If you’re a small business owner or planning to start one, your goal for the new year is probably to generate more income, keep old customers and attract new ones.

Here are some tips to help you realize your business goals this year:

• Free listings.  Don’t underestimate the power of the Internet.  Make use of search engines and online directories. List your business online. You would be amazed at how many potential customers you can get if people can search and find your business online.  Listing your business online is simple and easy. In fact, you don’t need to be technical to do this. All you need is commonsense.

• Know what brings in the money. There are two types of money in a business:  profits and cash. What’s the difference between them? Profits come from selling services or products at an amount higher than they cost you to produce. Cash is from the sales generated by your business.  Usually, small businesses focus on getting more cash. On the other hand, if you want to achieve more this year, go for the profits.  Focus on the aspects of your business that brings your more profit.

• Think about your old and current customers. When my airduct needs to be cleaned, will I remember the name of the cleaning service I hired last year? Not really especially if the cleaning service failed to keep its name in front of me.  Happy customers are returning customers. They mostly like come back or refer others to your business.  Never neglect your old and current customers.  Market your services or products to them.

• Have a marketing plan.  It’s always wise to have a marketing plan because it makes you think ahead and it help you get organized and prioritize your business goals. Know your business well. Know your strengths and weaknesses as a business. Identify the good and bad customers and know how to reach to them. Make a comprehensive plan to help you consistently and effectively market your business.

• Develop a business plan.  A business plan is essential to your business.  If you want to get going this year, a business plan will help you move steadily to the direction you want to steer your business.  A business plan can also be a structure for effective decision-making.

• Business Loans.  Generally, in a small business, capital can sometimes be a setback.  Applying for business loans can be a good solution for your financing troubles. Business loans are for people who want to start, develop and expand a business. There are various online resources available out there. Lendio, for one, can help you with your business loans.

• Get started now. This is the most important thing that you have to do for your business. Get started now. Don’t put off what you can do today if you want your business to be successful this year.

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Even though the situation may look dire for some, there are many construction subcontractors that are prospering in this environment. And they also span the industry from general construction, to demolition, to carpenters, to HVAC companies. Given that the industry they are in is considered risky by many lenders, perhaps it is challenging for them to get business financing even though they are doing well.

Most subcontractors hunt for business financing because they have cash flow problems that originate simply because get paid in 30 to 60 days after invoicing, or submitting an application for payment. Before waiting to get paid, they basically deliver the work first and send an invoice or application. Unfortunately, few have the capital to wait. To be able to pay suppliers, office expenses and employees, they need that cash.

One alternative to solve this problem is by using construction factoring. Construction factoring provides an advance on slow paying invoices, providing the cashflow a company must meet expenses while waiting for their invoices to get paid. The transaction is pretty simple, a factoring company advances you a part of your invoice – about 75% as a first payment. It is possible to get the remaining second payment of twenty-five percent (less the factoring fee) as soon as the transaction is settled and the client has paid the invoice or the application.

One benefit of construction factoring over a conventional business loan is its flexibility. The factoring line is not fixed but instead is founded on your invoices or applications. It grows with your sales. Furthermore, most factoring companies go through the credit of your customer among their more important funding criteria. This makes construction factoring an ideal solution for small and mid-sized companies, whose biggest assets are solid clients.

Construction factoring financing is an effective solution for companies whose biggest challenge is they can’t wait 30 to Sixty days to get paid by clients.

About The Interface Financial Group Looking for construction factoring? We’re a leading provider of construction factoring and can give you a competitive factoring quote. For information, please call 0800 014 8626 or go to www.ifgnetwork.co.uk now.

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But I like Bobbi and there was food involved, so I agreed.  Unbeknownst to me, this group had just launched and only had a hand full of members.   And my hesitation seemed justified.  A large part of the group was about recruiting –Will you join?  Who do you know? Who can you refer? Ugh.

So, I had to think why I would join this group.  OK, so I like Bobbi but not enough in itself to justify joining.  (Sorry sweetie, love you!)

My reasons –

• Something Different – I have been in business 8 years, my clients come from the same places and I only tend to market when I am done with the current projects.  Typical small business dilemma – we are too busy to network until we are not too busy, then we are scrounging around for the next project.  BNI would ensure at the very least there would be an ongoing networking effort.
• Get Out of the House – Many small business owners work from home and don’t get to interact with any co-workers.  It gets a little stir crazy.  As Coach Sharna Fey  noted – “This allows me to get dressed and talk to adults.”
• Business Karma – BNI calls it the “Giver’s Gain” concept but I like to think of it as Business Karma.  You are helping a group of like-minded business owners grow their business.
• Power Groups – As business owners, we naturally have a referral base within our industries.   Our clients come to us for Web Development and eCommerce solutions.  These same clients need copy, PR, photography, graphic design.  I can go to my Power Team and know I am referring my clients to quality service providers.

I joined and it has been a great experience.  I have gotten new business, developed strategic relationships with other service providers and eaten lots of food!

To learn more about BNI 3.0 check out the BNI 3.0 Fan Page on Facebook.  If you like to join us as a guest – feel free to drop me a note mike@understandingecommerce.com

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Over the years, women have slowly evolved to become competitive, strong-willed and business-minded individuals. If you are a woman who wants to pursue her dreams of starting her own business but don’t have enough financing, there’s help for you out there.

There are small business loans for women who want to start, grow, and develop their own business. Small business loans for women are available to help women entrepreneurs minus the complicated, tedious and problematical formalities.

So when do you need small business loans? Business loans are for starting a new business; expanding and developing a business; purchasing an equipment or machinery; paying advertising expenses; and paying salary and wages. Small business loans are for women who want to start or expand their business but don’t have enough money to do so.

There are various types of small business loans for women available out there depending on your needs and capacity to re-pay the loan. Just like any other business loans, there are several things that you have to consider when applying for small business loans for women.

First, you have to know how much risk your venture could be for the lender. Some banks and lenders will evaluate different aspects of your business to decide the terms and conditions of the loan you are applying for. Generally, they will consider your personal credit history, educational background, work experience, business feasibility study, and your business plan. Also, you have to consider whether you want to get a secured business loan or an unsecured business loan.

A secured loan is when you offer an asset such as a property or a car as collateral to pay off a loan.  Usually, a secured loan has a lower interest rate compared to an unsecured loan due to the collateral for the loan.

An unsecured loan is a loan that is not collateralized. Most of the lending companies would only grant loans to those applicants who have good credit scores and good credit history. For unsecured loans, there is a high risk for lenders. The higher the risks for the lenders, the higher the interest rates for the borrowers especially for those who have bad credit history. Compared to secured business loans, unsecured business loans offer limited loan amounts and less flexibility to borrowers.

There are various types of small business loans for women out there. You just have to choose which one is right for you and your business. Before choosing a loan company, make sure that you have done enough research and have considered other loan companies as well so you have more loan deals to choose from.

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Small businesses have contributed a lot to the economy of the United States. In fact, the small business industry has helped in keeping the United States economy alive by generating income for the owners and creating employment opportunities for workers. A significant part of the equation is the SBA loan lender – a private banking firm or a non-profit organization that has partnered with the Small Business Administration with aims to provide financial and other forms of assistance to individuals and companies to establish and / or grow their small business operations.

Basically, an SBA loan lender is a financing party that shells out loans to eligible and approved individuals or companies. A significant portion of each loan request is then covered or backed by the SBA. Looking at the whole scheme of things at a different perspective, SBA, through their varying loan packages and financing options, coaxes these banking firms to release money with the assurance of covering big part of the loans to minimize losses if the borrower defaults. The same can be said to private non-profit institutions that offer SBA loans.

That said, some non-profit organizations that participate in SBA lending programs do not cashes out loans. Rather, these groups are provided funds by the SBA as well as other financing entities, which are then given out as loans, or grants in some cases, to eligible and deserving individuals. These groups choose the borrowers in accordance to their pre-set standards and criteria on top of the usual requirements mandated by the SBA.

Becoming an SBA loan lender is a very thorough process and depending on the size and capabilities of a bank or a private non-profit organization, some can qualify for all the small business loan options while others are only allowed to offer one or two. The most common loan options that are offered by almost all SBA loan lending parties are the SBA 7A loan and the SBA 504/CDC loan. For specialized loan financing options such as Patriot express loans, community express loans, and other lending initiatives, requirements can be stringier, since these loan packages are designed for specific individual and business profiles.

The SBA also has special designations for top-performing lenders and most of the time, these designations are just telltale signs of how good a firm is when it comes to approving and releasing SBA-backed loans. Terms such as Preferred SBA Lender or Top SBA Lender in The State should tell you that a banking firm is a reliable partner when it comes to small business loans.

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Fast turnaround and high approval rate. Secured business financing, as mentioned earlier, are highly favored by banks because of the degree of protection it offers to the lending party. This means that a person with a collateral to place against the loan is more likely to be funded than a borrower who does not have one. Aside from that, secured loans are approved faster than its counterpart, unsecured loans.

Low interest rates. In contrast to unsecured forms of financing, interest rates for a secured business loan is relatively lower. This means that with a secured loan, the borrower is in a good position to pay the loan without hampering the company’s cash flow.

Bigger collateral, bigger money. A borrower who places a collateral with a huge market value, he or she can received a bigger loan amount. But it is very important to not that the loan amount will always be lesser than the collateral’s actual market value.

Even people with bad credit can get money. To some extent, people with bad credit rating can still avail of a secured business loan. However, certain limits are set, such as a thorough background check and a deeper delving into the borrower’s financial history. In some cases, interest charges are also higher than those with good credit scores.

Borrowers are more inclined to pay. Since a valuable asset pledged by the borrower, it pushes him or her to make the payments unless he or she is considering of losing the asset as well as getting dinged in the credit reports. It’s a double-edged sword if the borrower defaults if you look at it from such perspective.

Solution for credit rating problems. With secured loans, it is easy to improve credit standing. Most people with bad credit ratings fix their financial status by engaging in secured financing and faithfully paying the loan and settling in on or before the term’s scheduled end.

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If you are in the construction or mining industry, the need for heavy equipment is high. But these type of commercial assets do not come cheap. For small mining and construction companies, it is always best to opt for business equipment leasing when it comes to heavy machinery. If you are considering business leasing for heavy machines, then the following tips will be able to help you make the right decision.

Invest in heavy equipment crash courses. Learning what heavy machines are all about is an imperative is you do not know nothing about such machinery and their operation. Unless you are an expert on the subject, it is important that you learn the basics about heavy machines before you start forging financial obligations with a leasing company. This is to make sure that you know what you are doing and that you get the best deal there is once your sign the dotted line.

Work with a leasing company that specializes in heavy machinery. There are thousands of leasing companies in the United States. That said, you must always choose a company that focuses on heavy machines leasing. This move not only ensures that you are dealing with a leasing firm that knows what to do with all the mumbo-jumbo called paperwork, but also guarantees variety when it comes to their fleet. Having a fleet of heavy machinery ensures that a replacement is immediately available should the one you pick bogs down for whatever reason.

Shop around for the best rates. Compare the rates offered by leasing firms you think are worth checking out. The quotes from each company should be competitive. The norm is that you should at least check out three to five leasing firms and cross-check what they offer. This should be able to help make a choice in picking your leasing partner.

Visual inspection is a must. You are always entitled to a good bargain and if you want to get a good deal, you better check the equipment yourself or have someone you trust to do the checking for you. If your knowledge about heavy equipment is limited, then always bring someone who does. Do not fall for high paint quality. Sometimes, heavy equipment dealers use paint to cover critical defects such as cracks, rust patches, and busted parts.

The concept of business cash advances is simple. If you have an established business and your enterprise requires immediate funding yet you are not qualified for a bank loan for whatever reason, or you do not have the luxury to wait for a bank’s approval, then a business cash advance is the best alternative for you. Listed below are some of the things that you might want to go over to make sure you qualify for a business cash advance.

Startups are not qualified. Most, if not all, cash advance providers require a company to be in operations for a significant amount of time before they can be considered for the service. The standard qualification for length of operations is usually 6 months to one year. If your company is less than 6 months old, you might want too explore other financing options instead.

Accepts VISA/MasterCard as standard form of payment. The usual form of repayment employed by most lending companies is by charging a specific amount against the business owner’s business credit card. This amount is placed against his future credit card receivables. For a specific period of time, the lender will take out a percentage from the card’s sales. Aside from using VISA/MasterCard, lenders also require business owners to process at least $5,000 a month before they can be considered for the service.

No indications of bankrputcy. If your company has declared bankruptcy, lending firms will not consider your application for a cash advance. If your company has declared bankruptcy, it is hard to find a lender willing to work with your funding needs unless if you can show them that you have been out of bankruptcy at least for a year.

These are some of the pointers that you might want to know if you are looking to apply for business cash advances. That said, it is always best that you personally visit your lender and discuss your available options and map out your financing scheme.

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The World Wide Web is full of information as to where you can get minority business loans. That said, care and caution should also be in place. Do not believe everything that you read, see, or hear in the Internet. It is imperative that you hook up with reliable sources and legitimate online operations and make sure that you do not let your guard down if somebody offers you information in exchange for money or personal details. With that, let us begin with the most obvious options.

The Small Business Asministration (SBA) provides several loan programs designed to help individuals obtain business funding from banks and conventional lenders. The SBA does not have any package dedicated in giving minority business loans per se, but members of the minority can qualify for the agency’s existing loan programs provided they satisfy the requirements.

Each state government has an agency dedicated to the development of minority-owned businesses. Also, most of these government offices have several financing solutions structured to help people from the minority obtain minority business loans. Aside from the crucial funding, most of these offices also require minority business owners to undergo special management and technical skills enhancement training to make sure their enterprise will be capable of succeeding in these hard times. You can check out your local Department of Commerce or Business Development for more information.

Private organizations and non-profit foundations are also a good source of minority business loans, especially those that cater to specific minority sectors. Women, African-American, Asian, and People with Disabilities are some of the minority groups that are well represented in the business world. It is not hard to locate a group that provides financial and technical assistance to people from the minorities. You can start from the local level, and work your way up and ask for directions as to where you can get minority business loans.

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The Small Business Administration, also known as the SBA, has been helping out Americans who want to start their own companies or expand their existing enterprise with loan packages that feature easy repayment schedules and flexible interest rates. That said, it should be noted the the SBA does not release the funds directly to the borrowers. Instead, the SBA loan programs are designed to coax banks and other lending firms to provide the money to borrowers with the promise of guaranteeing a sizable portion of the loan amount.

Obtaining government funding for small business through the SBA is relatively simple. All you have to do is look for a lender that provides SBA-guaranteed loans and make sure you satisfy the requirements. SBA, though structured to open financing avenues even to people who are usually declined by banks, also have a screening protocol when it comes to approving or rejecting loan applications. Consultancy firms such as Lendio provides great advice and tips and getting their expertise on the matter should be considered.

The most common element many lenders and banking firms look for is the business plan. The same goes for any SBA-backed government funding. If you want to get government funding for your small business, make sure you have your business plan well detailed and properly prepared. SBA loan officers want to make sure that the money guaranteed by the US Government will be used for a realistic and beneficial purpose.

A business plan should entail your company’s profile, facts and important information about the owners and shareholders, collateral description, and most importantly, the purpose of the loan. Since you are borrowing money with the government’s help, it is only logical that the SBA would like to know how you plan to spend the money.

It is important that you consult your lending officer or your local SBA officer for more information and to help you map your options. Knowing, like the old adage goes, is half the battle. Once you have submitted your application, make sure you keep your lines of communications open to make sure that you get informed if there is anything more required or things your lender wants you to provide.

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