How Hard Is It to Get a Business Loan?

Small Business Loans

While getting a small business loan may not be easy, the fact is, small business loans are not as difficult to qualify for if you get the facts straight. It just takes knowing where and how to look. With the right tools in hand, most small businesses can find the money they need, but there are some things you need to know first. Whether you are an entrepreneur seeking money for a startup or a business that’s hit a rocky patch, there is money out there waiting to be borrowed, you just need to know how to find it. So then, how hard is it to get a business loan? It can be easier than you think. Consider the following.

Leave History in the Past Where It Belongs

A great number of business owners are reluctant to apply for business loans because historically any business with less than perfect credit was in danger of being denied. That further endangered their credit score because every time your credit score was searched by a creditor, you’d take what is known as a soft hit (soft inquiry). No, one or two soft hits won’t affect your credit much, but repeated soft hits will indicate to a prospective lender that something is wrong, and they may summarily deny you credit. However, that’s the past and let’s leave it where it belongs.

New Trends in Lending

Today’s lenders have much broader qualifying criteria, and this is why getting a small business loan may not be as tricky as you had been led to believe. Some lenders don’t even look at your credit score, believe it or not, because there are other things they are much more interested in. Your historical record of sales volume, for example, could be a major factor to some lenders. Perhaps your business model could be a significant factor for startups. Remember, like insurance, lenders consider risk before forking out the cash. Also, there are new types of loans which were not available only a decade or two ago. Invoice factoring is one such loan that is becoming much more prominent in recent years.

The Key to Finding the Right Lender

Unfortunately, a huge part of the problem is the amount of time it takes you to find the lender that has a loan based on your needs and who are willing to lend under your business’s conditions. Every application you make not only takes up the valuable time you could be spending working your company, but it also, as you remember, puts a soft hit on your credit report. Today there are loan search engines like that on https://www.lending-express.com that will match your needs with an assortment of lenders meeting your criteria. You can then choose to apply to one or all of them, but the footwork is done for you so that you can go on about the business of making money. That’s what you are in business for after all, isn’t it?

The key takeaway here is that there are lenders out there that will willingly take a chance on your business venture and while each lender sets its own standards, that loan may be easier to find than you think. Even so, do it the smart way. Begin by using a loan-matching platform that will put you in touch with at least a few lenders who may take the risk. One final point to remember is that you never want to pay for this service. Like the company mentioned above, no fee should be attached to the borrower. Let the lender handle that and you are good to go. Let them pay the commission! That loan is waiting, so go for it!

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Useful Tips on How to Thrive as a Rideshare Driver

The New Way to Get Around and Make Money

We live in a world where cars are an important mode of transportation for many. A great majority of individuals own cars but most of them would rather take a cab than drive in our ever-busy roads. So, if you love driving, you could really make some good money being a rideshare driver for celebrated companies like Uber and Lyft.

Uber and Lyft are quickly gaining popularity and people are no longer interested in the traditional taxi companies. This is because Uber and Lyft are giving customers excellent services at affordable rates. In addition to this, customers these days are sure that no matter what time of day or night, they can grab an Uber in a matter of minutes.

It’s clear as day that customers across the globe are happy and satisfied with the services they get from Uber and Lyft. So, let’s turn the page and focus on the drivers who make these journeys a success. Most people are asking for tips on HOW TO BECOME A RIDESHARE DRIVER .Well, here are a few basic requirements that you need to fulfill for you to be a rideshare driver.

  • Pass a driver’s test – This goes without saying; for you to be a rideshare driver, you must be a licensed driver. One of the most important things that will give you a good start will be a valid driving license. In addition to this, for you to become a Lyft or Uber driver, you must be at least 21 years of age and have a clean record. The two companies are well respected across the globe; so if you have any cases of traffic rules violation like a DUI, or other criminal offences, you might not pass your driver’s test.
  • Make sure the condition of your car is good – There are certain specifications that a rideshare car should meet. For example, your car should have 4 perfectly working doors, clean and functional seatbelts, windows that are easy to roll up and down and a working A/C. All the car lights, the engine, the body, the horns, you name it… they should all be in perfect condition. And mind you these are just but a few of the requirements; so take time to research on the issue and make sure that your car meets the set standards.
  • Send in an application for the job –It is easy to apply for a job as a Lyft or Uber driver. Just download the app on your smartphone. Fill in all the required information including your full name, physical address, email address, the city you are living in and your phone contacts. Using your information, the company will run a background check on you and if you are fit for the job, then you will be called in for a welcome ride.

It’s simple as that. Before you know it, you will be cruising around the city and making money.

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Hot Small Business Tech Trends That Will Improve Efficiency

Technology for Small Business

Technology is a valued resource for small businesses. Adopting the right technology helps give brands more flexibility and opportunities for innovation in product design and improves their business and operating income.

For most small businesses, technological advances are lowering transaction, transport, and communication costs, enabling firms to invest where they can be most productive and find the best combination of skills, investment opportunities, and business environment.

Here are some of the major technology trends that will streamline small business efficiency and productivity:

Internet

The advent of the internet offers small businesses more control over marketing, brand development, customer engagement and improves sales opportunities. Thanks to the internet, firms can now offer clients a more comprehensive value proposition that is tailored to their needs. What’s more, the incredible growth of the internet has helped position it as a powerful driver of economic growth, giving businesses the chance to streamline and consolidate their business operations with custom online solutions.

For instance, businesses now have the opportunity to improve business efficiency through a centralized database, which makes data easily accessible for all needs. Small business owners can also build an online presence by developing websites and utilizing various social media platforms to create awareness for their product and boost sales by reaching more people faster. Further, the internet offers businesses the chance to outsource labor they are too busy for or those they are not very conversant with.

E-Commerce

E-commerce is one of the major trends that are shaping the small business landscape. The growing number of internet users worldwide has necessitated businesses to be selling more online than through traditional brick-and-mortar stores. This is because owning an e-commerce store makes it easier than ever before for small businesses to reach tech-savvy clients who now prefer to shop and buy items through digital channels across industries.

Also, it is easier and cheaper to set up an e-commerce store than to maintain a physical storefront. E-commerce platforms such as Shopify, 3dcart, and Magento enable brands to develop an e-commerce store without breaking a sweat.

If you are on a budget, you can utilize a point of sale system such as Vend to create a cloud-based, mobile-friendly online store within a short time. Doing so will enable you to reach many consumers who due to convenience, addiction, and impulsivity, prefer to make secure purchases online. More so, e-commerce gives small businesses an opportunity to adopt technology that supports real-time commerce.

Digital Banking

Many tech-savvy clients nowadays value banking convenience. For this reason, they prefer to bank online than visit a physical bank location. This is gradually shifting transactions away from traditional banks to digital ones. And with millennials expected to rule the market, the switch might happen faster than predicted.

Blockchain

The blockchain technology is capable of causing significant shifts in the way small businesses are conducted. Its application in payments and money transfers, digital identity, distributed cloud storage, smart contracts, etc., is expected to cause shifts that will change the small business arena.

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7 Essential Steps to Get the Best Interest Loans Out Of Personal Loans

Everybody faces a personal financial crisis at least once in his or her lives. Your next payday may be miles away considering your emergency and this may force you to find a good solution for yourself. Borrowing from family is a no go zone and the first resort is to find a personal lender to sort you out. Personal online loans are easier and quickly given compared to other types of loans.

In this article, I am going to highlight to you 7 steps you should follow in order to find personal loans with the best interest loans out there.

  1. Consider The Purpose Of Your Loan

Knowing exactly what the loan is meant for is a good start. Emergency loans are offered on basis of trust and the relationship you have with the lender will determine a lot. Many personal loan lenders nowadays prefer to be provided a reason for the loan application. Therefore, you need to provide a good reason why you should be granted an online loan. Good reasons for a personal loan include medical expenses and other emergency occurrences.

  1. Do Your Research

This can come as easy as going online and searching for good personal lenders for you. You should always opt for lenders who have lesser interest rates. Lower interest rates are what you are searching for after all. Make a list of potential lenders you find and evaluate each. However, you should avoid lenders with abnormally low interest rates since their legibility is questionable.

  1. Borrow From Your Bank

You should take a personal loan from an institute that you already have an account with as they already have a good relationship with you and they will offer you better options, which include friendly interest rates.

  1. Check Your Credit History

Your credit history provides lenders with an image of how you have related with previous lenders. Bad credit history will make personal loan lenders to give you fewer options with exorbitant interest rates so be sure to check on your credit history and make corrections.

  1. Chose A Shorter Loan Repayment Period

While applying for a personal loan, you are advised to go for options that offer shorter repayment periods since they have lower interest rates. However, you should choose a repayment plan that suits your income since you do not want to stretch your income. You should before making an early repayment since some lenders do have a penalty for this.

  1. Pay Your Loan On Time

Paying your loan on time will prevent you from being charged higher interest rates on your balance and also making sure, you maintain a good credit score.

  1. Borrow The Exact Amount Needed

This may not be a factor, that lies with the lender but it ensures that you are not charged interest on additional amounts you did not need. If your medical expense costs $2,000, it is always advisable to borrow no more than that amount.

 

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5 Efficient Ways To Save Up Money To Travel

Travel Fund

People often find themselves questioning how best to quickly save up money to get out and travel the world and we don’t blame them! Saving money is hard enough, but add in a desperate want to explore the hidden gems of the world and a lack of money to get there and it can be frustrating! Luckily, saving up to travel doesn’t have to be difficult, nor does it need to be a long process. With the right frame of might, you can save up all the money you need and jet off in as little as couple of months – well, once you have completed your E111 renewal application, of course! From having a dedicated travel fund, to resisting buying those clothes you want, but really don’t need, we’re here to explain efficient ways you can save up money to travel in more detail below.

Have A Dedicated Travel Fund

When you have a dedicated travel fund, you will save up money to travel much quicker than if you put the odd couple of pounds aside in your purse, and if you really want to travel, you won’t dip into your saved funds! It doesn’t matter whether you decide to open a savings account or simply start a money jar to get you started, when its staring at you, you’re far more likely to put the cash you need aside in order to travel.

Spend Less On Lunch

A great way to save up money to travel is by spending less on your lunch. These days, it’s far too easy to pick up a meal deal on your way into work, and whilst a £3.00 meal deal seems like a good deal for a sandwich with your favourite filling, packet of Walkers crisps and can of coke, the cost can add up quicker than you can eat it! Think of it this way, if you buy a £3.00 meal deal for every working day of the week, you are spending approximately £60.00 a month on your lunch alone, which could cover the cost of your flight depending on where you plan to travel to! The moral of the story? Make your own packed lunch!

 

Two businesswomen having lunch

Stop Buying

Saving up money to travel can be as simple as to stop buying. Whilst you will (obviously) need to buy groceries, you can save a tonne of money by restraining yourself buying the latest gadgets or clothes. The next time you want to buy something, ask yourself: do you really need it? More often than not, the answer will be no. It takes a whole load of courage to put something you really want – but don’t need – down, but when you step on board that plane, you’ll be more than happy that you did!

Cancel Subscriptions & Memberships

It’s a given. Almost all of us are subscribed to websites, such as Netflix, and have gym memberships we try our utmost to avoid no matter what we promise ourselves in the New Year. In order to save up money to travel, get rid of any subscriptions you no longer need and any memberships you can simply do without, because, let’s face it, if you haven’t already used your gym membership card, it is highly unlikely that you will in the next few months!

Write A Shopping List, And Stick To It!

The next best way to save up money to travel is to write a list when you go shopping, and stick to it! It is far too easy to walk into your local supermarket and pick up the latest offers, snacks that tickle your fancy and food you simply don’t need to buy. In order to avoid impulse purchases, a grocery list is the perfect way to save money that you can put towards travel and it save time because you will know exactly what you will be having for dinner before you step through the sliding doors.

There a countless ways you can efficiently save money to travel, these are just some of them. From cancelling unwanted subscriptions and costly memberships to spending less on lunch by quitting the meal deal fad and making your own packed lunch, saving up money to travel really isn’t as difficult as you may think.

 

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Four Ways to Increase Your Odds of Getting Approved for a Small Business Loan

 

 

Getting approved for a small business loan can seem challenging. But, it’s more feasible than you may think. More than 70 percent of small firms surveyed by the U.S. Small Business Administration used financing in the last year. Around the same proportion of companies took out loans under $250,000. Obtaining working capital funding for your business is not impossible. But to maximize your chances of being approved, pay close attention to application requirements and consider these four tips:

1. Gather the Right Paperwork

Getting a business loan usually requires several documents to establish trust between your business and potential lenders. These may include balance sheets, bank statements, and tax returns. Providing this information helps demonstrate that your business is financially responsible. And therefore, a good lending risk. However, not all lenders ask for the same things. Some may also request personal financial information or an updated business plan. So, be prepared to share those as well. Pay attention to lending firms that stick to the essentials needed to review your business loan application, with documentation that supports the following details:

Positive Cash Flow

Business lenders prefer borrowers that earn more money than they spend in an average month. This means you are more likely to repay the loan. Provide copies of recent bank statements or balance sheets to prove your business is earning positive cash flow and is projected to stay on track.

Revenue

Commonly referred to as gross receipts or sales. Revenue is the amount of money coming into your business in a given timeframe. Lenders often use monthly revenue to assess your ability to pay back a loan. The higher your revenue, the better. This is also proven through bank statements or financial reports.

FICO Score

Getting approved for financing with a bad credit business profile is not impossible. But it may make the process more difficult. Lenders each have their own ways of measuring creditworthiness, with FICO scores being a common and convenient tool. If you think your credit score is low, prepare some additional documentation that might help lenders understand why.

2. Fix Your Credit

You stand a much better chance of getting approved for a small business loan if you work on bettering your credit. To do this, you must be aware of your business’s current credit history. Seek out your company’s credit report through reputable monitoring agencies like Experian or Dun & Bradstreet. Then, carefully review it for any mistakes or glaring issues that might be negatively impacting your overall score.

Fixing a mistake on your credit report can drastically improve your chances of getting approved for a small business loan. Major errors are rare, but they can happen. If you find a misspelled address or inaccurate information, report it to the credit monitoring agency as soon as possible.

If your business credit report contains negative marks that are accurate – like reports of late payments or a past public judgment – getting a business loan is not a lost cause. Lenders will review your credit report as part of your application, so be upfront about any bad news. If you can show lenders you are being proactive about repairing a poor credit score, you may increase your chances of getting approved.

On the flip side, if you have limited credit history, consider getting a business credit card or line of credit from one of your existing vendors. This will allow you to build your business credit history. As mentioned, some lenders will take your personal finances into account. So, focus on paying all bills on time and in full.

3. Work Closely with a Lender

The process of applying for a business loan runs smoothly when both sides are on the same page. Find a lender that will be direct and honest with you about how or if they can help your business. Of course, that means you need to do the same. Explain in detail what you expect from the lender and how you plan on using the funds.

Both lenders and borrowers must have clear expectations for the relationship. Getting specifics about the lender’s requirements and application process will help you understand if they are a good fit for your business.

Keep in mind: online lenders tend to have quicker application processes and faster approvals. They may also approve business loans that traditional banks tend to overlook. As an added benefit, they deposit the funds in much less time than their traditional counterparts.

4. Manage Credit with Confidence

Remember that your business credit history and relationship with lenders extends beyond the world of capital financing. As explained by credit agency Experian, a business’s credit report influences more than its ability to simply obtain a loan. It also helps determine:.

.Loan amount.
• Interest rates paid on loans.
• Insurance premium pricing.
• Trade credit terms with your suppliers and vendors.

That means most of the financial activities of an organization influence loan approval. For example, a wholesale trade firm that makes a point of paying suppliers on time may be approved for a loan with lower interest rates. Or a construction company seeking financing might cut down considerably on insurance premiums by maintaining good relationships with creditors. As you learn more about the process of getting a business loan, you’ll find the sum of your company’s past financial interactions plays a major role in increasing your chances of approval.

To prepare for a business loan application and ensure the best chance of approval, do your homework on each of these issues. Analyze the financial needs of your company. And weigh the costs and benefits of securing a business loan. Be sure to research the small business lending market, but don’t shop around by applying to several lenders at once. Prospective lenders may perform a “hard” credit check before deciding, which can slightly lower your credit score and linger on your credit report. A targeted application approach will keep your business credit score in check while maintaining your focus on the best lender for the job.

When it comes down to it, improving your chances of getting approved for a small business loan is about choosing the right lender. Quick-Bridge’s simple, fast approval process means you could have a short-term loan to cover business expenses within 24 hours. Contact:QuickBridge to speak with a funding advisor about obtaining financing for your small business.

 

 

Visit us Today at Biz Central USA and Talk to me Personally About Your Business Needs

Efrain Rodriguez

President / CEO

407-857-6718 Direct

407-857-9002 Reception

407-857-9309 Fax

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Six Amazing Financing Options for Start-up Businesses

Business depends upon the idea and vision of an individual or a group of people, and one cannot start it until and unless is confident about the idea. The biggest advantage of having your own business is that you have your own choices and you get to make your own independent decisions. But certain requirements of the business must be fulfilled. You should make sure that you have the abilities to start up a new business and along with that you are ready to give your time and strength to it as the establishment of a new business requires them all.

After this, the primary thing that comes in the way to start your own business is the lack of capital. One of the most basic things that every businessperson needs at some point either to continue, to establish or to start a new business is the loan. When any business entity has less capital, then it not only affect the progress rate of the entity but also decreases the employment rate which ultimately affects the lives of many people. There are many ways by which you can get loan and the biggest mean is the bank. It is also very important that you prepare a solid business plan. You should gather all the information regarding your business niches such as the information of the ownership and the management, the objective of the business, marketing plans and financial projections. You should also present your idea to the lenders. It will help them to develop confidence in your vision.

Along with that, a written business plan is always preferable as it contains all the information that the lender would need to check whether the firm is in a position to return the loan taken or not. It contains all the profit and loss statements, bank statements, business credit reports, personal credit reports, tax return documentation and copies of all the relevant legal documents. Do you want to start a business of your own? Are you passionate about business and related stuff?! Well, the two basic things that you need in order to start a new business are capital and your devotion, of course. So here I have six amazing financing options for startup businesses. Have a look at them:

f you want to start a business a

If you want maximum profit out of your business, then you will have to finance it personally. How do you expect any banks or lenders to take a risk in you when you are not willing to take a risk in yourself? There are numerous ways to finance your business personally. You can save up from your personal income, or you can also liquidate some assets to get the startup money. You can gain the finances for your business is through your property.

It can create a big role for the investment towards your business. You can pledge your property to gain enough amount of money for starting your business as personal assets play an important role in helping the lender decide to lend you the amount. They act as a guarantee to the lender that in case you fail to pay back the amount on given time then the amount can be recovered from the assets. But do all the necessary calculations and make a solid and effective business plan so that you don’t end up wasting your hard earned money. And your business can be more profitable if self-financed due to the ever-increasing interest rates of banks and private lenders.

 

If you don’t have enough resources to finance your business personally then acquiring a loan is another option you can avail. Keep in mind that loans don’t get approved so easily. You will have to ensure the lenders that you are worth taking the risk. Here are some tips that you should keep in mind while applying for a loan.

  • Start the application process before you need the money
  • Create a detailed business plan
  • Show how the business will be profitable
  • Try to improve your personal and business credit score
  • Consult professionals to look over the loan agreement before you sign it

 

Partnerships are a great way to finance a startup personally without any involvement of banks. Gather some friends and family members that you can trust and form a partnership to finance the business. But involving business with relationships can sometimes cause problems and can lead to damaging the relationships with your loved ones. So to avoid this problem, you should form a legally binding contract that specifies the roles of all the people involved in the business.

 

  • Incubators and accelerators

Incubators and accelerators are companies that finance your business in return for some equity. They also provide you access to experienced professionals and business contacts to improve your odds of success. But like a loan you need to show these companies that you are worth the investment and your business plan will be profitable.

 

Crowdfunding is the process of raising money to fund what is typically a project or business venture through many donors using an online platform, such as Kickstarter, Indiegogo and Crowdfunder. Crowdfunding is typically done through an online platform that allows the fundraiser to set up a public campaign for accepting donations. The campaign will advertise details such as the nature of the project or venture, the amount of money the company is hoping to raise and the campaign’s fundraising deadline.

People can donate a specified amount through the fundraising campaign’s website and often receive some sort of acknowledgement or reward in return for their donation. These websites are a centralized way for startups to reach out to a large community. Many YouTube channels got their startup funding from crowdfunding websites.

 

If any of the previous options are not available, you always have family and friends to look back to. You can ask your friends and family members to loan you the startup, or you can ask them to invest in your business. It is the most common way through which you can take the loan for a start-up business. You can always convince them to lend you the loan. Where you will need to return the loan you take, you won’t have to pay any interest on them and you won’t be under any extreme pressure by your friends and family. Just make sure that you don’t let the money ruin your relationships.

 

Author Bio:
Emily Stark is a financial analyst and accounting expert. She has in-depth knowledge about setting up small businesses as well as creating profitable investments. She regularly contributes articles related to business and loans at https://www.ebroker.com.au/.

May 23, 2018 at 4:40am
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ELON MUSK’S IRE REVEALS A WALL STREET SILICON VALLEY DIVIDE

 

Wall-Street and Silicon-Valley have not been bed-fellows that are happy and which was on complete display this week during Tesla’s every three months earnings call. These calls are usually dull affairs, with CEOs or CFOs reading a prepared script summarizing the already-released economic results and articulating the main goals of this company that have, presumably, been stated before. Then Wall Street experts ask a few questions about the outcomes, strategies, and strategy that executives artfully dodge or clearly answer. Just like press conferences, the format doesn’t lend itself to spontaneity.

Except whenever company is Tesla as well as the Chief Executive Officer is Elon Musk. The press following this week’s call was intensely critical of Musk for dismissing questions, refusing to look into financial details, and musing about robo-Ubers and autonomous trucks that are electric into rail transportation. More than most, the call exposed the starkly different viewpoints of Wall Street therefore the valley. Musk obviously is avoiding some hard questions regarding Tesla’s monetary viability. But it’s similarly true that the phone call uncovered how limited Wall Street can be about visions money for hard times and the required steps to make new templates for doing old things.

Musk just isn’t your typical Chief Executive Officer, needless to say, with his several interlacing organizations and also his ability so far to convince investors to get along for a ride that promises the moon or perhaps Mars in the case of their SpaceX and delivers no earnings while accepting a large amount of debt. But even by those standards, his refusal to answer basic questions about, state, how much cash Tesla is burning through and also whether or not the company has an agenda to continue subsidizing and also capitalizing their expenses struck Wall Street as odd and an indicator of deep problems. Exactly what caused this call-peculiar the way Musk-dismiss sober-question was by highly regarded Wall-Street-analysts for example Toni-Sacconaghi-of -Bernstein, who pushed Musk concerning costs and also cash. Musk brushed him off, sniping that bone-head, boring questions aren’t cool. Added to the insult and injury, Musk now field another questions from the YouTube-user, who go on to control a call typically open and also only major Wall-Street. That failed to stay well with the entire Street, and Sacconaghi-lambasted-Musk the overnight on CNBC aided by the instead clever jab, This is a financial analyst call, this will be not a TED talk Friday, Musk returned fire, with tweets asserting that the concern had been boneheaded as the analyst already knew the answer and was asking purely to recommend a thesis that is negative the company.

Musk’s controversy with experts recalls the same tensions between Wall Street experts and Jeff Bezos of Amazon, Reed Hastings of Netflix, Mark Zuckerberg of Facebook and other arrogant, aggressive, and visionary technology CEOs. The experts consistently press for metrics revenue that is including profit margins, cash burn, and profits projections. The Chief Executive Officer routinely tries to stress growth, users, experience, as well as long-term vision. The experts press on expenses, competitors, cost of money; the Chief Executive Officer dodge and weave and point to approach, new models, breaking old molds, and creating new marketplaces. as well as the dance goes.

A lot of visionaries are entirely drastically wrong about their eyesight, because they are early, or outwit, or even miscalculate. Buying Tesla stock is way to risky, perhaps even ill-recommended. That doesn’t mean Musk should alter exactly what he does or how he does it. In fact, managing his enterprises to please Wall Street is an almost certain path to failure; the numbers do not mount up and won’t unless everything works nearly completely. You, but Tesla’s fate should not be up to Wall Street analysts whether you go along for the investing ride is up to

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How to Successfully Market Your Bar or Club

Marketing Your Bar or Club

Building a customer base is easier than ever in the digital age, but marketing a bar or club can still be tough. If you live in a well-populated area, chances are there’s a lot of competition from other cafes and bars, whereas if you’re the only one for miles, you will struggle with lack of footfall. What’s more, people have certain expectations when they come to a bar. Most people are reluctant to spend money on a new business, as they don’t know if their consumer needs will be met. As the owner, it’s your job to convince them they’ll have a great experience, and you do this through dedicated marketing. Here are five steps to help you make an impression.

Know Your Brand

Just like any other business, your bar or club needs a brand. So before you market your business (or ideally before you open your doors), you should know these three things: what you do, who you do it for, and what makes you stand out. In other words, you should come up with a concept that’s as niche as possible, for example, locally brewed craft ales, and then identify your target market. Your USP (unique selling proposition) is what makes your business stand out from the competition. Make sure every piece of marketing material you put out there reflects your brand and ethos, from your menus and signs to your social media posts.

Perfect Your Website

These days, if you want to market your business successfully, you need a functional website with responsive design so people can use it on their phones and tablets. This website needs to be clean, precise and easy to navigate. What’s more, your home page should include photos of your establishment, so people know what to expect when they visit you, and your contact details should be clearly visible. If your interiors are looking shabby, you may wish to redecorate or invest in some new pub furniture and have professional photos taken.

Optimise Your Signage

Signs both inside and outside your establishment can generate lots of business, so it’s worth investing in a graphic designer to make yours stand out. Everything from your menus, receipts, promotional boards and outdoor signs will help promote your business, so be sure to capitalise on these opportunities.

Boost Your Online Presence

What do most people do when they’re looking for somewhere to eat or drink? They look online. Therefore, you need to make sure your bar or club appears in search engines and on social media so you can connect with prospective customers. Your contact information, opening hours and menus should all be easy to find. If you serve food, you want to enable online reservations to make booking a table even easier.

Monitor Your Reviews

Reviews can make or break a business, so it’s important to take them seriously. Monitor your pages on Google and Trip Advisor, and take time to respond to comments – both positive and negative. Doing so gives you control over your reputation and helps you deal with any complaints head-on. Keeping in touch with your customers will help foster conversation about your business and show the community you care what they think.

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Personal Finances: Could They Affect How You Run a Business

Personal Finances and Starting a New Business

Starting a new business can be an exciting yet daunting experience. This process is also often made easier if you get into good habits from the outset in relation to planning, money management and continually monitoring progress. So what happens if these areas are not your strong point? It might not look favorably if you struggle to keep on top of your everyday finances and personal commitments, but there are ways to overcome these hurdles and bring your business ideas to fruition. The road ahead may be challenging, as you are not only trying to be more equipped for the business world, you will also need some huge lifestyle changes to make the transition more successful. If you’re worried about how your personal finances might affect starting a business, read on to see how you can change habits for a secure business future.

Sort your personal finances

Before committing to anything in the business world, it is best practice to have all your personal commitments in order first. If you juggle payments and find it difficult to manage personal budgets, this might not bode well for your business finances. You don’t have a squeaky clean slate to get started in your venture but considering options such as Vanquis credit card could help improve your credit rating and manage your outgoings more efficiently.

Create a budget and track everything

Budgeting is one of the most critical factors in business, so learning how to do this efficiently is vital to business success. If you have a penchant for impulse buying and find making decisions on your spending difficult, reigning it in with a comprehensive tracker of your expenses can assist in adjusting your spending habits. Getting into better practices is not only great for your personal life; it also rubs off in the business world too.

Build an emergency fund

This can be difficult if you find it challenging to save for things in personal circumstances but effective budgeting often offers the chance to put money aside for emergencies. In business, there will be peaks and troughs of activity so planning for these is vital to keep everything ticking over. If you can get into the habit of saving in both your personal and professional life, you’ll have an adequate fall back if you need it.

Use resources available

Finding out where and how to seek help when managing both personal and business money is key to knowing where to turn when times get tough. There are many online resources and business experts who can offer invaluable advice on a number of money management areas. These are often ideal for when you are starting out too, as they can provide a hub of knowledge to help you get into better habits from the outset.

 

It’s no surprise that personal attributes contribute to how you run a business but identifying both your strengths and weaknesses will ensure you ride out the challenges that may lie ahead.

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