All the pieces of your entrepreneurial dream are finally falling into place. You have a name for your business, a product or service that makes you super excited, and you’ve even started noodling designs and logos. Before you can go much further, however, you’re going to need funding. And in order to get funding, you will need to decide what type of structure is best for your business: a sole proprietorship DBA (doing business as); a C corporation or S corporation; a professional limited liability company (PLLC) or a limited liability company (LLC). Let’s take a look at [...]
Big plans come with a big price tag. As most entrepreneurs and small business owners know, there are times when the cash you have on hand can’t cover the expenses essential to growth. It’s at this point that you’re confronted with the question of funding: Do you go with an SMB lender, or do you try credit cards? The Case Against Lenders SMB lenders know that you’re in a jam and that you want your money as fast as you can get it. This is why you’ll see many lenders emphasize the amount of money you can get [...]
As you plan and set goals for your small business in 2017, one area to look at is financing. Will you need additional funding at some point in the New Year? If the answer is yes, how will you raise the money? Take a closer look at the two primary means of raising capital — equity financing and debt financing — and what you need to know about each. Equity Financing In equity financing, you give up a piece of your business (equity) in return for an investment of capital. Equity investors may be private investors, venture capital [...]
Both forming an LLC and incorporating your business safeguard you by protecting your personal assets if legal action is taken against your business. They also give your business a boost of credibility by having either “LLC” or “Inc.” behind your company name. But there are differences that could make one or the other the better choice for you. I can’t emphasize enough the importance of knowing the pros and cons of the legal structures available to you before you decide which will serve your business most effectively. The Low-down On LLCs Many owner-managed businesses opt to form as [...]
So you have an idea and want to get that business off the ground - congratulations!! When planning the steps to start your business, there are some legal aspects you don’t want to overlook. These steps may not be the most glamorous parts of starting a business, but you want to make sure the business is set up properly from the start to avoid issues down the road. Here are my must-do steps to legally start a business followed by a special offer on CorpNet.com services: 1. Choose a Business Name Have an ideal name in mind for [...]
A long-term business loan is a good fit for many small business financing needs. If you’re looking for capital to invest in a new building, a big ticket purchase such as a new lathe for a manufacturing plant, or anything else for business use that will likely be depreciated over several years of useful life, a long-term loan could be the appropriate way to finance those longer-term investments in business infrastructure and equipment. Many times those investments are needed to facilitate future business growth. However, a long-term business loan may not always be the best, or even the [...]
You’ve been chugging along as a sole proprietorship for a while now, but you’re beginning to realize that might not be the best idea to protect your business. So you’re considering converting your sole proprietorship to another structure, specifically the S Corporation. Ask yourself the following questions to determine if now is the right time to convert your business structure. 1. Do You Want to Bring on Investors? Maybe you bootstrapped your business, but now you’re ready to take the company to the next level, and to do that, you need investors. This is an automatic reason to [...]
Small business owners who encounter trouble securing traditional loans have an ever-increasing array of alternatives to choose from. Established banks working through the U.S. Small Business Administration offer the lowest interest rates on small business loans, but it’s tougher for entrepreneurs to obtain financing if their business is too new or too risky. Nontraditional lenders have stepped in to provide easier-to-obtain business loans for such entrepreneurs. The terms of this type of financing can vary widely, but expect to pay more for this speedier, easier option.
According to technology entrepreneur and author Daniel Gulati, the biggest regrets of professionals he interviewed were taking a job for the money and staying in dissatisfying careers. Gulati also discovered that those who eventually quit their jobs to pursue their passions wish they had done so sooner. Number three on the regret list was wishing they had the confidence to start their own business.
You could be. One of the biggest challenges for small business owners in need of financing is looking where the odds are in their favor. The Federal Reserve Bank of New York has said the average business owner spends 33 hours trying to secure a loan. I’m convinced much of that time is wasted looking in the wrong places.
If you’re contemplating getting funding for your startup, start by researching your funding options. Once you’ve decided which financing option is best for you, use the following resources to do your homework, find the best company to work with, and position your business as an attractive investment.
So your small business needs access to more money. Whether you have to buy equipment, stock up on inventory, open another location or simply meet payroll, a number of financing options are available. But with so many business loan choices, it’s tough to determine the best one for you, and selecting the wrong option can be a serious misstep. Here are some of the most common financing options, which we’ll explore in more detail below.
If you’re a small business owner, you’re well aware of how many documents you need to apply for a loan. But these financials aren’t just important to have when you’re looking to pay off debt or expand operations--they can help you plan your business, adjust for changes, and understand all the whys and hows of your success. They give you hard-and-fast information and analyses you should never go without.
If you’re weighing your options to get funding for your startup, seriously consider crowdfunding. It’s a great way to rally support around your brand (especially if you have new-to-market products that need a little extra exposure) and get the money you need to grow your business.
When you start a business, it’s inevitable that you’ll need funding: funding for equipment, inventory, payroll, and oh yea, you might want to pay yourself as well! While you’ve got many options to consider for how you’ll get that funding, bootstrapping is one that might move to the top of your list.
Whether you plan to create a crowdfunding campaign, pitch venture capitalists or investors, take out a small business loan, or use your own savings, there are strategies to succeeding in your efforts. Here we have 10 tips guaranteed to make your startup funding a success.
Launching a startup is one thing, but finding funding enough to keep it going through those difficult growing pains can be quite another. If you start a business without enough cash for at least the first year, you could be setting yourself up for failure. Fortunately, there are several funding options for you to consider.
Have a great idea for a small business but need money to launch the idea? Getting a lender to give you a loan isn't as easy as filling out an application. Rather, many lenders are selective in which business loans they approve. Here are five tips to help you secure the small business loan you need.
As a small business owner, you may not have enough revenue to justify hiring a full-fledged human resources department. But this doesn’t mean you can overlook the importance of HR-related tasks. Luckily, there are many companies out there whose mission is to help young businesses like yours tackle the complicated world of HR (without costing you a fortune).
If you run a startup, in the beginning, things will be tight. You may dream of all the things you could do with just a little more cash. While small business loans are great in the right situations, there are specific instances where they can be more of a drawback.