Free daily tips, information, advice, and ideas
together with examples from small businesses.
You've done it. I've done it. It happens to everyone, all the time.
We tend to pigeon hole each other. We remember Judy as the lady who leads the meditation classes. But she also is an expert massage therapist. Who knew?
Running a business, you must guard against this. Your customers/clients tend to remember you in one category only. While everything you do might be related, it needs to be pointed out.
It's a continuing problem. You must tell, remind, inform and otherwise educate your customers/clients. If you don't, they might not think to call you when they need another service.
Example: You hired a web designer and you were pleased with the result. Then you needed someone to set you up in social media. So you called your web designer and asked for a recommendation. That's when he told you, "I can do that." You had only thought of your web designer in one way. And he had not informed you of the other things he could do.
Example: Clients depend on your accounting firm to handle their taxes. But they are not aware that your firm also helps business owners prepare for the eventual sale of the business. You must remind them from time to time that you have additional expertise. When the time comes that they need your other services, you get the call.
Example: Regular diners are very happy with the healthy meals they enjoy at your small restaurant. But they forget that you also run a catering operation. When they need to prepare for that corporate meeting, they call a caterer. You've missed an opportunity because you did not remind them that you also cater events.
Reminding people of all the things that your business does should be on your to-do list. If you depend on them to remember that you can cater their get-together, then you are depending on them to do your selling for you. Not that you should get into the blatant business of selling. But a gentle mention, tucked into another conversation, can be a valuable part of keeping your customers/clients informed. And coming back.
My first business was in the graphic arts field. Then I took on partners and we expanded into printing. I found it necessary to continually remind customers that the firm could handle the job from beginning to end, from design to artwork to printing and delivery.
Monday, December 22, 2014
Friday, December 19, 2014
Business core
Free daily tips, information, advice, and ideas
with examples from small businesses.
Businesses have a way of pulling you in various directions. No matter your business, you'll be tempted to head off down a side road.
More people are turning to therapy for weight reduction, so should you go off in that direction? More people are looking for healthy foods, so should you turn your cafe into a place for gluten-free and vegetarian meals?
You've created your business out of a dream. That dream is the core. Messing with that core can destroy your business. Be careful.
Example: Jennifer opened a bakery. She was inspired by the looks on children's faces when they sampled her brownies. Her baking passion caused her to expand into high-end, high-priced cakes. It was a good move. The business thrived because she took advantage of a market that was ripe for the taking. But she missed the children's faces. She kept the high-end cake part of her business, but she brought back the brownies and added cookies. One evening each week, Jennifer holds an open house. Kids are invited to sample the goodies at no charge. Their parents buy more to take home, and they remember Jennifer when there's a need for a high-end cake.
If you move completely away from your business core, you are leaving something behind. Perhaps, as in Jennifer's case, you can incorporate that previous dream into the new entity and be a better business because of it.
Example: Josh is an environmental engineer. Frequently, he gets caught up in the lengthy permitting process for a project. Getting permits in place means keeping abreast of local regulations and permits, and this saps his time and energy. He decided to put part of the process onto his clients--he required them to go for permits and deal with the local bureaucracies. This left Josh with more time to devote to his first love--environmental engineering. But clients resisted his new procedures, and he lost some work because of it. He did a U-turn and, again, as before, began offering to handle the whole project, end to end.
What saves you time might weigh heavily on your customers/clients. Changing the way you offer your goods/services can have dire consequences in the marketplace. People know what they want, and they trust you to provide it.
I am reminded of the robins that return year after year to the nest they long ago built under the eaves of my front porch. When they find something that works, birds don't change their core. I am the customer of these robins, and I look forward to their return year after year.
Your business core is who you are. The business, along with you, can change, grow, expand, and even go off in a new direction. Just be careful messing with your original dream.
with examples from small businesses.
Businesses have a way of pulling you in various directions. No matter your business, you'll be tempted to head off down a side road.
More people are turning to therapy for weight reduction, so should you go off in that direction? More people are looking for healthy foods, so should you turn your cafe into a place for gluten-free and vegetarian meals?
You've created your business out of a dream. That dream is the core. Messing with that core can destroy your business. Be careful.
Example: Jennifer opened a bakery. She was inspired by the looks on children's faces when they sampled her brownies. Her baking passion caused her to expand into high-end, high-priced cakes. It was a good move. The business thrived because she took advantage of a market that was ripe for the taking. But she missed the children's faces. She kept the high-end cake part of her business, but she brought back the brownies and added cookies. One evening each week, Jennifer holds an open house. Kids are invited to sample the goodies at no charge. Their parents buy more to take home, and they remember Jennifer when there's a need for a high-end cake.
If you move completely away from your business core, you are leaving something behind. Perhaps, as in Jennifer's case, you can incorporate that previous dream into the new entity and be a better business because of it.
Example: Josh is an environmental engineer. Frequently, he gets caught up in the lengthy permitting process for a project. Getting permits in place means keeping abreast of local regulations and permits, and this saps his time and energy. He decided to put part of the process onto his clients--he required them to go for permits and deal with the local bureaucracies. This left Josh with more time to devote to his first love--environmental engineering. But clients resisted his new procedures, and he lost some work because of it. He did a U-turn and, again, as before, began offering to handle the whole project, end to end.
What saves you time might weigh heavily on your customers/clients. Changing the way you offer your goods/services can have dire consequences in the marketplace. People know what they want, and they trust you to provide it.
I am reminded of the robins that return year after year to the nest they long ago built under the eaves of my front porch. When they find something that works, birds don't change their core. I am the customer of these robins, and I look forward to their return year after year.
Your business core is who you are. The business, along with you, can change, grow, expand, and even go off in a new direction. Just be careful messing with your original dream.
Thursday, December 18, 2014
Street smarts
Free daily tips, information, advice, and ideas
to help you better operate your small business.
Stores and salons, coffee shops and cafes line Main Street everywhere. This is where small business lives. Gas stations, chiropractors, and garden centers--these make America work.
The media pretty much ignore Main Street. They pay attention to Wall Street where big business congregates. Every day the New York Stock Exchange closing prices are announced with gusto.
Wall Street is the world's largest casino. It's all about guessing the future and playing the odds. Who will be worth how much tomorrow, and how much should we discount that?
Meanwhile, there are upwards of 25 million small businesses in the country, and they provide most of the jobs. Main Street is all about today. Who's buying what and how much will they pay for this or that? Main Street is where the rubber meets the road in the national economy. It's where America lives.
But the elephant in the room is K Street. This is where lawyers and lobbyists have taken up residence in Washington DC. The silk suits who inhabit K Street are all about making the future happen to the liking of their special interest clients. A steady stream of big bucks flows through K Street and into the halls of the federal government. How can we influence what Congress does and how much will it cost us?
Small businesses on Main Street are left out in the cold. Yes, the U. S. Chamber of Commerce and other organizations such as the National Federation of Independent Business claim to represent Main Street. But, taken together, these two groups account for fewer than a million members.
What's a small business owner to do? Main Street faces its struggles alone. You and almost all of your small business compatriots must keep the national ship afloat--with precious little help. Wall Street and K Street are doing their own thing. And the media, having little appreciation for business and economics, post a daily menu of juicy sensationalism.
Keep on truckin' and never, never give up! You are the backbone of the nation.
Two things in the U. S. Constitution account for our economic success--private ownership of property and contract law. Even the Chinese came to recognize the value of these principles. When they put them in place back in the 1980s, look what happened.
to help you better operate your small business.
Stores and salons, coffee shops and cafes line Main Street everywhere. This is where small business lives. Gas stations, chiropractors, and garden centers--these make America work.
The media pretty much ignore Main Street. They pay attention to Wall Street where big business congregates. Every day the New York Stock Exchange closing prices are announced with gusto.
Wall Street is the world's largest casino. It's all about guessing the future and playing the odds. Who will be worth how much tomorrow, and how much should we discount that?
Meanwhile, there are upwards of 25 million small businesses in the country, and they provide most of the jobs. Main Street is all about today. Who's buying what and how much will they pay for this or that? Main Street is where the rubber meets the road in the national economy. It's where America lives.
But the elephant in the room is K Street. This is where lawyers and lobbyists have taken up residence in Washington DC. The silk suits who inhabit K Street are all about making the future happen to the liking of their special interest clients. A steady stream of big bucks flows through K Street and into the halls of the federal government. How can we influence what Congress does and how much will it cost us?
Small businesses on Main Street are left out in the cold. Yes, the U. S. Chamber of Commerce and other organizations such as the National Federation of Independent Business claim to represent Main Street. But, taken together, these two groups account for fewer than a million members.
What's a small business owner to do? Main Street faces its struggles alone. You and almost all of your small business compatriots must keep the national ship afloat--with precious little help. Wall Street and K Street are doing their own thing. And the media, having little appreciation for business and economics, post a daily menu of juicy sensationalism.
Keep on truckin' and never, never give up! You are the backbone of the nation.
Two things in the U. S. Constitution account for our economic success--private ownership of property and contract law. Even the Chinese came to recognize the value of these principles. When they put them in place back in the 1980s, look what happened.
Wednesday, December 17, 2014
Daily hustle
Free daily tips, information, advice and ideas
from actual small business experiences.
It began many years ago when I was in college. To pay my way, I always had two or three part time jobs. Classes were every day, but these were just the beginning of the schedule.
If it's Tuesday afternoon, I'm working in the library's stacks. Thursday evenings, sweep the floors of the local drugstore. Every day, find the time to edit the student newspaper and study all those organic chemistry equations.
At some point, I began keeping a written list of things to be done. It was always with me. As I thought of things, I would jot them down on my list. As the list grew, I began another list--one for today and one for tomorrow.
I came to depend on my lists. I didn't have to clutter up my thinking by remembering all the things I had to do. I simply consulted my list, checking off those things done and adding additional items as they occurred to me.
Keeping a daily list organizes you. It frees up your thinking so you can concentrate on other things--like being creative, dreaming, planning, thinking through ideas. The daily grind is kept in strict perspective because it's on the list. Meeting schedules becomes a breeze.
Joining Corporate America after college, my daily list grew. It included items with a star beside some of them. These were the things important to the boss. They took priority over the others on the list. My desk was a mess, but my list organized me.
When I left Corporate America and set up my own business, that's when the list came to full maturity. Follow up with my last customer. Meet the banker. Update insurance coverage. Do some tax planning with my accountant. Order supplies. Interview a prospective employee. Take out the trash.
My daily list became a weekly list. A small business has many more things to be accomplished. Attend a networker on Wednesday. Meet a new client Friday for breakfast. Call three new suppliers and home in on one to deal with.
In business, the list becomes a record--the date you bought that new car, the date you applied for the loan, the date you looked at new space and signed the lease, the date you first talked with that new prospect. All these dates exist in papers you've collected, but your list pulls everything together in one place. These days you can maintain a list on that latest electronic device you carry around with you.
Retired now, I still do a daily list. Out of habit, I still do it on paper--I don't have to worry about a virus wiping everything out or a power breakdown. It is a useful habit, and I recommend it. Critical things to do today get done and checked off. I look at the list two or three times a day to make sure I'm on track. New items are added as they occur to me.
No matter how you do it, get the crap out of your head and onto a list. You'll then have more time to think about the important stuff. Free up some brain cells to dream about next year instead of increasing your stress trying to remember what has to be done today.
A daily list is a good way to collect information you'll need for your business plan. No mistake about it, you'll need a business plan--not just to support a loan request, but for the growth of your business.
from actual small business experiences.
It began many years ago when I was in college. To pay my way, I always had two or three part time jobs. Classes were every day, but these were just the beginning of the schedule.
If it's Tuesday afternoon, I'm working in the library's stacks. Thursday evenings, sweep the floors of the local drugstore. Every day, find the time to edit the student newspaper and study all those organic chemistry equations.
At some point, I began keeping a written list of things to be done. It was always with me. As I thought of things, I would jot them down on my list. As the list grew, I began another list--one for today and one for tomorrow.
I came to depend on my lists. I didn't have to clutter up my thinking by remembering all the things I had to do. I simply consulted my list, checking off those things done and adding additional items as they occurred to me.
Keeping a daily list organizes you. It frees up your thinking so you can concentrate on other things--like being creative, dreaming, planning, thinking through ideas. The daily grind is kept in strict perspective because it's on the list. Meeting schedules becomes a breeze.
Joining Corporate America after college, my daily list grew. It included items with a star beside some of them. These were the things important to the boss. They took priority over the others on the list. My desk was a mess, but my list organized me.
When I left Corporate America and set up my own business, that's when the list came to full maturity. Follow up with my last customer. Meet the banker. Update insurance coverage. Do some tax planning with my accountant. Order supplies. Interview a prospective employee. Take out the trash.
My daily list became a weekly list. A small business has many more things to be accomplished. Attend a networker on Wednesday. Meet a new client Friday for breakfast. Call three new suppliers and home in on one to deal with.
In business, the list becomes a record--the date you bought that new car, the date you applied for the loan, the date you looked at new space and signed the lease, the date you first talked with that new prospect. All these dates exist in papers you've collected, but your list pulls everything together in one place. These days you can maintain a list on that latest electronic device you carry around with you.
Retired now, I still do a daily list. Out of habit, I still do it on paper--I don't have to worry about a virus wiping everything out or a power breakdown. It is a useful habit, and I recommend it. Critical things to do today get done and checked off. I look at the list two or three times a day to make sure I'm on track. New items are added as they occur to me.
No matter how you do it, get the crap out of your head and onto a list. You'll then have more time to think about the important stuff. Free up some brain cells to dream about next year instead of increasing your stress trying to remember what has to be done today.
A daily list is a good way to collect information you'll need for your business plan. No mistake about it, you'll need a business plan--not just to support a loan request, but for the growth of your business.
Tuesday, December 16, 2014
Size & location
Free daily tips, information, advice and ideas
from experience in small businesses.
Renting the space you need for your business can be nerve-wracking. Size and location are two of the main considerations. Cost is another concern, along with length of lease and landlord.
Location: Some businesses can be run out of your garage. Others benefit from a high traffic location. Still others are unique enough that your clients/customers will seek you out, no matter where you are located. And then there are those that only ship out to fill incoming orders.
Consider locating or expanding your sporting goods store in a farmer's country barn. A used car lot might benefit from being located on a busy thoroughfare, but a travel agency can attract people to a website in your home office. A frozen yogurt operation can do well on a small town's Main Street or in a mall, but a shop that machines widgets can be just about anywhere.
Two things are of major importance when considering location--your business plan for the future and pertinent zoning regulations. Is there a location impact in your plans? Is the neighborhood in transition--where is it headed? Are there plans afoot to raze the building in 3 or 5 years? Talking with a local real estate professional can provide some answers.
Size: Some business owners walk into a prospective space, make an intuitive guesstimate about the size, and sign on the dotted line. A much more prudent approach is to look to your business plan.
If you are opening a restaurant, what's the number of tables you need to generate the income you've projected in your business plan? What percentage of the tables will be filled? If you are performing accounting services for clients, how much space do you need as you hire additional employees?
If you are a therapist or chiropractor planning to expand into a wellness center in the future, can this space accommodate those plans? Will you need open spaces? A big reception area? A series of offices? Will you be able to expand here or will you be searching again in 3 years?
Every business needs space in which to operate. Even a virtual business operated entirely on the Internet requires a place somewhere to operate--and I don't mean making calls and contacts over the Wi-Fi in the local cafe. Translate your current and future business plan into a floor plan that will accommodate today and tomorrow.
Elsewhere in this series, I have discussed how to negotiate with a landlord. Even if you work at home, you need to set aside space and pay yourself some rent--talk to your tax professional about how to do this so you don't run into problems later on.
from experience in small businesses.
Renting the space you need for your business can be nerve-wracking. Size and location are two of the main considerations. Cost is another concern, along with length of lease and landlord.
Location: Some businesses can be run out of your garage. Others benefit from a high traffic location. Still others are unique enough that your clients/customers will seek you out, no matter where you are located. And then there are those that only ship out to fill incoming orders.
Consider locating or expanding your sporting goods store in a farmer's country barn. A used car lot might benefit from being located on a busy thoroughfare, but a travel agency can attract people to a website in your home office. A frozen yogurt operation can do well on a small town's Main Street or in a mall, but a shop that machines widgets can be just about anywhere.
Two things are of major importance when considering location--your business plan for the future and pertinent zoning regulations. Is there a location impact in your plans? Is the neighborhood in transition--where is it headed? Are there plans afoot to raze the building in 3 or 5 years? Talking with a local real estate professional can provide some answers.
Size: Some business owners walk into a prospective space, make an intuitive guesstimate about the size, and sign on the dotted line. A much more prudent approach is to look to your business plan.
If you are opening a restaurant, what's the number of tables you need to generate the income you've projected in your business plan? What percentage of the tables will be filled? If you are performing accounting services for clients, how much space do you need as you hire additional employees?
If you are a therapist or chiropractor planning to expand into a wellness center in the future, can this space accommodate those plans? Will you need open spaces? A big reception area? A series of offices? Will you be able to expand here or will you be searching again in 3 years?
Every business needs space in which to operate. Even a virtual business operated entirely on the Internet requires a place somewhere to operate--and I don't mean making calls and contacts over the Wi-Fi in the local cafe. Translate your current and future business plan into a floor plan that will accommodate today and tomorrow.
Elsewhere in this series, I have discussed how to negotiate with a landlord. Even if you work at home, you need to set aside space and pay yourself some rent--talk to your tax professional about how to do this so you don't run into problems later on.
Monday, December 15, 2014
Time to hire
Free daily tips, information, advice and ideas
for managing and growing your small business.
You are always short-handed in small business. Never do you have all the help you could use. So you tend to do everything yourself--including taking out the trash.
You started your business because you had a passion. Maybe it was baking or yoga, engineering or repairing automobiles.
But the time it takes for you to do everything has become too much. It's cutting into sleep time, and you could use a vacation. You are absorbing too much of the activity.
If you cannot afford to add a full time employee, consider a part timer. High school and college students always need a little extra money. You can hire one for 3 or 4 hours a day. Retirees also need more money and want to keep busy--a valuable asset to them and you.
You might consider bringing in an intern. Not every business is an appropriate venue for an intern. But a law office, a chef, an insurance agency, a small advertising firm, even a specialty grower of plants, and others can bring interns into their operations. Interns work for the experience and little pay is involved compared to a full time experienced employee.
If you decide to add a full time employee, consider the position carefully. This is an opportunity for you to extend yourself. It's a time to carve out those activities that take up lots of your time and turn them over to the new person. Or it's a time to bring in new talent--someone who can do things that you don't know how to do. Whatever the case, write down the things that you expect the new person to do--and then talk it over with them.
Whichever path you take--part timers, interns, or full time employees--you are extending yourself. Then, you can concentrate on the parts of the business that you enjoy and the parts that are critical to the future of the business. Extending yourself allows you--and the business--to grow.
It's time to hire when you get yourself overworked. Just make sure that your new hire fits into your long range plans.
New employees need to be trained. I've found that I can train a person to do just about anything. What you look for is someone who knows how to apply himself/herself to the tasks at hand, comes to work on time, has an interest in your business, and shows self discipline and integrity.
for managing and growing your small business.
You are always short-handed in small business. Never do you have all the help you could use. So you tend to do everything yourself--including taking out the trash.
You started your business because you had a passion. Maybe it was baking or yoga, engineering or repairing automobiles.
But the time it takes for you to do everything has become too much. It's cutting into sleep time, and you could use a vacation. You are absorbing too much of the activity.
If you cannot afford to add a full time employee, consider a part timer. High school and college students always need a little extra money. You can hire one for 3 or 4 hours a day. Retirees also need more money and want to keep busy--a valuable asset to them and you.
You might consider bringing in an intern. Not every business is an appropriate venue for an intern. But a law office, a chef, an insurance agency, a small advertising firm, even a specialty grower of plants, and others can bring interns into their operations. Interns work for the experience and little pay is involved compared to a full time experienced employee.
If you decide to add a full time employee, consider the position carefully. This is an opportunity for you to extend yourself. It's a time to carve out those activities that take up lots of your time and turn them over to the new person. Or it's a time to bring in new talent--someone who can do things that you don't know how to do. Whatever the case, write down the things that you expect the new person to do--and then talk it over with them.
Whichever path you take--part timers, interns, or full time employees--you are extending yourself. Then, you can concentrate on the parts of the business that you enjoy and the parts that are critical to the future of the business. Extending yourself allows you--and the business--to grow.
It's time to hire when you get yourself overworked. Just make sure that your new hire fits into your long range plans.
New employees need to be trained. I've found that I can train a person to do just about anything. What you look for is someone who knows how to apply himself/herself to the tasks at hand, comes to work on time, has an interest in your business, and shows self discipline and integrity.
Friday, December 12, 2014
Going for loans
Free daily tips, information, advice and ideas,
with examples from small businesses.
All this week I've talked about business planning. People in small businesses are always planning, but it's usually short-term. The nature of your operation means you are continually thinking about tomorrow, next week and next month--not next year.
Long-term planning is frequently put off. It's not an immediate concern. But it should be done from time to time. Get yourself in a quiet place and think about next year and beyond.
Every business needs funding to expand and grow. Unless you generate excess cash internally, you go outside to find capital.
Small banks have traditionally filled this role. They were the go-to place for expansion funding. But that is changing.
Galloping technology is providing another answer. Other players have moved into the loan market. There are dozens of lenders out there who will loan you money, either personally or for the business. Do a Google search "Business Loans" and a long list of these firms will fly back at you.
Example: Lending Club does personal loans up to $35,000 and business loans up to $300,000. This is not some questionable upstart--it has a history dating back more than 5 years. Lending Club is a peer-to-peer lender that made its debut on the New York Stock Exchange this week. It is an online marketplace that puts people like you in front of prospective investors. You agree to a fixed rate for 1 to 5 years of monthly repayments. The funding agreed to shows up in your bank account in a few days. You apply online and get approval in as little as 5 minutes. Yes, fees are involved and an interest rate applies, but these can be less than you pay on credit cards and banks. This is not a recommendation; rather, it is a possibility for you to thoroughly check out before taking any plunge. Go to LendingClub.com for more.
Example: Another possibility is Prosper Marketplace. This company offers fixed rate unsecured loans from $2,000 to $35,000 with a 3 to 5 year payback. Rates and choices can vary depending on your situation. There is an online application and turnaround is faster than you might expect from your local bank. Again, this is not a recommendation; rather, it is a possibility for you to thoroughly check out before agreeing to anything. For more information, go go Prosper.com.
Example: OnDeck is another online lender, providing loans to small and medium-sized businesses only. No start-ups, just operations that have been in business at least one year and have $100,000 in revenue. Fast decisions here and fast funding. This company launched operations in 2007 and makes loans in all 50 states. Again, I am not recommending this company; rather, it is a possibility for you to consider and check out yourself. For more information, go to OnDeck.com.
There are many others. If you have funded your business using credit cards, you might be able to consolidate at a lower interest rate than you are now paying. Or, if you need funding to grow and expand your business, check out the online lenders. Whatever you do, make certain that any arrangement you agree to fits into your long-range business plan.
Developing your business plan gives lenders confidence that you know what you are doing, that you know your market, and that you'll be able to pay them back. Local banks have been the traditional source for loans to local businesses. Today, more possibilities exist. You deserve to check out whether or not these work in your situation.
with examples from small businesses.
All this week I've talked about business planning. People in small businesses are always planning, but it's usually short-term. The nature of your operation means you are continually thinking about tomorrow, next week and next month--not next year.
Long-term planning is frequently put off. It's not an immediate concern. But it should be done from time to time. Get yourself in a quiet place and think about next year and beyond.
Every business needs funding to expand and grow. Unless you generate excess cash internally, you go outside to find capital.
Small banks have traditionally filled this role. They were the go-to place for expansion funding. But that is changing.
Galloping technology is providing another answer. Other players have moved into the loan market. There are dozens of lenders out there who will loan you money, either personally or for the business. Do a Google search "Business Loans" and a long list of these firms will fly back at you.
Example: Lending Club does personal loans up to $35,000 and business loans up to $300,000. This is not some questionable upstart--it has a history dating back more than 5 years. Lending Club is a peer-to-peer lender that made its debut on the New York Stock Exchange this week. It is an online marketplace that puts people like you in front of prospective investors. You agree to a fixed rate for 1 to 5 years of monthly repayments. The funding agreed to shows up in your bank account in a few days. You apply online and get approval in as little as 5 minutes. Yes, fees are involved and an interest rate applies, but these can be less than you pay on credit cards and banks. This is not a recommendation; rather, it is a possibility for you to thoroughly check out before taking any plunge. Go to LendingClub.com for more.
Example: Another possibility is Prosper Marketplace. This company offers fixed rate unsecured loans from $2,000 to $35,000 with a 3 to 5 year payback. Rates and choices can vary depending on your situation. There is an online application and turnaround is faster than you might expect from your local bank. Again, this is not a recommendation; rather, it is a possibility for you to thoroughly check out before agreeing to anything. For more information, go go Prosper.com.
Example: OnDeck is another online lender, providing loans to small and medium-sized businesses only. No start-ups, just operations that have been in business at least one year and have $100,000 in revenue. Fast decisions here and fast funding. This company launched operations in 2007 and makes loans in all 50 states. Again, I am not recommending this company; rather, it is a possibility for you to consider and check out yourself. For more information, go to OnDeck.com.
There are many others. If you have funded your business using credit cards, you might be able to consolidate at a lower interest rate than you are now paying. Or, if you need funding to grow and expand your business, check out the online lenders. Whatever you do, make certain that any arrangement you agree to fits into your long-range business plan.
Developing your business plan gives lenders confidence that you know what you are doing, that you know your market, and that you'll be able to pay them back. Local banks have been the traditional source for loans to local businesses. Today, more possibilities exist. You deserve to check out whether or not these work in your situation.
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