Small Business Funding

June 2nd, 2020 by admin No comments »

If you read this headline and thought, “I don’t need business funding because…

* I work out of my house.
* I only work part-time.
* We just have a mom-and-pop operation.
* It’s just me and I don’t have any employees.

Incorporating takes money. I can open a DBA business with a checking account and a business license. I don’t need to spend the extra cash.

You thought one of the many reasons small business owners give to business consultants and financial advisors when they are asked why they have not established business credit. The plain fact is that almost every small business – one-man show, mom-and-pop, hobby that pays money – whatever you want to call it, can benefit by its business profile. This means it benefits you, the small business owner the most!

Establishing a business prfile is relatively easy and can afford you, and your small business, many benefits right now. Pre-established business lines can help your business (and you!) survive a rough patch or finance the growth of your company in ways you did not think possible before.

Three basic steps will get you on your way to establishing a working capital line:

1. Become a legal business entity. Incorporate your business as a standard corporation (C- or S-), or a limited-liability corporation (LLC), or other incorporation.

2. Make sure you have a business phone at your business address. Banks compare the information you give them with the national 411 directory. Calling 411 is an easy way to verify you are listed correctly.

3. Establish vendor credit. If you make a product, this is easy. Develop lines with at least your top five material suppliers. If you do not “make” anything, you can still develop a line of credit with your office supply store(s), cell phone company, and other business service providers. Cars can and should be purchased or leased by your business, if you can qualify at this point. Office equipment and other equipment can also be leased or purchased to build vendor credit.

Now you have the basics to start expanding your working capital line. Apply for a credit card using only your business’s credit information. This means using all business information for credit references, too.

After you have a couple of business cards, you can start looking for other small business funding options. Opening a business line with your current bank or other lender is a good next step. This will strengthen your credit and allow you to borrow even more money in the future. And remember if done correctly these business lines of credit will not show up on your personal credit reports. Building good business credit can put $30,000, $100,000, or more into your business. A few years from now, your current small business may not be so small at all.

Do Carwashes Need Business Coaches?

March 23rd, 2020 by admin No comments »

Not long ago, I talked to a carwash owner who’d been in business a very short time. He insisted that he needed a mentor or a business coach to help him expand his business successfully. First, I’d like to say that most business coaches believe that every entrepreneur and business person needs a coach. I don’t believe that at all. I do believe that much of the need or want for a coach or mentor is in the mind of the individual who is insecure or has low self-esteem.

However, if you are in business for yourself, you can’t afford to lack self-confidence or strength of character, if you do it’s the kiss of death, and if that is you, well, you shouldn’t be in business for yourself anyway, you’d be better off just getting a regular job, taking home a paycheck, and not having to deal with the ins and outs of running a company. Apparently the individual had chosen me to be his mentor, still, I do have a set of rules of who I will consult with, and who I will not.

Perhaps you’ve heard the phrase; “pearls to swine.” Basically what that means is that you can’t give words of wisdom to someone who is unable to receive them, or do anything with the information that you’ve helped him upload. If someone doesn’t have the perseverance to carry on and use the information, then in reality you’re wasting your breath giving it to them. Even if the individual were to pay me to be his coach, I would decline.

You see, I can explain how to do something, and why, along with all the wisdom to go along with it. However, there’s no magic bullet, it still takes effort on the other person’s part. Further, you must be certain that the person you are helping is worthy and has a good sense of honesty and integrity. After all, Mr. Miyagi wouldn’t have taught the Karate Kid how to fight if that kid was just going to go out and start fights. Remember, Mr. Miyagi would only teach someone self-defense, to protect themselves. Do you see the difference?

Now then, do carwashes need business coaches? That depends on who you ask, but I would submit to you that if someone truly believes they need a business coach, they have psychological issues they need to get through before they are given the information and wisdom to grow and expand their business, in other words they have some growing up to do, they need to put more effort into the project, and they need a little more believe in themselves. Indeed I hope you will please consider all this and think on it.

Marketing, Promoting and Advertising Your Business

February 28th, 2020 by admin No comments »

One thing that goes without saying in today’s business world, is that regardless of the nature of your home based business, a website is an absolute MUST. Whether you have a product or service to sell, whether local or global, your business will go nowhere fast if you don’t have an online presence. If you need internet marketing help, you’ve landed on the right article. I’ll give you some home based business marketing ideas that will help you promote your business successfully.

The first step is choosing a domain name and getting it registered. You can build your own website (if you have the time) and host it yourself or you can have everything done by another company (if you have the money). Either way, you have many options and tools at your disposal that can align with your business plan and budget. Also note that you can still start your own home based business even if you don’t have a product or service to sell. There are thousands of individuals and companies that have products you can sell for them while earning a commission, called affiliate marketing.

Of the many business marketing strategies known to man, internet marketing is, hands down, the best strategy to use for promoting a home based business as it is the cheapest method and has the potential for reaching millions of people all over the globe. Driving traffic to your site through online resources is like killing two birds with one stone. You can tackle print advertising by writing articles and publishing them to directories and ezines and by submitting ads to the many available (and most of them free) classified ad sites. Online media advertising encompasses writing press releases and distributing them to press release sites. One of the biggest and most popular online advertising trends today is via social media advertising through sites such as Twitter, Facebook, and LinkedIn where you build relationships with your customers. Forums and communities are also great ways to build relationships which helps promote your home based business in the long run. Simply Google your market or industry with the word ‘forum’ or ‘community’ behind it and search for one or two that seem to be the best fit for you.

All of these methods of online advertising contribute to search engine optimization (SEO), which is to say improving your online visibility and escalating in the search engines like Google, Yahoo and Bing. Your goal is to claim the #1 spot in the organic search results (the results on the left, not the right side which are paid ads). This is where your traffic will come from. If you are 800 in the list of search results, no one is ever going to see your site because very few people have the time or patience to scroll through 800 search results. Research shows that people typically won’t even scroll past 4 or 5 search results, let alone 800.

Can you grasp the importance of internet marketing for any business? If you are new to the internet marketing phenomenon and don’t know exactly where to start, there are many great programs or systems online that walk you through every aspect of marketing your online business. A lot of these systems were created by online entrepreneurs who have spent thousands of their own dollars trying to figure it all out over the years and finally DID. Their sacrifices have made it easier for newbies to become successful at their own online home based business. If you are new to running your own home based business, I recommend you find a great system (do your research, read reviews, ask questions in forums) and start marketing your home business from there. Don’t waste the time and money that so many of us have in going it alone, without a proven system, as it will just set you back further and hinder your progress.