10 Online Survey Creator Options to Use For Feedback

Every business wants to feel like its customers and employees are happy. After all, it’s human nature to want to be loved, right?

However, “making people happy” isn’t just a nice-to-have. Doing so has real-world business benefits.

For instance, did you know customers will pay up to a 16-percent price premium and display greater loyalty if a company delivers an excellent experience? Or 63 percent of companies say retaining talent is harder than hiring?

online survey creator employee retention

What’s the common denominator between those statistics? They both demonstrate the value of feedback surveys.

By surveying your workforce or customer base, you can identify the things that are making them unhappy and take action to set them right. This means no more losing customers or talent to your biggest rivals.

Why Should You Use an Online Survey Creator?

I’ve already touched on a couple reasons why you should be using online survey creators to assess customer and employee sentiment, but there are lots more.

5 Reasons to Send Customer Surveys

Customers appreciate being given a platform for their opinions. According to Microsoft, 77 percent of customers say they look more favorably on brands that ask for and accept feedback.
Online surveys help brands deliver better customer service. That’s important, because 73 percent of Americans say experiencing good customer service increases their chances of spending more money than planned, according to research from the International Council of Shopping Centers.
Solving customers’ problems improves your retention. By surveying your customers, identifying the issues they’re facing, and overcoming them, you stand a better chance of keeping them.
Improving retention is cheaper than chasing new customers. In fact, acquisition is estimated to cost anywhere between five and 25 times more than retaining existing customers. That’s another compelling reason to start surveying your customer base.
Customer experience is the biggest focus for business leaders right now. That’s right, almost 46 percent of business leaders say CX is their top priority, ahead of product (34 percent) and pricing (21 percent). How can you improve your customer experience if you don’t understand how good (or bad) it is at the moment?

3 Reasons to Send Employee Surveys

Most of your employees aren’t engaged. Worldwide, 59 percent of employees say they’re either disengaged or actively disengaged at work. Using an online survey creator can help you understand why that’s happening (and hopefully turn it around).

online survey creator employee engagement stats

Companies with engaged employees perform better. According to Gallup, highly engaged business units see a 41 percent reduction in absenteeism and a 17 percent increase in productivity. What’s more, a separate Gallup survey shows engaged organizations generate up to 18 percent more revenue per employee.
Employee engagement surveys help you improve processes like onboarding. After all, how can you deliver an effective onboarding program without gathering feedback from people who have recently experienced it? It’s certainly in your interest to get onboarding right, because 69 percent of employees say they’re more likely to stay with a company for three years if their onboarding experience was excellent.

Top 10 Online Survey Creators

Here are online survey creator tool options, including how they work and their main features.

#1: Qualtrics

How It Works

Increase your chances of asking the right question in the right way and at the right time by choosing up to eight question types and including 15 questions per survey. All surveys can be sent out via multiple channels, including email.

Main Features

Qualtrics’s ExpertReview feature helps you hone in on the right question types and survey formats by giving you real-time recommendations and letting you choose from a wide selection of expert-built survey templates.

Pros

Qualtrics Surveys accounts are free to set up, with no need to enter a credit card number.
Access over 20 template types, from demographic polls to employee suggestions.
Built-in reporting lets you keep up with responses as they come in.

Cons

Free accounts are limited to 100 responses and one active survey.
The level of detail and range of options can be overwhelming for newcomers.
With no “undo” functionality, editing surveys rely on finding the correct backup version.

#2: SoGoSurvey

How It Works

SoGoSurvey offers different options depending on the goal of your survey. For instance, customer experience surveys use APIs to automate feedback collection by hooking into your CRM, while responses are analyzed using natural language processing.

Main Features

Choose the plan that fits your needs. If you just need to send basic surveys, you don’t need to pay for functionality like auto-translation and advanced skip logic.

Pros

Tailored options for customer and employee experience surveys.
Add your own branding to the survey, thank you page, and more.
Access regular best practice webinars and free training to help you get the most from the product.

Cons

Comparatively expensive if you only need it for one or two months a year, with monthly prices starting at $199.
Some features, like word clouds, are only available at the Enterprise product tier.
In a similar vein, the free tier is very limited.

#3: SurveyMonkey

How It Works

SurveyMonkey is arguably the best-known online survey creator, and certainly one of the simplest to use. Set up an account for free and you can start building your first survey straight away.

Main Features

SurveyMonkey offers 15-question types, including multiple-choice, text box, and Net Promoter Score. Alternatively, choose from a catalog of more than 1,600 questions written by survey experts.

Pros

Free account option is extremely generous in its functionality.
Simple online interface is easy for anyone to pick up.
Buy responses from specific audiences based on attributes like location, gender, age, income, and employment status.

Cons

The simple layout isn’t necessarily the most professional-looking on the market.
Free plans are limited to viewing the first 40 responses received.
Harder to customize and personalize than some other options.

#4: Google Forms

How It Works

Know how to use Google Drive? Then you know how to use Google Forms. Just log into Drive, click to create a new form, then choose from a prebuilt template or start from scratch.

Main Features

In keeping with Google’s mobile-first ethos, Google Forms is responsive, making it easy to create surveys that look good and function smoothly on mobile devices.

Pros

Completely free for personal use.
If you already use Google Drive, you’ll be instantly familiar with how to use Google Forms.
Add collaborators to build Forms with you, just like in other Google Drive tools.

Cons

The simple interface can appear unprofessional, so it’s better for internal use.
Limited ability to change the layout or add graphics and other media.
Fewer question types available than some other platforms.

#5: Smartsheet

How It Works

Smartsheet is much more than a surveying tool. Rather, it’s a collaboration and work management platform that can be used to assign tasks, manage calendars, track progress, share documents, and much more. Surveys are just one part of the feature set.

Main Features

Forms can be created to gather survey responses, then shared via email or hyperlink, or embedded in dashboards or webpages.

Pros

Follows the basic setup of Microsoft Excel, making it simple to use.
Offers extensive automation and collaboration options.

Cons

Surveys are only a small part of Smartsheet’s functionality, so you might be paying for a lot of features you don’t need.
Users report some issues when importing and exporting from Excel.

#6: Client Heartbeat

How It Works

As the name suggests, Client Heartbeat is 100 percent geared toward measuring client satisfaction and improving retention. It’s a simple feedback tool that assesses happiness levels to identify unhappy customers.

Main Features

Choose from a list of prebuilt questions already being used by brands in your industry, allowing you to compare your scores against those of your biggest competitors.

Pros

Live customer service dashboard can be accessed free of charge.
Interface is simple to use without any training.
Industry benchmarking adds context to your results.

Cons

Features are more limited than some of the other platforms on this list.
Specifically designed for customer satisfaction rather than employee engagement.
Limited functionality makes the pricing a little expensive.

#7: Zoho Survey

How It Works

Zoho Survey is a highly customizable online survey creator, with extensive options for tailoring surveys to fit your brand and house style, plus the ability to choose from more than 25 question types.

Main Features

Zoho offers multiple ways to send surveys, from the basics (like web links and email campaigns), to more advanced options like QR codes and private group access.

Pros

Free account level allows unlimited surveys with up to 10 questions and 100 responses per survey.
Surveys can be embedded in emails, making them easy to access.
Drag-and-drop interface makes it relatively simple to design complex surveys.

Cons

Interface is perhaps harder to grasp than more user-friendly tools like Google Forms.
Limited customization options, unless you upgrade to one of the paid product tiers.

#8: Qualaroo

How It Works

Qualaroo uses “Nudges” (a type of pop-up) to online survey creator customers when they’re on your website, rather than contact them down the line via email or some other channel.

Main Features

Unique calls to action can be created based on the language used by surveyed customers thanks to sentiment analysis powered by IBM Watson. For instance, angry responses might automatically generate a task for the customer success team to get in touch.

Pros

Qualaroo claims its native surveys are 10 times more valuable than email surveys.
Questions are asked when customers are on your site, making their feedback more timely.
No impact on page speed, so it doesn’t hamper user experience.

Cons

Pricing is based on tracked page views per month, which is more complex than other options.
No templates for employee engagement surveys at time of writing.
Best for micro-surveys of one or two questions.

#9: SurveyPlanet

How It Works

SurveyPlanet is a simple, affordable online survey creator with an extremely robust free tier offering all the functionality you need to build unlimited basic surveys.

Main Features

Unless you need advanced features like question branching (whereby users are asked different questions based on their previous responses), you’ll be just fine with the free version of SurveyPlanet.

Pros

Offers a huge amount of free functionality, including unlimited survey responses.
Simple pricing; if you want more features, there’s just one paid tier at $20 per month (or $180 per year).
Access dozens of prewritten surveys and a bunch of basic templates for free.

Cons

Branching (or skip logic) is only available for paid users.
Likewise, customization options are limited at the free account level.
Paid tier is less advanced than more expensive alternatives like SurveyMonkey.

#10: Typeform

How It Works

Typeforms are customizable online survey creator forms that can be embedded on your website, launched in an email, or shared via hyperlink. Responses can be synced to Google Sheets, and notifications can be sent to other tools like Slack, so it’s easy to see when a response has been received.

Main Features

Unlike a lot of the other tools in this list, Typeform is all about building stylish surveys. You can even add visual elements like images, videos, and GIFs to your forms.

Pros

Webpage forms are stylish, engaging, and fun to complete.
Access extensive templates on employee engagement, branding, customer satisfaction, and more.
Choose from 18 different question types.

Cons

The editor takes some getting used to.
Even the mid-tier package only offers 500 responses per month as standard, making it comparatively expensive to gather a lot of data.
Typeform branding can only be removed at the middle product tier.

Conclusion

Clearly, there are a lot of choices in the online survey creator market. Employee and customer satisfaction surveys are valuable, so if you’re not doing them now, pick a tool with a robust free tier and get going.

Once you’ve found an approach that works, feel free to switch things up by testing more advanced features, formats, and layouts.

What’s your favorite online survey creator? Think I’ve missed something? Let me know in the comments.

New comment by BEACON_Hiring in "Ask HN: Who is hiring? (December 2020)"

MindBeacon | REMOTE | https://www.mindbeacon.com/

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BEACON was first introduced in 2016 as an in-clinic innovation to enhance delivery and measurement of Cognitive Behavioural Therapy (CBT). One of Canada’s most purposeful digital start-ups, BEACON officially launched in 2017 as a fully digital experience providing treatment through digitally delivered CBT with the one-on-one support of a dedicated therapist. Founded by clinical and technology innovators, BEACON leverages existing and emerging cloud and machine learning technologies to advance the state of the art for mental health clinical capacity.

QA Engineer – Senior Level | https://mindbeacon.bamboohr.com/jobs/view.php?id=78

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Please apply through links above – thank you for your interest and all the best in your search!

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New comment by ananya125 in "Ask HN: Who wants to be hired? (November 2020)"

Location: Europe/USA (Currently I am in India)

Remote: Yes

Willing to relocate: Yes

Technologies: Python, Clojure, Javascript, C/C++(STL), CSS, GoLang, Django

Email: ananyaagrawal125@gmail.com

Resume[PDF]: https://drive.google.com/file/d/11R2QnMomtBgjaz-76-Oj8CXs601…

I am a 4th year undergraduate student of bachelor’s in Indian Institute of Information Technology, Allahabad, India graduating in May 2021. I have previously worked at Gojek as a Product Engineering Intern, where I worked on building dev analytics dashboard to help 100+ developers across different teams within Gojek to identify and improve bottlenecks. I like building things and currently working on building https://featuremonkey.com – a user feedback management portal.

More info: https://ananyaagrawal.com

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Bitmovin (YC S15) Is Hiring Software Developers with Video Focus

Article URL: https://bitmovin.com/careers/

Comments URL: https://news.ycombinator.com/item?id=24670176

Points: 1

# Comments: 0

Do You Feel Lucky? Everything You Need to Know About Crowdfunding for Business

Crowdfunding for business startup is just one of many options. For some, crowdfunding is a foreign concept. In contrast, others know just what is happening. If you are looking to start a business with minimal debt, crowdfunding could be the answer. If you’re lucky.

Is Crowdfunding for Business Startup the Best Option or Is it the Luck of the Draw?

Still, it may not be the answer at all. First, it isn’t cost free, though it does have minimal costs compared to some other options. Truly, the main costs associated with crowdfunding for business are related to marketing your campaign in order to attract investors. Yet, other costs include any fees charged by the crowdfunding platform.

If you are lucky enough to meet your goal, you are golden. Just imagine, all you have to do is live up to your campaign promises and you have no debt related to those funds. However, if you do not meet your funding needs on the campaign alone, you are out those marketing costs and you still have to find additional funds. It’s a fine line to balance.

Get our business credit building checklist and build business credit the fast and easy way.

What is Crowdfunding?

The truth is, with crowdfunding for business, there is no need to limit yourself to just one or two large investors. You can find a lot of investors to fund your business a few bucks at the time. In fact, some even kick in as little as $5.

Crowdfunding is a good starting point for a new business. Still, it shouldn’t be relied upon completely. Truly, you need a backup plan. Unfortunately, only a small percentage of crowdfunding campaigns are successful. Furthermore, consider how the economy is doing before you rely too heavily on crowdfunding. If the economy isn’t strong, people will not be as likely to invest.

Crowdfunding Platforms

There are many crowdfunding platforms, but they aren’t all exactly the same. You have to check them each out and figure out which one will work best for your business. We’ll start with the two most popular options.

Kickckstarter

They are the largest crowdfunding for business platform. With over 14 million backers, they boast over 130,000 funded projects. These include products and services related to:

Publishing
The arts and film
Comics and illustration
Design and tech

With Kickstarter, you must have a prototype. In addition, projects cannot be for charity. However, nonprofits can use Kickstarter. Also, you are not allowed to offer equity in a company as a perk.

Other banned projects and perks include anything to do with:

Contests and raffles
Cures and medicines
Credit services
Live animals
Alcohol
Weapons

Creators collect a 5% fee on all funds. They also use a payment processor, Stripe, that applies payment processing fees (roughly 3-5%). Unsuccessful campaigns do not pay a fee. There are also fees of 3% + $0.20 per pledge. Pledges under $10 have to pay a discounted micro pledge fee of 5% + $0.05 per pledge.

Indiegogo

Indiegogo has over 9 million investors. The minimum goal they allow campaigns is $500. They charge 5% platform fees and 3% + 30¢ third-party credit card fees. It is important to note that fees are deducted from the amount raised, not the goal. As a result, if you raise more than your goal, you will pay more in fees. PayPal is not accepted.

Indiegogo is noteworthy because they offer flexible financing in addition to fixed financing options. So, if you do not make your goal and you chose flexible funding, you can at least hold onto what you collected. This is the opposite of how crowdfunding normally works.

You cannot change your fundraising structure from fixed to flexible, or vice versa, once the campaign starts. They recommend fixed funding if you need a minimum amount for your project. Indiegogo recommends regular communications to donors if you choose fixed funding.

RocketHub

RocketHub is better suited for those who need venture capital. They give you an ELEQUITY Funding Room. There, you can pitch your idea and see if it stimulates any interest from donors.

This platform is specifically for business owners working on projects related to:

Art
Business
Science
Social

If you achieve your fundraising goal, you will pay a fee of 4%. In addition, you’ll pay a 4% credit card handling fee. But if you do not reach your goal, then that fee jumps up to 8% plus the credit card handling fee. That means RocketHub is best for companies that

are more confident they will make their goals.

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CircleUp

CircleUp aims to help emerging brands and companies raise capital for growth projects. However, companies must apply and show revenue of at least $1 million to get a listing on the site. That said, the platform will sometimes make exceptions.

CircleUp can be good for those who already have a somewhat established business. That includes business owners who want both funding and guidance in order to take their businesses to the next level.

If your business gets approval for listing on CircleUp, the fee percentage comes from the total amount you raise.

GoGetFunding

GoGetFunding has been around since 2011. They let fundraisers keep the money they raise, regardless of whether they meet their target. If your business idea is unproven and you are unsure of whether you can meet your funding needs with a crowdfunding for business campaign, flexible funding can be a great option.

They charge a 6.9% fee. This is pretty high, but it includes both the platform fee and the payment processing fee. Therefore, it is actually more cost-effective than many other crowdfunding for business options.

Crowdfunder

With Crowdfunder, investors purchase equity in promising companies. They consider campaigns to be deals, and its donors are investors. Basic listings are $449/month. Self-start listings are $499/month. Self-start plus is $999/month. In their community, there are over 15,000 investors and 200,000 startups.

Fundable

This is a crowdfunding for business platform that allows companies raise funds from investors, customers, and friends. They have over $80 million in funding commitments.

Fundable does allow equity campaigns. Also, they charge $179 per month to raise funds. Fees on rewards are: 3.5% + 30¢ per transaction. They do not charge success fees.

Fundly

Fundly allows for crowdfunding for creative ventures. If your business has a creative lean, this might work for you.

There is no minimum amount to fundraise or to keep money you raise. You can usually withdraw payments within 24 – 48 hours of the donation. In addition, they offer automatic transfers. It is free to create and share an online fundraising campaign.

Yet, Fundly will deduct a 4.9% fee from each donation you get. A credit card processing fee of 3% is also taken out from each donation. Also, there are nonspecific automatic discounts for larger campaigns.

Successful Crowdfunding Campaigns

A lot of times crowdfunding for business is not successful. There are some campaigns that find their proverbial gold at the end of the rainbow however. Consider these examples.

Pebble SmartWatch

They actually have more than one of the top 10 campaigns ever on Kickstarter. Their 2nd campaign is one of the highest funded ever. It hit over $20,000,000. That’s not too bad considering their goal of only $500,000.

They eventually sold to FitBit.

FlowHive

The FlowHive Indiegogo campaign caused quite a buzz. The idea was to find a way to get the honey from bees without causing the bees harm.

Traditionally, they just break open the hives to get honey. However, this process can kill the bees. FlowHive developed a fake hive. It is made from reusable plastic. Bees make honey in it, and the honey flows out through a spout. The bees are safe and fresh honey is readily available.

It seems beekeeping is growing in interest. This campaign raised $14,000,000. Though they won’t let on as to what the exact numbers are, those in charge say they are still turning a profit.

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CoolestCooler

The coolest cooler was a super cool Kickstarter campaign that brought in over $13,000,000. The cooler had bluetooth and a blender among other things. Investors got one for their donation toward the cause.

This campaign did run into some trouble when it wasn’t able to deliver rewards as quickly as promised. There was actually a lawsuit. In the end, everything worked out and everyone got what they were promised.

The CoolestCooler group says they are glad to put that behind them and get back to work. You can still buy one today.

Kingdom Death Monster 1.5

A lot of people jumped in on this one, to the tune of $12,000,000 on Kickstarter for this surprisingly popular board game. It did take a while to get going, but investors finally got their copy. After production was over, resale values skyrocketed upwards of $1,000 per game. A later campaign promising updated material did just as well.

BauBox Travel Jacket

This jacket boasts 10 different design elements, like a drink holder and a neck pillow. They raised over $11,000,000 across 2 campaigns. While it had a rough start, including the jacket being available on retail sites before investors even got theirs, it is still selling today.

How to Launch a Successful Crowdfunding for Business Campaign

There is no such thing as guaranteed success. Luck truly has an awful lot to do with it. In lieu of catching a leprechaun however, these steps can help make sure you give yourself the best chance possible when it comes to crowdfunding for business.

Do the Research

You have to know your market and what demand looks like. The only way to find that out is to research. Figure out how much money you actually need before you set your goal. Lots of business owners have started crowdfunding campaigns only to find the demand isn’t there or their goal fell short of the actual need.

Create a Prototype

For products, you need to have a sample to show investors. This is important. People are much more likely to let go of money if they can see something tangible. This is so vital that Kickstarter actually mandates that you to have a prototype to show potential investors

Consider Your Platform

Once you know who your target audience is, you can determine if you would be best served by Kickstarter, Indiegogo, or another successful platform that is not as well known. If your audience doesn’t use the platform you are on, it won’t matter how great your idea or product is. They’ll never see it.

Give Awesome Incentives

This is huge. Be sure you can deliver on your promises. Yet, don’t give away the company. Still, if someone one is going to help you get started, they deserve something amazing. Offer more than a thank you note. Be bold with what you offer as a reward for their support, without harming your success.

Set a Goal

Setting attainable goals is necessary to success. Make certain you look at the numbers in relation to actual facts before you set a fundraising goal. Be certain you have production facilities on the line that can meet the timeline goals. Do not randomly set goals with no clue what it will take to reach them.

It’s All in the Marketing

You can’t just willy nilly throw a campaign together. If you create a video, it needs to be professionally edited. Any social media should be specifically targeted toward your audience. If they are a cheesy, audience, then that is how your social media and videos need to be. A more sophisticated audience will need a different feel.

Be Realistic About Crowdfunding for Business

Keep in mind, when it comes to crowdfunding, you need a backup plan. Don’t count on rainbows and leprechauns. Honestly, there are far more unsuccessful campaigns than there are successful ones. In fact, competition is fierce. It’s definitely worth trying, but remember that you are likely going to need other types of funding as well.

Finally, you need to work on building fundability. That is the ability of your business to get funding. Everything from traditional business loans to business credit cards and lines of credit require a business to be fundable for approval. Furthermore, part of being fundable is having great business credit, which also requires a specific process to build. Do not neglect fundability and business credit while your crowdfunding campaign is running. Those funds will only last so long, if you even get enough to get started.

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Land Minority Small Business Loans to Fund Your Business

If you are a person of color who runs a business, you could end up having some trouble finding traditional loans that will work with your unique needs. Typically, there are not a lot of loans designed specifically for minority business owners. However, there are some loan options that work better than others.

How to Find Minority Small Business Loans: What You Need to Know

What’s the trick to finding minority small business loans? Where is a minority business owner to go when the traditional options for loans do not work out? There are a few options for minority small business loans that you may not realize are out there. Some involve the government through the Small Business Administration, while others involve going a more non-traditional route with private lenders.

Find out why so many companies use our proven methods to get business loans.

Where to Start with Minority Small Business Loans: The Small Business Administration

You cannot talk about minority small business loans without some discussion on the SBA. While they do not lend funds themselves, they do handle the administration of a number of loan programs that help all small businesses get the funds they need through partner lenders.

Minority Small Business Loans: 7(a) Loans

This is the Small Business Administration’s most known program. It provides federally funded term loans up to $5 million. The funds can be used for a number of purposes. These include 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.

Minority Small Business Loans: 504 Loans

504 loans are also available up to $5 million and can buy machinery, facilities, or land. Typically, they are used for expansion. They work especially well for commercial real estate purchases.

Minority Small Business Loans: Microloans

These are $50,000 or less. They work well for starting a business, purchasing equipment, buying inventory, or general working capital.

Minority Small Business Loans: SBA Express Loans

These are fast turnaround loans, with the SBA taking up to only 36 hours to give a decision. There is less paper work as well, which is part of what makes express loans great if you qualify.

Minority Small Business Loans: SBA Community Advantage Loans

This is a pilot program running through 2020, with the potential for extension. Its purpose is to promote economic growth in underserved areas and markets. Decision makers look past such things as poor credit or low revenue if the business has the potential to create jobs or promote economic growth in underserved areas.

These are some of their most popular programs. The Small Business Administration does so much more for small businesses in addition to these. Get more details on the SBA, these loan programs, and additional resources offered by the Small Business Administration here.

Other Options for Minority Small Business Loans: Private Lenders

Though not specific to minorities, some private lenders offer products that work better with the unique needs and challenges of minority business owners than others.

OnDeck

OnDeck offers lines of credit and term loans with fixed interest rates. You can get up to $500,000 with a term loan. Also, they have an A rating with the Better Business Bureau. The minimum FICO they require is 600. In addition, you must have $100,000 minimum annual revenue and be in business for at least one year. Find out more about OnDeck in our review.

BlueVine

BlueVine offers a number of financing options including term loans, invoice financing, equipment financing, lines of credit, and merchant cash advances. As a requirement, you have to be in business for at least 6 months. If you need a term loan or a line of credit, then they require a minimum annual revenue of $100,000. For those looking for invoice factoring, the minimum credit score is just 530! If you want a line of credit or term loan, you will need a minimum credit score of 600. They have an A+ rating with the BBB. Find out more about BlueVine in this review.

Funding Circle

If you’re looking for a low APR, then Funding Circle is your go-to. They have fixed rate term loans and require a credit score of 620 or above. Unlike BlueVine, there is no minimum revenue requirement. However, they do require you to be in business for at least 2 years. They have an A+ BBB rating. Find out more in our Funding Circle review.

StreetShares

This company offers invoice financing, term loans, and lines of credit. Similar to others, there is a number of years in business requirement. However, they require less minimum annual revenue than others at only $25,000. Additionally, the minimum credit score is 600. They also have an A+ rating with the Better Business Bureau. Find out more about StreetShares in our review, here.

SmartBiz

SBA loans typically take a lot of time and paperwork. Still, SmartBiz found a way to speed things up. They make it easier than ever. Unfortunately, they do have stricter requirements. For example, your credit score has to be at least 650. Also, you have to be in business for 2 years or more. Further, annual revenue has to be $50,000 at least. There can be no outstanding liens, bankruptcies, or foreclosures in the past 3 years either.

Tips for Landing A Minority Small Business Loan

Once you know where to go to get minority small business loans, you need to know how to get them. Meeting all the requirements is the first part, but these tips can help you out even more.

Appear Fundable

A business that appears fundable to a lender is an established business separate from its owner. It is complete, organized, and either has solid revenue or a solid startup plan.

Find out why so many companies use our proven methods to get business loans.

To appear fundable, a business needs:

To be formally incorporated as an S-corp, LLC, or a corporation.
An EIN from the IRS. This is an identifying number for your business that functions similar to the way your SSN does for you personally.
A dedicated business bank account.
Contact information that is different from the owner’s. A separate telephone number on a toll-free exchange and a dedicated physical address are imperative.
A professional website and an email address that has the same URL. Free web hosting and email services won’t do the job in this case.

Find out more about fundability here.

You Must Have a Business Plan

Lenders want to see a professional business plan. Even if you are not a startup a plan is necessary. Startups need a plan so that lenders can see they know what they are doing. Established businesses need to show how they plan to use the funds. Lenders want to see that they have research to show the market supports that plan. Find out more about business plans here.

Be Prepared

It is almost impossible to over prepare when applying for a loan. Consequently, you should try to anticipate any questions. Pull together forms and documentation they may ask for. Items such as past tax returns, financials, and licenses are common. The more you have ready to go before you start, the faster and easier the process will be.

Your Personal Credit Has to Be Strong

You need a solid personal credit score to land the best small business loans. There is just no way around it. As you can see above, a score of 600 or above is required almost across the board with the exception of some invoice factoring options.

Remember, it is possible to improve your personal credit score. The first step is to get a copy of your credit report. You can get a free copy each year. Look for what may be having a negative impact. If there are mistakes, contact the credit agency in writing to have them removed. If late payments are the issue, start paying on time. You cannot fix a problem until you know what the problem is.

Business Credit Is Important Too

Of course, when it comes to minority small business loans, you cannot ignore business credit. While it isn’t listed as a primary requirement for most lenders, having a strong business credit score can only help you.

If a lender sees a personal score that isn’t exactly what they need, they may take business credit into consideration when making their decision. In addition, if you qualify for the loan and have good business credit, you may be able to get a lower interest rate.

Additional Options for Funding a Minority Owned Business

Grants are also an option for minority business owners. They can help bridge funding gaps and stretch funds from minority small business loans. However, they are highly competitive. Many are only available to those that meet very specific criteria. Here is just a sample of some minority business grants that are out there.

First Nations Development Institute Grants

The mission of this group is to offer grants that help Alaska Natives, Native Hawaiians, and Native Americans. Not only that, but there are a wide range of opportunities from the First Nations Development Institute. There is a mailing list you can join to receive information about new opportunities as they become available.

National Black MBA Association Scale-Up Pitch Challenge

Also known as NBMBAA, the Scale-Up Pitch Challenge offers cash prizes ranging from $1,000 to $50,000. The association says its purpose is to help newer businesses that have an African founder that maintains equal ownership.

A business must be a member of the NBMBAA to compete. There is a $10 monthly membership fee. After that, there is an online application. If chosen, you must submit a pitch that lasts three minutes. After that, finalists go on to compete at the NBMBAA annual conference.

Other Grant Options: Non-Minority Specific

There are grant options that can work well even though they are not exclusively for minorities. They are available to everyone, including minorities. Some examples include the following.

FedEx Small Business Grant

This grant is how FedEx is working to strengthen small business innovation. There are 10 grants the company awards each year. They range from $15,000 to $50,000, and if you’re a business with a cutting-edge product, this could be a great opportunity.

A business must use the FedEx website to submit entries. There are a few questions to answer about your business. In addition, there is a requirement for an elevator pitch about what makes your business special. Also, you have to explain how you would use the funds. A 90 second video submission is an option as well.

Find out why so many companies use our proven methods to get business loans.

NASE Growth Grants

The National Association for the Self-Employed (NASE) has small business Growth Grants of up to $4,000. They are for micro-businesses, and proceeds can be used for a number of things. They can be utilized for marketing, advertising, expansion, and even to hire employees. These grants are open to everyone. However, you do have to be an NASE member to apply. Membership fees vary based on the membership level chosen.

USDA Value Added Producer Grant

The USDA’s Value-Added Producer Grant (VAPG) program offers grants for small businesses. It includes minority owned business. Grants range up to $250,000. They are specifically to help agricultural producers with activities that add value to their products. As a result, grants are open to those in rural areas. They must be operating as one of the following:

Cooperative
Farmer
Rancher
an independent agricultural producer
or an agricultural producer group

Know Your Options for Minority Small Business Loans and Other Resources

As a minority business owner, it is important that you know what options are available to you regarding funding and support. The list above is a starting point, but here is so much more out there. Be sure to do your own research. In addition, get your personal and business credit in order, and be sure your business is fundable, so that you do not miss out on an opportunity.

The post Land Minority Small Business Loans to Fund Your Business appeared first on Credit Suite.

The Best Small Business Credit Card of 2019 for Any Situation

fwistAnd How to Be Sure You are Eligible for the Best Small Business Credit Card for Your Situation

When you start wondering what the best small business credit card is, you may be surprised to find out that answer actually can vary. What may be the best credit card for one business may not necessarily be the best small business credit card for another. It all depends on the business and the situation. For example, a business owner that does a lot of travel for his or her business is going to need a different card than one that has a whole fleet of automobiles to manage but doesn’t travel much.

We have done some research to help you find the best small business credit card to fit your specific needs.

Best Small Business Credit Card When You Want 0% APR

Capital One® Quicksilver® Card

This card features flat-rate rewards of 1.5% on all purchases, and there are no limits on cash back rewards. In addition, there is no yearly fee.

New cardholders have a 0% APR on purchases and balance transfers for the first 15 months after starting the account. Afterwards, the rate increases to 14.74 to 24.74% (variable). A cash bonus of $150 is available for those who make at least $500 on purchases within 3 months of account opening.

Also, cash back rewards do not expire for the life of the account. Other benefits include travel accident insurance and an auto rental collision damage waiver. Find out more by going here.

Best Small Business Credit Card When You Want No Annual Fee

Capital One® Spark® Classic for Business

Try the Capital One Spark Classic for Business. It earns an unlimited 1% cash back on all purchases, and you still get the benefits of an auto rental collision damage waiver and purchase security. You also get extended warranty coverage, as well as travel and emergency assistance services.

However, the ongoing APR is 24.74% variable. The penalty APR is even higher at 31.15%. Another drawback is that there is no sign-up bonus. Find out more here.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Best Small Business Credit Card for Students

Discover it® Student Cash Back

Okay, full disclosure. The Discover it® Student Cash Back card is not a business credit card. It’s a personal card, therefore your credit activity is reported on your personal credit and not your business credit. However, as a student, building your FICO will be important to your future as a business owner.

There is a six-month introductory period of 0% APR on purchases. After that, there is an APR of 14.99 to 23.99% variable on all purchases.

One special feature is that it provides an incentive for students to maintain good grades with a $20 statement credit. If students earn a GPA of 3.0 or higher each school year, they get a $20 statement credit per year for up to five years.

You can get 5% cash back at different places each quarter like grocery stores, filling stations, restaurants or Amazon.com up to the quarterly maximum. After that, the credit card offers unlimited 1% cash back on all purchases. Also, in the first year, all cash back rewards are matched 100%.

Although they waive the first late payment fee, a fee of up to $37 applies on all other late payments. There is also a returned payment fee of up to $37. Find more information here.

Best Small Business Credit Card for Mileage Rewards

United MileagePlus Explorer Business Card

Earn 2 miles per dollar with United and at restaurants, filling stations, and office supply stores. All other purchases earn 1 mile per dollar. There is also a 50,000-mile sign-up bonus after spending $3,000 in the first three months from account opening.

Benefits include priority boarding, a free first checked bag for you and a companion on the same reservation. Also, get two United Club passes annually. Hotel and resort perks, including upgrades, are available as well. Additionally, get early check-in and late checkout. An auto rental collision damage waiver is also a benefit.

After the first year, the card has an annual fee of $95. The APR is 17.99% to 24.99%, based on creditworthiness. Find out more here.

Best Small Business Credit Card if You Have Average Credit

Capital One® Spark® Classic for Business

For fair credit, we like the Capital One Spark Classic for Business. It has no yearly fee and cash-back rewards of unlimited 1% cash back on all purchases. Benefits include an auto rental collision damage waiver and purchase security. In addition, extended warranty coverage as well as travel and emergency assistance services are included. Find out more here.

Best Small Business Credit Card if Luxurious Travel is Your Thing

Chase Sapphire Preferred® Card

Earn two points per dollar spent on travel and dining at restaurants, and one point per dollar on all other purchases. Points can be redeemed for cash back, gift cards, or travel. Benefits include trip cancellation insurance, travel and emergency assistance services and an auto rental collision damage waiver. Purchase protection and extended warranty protection are also included.

When you spend $4,000 in the first 3 months from account opening, you will earn 50,000 bonus points. These points are worth $625 if you redeem them for travel through Chase Ultimate Rewards.

You can get an unlimited two points per dollar for travel and dining at restaurants. And then get one point per dollar for all other purchases. Points will transfer equally to 13 leading frequent travel programs with partners. These include British Airways, Southwest Airlines, United, and Marriott.

Unfortunately, there is no 0% introductory APR on purchases or balance transfers. The card’s standard APR is 17.74 to 24.74% variable. In addition, while there is no annual fee the first year, after that it is $95. Go here for more information.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

Best Small Business Credit Card if You Love Uber

Uber Visa Card

Uber is the first ride-sharing service to offer a credit card, in a partnership with Visa and Barclays. The card offers 4% back per dollar spent at restaurants, takeout, and bars. That includes UberEATS orders. Also, earn 3% back on hotel, airfare and vacation home rentals. You can also earn 2% back on online purchases including retailers and subscription services like Uber and Netflix.

Additionally, you’ll earn 1% back on all other purchases. Every percent/point has a value of 1 cent. Redeem points for cash back, gift cards, or Uber credits directly within the app.

There is no yearly fee, and by spending at least $500 in the first 90 days, users can earn a $100 sign-up bonus. Cardholders spending a minimum of $5,000 yearly are eligible to get a $50 credit toward online subscription services.

Also, if you pay your cellphone bill with this card, you are insured up to $600 for cell phone damage or theft.

While they note cardholders have exclusive access to certain events and offers, Uber anticipates the majority of these offers will be available in major cities like New York, San Francisco, Los Angeles, Chicago and DC. If you aren’t in those cities, that perk may not be one you are interested in.

There is no introductory rate, and the APR is a variable 16.99%, 22.74%, or 25.74%, based on your creditworthiness. Cardholders with lower credit will be on the higher end of the range.

Also, there are restrictions on Uber credits. To redeem points as credits within the Uber app, you must have at least 500 points, or $5. Cardholders can convert a maximum of 50,000 points, or $500, in a given day. Find out more here.

Best Small Business Credit Card for When You Want to Build Business Credit

This is where it gets a little tricky. The thing is, the only way a card can help you build business credit is if you get it on the merits of your business credit. That means you have to apply with your business information, not your own. It also means you must already have some semblance of business credit to gain approval. Any card in your business name that you handle responsibly will definitely help build existing credit even stronger. However, you cannot get a card to build business credit without already having a business credit score.

How Do You Establish a Small Business Credit Score?

The truth is, any of these best small business credit card options will work to build business credit, but they will all want to see a business credit score before they grant approval. How do you get a business credit score without having credit to begin with? There is a very specific process, and if you follow it, it works like a charm.

It starts with establishing your business as a separate entity from yourself that appears fundable to lenders. How does that happen? Well, first your business needs its own contact information. It’s tempting in the beginning to just use your own address and phone number, but it isn’t wise. Those are identifying factors related to you personally, so anything attached to them will end up on your personal credit report rather than your business credit report.

Other Ways to Make Your Business Appear Fundable to Lenders

Formally incorporate. You need to organize your business as a corporation, S-corp, or LLC. Start at gov.
Get an EIN. It works like an SSN, but for your business. You can get one for free on the IRS Be sure to use it instead of your SSN when applying for business credit cards.
Get a separate business bank account.
Make sure you have a useable, professionally put together website. Pay for hosting, as the free hosting services make you look unprofessional. Along the same lines, be sure your business email address has the same URL as your website. Free email services such as Yahoo or Gmail are not appropriate for this purpose.
Get a D-U-N-S number. This is how you establish your record with Dun & That’s important, because they are the largest and most commonly used business credit reporting agency. If you do not have a D-U-N-S number, you cannot have a business credit score with them. It is free to get one on the Dun & Bradstreet website.

Once these things are taken care of, it’s time to start building that business credit score.

Work Through the Credit Tiers

When it comes to building business credit, there are 4 tiers that you must work through. Most often, whatever the best small business credit card is for your needs, it will be in the top tier, known as the cash credit tier.

Before you can qualify for credit in this tier however, you must work through the other tiers. What are the other tiers? I am so glad you asked.

Vendor Credit Tier

This tier is where you will find starter vendors that will extend invoices with net terms without a credit check. You may have to place a few orders with them first, and there may be some minimum time in business or income requirements, but credit will not come into the picture.

Once you get net terms and start making payments, these starter vendors will report those payments to the credit reporting agencies, also knowns as CRAs. If you have set up your business as a separate entity and set up your vendor account with your business information, they will report your payments to the business CRAs. As more and more accounts are reporting, your business credit score will grow and you will be eligible to apply for credit in the other tiers.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit.

The Retail Credit Tier

This is where you find store specific cards. They like to see a minimum business credit score, which is why you apply for them after the vendor credit tier. The vendor credit tier is how you establish that initial score. You’ll need to get 8 or so of these accounts reporting your payments to the business CRAs before you can start applying for cards in the next tier.

The Fleet Credit Tier

These are the cards that help you manage fuel and auto maintenance and repair costs. They come from companies like Fuelman and Shell. You’ll need several of these reporting payments along with the cards from the retail credit tier before you can move on to the cash credit tier.

The Cash Credit Tier

This is where pretty much every best small business credit card mentioned above will be found. As you work through the other tiers your credit score will build like a snowball rolling downhill. If you manage your credit properly, you’ll have a strong score that will qualify for any of these cards. It takes time, but if you want the best small business credit card for your business, you must build business credit.

Don’t Let the Best Small Business Card for You Slip Through Your Fingers

If you already qualify for cards in the cash credit tier, then use our research above as a starting point for your own research. If you need to build business credit first, follow our proven process and you will be eligible for any of these cards when the time comes.

The post The Best Small Business Credit Card of 2019 for Any Situation appeared first on Credit Suite.