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Digg it UP - 7 Steps To Get A Loan For Your Business
If you want to take advantage of people power when you are looking new job some successful networking can do you lots of favours.Research People – if you know you are going to be at an industry event it’s worth doing a bit of background research on whom else might be attending. A quick internet search on the name of speakers might give you an interesting nugget of information that will do you wonders when trying to break the ice in the hotel bar.Know Who You’d Like To Know – have a trawl through the b2b press look out for experts who are providing their opinion or are being labelled as gurus. Drop them a quick an email and say you liked the piece, keep a mental note of who you’ve emailed in case you ever bump into them. They respond to the email or get back in contact with you, if you can get a conversation going you might be on their mind when a new solicitor job becomes available.Don’t Suck Up – one problem people have when they try to network is that they get carried away sucking up to
This is probably one of the most easiest, quickest and most profitable techniques that business people have at their disposal yet it is rarely used.Let me explain what upselling is. Upselling is basically offering the customer more at the point of saleLet me give you some simple examples of upselling in the real world.Say you run a small website design company and you have a person on the phone ready to order a simple 3 page website which cost ?200. While you’re talking to the person you could offer them an extra website page plus 5 extra email addresses for an additional price of ?50. The normal price for this package is ?300. You tell them you are offering this because you wish to thank them for using your company and this offer is only available right now.Let’s do some figures now…Before you used your upselling you had 100 people purchase your 3 page site at ?200.100 x ?200 = ?20,000 = ?5,000 Profit (25%)Total profit = ?5,000Now because the upselling offer only costs an extra ?10 to set-up you make the
Loans are a time-tested way of raising capital for your business. We would love to tell you that it is as easy as going to the bank and asking for money, but as you probably know by now it is quite the opposite. We wrote the following steps to help you raise the right amount of capital to get your business going.
Step 1: Decide how much money you need.
This is an obvious but often misunderstood statement. Entrepreneurs, particularly start-ups, when budgeting for their business often focus on what they will need to get their business going, or to finance a particular project without accounting for working capital or cash for contingencies. This is dangerous because lack of working capital can mean the death knell for the
The other day I drove from Chicago to Northwest Indiana on the Indiana Toll Road. I usually have quite a bit of loose change and pay the tolls by throwing the correct amount into the basket, thereby saving a few seconds. But this time I didn’t have any change so I went through the attended lane and handed a dollar bill to the attendant.He gave me a cheerful “Hi!” as I handed him the money and then said, “Have a safe day!” as he put the change in my hand. I was so dumbfounded by the exchange that I barely had time to reply, “You too!” as I smiled and accelerated back on the road. “Wow! I just saw the world’s friendliest toll road attendant – today’s my lucky day!” I thought to myself as I drove. I had to pay one more toll and got the same reception – a smile and a warm greeting with my change. I wondered whether the planets had aligned differently or somehow the attendants had mistaken me for some Hollywood celebrity and gave me the royal treatment.I mentioned my experience later to one of my cynical friends who said, “they probably heard t
Loans are a time-tested way of raising capital for your business. We would love to tell you that it is as easy as going to the bank and asking for money, but as you probably know by now it is quite the opposite. We wrote the following steps to help you raise the right amount of capital to get your business going.
Step 1: Decide how much money you need.
This is an obvious but often misunderstood statement. Entrepreneurs, particularly start-ups, when budgeting for their business often focus on what they will need to get their business going, or to finance a particular project without accounting for working capital or cash for contingencies. This is dangerous because lack of working capital can mean the death knell for the
In the midst of the bustle and shuffle of the collaborative whirlwind of documents, drafts, e-mails, and electronic documents that is 21st century business, it is important to evaluate the best collaborative software suites available on the market today. FileNet packages have stepped up to the plate to seek to provide helpful tools for organizing the enterprise content that exists in the modern-day corporation: e-mails and drafts of presentations, reports, and budgets.FileNet is a provider of collaborative document management. FileNet helps to organize and file electronic documents and drafts, making it easier to put together the pieces of the often complex business collaboration puzzle.The business process may sometimes seem in serious disarray. With each project and report there could be any number of individuals forming a committee, including members of management and clients. The trick is to bring into one document the individual ideas of each group member. FileNet recognizes that this process necessitates sending e-mailed drafts back and for
Step 1: Decide how much money you need.
This is an obvious but often misunderstood statement. Entrepreneurs, particularly start-ups, when budgeting for their business often focus on what they will need to get their business going, or to finance a particular project without accounting for working capital or cash for contingencies. This is dangerous because lack of working capital can mean the death knell for the
Marketing Numbers UKMarketing numbers, already prolific in the United States, are quickly gaining popularity in the UK. They are emerging as a powerful business tool that many organisations should not be without. These are special telephone numbers which may be used to eliminate geographical barriers, generate revenue and strengthen brand presence.The major advantage for businesses of marketing numbers is that they are generally supplied with powerful number translation services such as voice and fax to email, time of day routing, call and fax broadcast, follow me or hunt group facilities and other valuable call handling functionality. Information about inbound calls (date, time, geographical area, duration) provides valuable marketing information to the business.Freephone NumbersFreephone numbers - typically with the 0800 prefix - are free of charge to callers within UK and to callers on some mobile networks. The charges of the call are borne by the organisation using the phone number, but can be as little as 2p per minute. Researc
This is an obvious but often misunderstood statement. Entrepreneurs, particularly start-ups, when budgeting for their business often focus on what they will need to get their business going, or to finance a particular project without accounting for working capital or cash for contingencies. This is dangerous because lack of working capital can mean the death knell for the
The pareto-principle or the 80/20-rule was born after observations of Mr Pareto that many things in life were unequally distributed.A famous example was “that 20 percent of the people owned 80 percent of the wealth.”This rule is very powerful because you can use it in many areas. One example is when dealing with projects; you know that 80 percent of the work is caused by the (last) details (20 percent). So in project management it is common practice to uncover risks as soon as possible. The thought behind this is that if you can solve the greatest risks you can solve everything.Also the argument in favor of standardization is that 20 percent of the details or exceptions cause 80 of your resources. Thus the more you are able to standardize, the more you can benefit from cost savings. This will only be the case if you sell “NO” to your customers, which is something very daring.The question with, not only, these two cases is one where you may ask: “How do we know whether we have reached the 80 percent level?”Some projects are “n
On the other hand, some entrepreneurs, again start-ups, drastically overestimate their costs. This will make lenders not only to question the entrepreneurs’ assumptions, but also question whether they know what they are doing.
Now that we decided on an amount, lets focus on the lender.
a) If you are a start-up:
Loan amounts below $25,000 are considered smaller, micro-loans. Not all banks will be interested in doing a SBA guaranteed loan for small amounts (more below). Micro-lenders and Alternative-lenders are better equipped to handle this type of loans. These lenders usually make smaller loans and have a community focus. Look to credit unions, local development corporations and other non-profit lenders.
A Small Business Administration (SBA) guaranteed loan is a guarantee to the
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