?
The answer to these questions will help you narrow down your choices.
Your ecommerce website builder might restrict how many products you can sell on the site. Some platforms will even charge you extra fees based on your traffic volume.
This usually isn’t a concern for new websites, but as your site scales, this can definitely become a problem.
Look beyond the rock-bottom prices and entry-level plans offered by different platforms. See how much it will cost you if your product list doubles, triples, or quadruples. Will you incur extra fees?
Some ecommerce site builders are better for selling just a dozen products or so as opposed to managing extensive product catalogs in the hundreds or thousands.
The first step to selling online is finding a viable ecommerce website builder.
Which one is the best? It really depends on what you’re looking for. Here are my top recommendations:
For many people, Wix is going to be the absolute easiest option on this list. All the builders I picked are intuitive, but if your not super confident in your technical skills, Wix is a safe bet.
Of course, if you already have a WordPress site, WooCommerce is going to be even easier. For new WordPress sites, go with Bluehost, as they include so much at a great price.
In order to find the best option for your website, refer to the buying guide, reviews, and recommendations outlined in this post. This will definitely help you narrow down your options.
How does inflation affect small businesses like yours? And is it really on the horizon, anyway? Experts aren’t sure.
Prices are starting to go up. Wages are sometimes keeping up. Everyone has experienced it. You’ve undoubtedly noticed that fuel prices go up and down, or a movie costs more than it used to. And if you’ve had to have construction done, you may have noticed the price of lumber rocketing up.
It’s not your imagination. According to US News and World Report, “Prices for materials and components used in construction spiked 4% in May from April and were up over 17% from a year earlier, according to the Labor Department. Manufacturers paid 2% more last month for materials than they did in April and 21% more than in May 2020. Also in the mix: intense competition for workers that has some companies paying more to attract new hires and retain current staffers.”
According to Forbes, “Inflation occurs when prices rise, decreasing the purchasing power of your dollars.”
Seems simple enough. But it goes beyond a few higher prices on one or two goods or services. Rather, it’s an across the board increase in prices, across a sector or an industry.
In small doses, it’s actually good for the economy. It pushes consumers to buy, rather than save. Because holding onto funds means their value will diminish over time. Buying, of course, keeps small businesses viable.
You’d better believe it. Check out this chart from YCharts. “The US Inflation Rate is the percentage in which a chosen basket of goods and services purchased in the US increases in price over a year.”
Per the chart, June of 2020 had a rate of 0.65%. But about a year later, this same metric is up to 4.99%. Particularly concerning is the fact that the rate has leapt up in the last few months – from 2.62% in March 2021, to the near-5% recorded last month.
That YCharts page goes back to April of 2017. The rate has stayed at 2.95% or less until April of 2021, when it was already over 4%. That was a historically large increase.
Beyond price increases for goods and services, it can also affect how you price your own goods and services. Whether your business serves consumers, other businesses, or the government, it doesn’t matter. Inflation will cut into your profit margin. That is, unless you raise your prices. And then your business customers raise theirs, thereby perpetuating the cycle. Or your government clients print more money or borrow and rack up municipal debt. Or your individual customers buy less. They may even take their business elsewhere.
Demolish your funding problems with 27 killer ways to get cash for your business.
What you need is business capital. This is the money or wealth needed to produce goods and services. In the most basic terms, it is money. All businesses must have to buy assets and maintain their operations. Business capital comes in two main forms: debt and equity.
Getting capital for business financing should be your concern. That’s regardless of what the economy may be doing.
Business financing is the act of leveraging debt, retained earnings, and/or equity. Its purpose is to get funds for business activities, making purchases, or investing. This is the act of funding business activities.
With lower retained earnings and perhaps less equity, it’s time to leverage debt.
Start off by understanding that some credit cards and lines won’t be eligible for an increase. For example, secured business credit cards are limited by how much you put in to secure them. Can you get a higher credit line with a secured credit card by putting in more money to secure it? It depends on the issuer.
Another class of cards and lines that tend to not be eligible for increases? New credit cards and lines. Providers like Capital One won’t increase a credit lines for new accounts opened within the past several months.
Providers may also want to allow for some time between credit line increase requests. But the amount of time in between isn’t a standard in the credit industry.
Let’s operate under the assumption that the standard reasons for denial do not apply. How do you actually ask for a credit line increase?
First off, you need to approach this task from a position of strength. This means paying off your balances as much as possible. It also means waiting for at least one billing cycle to elapse so the newer, lower balance will show up.
Reporting all your income will also be helpful. Because your card or credit line issuer only wants to know if you can pay them back.
The provider may very well ask why you’re looking for a credit line increase. And your provider may ask for some documentation, such as annual revenue and expenses. Having this information at your fingertips will go a long way toward getting to a ‘yes’.
Demolish your funding problems with 27 killer ways to get cash for your business.
In general, you can make your request either by phone or online. At Bank of America, for example, you sign into online banking. Go to Account Summary, then Card Details, and then Request a credit line increase. Or you can call their Customer Service Info Line, at (800) 732-9194.
Don’t ask for an enormous amount. If your credit limit is currently $10,000, you’re most likely not going to get an increase to $50,000 all in one shot. But an increase to $15,000? If your balances are good, then it’s very possible.
The most obvious pro is getting access to more debt for business financing. But recognize one major con – the likelihood of a hard inquiry. Hard inquiries can bring your credit score down. But if you truly need the increase and have a good credit score to begin with, then requesting an increase is a good idea. The positives, in this instance, would outweigh the negatives.
Demolish your funding problems with 27 killer ways to get cash for your business.
Most of our business financing options can help address the inflationary elephant in the room. Consider our Credit Line Hybrid. You can get several business credit cards, applied for at the same. They provide 0% rates and cash out capability. If you or a credit partner have good personal credit scores, then these are within reach.
If interest rates are climbing, borrowing today could say money over borrowing tomorrow. This goes for more than credit cards and lines, but also business loans.
Keeping rapidly depreciating cash on hand won’t do you any favors. Of course you will always need some cash on hand. But if you can pump some of it into an exchange-traded fund or a mutual fund, you can be putting your surplus to work.
But two caveats apply. One, past performance is never a guarantee of future results. And two, always talk to a financial professional before making any investments.
The economy is a little like the weather. It will change, whether we want it to, or not. But you can take some steps to help your small business, both now and in the future. Your small business can get the upper hand over inflation, and come out stronger than ever.
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