Calculating your start up costs is essential when you are just starting out with your business. Calculating them accurately and implementing them into your business plan can help you decide how to manage your funding and expenses. Estimating your startup costs can be tricky but today we will help you understand your costs and how to plan for them.
The cost of your small business loan depends on various factors which include the type of loan and what you need to use the funds for. In 2020, the average business loan interest rate is as low as 2% as high as 100% or more. When doing your research for a small business loan, you will come across online banks, credit unions, micro lenders and much more. You will also come across different rates based on the loan you get therefore you need to compare several loan options before you apply so you can get the best deal.
Buying a hotel or motel can become a lucrative business. Before you take the big step, you need to weigh what you can afford and see the pricing in your target area. Read on to learn everything you need to know about buying a hotel or motel.
Bank statements contain a lot of useful information for lenders. Lenders want to see your bank statements to get an understanding of how your company manages its finances and see if you qualify for funding.
Many small business owners decide to take out loans to help grow their business and it can be a wise financial move for them. Sometimes you need extra cash flow to cover temporary cash flow issues, purchase new equipment, hire additional team members, and more. If you have taken out more than one loan for your business, loan consolidation can help make repaying your debt easier and more affordable.
Social media is a powerful marketing tool for any business. If your business is not on any social media platforms yet, it is critical that you create your accounts today. Although there are several platforms you can use to market your business, today we will discuss Reddit since it is one of the least commonly used social media marketing platforms for businesses but it is a powerful tool for any business.
If your small business needs financing, applying for a personal loan is a common approach used by many business owners. Although banks, online lenders, and credit unions offer small business loan options, using a personal loan can be a fast and more convenient option. Read on to learn more about personal loans and why you should use them for funding your business.
Do you have unpaid customer invoices but need financing to help run your business? Consider looking into invoice factoring. With invoice factoring you can turn those unpaid invoices into cash. This type of financing is popular among wholesalers, construction, manufacturing, and printing companies. Here is what you need to know about invoice factoring and how it can help your small business.
As a small business owner, you have many options available to help fund your business. However, with traditional business loans you are risking taking on a lot of debt so if you do not feel like taking that risk, you can use your personal savings or retirement accounts like your 401(k) and individual retirement accounts (IRAs). In this article, we will discuss what you need to know about financing your business with a 401(k) and the pros and cons of using them.
If you are looking to analyze how profitable your business is, you may have come across the term’s EBIT and EBITDA. Although these two terms share some similarities, there are differences in their calculations that leads to different results. Here is what you need to know about EBIT vs. EBITDA.