Tag: Blog

5 Summer Business Ideas for Kids: PowerHomeBiz Blog #owning #your #own #business

#business ideas for kids

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It is summer time and the kids are out of school. One way to preoccupy them during the warm summer months is to introduce them to the joys of entrepreneurship.

One way to make this summer memorable for them is to help them start a business – one that they enjoy and are passionate about. A summer business venture can teach them the basics of business. They get to have a taste of becoming a business owner. It will be a great exercise to expose them to the value of hard work and dedication. They’ll also start learning about money, even the concept of cash flow. Plus, it will help them take pride in their creations and work.

Here are some summer business ideas for kids:

With your help, your child can create an online store and start selling on the Web. The key is choosing the right items to sell, preferably products that resonate with them. One option is to choose items that they think will resonate with other kids in their age group. Read the story of Hannah Altman: A 10-Year Old CEO’s Success with Pencil Toppers .

An easier way will be to become an affiliate for other companies. This will allow the kid to earn commission from the sale, without spending money for inventory. This is the business model followed by the 15-year old entrepreneur Lachy Groom with his iPadCaseFinder.com website.

Cool Zips products from 10-year old entrepreneur Hannah Altman

The neighborhood lemonade stand is the most common business for kids in the summer. It is a fun, easy business for kids.

Easy to setup, your child needs to make a refreshing pitcher of lemonade (may need the help of adults) and sell it by the cup. The key is to find a high traffic area to set up the stand. The stand can be a simple table with chairs for the kids (umbrella preferred) or more complex with a wooden stand. The price of a lemonade cup can be anywhere from $0.25 to even a dollar, depending on how hot is it that day. However, check with your local county if there are any restrictions or tax implications for a seemingly simple business like a kid’s lemonade stand (the last thing you want is for your kid to be slapped with a fine for operating a business without a license.)

3. Pet sitting business.

During summer, some people go off on vacations but choose to leave their pets behind. If your kid loves pets and is capable of taking care of pets, one option is to start a pet sitting business. Your kid can take the dog for a walk, feed the cat or birds, and just make sure that the pets are being taken care of. For ideas, read the article “How to Develop a Pet Sitting Brand” .

If your kid is adept in creating and editing videos, your child can use the skill to make money. Your kid can make short videos and upload them to the massively popular Youtube. If the videos are able to attract a sizeable audience, your kid can join the Youtube Partner Program http://www.youtube.com/partners and start earning from the videos through advertising. Read the article “8 Ways to Earn Money from Online Videos” .

5. T-Shirt Design Business.

If your kid is pretty crafty and artistic, one option is to start designing t-shirts. Your kid can make it as colorful as he/she wants, even full of wacky design ideas. The key is to highlight that these are unique and one-of-a-kind t-shirts. You can then sell them online such as eBay or the handmade auction site Etsy.com. Another way is to approach a small boutique owner in your area and check if they would be interested in selling your kid’s t-shirts.

For any of the above business ideas, parental guidance is important (even necessary). Think of this time as a way you can bond even more with your kids. And have fun while doing it!





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How To Start A Blog And Make Money In 5 Easy Steps #small #scale

#online business ideas

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How To Start A Blog And Make Money

Blogging has opened up a whole new world to online marketing, if you want to know how to start a blog and make money online then follow this step by step guide.

Starting a blog has never been easier. I have created and managed dozens of blogs over the past few years and I have gathered quite a lot of experience in that time. There are lots of ways to make money blogging but I ll cover what I have found to be the best ones right here, but first I am going to run through how to set up your own blog today. You can actually follow along and do it right now!

If you want your own online business you are going to need a blog or site! Creating a blog is really easy and there is no need for any complicated coding, HTML. CSS skills or anything technical.

Step 1 Decide on a blogging platform

There are lots of different platforms which you can build your blog on. But the most popular by far is WordPress. I have used WordPress for years and it does everything you could possibly want. Some of the leading websites in the world are built on WordPress including this blog!

The last I heard, WordPress has been downloaded over 72 Million times, so that in itself should be enough to tell you that it is the best platform to use.

The advantages of WordPress are:

  • There are thousands of free themes and layouts to choose from
  • WordPress uses plugins, there is a plugin for almost everything, so no need for coding
  • Easily add images and multimedia
  • Simple to install (takes 2 minutes)

With WordPress you can create what is called a self hosted blog , and this is what we are going to be doing. This means that we can use our own hosting and most importantly, our own domain name. If you use the free blogging platform on blogger.com or Tumbler.com you will be given a subdomain, which will look something like this (startablog.tumblr.com). This also restricts you to many of the features of hosting your own blog.

It also gives your blog more credit if it is self hosted on your own domain, and you have full ownership of it. For this reason I ALWAYS self host my blogs.

Step 2 Choosing A Domain Name And Host

You want to put a bit of thought into selecting your domain name. You can choose to use your business name, your own name or a domain that contains keywords related to the type of site you are building. My advice is to choose something that is brand-able and easy to remember, keep it short if possible.

There are lots of Domain registrar s where you can check and register a domain, here are a few that I have used:

Where To Host My Blog

There are hundreds of hosting companies out there, I ve tried many of them and encountered bad experiences with almost all of them at some point. I then came across BlueHost. Since I started using their hosting I have never had any problems. Their support is fantastic, their servers are fast and reliable and best of all, they are cheap.

I think it s around $4.95 per month. which is great value. Having a reliable host is the foundation for your whole online business, so don t get it wrong.

You can register a BlueHost account right now. and continue following my step by step guide.

Almost forgot; you can host as many sites as you want on just 1 BlueHost account.

Step 3 How To Install WordPress In Less Than 2 Minutes

This is the part where a lot of people are afraid of. It can seem daunting, the thought of installing WP and setting everything up correctly! Luckily BlueHost have a quick 1 click installation.

Simply login to your BlueHost account:

You should have set up a domain when you opened the account

Scroll to the wordPress Installation Tab

Now Click The install Button

Now simply select your domain where you want to install WordPress and fill in the remaining

The application will install WordPress and all of the files and database in just a few seconds.

Here is a video to show you the process:

Step 4 My Installation Is Complete. Now What?

Congratulations, you now have your very own blog hosted on your own domain. Now if you have never used WordPress before you are going to have to learn how it all works.

There is far too much to explain in this post, so I have found a few links which will take you through the process of setting up your new blog:

Step 5 How to make money from your blog

Making money from your blog can be a difficult task. It took me a long time before I started making any money from blogs, mainly because I was inexperienced and didn t really know what I was doing at the time. Luckily I gained a lot of experience from my failures and now I can pass that experience on to you.

There are tons of ways to monetize your blog to make money, some of them include things like,

  • Adsense Get paid when people click on ads
  • selling a product
  • Selling other peoples products as affiliates
  • selling a service
  • blog advertising,
  • Drop Shipping Selling physical products that you don t actually own

These are the main areas to focus on and I have used all of these myself to make money on my blogs.

The first thing you need to determine is what your blog is all about . If for example you are writing a blog that provides a lot of information, similar to this blog, then you may want to think about using Google Adsense or selling advertising space on your blog.

Drop Shipping For Success

If you are thinking of basing your blog around certain products (something like a blog about PC s and Tablets) then you would benefit from selling products. For this you would need to use Drop Shipping.

Here is the best Drop Shipping Wholesale directory that I have used – SaleHoo

Ever wondered how people make a fortune on Ebay? Here is the answer They use Drop shipping. I have done it myself with Ebay and Amazon .

The great thing about Drop shipping is I DONT HAVE TO BUY THE ITEMS until the customer buys them!!

So you can open an online store with absolutely no stock, and then when a customer purchases an Item, you simply order it from the drop shipper and have it delivered straight to the customer!

Summary

I hope this guide has provided you with some good information to get you started. You should now have your WordPress blog set up and you now have the knowledge to know how to start a blog and make money anytime you like. So the next step in the process is to take action. Taking action is the best piece of advise I was given. It s no good reading posts like this if you don t take action. If you haven t already done so, get your Bluehost account and start building your blog!

I’m an internet Marketer with a love for online business. Get in touch if you need a helping hand with Internet marketing, SEO or Business

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23 Inspiring Quotes for Growing Your Business in 2016 – Salesforce Blog #new #small

#business quotes

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23 Inspiring Quotes for Growing Your Business in 2016

If there’s one thing we know about small businesses, it’s that they’re focused on growth. When we surveyed entrepreneurs and small-business leaders earlier this year, the majority told us they expected to grow significantly in the coming year. (Click here to see the full results of our research .)

So, as 2015 draws to a close, we wanted to give small businesses a little inspiration. Here are 23 of our favorite quotes to help you jumpstart business growth in 2016.

Growth is never by mere chance; it is the result of forces working together.

— James Cash Penney, founder, JC Penney

“Play by the rules, but be ferocious.

— Phil Knight, founder, Nike

“The only strategy that is guaranteed to fail is not taking risks.”

— Mark Zuckerberg, founder, Facebook

“Out of your vulnerabilities will come your strength.”

― Sigmund Freud, neurologist

“Motivation is the catalyzing ingredient for every successful innovation.”

— Clayton Christensen, economist and Harvard professor

“Every problem is a gift — without problems we would not grow.”

― Anthony Robbins, motivational speaker and writer

“Conformity is the jailer of freedom and the enemy of growth.

— John F. Kennedy, 35th president of the United States of America

Strength and growth come only through continuous effort and struggle.

— Napoleon Hill, author

“Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you’re climbing it.”

― Andy Rooney, journalist

“Mistakes are the growing pains of wisdom.”

― William George Jordan, writer/editor

“The greatest thing in this world is not so much where we stand as in what direction we are moving.”

― Johann Wolfgang von Goethe, writer/statesman

“And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom.”

― Anaïs Nin, writer

No company can afford not to move forward. It may be at the top of the heap today but at the bottom of the heap tomorrow, if it doesn’t.

— James Cash Penney, founder, JC Penney

“Only those who will risk going too far can possibly find out how far one can go.”

— T.S. Eliot, author

“The only way you are going to have success is to have lots of failures first.

— Sergey Brin, co-founder, Google

If you don’t build your dream, someone else will hire you to help them build theirs.

— Dhirubhai Ambani, founder, Reliance Industries

I do not know the word ‘quit.’ Either I never did, or I have abolished it.

— Susan Butcher, sled dog racer

To be successful, you have to have your heart in your business, and your business in your heart.

— Thomas Watson, Sr. former CEO, IBM

“It’s very easy to be different but very difficult to be better.”

— Jonathan Ive, Chief Design Officer, Apple

“Almost everything worthwhile carries with it some sort of risk, whether it’s starting a new business, whether it’s leaving home, whether it’s getting married, or whether it’s flying in space.”

— Chris Hadfield, astronaut

“Happy employees lead to happy customers, which leads to more profits.”

— Vaughn Aust. EVP of Integrated Solutions, MarketStar

Employees want to feel inspired by their leaders. hire individuals who will lead by example.

— Jody Kohner. VP of Employee Marketing Engagement, Salesforce

“Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.”

— William Durant, co-founder, General Motors





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Everything You Need to Know about Minority Business Grants – Small Business Blog #stock

#minority business grants

#

Everything You Need to Know about Minority Business Grants

Minorities are choosing entrepreneurship in leaps and bounds. The pool of minority-owned business includes members of the African American, Hispanic, Asian, and Native American ethnic groups. According to the SBA, this number rose to 14.6 percent in 2012 in part because of the growing Hispanic population in the U.S.

As with their non-minority counterparts, proper access to funding is crucial for the creation, growth, and sustainability of their businesses. Although minority business ownership is growing, there continues to be great disparities in their access to business funding. In their effort to even the playing field, minority business owners continue to search for various funding resources.

Grants for Minority Business

Federal Grants

As part of their quest for funding, the first choice for minority business owners is to seek out grants. The belief that there are federal grants available for the start up and growth phases for small businesses is a myth. The federal government does not provide grants to businesses for start up, expansion, to cover operational expenses, or to pay off debts. However there are federal grants available in the areas of research in the fields of medicine, scientific research, education, and technology development. Here are a few such grants.

  1. Small Business Innovation Research(SBIR)/Small Business Technology Transfer (STTR) – This grant is for the purpose of funding small business projects that are research related. Research areas include the U.S. Department of Health and Human Service (HHS), Centers for Disease Control and Prevention (CDC), and the Food and Drug Administration (FDA). See a full list of program descriptions and research topics allowed on their site.
  2. The USDA Rural Business Enterprise Grant (RBEG) Program – The purpose of this grant is to finance the development of small and emerging businesses in rural areas. The amount of the award ranges from $10,000 to $50,000.

You can search additional federal grants at grants.gov .

Corporate Grants

We have included a list of some grants available to black and minority owned businesses.

  1. FedEx Small Business Grant Contest The FedEx Small Business Grant awards 10 different grants to small business owners in the following amounts: (1) grand prize grant of $25,000, (1) grant of $10,000, and (8) grants of $5,000. Deadline is January 12, 2015. To enter, the applicants must share their business story including their motivation and plans for growth. Winners will be announced April 21, 2015.
  2. The National Association for the Self Employed (NASE) Growth Grant Program This grant allows business owners to apply for financing for a particular business need. Each grant is worth up to $5,000. To apply visit nase.org, create an account, become a member, and click on the link apply today. Grants are awarded on a quarterly basis.
  3. MillerCoors Urban Entrepreneurs Series – This grant supports urban entrepreneurs by awarding up to $150,000 in business grants to five entrepreneurs annually.
  4. Huggies MomInspired Grant Program – Grant proposals are accepted from businesses that nurture the relationship between mother and child either through a product or service. The amount of the award is $15,000 plus additional business resources for further development.

Organizations that Provide Minority Business Grants

The Role of the SBA

While the SBA has the authority to provide grants to certain non-profit and educational organizations, it is not permitted to provide grants to small businesses, including minority owned businesses. However, minority business owners can take advantage of the SBA (8) a Business Development Program. The program assists qualifying minority-owned businesses develop and growth through one on one counseling, training workshops, management, and technical assistance.

The 8(a) program has been designed for some minority groups that are considered socially and economically disadvantaged. Those groups include: African American, Hispanic American, Native Americans, Asian Pacific Americans, and Subcontinent Asian Americans. A business must be at least 51% owned by a minority of the group listed. Other groups can apply for this program if they can prove that they have been discriminated against or are at an economic disadvantage. Those groups include: Alaska Native Corporations, Indian Tribes, Native Hawaiian Organizations, and Community Development Corporations.

To learn more about this program contact the local SBA office in your area.

The Minority Business Development Agency

Another great resource for minority business owners is the U.S. Department of Commerce’s Minority Business Development Agency (MBDA). MBDA maintains a national network of 44 business centers whose purpose is to assist minority businesses with access to capital, contracts, and new markets. The specialists that work at the business centers can assist with the grant application.

Minority Business Grants: The Process

Applying for a grant is not a quick process. First the application can be more than a few pages and it is normally a detailed application. Most grants have an opening date, which is the date when the grant became available for application. The deadline date is the final date you must submit your grant by. Keep in mind that the decision may take a few months.

Additional Grant Preparation Tips

  • Create a business plan – Writing a business plan is an important step. The business plan will act as the roadmap for your business. Be sure to provide specific information in the plan about your minority business and how it will improve the economy and your community.
  • Read through grant information thoroughly Once you have decided which grant you will apply for, make sure that you read through all of the information. This will ensure that you have all of your ducks in a row. Most grant synopsis’ are detailed and require a lot of specific information.
  • Keep track of the application deadline – Obviously it is important that you do not miss the deadline. So be sure to apply for the grant before the deadline. A good idea would be to create a project checklist which includes dates and milestones. It’s a good idea to submit the grant before the deadline approaches.
  • Gather all of your documents – Make sure you gather all of the documents required for the grant. Prepare a checklist, check, and double check. You do not want to have any missing documents that may cause the grant to be denied.




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Merchant Cash Advance vs Business Loan – Small Business Blog #memphis #business #journal

#business cash advance

#

Merchant Cash Advance vs Business Loan

When things are going great, businesses have the cash flow they need for success and growth. During lean times or tight transitions, though, your company may need to find a cash advance loan to keep the doors open or to successfully expand. Though a myriad of funding options exists, merchant cash advances and platform lending like that offered here at Kabbage.com are two of the most popular and advantageous options.

The trick is understanding the difference between the two. Each has its own unique characteristics, and is more or less appropriate for a specific business need.

Let’s start with definitions.

What is a Merchant Cash Advance?

A merchant cash advance gives a business up-front cash, and takes payments from the credit card receipts on a regular (often daily) basis according to an agreed-upon amount. If you’ve been in business for more than a year, you’ve almost certainly received at least one phone call offering you merchant advance funding.

What is a Business Loan?

A business loan also provides up-front cash, but is paid back in monthly installments. These are usually withdrawn directly from your operations account, but terms are flexible if another method works better for your business.

For example, let’s say your company needed $1,000 for an advertising blitz in the month prior to your peak season. With that advertising in place, you would be positioned to lead the pack in your region for your industry. Without it, your competition would get the lion’s share of the business and the lost business would amount to far more than the $1,000 you would invest. But it’s been a year since the last peak season, and you don’t have the cash on hand. You need the cash, and like any smart business person you look at the two cash advance options for your business in detail.

Merchant Cash Advance vs Business Loan

Though it comes from the newer platform lending model. a Kabbage business loan is still legally a loan. This means it’s scrutinized by federal authorities and subject to limitations and enforcement. Merchant cash advances aren’t technically a loan because of how the payments are structured. This means they aren’t as regulated or carefully watched. This doesn’t automatically mean that merchant advance funding comes with abusive interest rates and contracts, but it does mean you should read and understand that contract as completely as possible.

Merchant cash advance loans approve any business that shows a history of credit card receipts sufficient to pay the money back. This makes them attractive to companies with new or bruised credit histories. Kabbage loans look at data from a variety of sources, including social sharing indicators, your cash flow reports, traditional credit reporting and industry metrics. Armed with that information, Kabbage can grant credit to struggling companies (at a higher interest rate to justify the risk), but can give lower rates to those who have earned them.

In this category, both means of lending are about equivalent. Kabbage loans deliver funds within 24 hours of approval. Most merchant cash advances work at the same speed – but not always. Ask about this if you go with merchant advance funding and need the money quickly.

Merchant cash advances take a percentage of credit card sales until the loan is paid. Kabbage loans take 1/6 th of the loan plus interest each month for six months. If your company needs flexibility that matches performance, a merchant advance might be the better option. If you want reliable, predictable costs for the borrowed money, Kabbage loans serve those goals more effectively.

For the first two months of a Kabbage loan, the interest rate is between 1 and 13 percent of the principal, based on the metrics gathered during the approval phase of the application. The rate then falls to 1 percent for the remaining six months of the loan. Merchant cash advance operations do not typically publish their interest rates. Independent analysis of a variety of merchant advance funding offers puts the average APR at more than 38 percent.

Merchant cash advances often include set-up fees, processing fees and even payment fees that can as much as double the actual cost of the loan. Kabbage loans include no extra fees. They cost as much as the “price tag” says.

Which is the better option? As with all business decisions, there’s no single good answer. Platform lending like Kabbage serves one set of business needs, while cash advance loans serve a different set. While we can’t give you a definite answer, we hope this has helped you identify the best questions. If not, watch this two minute video on Merchant Cash Advances vs Kabbage Business Loans for more information.

If you have experience with merchant cash advances versus business loans, tell us a bit about it in the comments below. Help the Kabbage community benefit from your experiences.

Jason Brick speaks internationally to small businesses after a fifteen-year career in managing companies for himself and others. His books include the best-selling Mastering the Business of Writing and upcoming Ownership Evolution. When not writing or speaking he enjoys martial arts, board games, cooking, travel and spoiling his wife and sons. He usually lives in Oregon, but is spending the year in Malaysia.

Latest posts by Jason Brick (see all )

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  • Everything You Need to Know about Minority Business Grants – Small Business Blog #minority

    #minority business grants

    #

    Everything You Need to Know about Minority Business Grants

    Minorities are choosing entrepreneurship in leaps and bounds. The pool of minority-owned business includes members of the African American, Hispanic, Asian, and Native American ethnic groups. According to the SBA, this number rose to 14.6 percent in 2012 in part because of the growing Hispanic population in the U.S.

    As with their non-minority counterparts, proper access to funding is crucial for the creation, growth, and sustainability of their businesses. Although minority business ownership is growing, there continues to be great disparities in their access to business funding. In their effort to even the playing field, minority business owners continue to search for various funding resources.

    Grants for Minority Business

    Federal Grants

    As part of their quest for funding, the first choice for minority business owners is to seek out grants. The belief that there are federal grants available for the start up and growth phases for small businesses is a myth. The federal government does not provide grants to businesses for start up, expansion, to cover operational expenses, or to pay off debts. However there are federal grants available in the areas of research in the fields of medicine, scientific research, education, and technology development. Here are a few such grants.

    1. Small Business Innovation Research(SBIR)/Small Business Technology Transfer (STTR) – This grant is for the purpose of funding small business projects that are research related. Research areas include the U.S. Department of Health and Human Service (HHS), Centers for Disease Control and Prevention (CDC), and the Food and Drug Administration (FDA). See a full list of program descriptions and research topics allowed on their site.
    2. The USDA Rural Business Enterprise Grant (RBEG) Program – The purpose of this grant is to finance the development of small and emerging businesses in rural areas. The amount of the award ranges from $10,000 to $50,000.

    You can search additional federal grants at grants.gov .

    Corporate Grants

    We have included a list of some grants available to black and minority owned businesses.

    1. FedEx Small Business Grant Contest The FedEx Small Business Grant awards 10 different grants to small business owners in the following amounts: (1) grand prize grant of $25,000, (1) grant of $10,000, and (8) grants of $5,000. Deadline is January 12, 2015. To enter, the applicants must share their business story including their motivation and plans for growth. Winners will be announced April 21, 2015.
    2. The National Association for the Self Employed (NASE) Growth Grant Program This grant allows business owners to apply for financing for a particular business need. Each grant is worth up to $5,000. To apply visit nase.org, create an account, become a member, and click on the link apply today. Grants are awarded on a quarterly basis.
    3. MillerCoors Urban Entrepreneurs Series – This grant supports urban entrepreneurs by awarding up to $150,000 in business grants to five entrepreneurs annually.
    4. Huggies MomInspired Grant Program – Grant proposals are accepted from businesses that nurture the relationship between mother and child either through a product or service. The amount of the award is $15,000 plus additional business resources for further development.

    Organizations that Provide Minority Business Grants

    The Role of the SBA

    While the SBA has the authority to provide grants to certain non-profit and educational organizations, it is not permitted to provide grants to small businesses, including minority owned businesses. However, minority business owners can take advantage of the SBA (8) a Business Development Program. The program assists qualifying minority-owned businesses develop and growth through one on one counseling, training workshops, management, and technical assistance.

    The 8(a) program has been designed for some minority groups that are considered socially and economically disadvantaged. Those groups include: African American, Hispanic American, Native Americans, Asian Pacific Americans, and Subcontinent Asian Americans. A business must be at least 51% owned by a minority of the group listed. Other groups can apply for this program if they can prove that they have been discriminated against or are at an economic disadvantage. Those groups include: Alaska Native Corporations, Indian Tribes, Native Hawaiian Organizations, and Community Development Corporations.

    To learn more about this program contact the local SBA office in your area.

    The Minority Business Development Agency

    Another great resource for minority business owners is the U.S. Department of Commerce’s Minority Business Development Agency (MBDA). MBDA maintains a national network of 44 business centers whose purpose is to assist minority businesses with access to capital, contracts, and new markets. The specialists that work at the business centers can assist with the grant application.

    Minority Business Grants: The Process

    Applying for a grant is not a quick process. First the application can be more than a few pages and it is normally a detailed application. Most grants have an opening date, which is the date when the grant became available for application. The deadline date is the final date you must submit your grant by. Keep in mind that the decision may take a few months.

    Additional Grant Preparation Tips

    • Create a business plan – Writing a business plan is an important step. The business plan will act as the roadmap for your business. Be sure to provide specific information in the plan about your minority business and how it will improve the economy and your community.
    • Read through grant information thoroughly Once you have decided which grant you will apply for, make sure that you read through all of the information. This will ensure that you have all of your ducks in a row. Most grant synopsis’ are detailed and require a lot of specific information.
    • Keep track of the application deadline – Obviously it is important that you do not miss the deadline. So be sure to apply for the grant before the deadline. A good idea would be to create a project checklist which includes dates and milestones. It’s a good idea to submit the grant before the deadline approaches.
    • Gather all of your documents – Make sure you gather all of the documents required for the grant. Prepare a checklist, check, and double check. You do not want to have any missing documents that may cause the grant to be denied.




    Tags : , , , , , , , , , , ,

    Merchant Cash Advance vs Business Loan – Small Business Blog #grants #for #small #business

    #business cash advance

    #

    Merchant Cash Advance vs Business Loan

    When things are going great, businesses have the cash flow they need for success and growth. During lean times or tight transitions, though, your company may need to find a cash advance loan to keep the doors open or to successfully expand. Though a myriad of funding options exists, merchant cash advances and platform lending like that offered here at Kabbage.com are two of the most popular and advantageous options.

    The trick is understanding the difference between the two. Each has its own unique characteristics, and is more or less appropriate for a specific business need.

    Let’s start with definitions.

    What is a Merchant Cash Advance?

    A merchant cash advance gives a business up-front cash, and takes payments from the credit card receipts on a regular (often daily) basis according to an agreed-upon amount. If you’ve been in business for more than a year, you’ve almost certainly received at least one phone call offering you merchant advance funding.

    What is a Business Loan?

    A business loan also provides up-front cash, but is paid back in monthly installments. These are usually withdrawn directly from your operations account, but terms are flexible if another method works better for your business.

    For example, let’s say your company needed $1,000 for an advertising blitz in the month prior to your peak season. With that advertising in place, you would be positioned to lead the pack in your region for your industry. Without it, your competition would get the lion’s share of the business and the lost business would amount to far more than the $1,000 you would invest. But it’s been a year since the last peak season, and you don’t have the cash on hand. You need the cash, and like any smart business person you look at the two cash advance options for your business in detail.

    Merchant Cash Advance vs Business Loan

    Though it comes from the newer platform lending model. a Kabbage business loan is still legally a loan. This means it’s scrutinized by federal authorities and subject to limitations and enforcement. Merchant cash advances aren’t technically a loan because of how the payments are structured. This means they aren’t as regulated or carefully watched. This doesn’t automatically mean that merchant advance funding comes with abusive interest rates and contracts, but it does mean you should read and understand that contract as completely as possible.

    Merchant cash advance loans approve any business that shows a history of credit card receipts sufficient to pay the money back. This makes them attractive to companies with new or bruised credit histories. Kabbage loans look at data from a variety of sources, including social sharing indicators, your cash flow reports, traditional credit reporting and industry metrics. Armed with that information, Kabbage can grant credit to struggling companies (at a higher interest rate to justify the risk), but can give lower rates to those who have earned them.

    In this category, both means of lending are about equivalent. Kabbage loans deliver funds within 24 hours of approval. Most merchant cash advances work at the same speed – but not always. Ask about this if you go with merchant advance funding and need the money quickly.

    Merchant cash advances take a percentage of credit card sales until the loan is paid. Kabbage loans take 1/6 th of the loan plus interest each month for six months. If your company needs flexibility that matches performance, a merchant advance might be the better option. If you want reliable, predictable costs for the borrowed money, Kabbage loans serve those goals more effectively.

    For the first two months of a Kabbage loan, the interest rate is between 1 and 13 percent of the principal, based on the metrics gathered during the approval phase of the application. The rate then falls to 1 percent for the remaining six months of the loan. Merchant cash advance operations do not typically publish their interest rates. Independent analysis of a variety of merchant advance funding offers puts the average APR at more than 38 percent.

    Merchant cash advances often include set-up fees, processing fees and even payment fees that can as much as double the actual cost of the loan. Kabbage loans include no extra fees. They cost as much as the “price tag” says.

    Which is the better option? As with all business decisions, there’s no single good answer. Platform lending like Kabbage serves one set of business needs, while cash advance loans serve a different set. While we can’t give you a definite answer, we hope this has helped you identify the best questions. If not, watch this two minute video on Merchant Cash Advances vs Kabbage Business Loans for more information.

    If you have experience with merchant cash advances versus business loans, tell us a bit about it in the comments below. Help the Kabbage community benefit from your experiences.

    Jason Brick speaks internationally to small businesses after a fifteen-year career in managing companies for himself and others. His books include the best-selling Mastering the Business of Writing and upcoming Ownership Evolution. When not writing or speaking he enjoys martial arts, board games, cooking, travel and spoiling his wife and sons. He usually lives in Oregon, but is spending the year in Malaysia.

    Latest posts by Jason Brick (see all )

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  • How to write a perfect professional email in English in 5 steps – Global

    #business emails

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    How to write a perfect professional email in English in 5 steps

    For most of us, email is the most common form of business communication so it s important to get it right. Although emails usually aren t as formal as letters, they still need to be professional to present a good image of you and your company.

    How to write a formal email

    Follow these five simple steps to make sure your English emails are perfectly professional.

    1. Begin with a greeting
    2. Thank the recipient
    3. State your purpose
    4. Add your closing remarks
    5. End with a closing

    Download our free ebook: Everyday English Vocabulary 38 pages which points useful words and English phrases to help you have a better understanding of what’s going on around you.

    Begin with a greeting

    Always open your email with a greeting, such as Dear Lillian . If your relationship with the reader is formal, use their family name (eg. Dear Mrs. Price ). If the relationship is more casual, you can simply say, Hi Kelly . If you don t know the name of the person you are writing to, use: To whom it may concern or Dear Sir/Madam .

  • Thank the recipient

    If you are replying to a client s inquiry, you should begin with a line of thanks. For example, if someone has a question about your company, you can say, Thank you for contacting ABC Company . If someone has replied to one of your emails, be sure to say, Thank you for your prompt reply or Thanks for getting back to me . Thanking the reader puts him or her at ease, and it will make you appear more polite.

  • State your purpose

    If you are starting the email communication, it may be impossible to include a line of thanks. Instead, begin by stating your purpose. For example, I am writing to enquire about … or I am writing in reference to … .

    Make your purpose clear early on in the email, and then move into the main text of your email. Remember, people want to read emails quickly, so keep your sentences short and clear. You ll also need to pay careful attention to grammar, spelling and punctuation so that you present a professional image of yourself and your company.

  • Add your closing remarks

    Before you end your email, it s polite to thank your reader one more time and add some polite closing remarks. You might start with Thank you for your patience and cooperation or Thank you for your consideration and then follow up with, If you have any questions or concerns, don t hesitate to let me know and I look forward to hearing from you .

  • End with a closing

    The last step is to include an appropriate closing with your name. Best regards . Sincerely . and Thank you are all professional. Avoid closings such as Best wishes or Cheers unless you are good friends with the reader. Finally, before you hit the send button, review and spell check your email one more time to make sure it s truly perfect!

  • Aren t you an EF English Live student yet? See the general and business English course in action by requesting a one month for only one dollar* trial. Find more information about essential professional English tips here .

    Wil is a writer, teacher, learning technologist and keen language learner. He’s taught English in classrooms and online for nearly 10 years, trained teachers in using classroom and web technology, and written e-learning materials for several major websites. He speaks four languages and is currently looking for another one to start learning.

    Wil





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    5 Fantastic Small Business Payroll Services Compared – Capterra Blog #sell #a #business

    #small business payroll

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    5 Fantastic Small Business Payroll Services Compared

    Share This Article

    If you didn’t have to hire, manage, and pay employees, life would be a lot easier. Unfortunately, that plan ends up with you sitting alone in a dark room, trying to do everything for your business while slowly losing your mind. Luckily, you can pay someone else to take care of this stuff. Payroll services will take the burden off you, give your employees a regular paycheck, and some can even manage your payroll taxes.

    For many companies, hiring someone to manage HR operations like paying employees and managing benefits is cost prohibitive. Payroll services cost substantially less than hiring a new employee and can take a lot of work off your plate.

    Here are five small business payroll services to compare.

    Intuit Payroll

    Inuit’s full-service payroll option covers basically everything. All you do is enter the hours to pay your employees for, and Intuit does the rest. In this case, “the rest” includes direct deposits, tax preparation, and even tax filing. The company also offers smaller options, which still manage payments, but which require you to do more work on the tax end.

    Intuit also supports a wide range of secondary payroll features. You can add in health insurance contributions, 401(k) deductions, IRA payments, and other retirement plans. Pay period deductions can be modified with catchup payments for your older employees, as well.

    Intuit’s options range from $25 per month to $99 per month, depending on how much handholding you’d like. All the options cost an additional $2 per month, per employee.

    OnPay

    OnPay is one of the newer payroll service providers on the scene, but reviewers and users have been happy with its offering. Like Intuit, OnPay can manage payments, payroll taxes, and can pay your employees by direct deposit or print-on-demand checks.

    OnPay is geared toward the smaller end of the small-business spectrum. It lacks support for retirement and some other more advanced deductions.

    OnPay costs $39.95 per month, and for that price you get ten employees. Beyond ten, you’ll pay $1 more per month, per employee. Direct deposit functionality costs an additional $8 per month.

    Paychex Flex

    Paychex is one of the biggest payroll processors around. The company claims that it “pays 1 in 15 US private sector workers.” Paychex Flex is the company’s online, payroll service option.

    Paychex offers a lot of optional features. You can have checks issued, use direct deposit, or even use prepaid debit cards to pay your employees. The service can also administer retirement plans, do your taxes, and garnish wages when the IRS comes after your vice-president of sales.

    Most reviewers have suggested that Paychex is best suited to companies with under 50 employees and it excels at managing complex payment systems, like if your business spans state lines. Paychex doesn’t advertising its pricing model.

    Wagepoint

    A relative newcomer, Wagepoint is a simple, clean option for small business payrolls. The company offers automatic deductions for 401(k) contributions, health insurance, and union dues, along with a whole host of other options.

    Wagepoint has been adding new features along the way, so the service of 2016 may look very different from the service of 2015. I met the folks who run the show at a conference in New York earlier in 2015, and I was very impressed.

    The CEO told me that in the first days of the company’s operation, they experienced a glitch which resulted in some employees being mispaid at one client company. To make things right, Wagepoint paid the employees of the affected company out of its own pocket. That’s how you respond to a customer issue.

    Wagepoint costs $15 per pay period, plus $2 per employee, and is running smooth and glitch free, these days.

    ZenPayroll

    ZenPayroll lets your employees enter their own information when they join the business, saving you the manual data entry. The one last hurdle – removed. ZenPayroll also allows your employees to donate to charities and they’ll get neat little explanations of their pay breakdown on each paystub. It’s cool.

    In addition to the self-onboarding process, employees get a login once they’re added in the system. They’ll have access to their own paystubs from any internet device, they can manage charitable contributions, and they can update their tax withholdings.

    It also offers the usual stuff – direct deposit, taxes, etc.

    ZenPayroll is $25 per month, plus $4 per month, per employee.

    Final thoughts

    Like most business software, payroll services aren’t black and white, good and bad. Depending on the size of your business, your payment frequency, and the number of benefits you offer, you’re going to have very specific best options.

    If you need more, check out Capterra’s full payroll software directory. We can point you in the right direction, and get you spending more time on growing your business.

    Image by Abby Kahler

    Looking for Payroll software? Check out Capterra’s list of the best Payroll software solutions.





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    How Hard Is It to Be a Small Business Owner? Small Business Blog #stockmarket

    #small business owner

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    How Hard Is It to Be a Small Business Owner?

    There are a lot of misconceptions about being a small business owner. Like…

    People often think that being a small business owner is easy because you get to be your own boss and set your own hours.

    The Reality : Most small business owners work harder than they used to work when they had a corporate job.

    People think that being a small business owner is glamorous – you get to make big decisions, make big money, and have a carefree lifestyle.

    The Reality . Most small business owners have to wear many hats – sometimes getting to be a strategic visionary, but other times having to serve as a front-line customer service person, amateur psychologist, or office janitor.

    But one of the biggest misconceptions about being a small business owner is that it’s too “hard.” I recently read an article on the Naked Capitalism blog entitled Tech Titans Promoting Basic Income Guarantee as a Way to Shrink Government, Kill Social Programs , which suggested that being an entrepreneur is a raw deal for most people:

    But who wants to be an entrepreneur? Seriously. If you can hold a job with any stability and you don’t mind the work and get on with your boss and co-workers, it’s a vastly better deal than running your own show…being in business for yourself is almost a roll-back for the whole rationale of advanced economies: that of specialization. In a larger organization, the really good sales guy can mainly do sales, plus the unavoidable internal politics and bureaucratic tasks. The accountant can mainly do accounting, and so on.

    By contrast, starting a business requires lots of skills, including selling, negotiating, having common sense about priorities, being able to size up potential backers and employees, being able to budget and manage funds. It’s a drag if you are really good at one particular thing to have to do all that other stuff, even if you are capable of it.

    The payoff curve for entrepreneurship looks a lot like that of lines of employment that most parents would tell their kids to avoid: acting, playing sports, writing novels. Remember, 90% of all new businesses fail within three years. And like J.K. Rowling, A-list Hollywood stars, and football pros, the lure of the huge payoffs at the top end masks the steep falloff after that.

    First of all, it’s not true that “90% of all new businesses fail within three years” – according to statistics from the Small Business Administration. about half of small businesses survive for five years or more, and one-third survive for 10 years or more. That’s a lot longer than I’ve lasted at any corporate job.

    This article also makes it sound like entrepreneurship only offers rewards to the people at the top – as if most small business owners are a bunch of low-paid losers who would be better off trying to make it as actors in Hollywood. But even if we’re not going to be the next Bill Gates, most small business owners make a decent living – according to an American Express OPEN survey on the average entrepreneur’s salary. as of 2013, small business owners paid themselves an average annual salary of $68,000 – which is significantly more than the 2013 U.S. median household income of $52,250.

    But more broadly, I disagree with the premise of the argument that it’s “too hard” to be a small business owner because you don’t get to specialize in what you do best.

    It’s true that when you work for a big company, there are certain “economies of scale” that enable the big company to do things faster, cheaper, and perhaps better than a smaller company could. This is a basic principle of economics. However, for small business owners today, in the age of the Internet, there are so many great online small business tools and resources that can help you be more productive! You don’t have to be a big company to get big results in 2015 – you can use business-grade tools and resources to outsource, automate, and delegate various business tasks and daily operations, whether it’s basic back-office functions like simple accounting, invoicing, or payment processing, or more advanced skills like marketing, building customer relationships, and business inventory management .

    As a small business owner today, you’re in business “for” yourself, but not “by” yourself. You can get help with almost any business topic imaginable online. You can connect with other entrepreneurs on LinkedIn for advice and ideas. You can get free business mentoring from SCORE, the Small Business Administration’s mentoring program. Even if you’re a solo entrepreneur or small business owner with only a few employees, there are many ways to make your business seem “bigger” without the bigger costs.

    It’s simplistic (and wrong) to think that it’s too hard to be an entrepreneur, so no one should want to do it. I think it s actually the opposite – while it s never easy to run your own business – there are always financial risks and stresses, and lots of hard work – the Internet is making it easier than ever before to run a business. Not everyone has the right combination of ambition, hustle, vision, and sheer willpower that makes for a successful small business owner – but if you do, the rewards (and the daily sense of freedom) make it all worthwhile.

    Ideally, as a small business owner, you should get to specialize more than ever before in doing what you do best every day. Use some of these cheap (or free) online business tools and mobile apps to outsource or automate the daily tasks that you don t like to do or aren t as good at. Being an entrepreneur helps you unleash your productive, creative potential like nothing else!





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