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Make ends meet

4 Ways to Boost Cash Flow in Your Business

February 6th, 2019 by

You love owning your own business, but this time of year always tends to be a little cash-light. You have always wondered why it is so difficult to drive more business and make ends meet this time of year, and you’ve been looking for ways to change that. While the holiday rush puts you in a good position at the end of the year, the beginning of the year gets a little dry. This is because people have spent a bulk of their money later in the year and haven’t had the chance to recuperate from the holidays themselves.

If cash is always a little tight this time of year for your business, check out these four ways you can boost your cash flow to hold you over until the next quarter.

1. Marketing

Adding more marketing is a great way to get a little boost in sales. Consider purchasing a marketing package early in the year that will help you throughout the year. Make sure you have email marking, social media marketing, and search engine optimization (SEO) included in your marketing package. Spending the money on marketing now can help you later. However, if you currently don’t have a lot of cash flow to push into marketing, this might be an option that you have to save for next year.

2. Small Business Loan

To get instant cash flow to your business to help you make ends meet until your next rush month, make sure you find easy small business loans to help you out. There are a few things to remember when taking out a loan for your small business. First of all, never borrow more than you need. You’ll be paying interest on this loan, so be sure to only borrow what you’ll need. Secondly, take a close look at the interest rates for the loan. If you contact GetMoney.com, they can help you find the best rate for you and your business. Finally, be sure that you will be able to pay back the business loan in the future. It is a sign of a good business to be able to build credit with a loan company.

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3. Incentives for Cash-Paying Customers

If you really want to boost cash flow for your business, a great way to start is to offer incentives to cash-paying customers. Remember that every transaction made with cash doesn’t cost you any extra. You don’t have to pay service fees to credit card companies when customers pay in cash. Therefore, it is in your best interest to offer incentives to those who pay in cash.

4. Offer New Products

Not only is it essential to offer new products at the beginning of the year, it is a great way to boost your revenue and, in turn, your cash flow. This is the time of year where everyone is trying to hold onto their money, and they will only make a purchase when they really want something. That means that you have to wow your customers with your products and give them something new.

There are a lot of great ways to boost cash flow for your business. If you are unable to launch a marketing campaign this year, consider calling GetMoney.com to get an easy small business loan. You can also offer incentives to cash-paying customers and launch new products.

Need a loan

How to Avoid Suspicious Lenders When Applying for Loans Online

December 22nd, 2018 by

As the internet continues to grow and dominate our way of life, so do the odds that you get involved with a personal loan scam. There are countless scammers out there who are hoping to capitalize on unsuspecting individuals looking to apply for a loan online. While easily identifying scams can be easier said than done, there are some warning signs that are usually indicative of a phony lender. Learn how to spot suspicious lenders before you get involved in a scam that could end up causing serious damage to you and your credit rating.

Credit Check Is a Must

Often, scammers will advertise that their loan application process doesn’t involve a credit check, hoping to appeal to individuals who have low credit scores. You ought to know that a legitimate lender will always perform checks on your credit report before taking any further steps. Your credit score indicates how responsible of a consumer you are and will let the lender know if you can be trusted to repay your loan in a timely manner. Don’t fall for advertisements that claim credit checks aren’t required, as it’s most likely a scam.

Sift Out the Spam

If lenders are reaching out to you via phone or email unsolicited, you shouldn’t pay them much attention. Spammers can send out millions of emails to people all over the world, just waiting for someone to take their bait. Who you work with throughout the loan application process should be up to you, so never respond to calls or emails from so-called lenders unless you know they can be trusted.

Be Wary of Up-Front Fees

A major indicator of whether a lender is legitimate has to do with asking for up-front fees. Almost all legitimate lenders will not ask for any up-front fees, unless you’re applying for a commercial loan or have 3rd party fees that must be paid such as an appraisal on a mortgage loan. Scammers will prey on those who fail to catch on to their scheme and continue to ask for fees without providing any sort of service. If you’re asked to pay a fee up-front for your personal loan, your best bet is to take your business elsewhere. Remember these tips when searching for the best online personal loan.

How to Build Credit for Your Business

How to Build Credit for Your Business

November 16th, 2018 by

The first and the most important step for establishing your business credit would be to separate your business credit from your personal one. It will minimize the risk of a personal credit history having a negative effect on the business credit. If you are not running your business as a sole proprietorship or as a general partnership, you have to establish a clear separation of the business affairs from personal activities.

1. Incorporate your business

Incorporating a business or setting up a Limited Liability Corporation legally separates a business from its owners, protecting the business credit from consequences of bad personal credit history of the business owner. And more importantly, it provides the business owner an umbrella protection as long as there is no commingling

2. Obtain EIN

EIN – a federal tax identification number, a social security number for your business. You are required to have this number for federal tax filings and to opening bank accounts in the name of the corporation or LLC. An EIN number is also required by many corps prior to paying out for services.

3. Open a business bank account

Create a separate business account under the name of your company and make sure that all financial transactions of your business are done through this account.

4. Get listed with the business credit agencies

Getting your company listed with one or more of the business credit reporting agencies such as Dun & Bradstreet will make the process of obtaining and maintaining good credit so much easier. Plus, it’d be good if your business credit card is from a company that resorts straight to one of those agencies.

5. Create a line of credit with vendors/suppliers

Working with at least 5-7 vendors and/or suppliers that offer you a line of credit or financing on your purchases will help establish credit for your company. You may also ask them to report your payments to the business credit agencies.

6. Be consistent with your payments

Pay all your bills on time. Business credit will suffer from late payments just as personal credit does.

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Good business credit has multiple benefits:

  • New vendors and suppliers are more willing to work with businesses that have a good credit history;
  • Banks and lenders will generally offer you better interest rates and lower fees;
  • It will give you more flexibility in negotiating payment terms with your vendors.

Once your established your business credit, make sure to monitor and maintain it just as you protect and monitor your personal credit. We advise you to Check all business credit reports diligently and look out for any inaccuracies.

Build Business Credit with Bad Personal Credit

Build Business Credit with a Bad Personal Credit

November 16th, 2018 by

Launching your own business often requires personal investments and additional financing. However, proving the creditworthiness of you and your idea to a bank and or a commercial lender might present a difficult task with a bad personal credit history. Although decisions and risk assessments for business loans aren’t solely based on the borrower’s personal credit score, it still plays a major role in establishing a character profile the lenders are looking for. Therefore, prior to jumping into a new business, you must first review your current financial status, review your outstanding loans and minimize your existing debt. This may take some time and it may require you to reconsider your life style and spending habits. Doing all that will surely have a positive impact on your creditworthiness which makes you a more desirable borrower.
#1 improve your credit profile A well written business plan is a must for anyone seeking startup financing for a new business; business credit / history is the integral part of securing a loan for an existing business. Lender’s tend to look at the business models and their ability to generate sufficient revenue to cover the debt. If the business model and industry is acceptable to the lender they will proceed to the next step which is usually looking at your personal credit history. Not all lenders will require a perfect credit. Lenders such as the one Getmoney.com works with offer competitive rates with more flexible guidelines than traditional lenders. Assuming that you qualify for the loan, be sure to make all payments on time. This will help you establish business credit and improve your personal credit. Once you have established sufficient business credit, you most likely won’t have to rely on personal credit for loans in the future.
#2 separate yourself from the business If you have an existing business, apply for a loan under the business name. Assuming you have assets, you can personally guarantee the loan and usually qualify for a lower interest rate. Some lenders report the personally guaranteed loans to the credit agencies which can help improve your personal credit.

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How to Get a Business Loan in a Few Steps

How to Get a Business Loan in a Few Steps

November 16th, 2018 by

Sufficient financing is an integral part of starting and maintaining a new business. How do we determine what is sufficient and what is not? Unfortunately, there is no easy formula for calculating the exact amount you’ll need, but you can estimate the number of employees you’ll have and their salaries, rent, insurance and everything else that you know is necessary for the day to day operations. As a rule of thumb, I personally add 10% to this figure for the unknown and unforeseen expenses that may catch you by surprise. Once you’ve come up with a figure, you either have the cash or need to somehow get the cash. If you have it, great; but what if you don’t? Fortunately, there are financing programs for start-ups that you can apply for. You’ll have to do your research and be prepared to go through the tough small business loan approval process. I suggest taking a few steps to better your chances by becoming a borrower lenders would like. Here are a few easy steps you should take prior to getting a loan: #1 Think about why you need a business loan Lenders will certainly put this question before you. Do you need start-up capital or do you need the security cushion for the unexpected? Is your business brand new or have you been in business for a while? If you’ve been in business for a while and you need the security, a line of credit like the ones offered by Getmoney.com could be a great choice. #2 Decide on the type of a loan you need The financing you apply for should be based on your purpose. For example, if you need the money for a one time nonrecurring expense, a business loan is what you should consider. If you intent to use the cash at some point in the future and plan on paying it back quickly, go for the business line of credit. If you are just starting out, you should look into a SBA program. Make sure you have a professional business plan and all your documents ready to go prior to applying. If the SBA loan doesn’t work out, consider using a low interest credit card to get you through the early stages of your business. #3 Look for a lender whose criteria’s you meet A small-business loan may be obtained from various places such as banks, private lenders and online lenders. Once you decide which type lender you are most comfortable with, go ahead and take a look at their qualification criteria’s and apply with the one that suits you the best. Banks are generally a good option if you have excellent credit, collateral and time for a lengthy approval process. If you don’t have prefect credit, documented cash flow and all the other stuff traditional lenders are looking for, try an on-line lender. They tend to have a more flexible guideline at competitive rates. For example, you can apply for a loan up to $500,000 in just minutes on Getmoney.com. They have flexible guidelines, offer loans to businesses in 750+ industries and only require a 9 months of business history.

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#4 Get organized and apply Once you know what you want and what you qualify for, get all your documents organized and ready. Lenders will generally ask for corporation documents, tax returns (both personal and business), bank statements (2-6 months), bankruptcy discharge papers if you’ve had a bk, and other documents that will prove business sustainability and your ability to repay the loan. Good Luck!

Basics of Getting a Business Loan

Basics of Getting a Business Loan

November 16th, 2018 by

GUIDE TO APPLYING FOR A BUSINESS LOAN

Running a small business has many difficulties. Perhaps the most challenging aspect of successfully operating and managing a small business is the financing aspects of the business. Occasionally, you may find your business in a bind and short on cash; or you may be presented with opportunities that could help you expand and grow your market share which require cash capital to capitalize on. So, the million-dollar question is how do you do it? If you don’t have the cash or assets saved up for such events, your options will be limited. You can approach friends and family for a loan (I don’t recommend this), put your business out there and look for an investor / partner that can bring cash to the table, or do it the easy way, apply for a loan or a business line of credit.

Basics of Getting a Business Loan

How you go about getting a business loan is very important. I suggest you think out of the box and take advantage of the modern tools available to borrowers. Working with a business loan provider like the ones Getmoney.com works with will significantly improve your chances of qualifying and getting approved. Most traditional lenders have very strict lending guidelines; but the getmoney.com system will automatically match you with a lender that offers competitive rates with flexible guidelines.

STEP #1: ANALYZE YOURSELF AS A BORROWER

Prior to applying for a loan you have to review your credit / business credit and tax filings to see how strong of a borrower you are. If you have excellent credit (both personal and business) and show a substantial income on your tax returns, you can apply for a loan the traditional way by going to your local bank. However, if you have any blemishes on your credit or don’t show much of a net profit on your tax returns, you have to consider other options. The other options are not necessarily worse or more expensive, they are just a new way of doing things. For example, you can apply for a loan up to $500K with a couple of clicks on Getmoney.com. They have much quicker application process, more flexible guidelines than most banks, will require much less documents and offer very competitive rates for business lines of credit and business loans.

STEP #2 GET ORGANIZED

All lenders will require certain documents such as bank statements, tax returns, business licenses, rental agreements and other documents that will determine your credit worthiness as a borrower. I recommend having all these documents organized and ready to go prior to applying for a loan. If you apply for a loan through Getmoney.com, an agent will call you to review your application and documents. Having them ready to handover will definitely expedite the process.

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PRESENTATION OF DOCUMENTS AND FUTURE PLANS

If you are asked for business plans and projections of estimated future growth, be sure to deliver everything in a professional manner. Visual presentations with charts and graphs are a great tool. Remember you have to make sure the underwriter clearly understands what you are trying to do and why it’s a good business model. The clearer the better.

Should I Get A loan?

Should I Get a Loan?

November 15th, 2018 by

Hmmm… Should I borrow? That’s the question we are all faced with at one time or another when debating the purchase of a new gadget or investing in our small business. No matter what we decide, the question will continue to linger in the back of our heads for a while. Personal purchases I have a few factors and rules that I follow when purchasing a gadget for personal pleasure. First and foremost, I look at the gadgets long-term use potential. Am I just excited about this right now or will continue to use it for the next 6 to 12 months. If I decide that it’s a spontaneous purchase, then I’ll only buy it with my extra disposable cash. However, if I decide I have a long term use for it, I’ll take it to the next level and debate if the pleasure it will bring is worth the cost. If yes, then borrowing at a low and reasonable rate becomes an option. For these types of purchases the best option is generally a low interest rate credit card or a personal loan like the ones you find on Getmoney.com. Personal loans are both very quick and easy to apply for. You’ll generally have your cash in hand within 24 hours. Investing in my business This is where things get a little complicated. We are no longer making decisions based on emotions and wants. We now have to calculate margins, potential revenue, cost savings and all the other effects on the business. There is no easy solution. For example, if you automate the business, you’ll have long-term cost savings and will most likely face some up front tech expenses with long-term savings. If you expand your show room, you’ll have more items on display which could require a larger inventory, which means you’ll need a bigger warehouse and a higher line of credit. Basically, there is a domino effect to everything you do and you have to take everything into consideration. Fortunately, the rates are business loans are generally moderate and affordable. If you are absolutely certain of what you need and when you’ll do it, then a business loan is a great option. If you are debating it and not sure how much you are going to put into it, then get a business line of credit. The beauty of a line of credit is that you’ll only pay interest on the portion you’ve drawn which give you great flexibility.

Business Loan Interest Rates

Business Loan Interest Rates

November 15th, 2018 by

With business loans, business lines of credit and working capital loans you must take into account a number of factors such as cost, terms, payments and use before accepting one. These loans can be obtained from multiple sources such as lenders, private equity firms and investors that can be categorized into two primary categories. First, the brick and mortar banks which I refer to as traditional lenders. Second, are the not so traditional private equity firms and private investors that companies like Getmoney.com work with.

TRADITIONAL LENDERS

Traditional lenders are generally very conservative, require extensive paperwork and take a long time to fund the loans. In exchange for the extra hassles, the stringent guidelines and regulatory requirements, they offer favorable terms. Basically, banks have better rates and terms, but what good is a low interest low cost loan that you can’t qualify for?

NON-TRADITIONAL LENDERS

The non-traditional lenders are far more aggressive, require less documentation and fund in as fast as 48 hours. These loans range from $10,000 to $500,000 and are offered at rates around 13.99% and up. The approval process is super simple. The lender will only require 3 month’s bank statements and a signed application. The structure, interest, costs and terms of the loans are determined by length of time in business, revenue, industry and personal credit. A good personal credit is not required, but it helps. If you need quick access to cash and or working capital Apply Today with Getmoney.com.

Small Business Financing

Small Business Financing

November 15th, 2018 by


Running a small business has many difficulties. Perhaps the most challenging aspect of successfully operating and managing a small business is the financing aspects of the business. Occasionally, you may find your business in a bind and short on cash; or you may be presented with opportunities that could help you expand and grow your market share which require access to cash. So, the million-dollar question is how do you do it? If you don’t have the cash or assets saved up for such events, your options are limited, but you still have options. You can approach friends and family for a loan (I don’t recommend this), put your business out there and look for an investor / partner that can bring cash to the table, or do it the easy way, Apply for a loan.

How you go about getting a business loan is very important. Working with a business loan provider like the ones Getmoney.com works with will significantly improve your chances of qualifying and getting approved. Most traditional lenders have very strict lending guidelines; but at getmoney.com they will work hard to match you with a lender that offers competitive rates with flexible guidelines you may qualify for.

STEP #1: ANALYZE YOURSELF AS A BORROWER

Prior to applying for a loan you have to review your credit / business credit and tax filings to see how strong of a borrower you are. If you have excellent credit (both personal and business) and show a substantial income on your tax returns, you can apply for a loan the traditional way by going to your local bank. However, if you have any blemishes on your credit or don’t show much of a net profit on your tax returns, you have to consider other options. The other options are not necessarily worse or more expensive, they are just a new way of doing things. For example, you can apply for a loan up to $500K with a couple of clicks on Getmoney.com. They have a quick application process, access to lenders with flexible guidelines, will require much less documents and can offer competitive rates for business loans.

STEP #2 GET ORGANIZED

All lenders will require certain documents such as bank statements, tax returns, business licenses, rental agreements and other documents that will determine your credit worthiness as a borrower. I recommend having all these documents organized and ready to go prior to applying for a loan. If you apply for a loan through Getmoney.com, an agent will call you to review your application and documents. Having them ready to handover will definitely expedite the process.

PRESENTATION OF DOCUMENTS AND FUTURE PLANS

If you are asked for business plans and projections of estimated future growth, be sure to deliver everything in a professional manner. At the end of the day you have to make sure the underwriter clearly understands what you are trying to do and why it’s a good business model. The clearer the better.

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