Tag: Startup

Startup firm – How to build money fast #starting #a #small #business

#business start up

#

Startup firm

Start-Up Companies Logos

Small Business Startup Loan

Are you tired working for others after being a successful Architecture.

See who you know at Start Up IT Firm, leverage your professional network, and get hired.We help to fund great companies, great ideas and great people.

A small three-person Detroit firm called Dynamo Metrics has.Smith Jones, P.A. Start-up Business Plan 6 Hardware and Software Systems.A start-up business in Brazil is rolling out a network of drop-in siesta.

Small Business Start UPS

Business Partnership

Equilíbrio sustentável: conheça o triângulo da sustentabilidade.

He currently leads Business Development (BD) for our portfolio.Running your own business is a stressful but good career and life choice.

10 claves para aprender a vender tu empresa o producto – Marketing.

I was really excited with our startup because we had a lot of motivation and dedication that would take us to the top.Accounting is a more diverse profession than it is often given credit for, and it can offer both the.

Startup Business Cycle Graphic

Issues with the Chalk River facility have caused periodic shortages of Mo-99 over the years, most recently in May 2009, when the reactor was shutdown due to a major.From operating guidance to capital funding to technology assistance, the resources below can help your business start.Evaluate and Develop Your Business Idea: Step: Description: Resources: 1: Determine if the type of business suits you.Read more about Start-up firm Eckovation using AI to make open school platform smarter on Business Standard.Business Startup Advice – Start A Business And Grow It And Still Make Time For Your Family.

How I Started My Own Law Firm Right After Law School. Branigan.The Prinz Law Office is a Silicon Valley-based IP licensing and technology transactions boutique law firm, which represents entrepreneurs and start-ups across a.If you are an entrepreneur or an existing business owner who is looking to raise startup capital or business funding you have found the right place.Here are some secrets on how to start a business and some tips and advice to help you on your way.Fasken Martineau is a leading international business law and litigation firm with more than 700 lawyers across Canada, Europe and South Africa.Starting a small business is without a doubt a large undertaking, but it is fortunately something that can be attained by anybody with.

Business Startup Ideas

Startup Stages Funding

The start-up firm which wants to put Brazil to sleep. BBC News Services.Listed below are links to basic federal tax information for people who are.

Starting Business

Laguna Ventures LLC (LVL) combines creative and strategic chemistries that result in extraordinary business planning.

Starting a law firm is a difficult venture, especially for contingency fee attorneys.The entrepreneur might have a great idea and clear idea of how to turn it into.

Creating Image for Business Startup

This article is constantly updated to reflect new rules and processes of Starting Business in India.

Startup How to Make Money the Way

Whether you are starting an online business or a brick-and-mortar model, figuring out how to start a business, at its most basic, means finding a market need and then.

创业者想要成功,那就选择做“对的”事情,并将.

START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college.Start the Right New Business for You.

Startup Company Infographic

START UP KIT FOR A SMALL LAW PRACTICE Compiled by the Law Practice Management Program and Law Practice Management Committee of the State Bar of Texas.

Business Start Up Companies

Business Start Up





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Startup firm – How to build money fast #business #law

#business start up

#

Startup firm

Start-Up Companies Logos

Small Business Startup Loan

Are you tired working for others after being a successful Architecture.

See who you know at Start Up IT Firm, leverage your professional network, and get hired.We help to fund great companies, great ideas and great people.

A small three-person Detroit firm called Dynamo Metrics has.Smith Jones, P.A. Start-up Business Plan 6 Hardware and Software Systems.A start-up business in Brazil is rolling out a network of drop-in siesta.

Small Business Start UPS

Business Partnership

Equilíbrio sustentável: conheça o triângulo da sustentabilidade.

He currently leads Business Development (BD) for our portfolio.Running your own business is a stressful but good career and life choice.

10 claves para aprender a vender tu empresa o producto – Marketing.

I was really excited with our startup because we had a lot of motivation and dedication that would take us to the top.Accounting is a more diverse profession than it is often given credit for, and it can offer both the.

Startup Business Cycle Graphic

Issues with the Chalk River facility have caused periodic shortages of Mo-99 over the years, most recently in May 2009, when the reactor was shutdown due to a major.From operating guidance to capital funding to technology assistance, the resources below can help your business start.Evaluate and Develop Your Business Idea: Step: Description: Resources: 1: Determine if the type of business suits you.Read more about Start-up firm Eckovation using AI to make open school platform smarter on Business Standard.Business Startup Advice – Start A Business And Grow It And Still Make Time For Your Family.

How I Started My Own Law Firm Right After Law School. Branigan.The Prinz Law Office is a Silicon Valley-based IP licensing and technology transactions boutique law firm, which represents entrepreneurs and start-ups across a.If you are an entrepreneur or an existing business owner who is looking to raise startup capital or business funding you have found the right place.Here are some secrets on how to start a business and some tips and advice to help you on your way.Fasken Martineau is a leading international business law and litigation firm with more than 700 lawyers across Canada, Europe and South Africa.Starting a small business is without a doubt a large undertaking, but it is fortunately something that can be attained by anybody with.

Business Startup Ideas

Startup Stages Funding

The start-up firm which wants to put Brazil to sleep. BBC News Services.Listed below are links to basic federal tax information for people who are.

Starting Business

Laguna Ventures LLC (LVL) combines creative and strategic chemistries that result in extraordinary business planning.

Starting a law firm is a difficult venture, especially for contingency fee attorneys.The entrepreneur might have a great idea and clear idea of how to turn it into.

Creating Image for Business Startup

This article is constantly updated to reflect new rules and processes of Starting Business in India.

Startup How to Make Money the Way

Whether you are starting an online business or a brick-and-mortar model, figuring out how to start a business, at its most basic, means finding a market need and then.

创业者想要成功,那就选择做“对的”事情,并将.

START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college.Start the Right New Business for You.

Startup Company Infographic

START UP KIT FOR A SMALL LAW PRACTICE Compiled by the Law Practice Management Program and Law Practice Management Committee of the State Bar of Texas.

Business Start Up Companies

Business Start Up





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Small Business Financial Tools: Free Startup Budget Template and Guide #busy

#small business startup

#

Essential Small Business Financial Tools: Free Startup Budget Template and Guide

Creating a startup budget is one of the most important tasks a new business owner will undertake. A startup budget serves as a roadmap for the business. It can help you understand where the business is going and whether you’re on the right path. The cost of starting a company varies widely, so it is critical to create an accurate and realistic startup budget specifically tailored to your business.

There are many reasons to create a startup budget. The main reasons are to figure out how much money you have, how much you will spend, and how much revenue you will need to meet your business goals. A startup budget is usually a key component of your business plan and is useful when applying for a loan or pitching to investors. It explains how your business will spend its resources to reach its goals.

Business owners should always refer to their budget before making important business expenditures. This helps to make sure they can afford to spend the money. Decisions such as purchasing new machinery or whether to expand operations should only be made after checking to make sure it fits into your budget. You can adjust your budget as needed over time, but make sure to stick to those changes.

Determining a business startup costs is critical to ensure enough cash is available to begin business operations on time and within the allotted budget. A startup budget usually covers the period leading up to the commencement of operations. It should only include costs that are necessary to start the business. Use this budget to be on the lookout for areas where you can save money .

Startup costs typically fall within two categories: monthly costs and one-time costs.

Monthly costs cover expenses that are incurred each month on a recurring basis. such as employee salaries, lease payments and utilities. One-time costs are expenses that are incurred only once during the startup period. Examples of one-time costs include the purchase of a building, computer equipment and consultant fees.

This startup budget template can be downloaded and used for any type of business. It should be customized to include the specific cost items that apply to the company.

To fill out this spreadsheet, determine the number of months the startup period will cover. Next, enter the applicable costs into their respective cells. The total amounts will automatically populate based on the embedded formulas. Once completed, you will be able to view an itemized list of your business’ startup costs. An example startup budget is also included to help guide you through the process.

Starting a business can be difficult and overwhelming. By taking the time to create an accurate startup budget now, you can give your business the best chance of succeeding in the future.





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The 10 Most Reliable Ways to Fund a Startup #business #grants

#start up business grants

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The 10 Most Reliable Ways to Fund a Startup

One of the most frequent questions I get as a mentor to entrepreneurs is How do I find the money to start my business? I always answer that there isn t any magic, and contrary to popular myth, nobody is waiting in the wings to throw money at you just because you have a new and exciting business idea.

On the other hand, there are many additional creative options available for starting a business that you might not find when buying a car, home or other major consumer item. If you have the urge to be an entrepreneur, I encourage you to think seriously about each of these, before you zero in on one or two, and get totally discouraged if those don t work for you.

Of course, every alternative has advantages and disadvantages, so any given one may not be available or attractive to you. For example, professional investors put great priority on your previous experience in building a business, and they expect to own a portion of the business equity and control for the funds they do provide. These are tough for a first-time entrepreneur.

Thus it is always a question of what you qualify for, and what you are willing to give up, to turn your dream idea into a viable business. Here is my list of the 10 most common sources of funding today, in reverse priority sequence, with some rules of thumb to channel your focus:

10. Seek a bank loan or credit-card line of credit.

In general, this won t happen for a new startup unless you have a good credit history or existing assets that you are willing to put at risk for collateral. In the U.S. you may find that the Small Business Administration (SBA) can get you infusions of cash without normal backup requirements.

9. Trade equity or services for startup help.

This is most often called bartering your skills or something you have for something you need. An example would be negotiating free office space by agreeing to support the computer systems for all the other office tenants. Another common example is exchanging equity for legal and accounting support.

8. Negotiate an advance from a strategic partner or customer.

Find a major customer, or a complimentary business, who sees such value in your idea that they are willing to give you an advance on royalty payments to complete your development. Variations on this theme include early licensing or white-labeling agreements.

7. Join a startup incubator or accelerator.

These organizations, such as Y Combinator. are very popular these days, and are often associated with major universities, community development organizations, or even large companies. Most provide free resources to startups, including office facilities and consulting, but many provide seed funding as well.

6. Solicit venture-capital investors.

These are professional investors, such as Accel Partners. who invest institutional money in qualified startups, usually with a proven business model, ready to scale. They typically look for big opportunities, needing a couple of million dollars or more, with a proven team. Look for a warm introduction to make this work.

5. Apply to local angel-investor groups.

Most metropolitan areas have groups of local high-net-worth individuals interested in supporting startups, and willing to syndicate amounts up to a million dollars for qualified startups. Use online platforms such as Gust to find them, and local networking to find ones that relate to your industry and passion.

4. Start a crowdfunding campaign online.

This newest source of funding, where anyone can participate per the JOBS Act. is exemplified by online sites such as Kickstarter. Here people make online pledges to your startup during a campaign, to pre-buy the product for later delivery, give donations or qualify for a reward, such as a T-shirt.

3. Request a small-business grant.

These are government funds allocated to support new technologies and important causes, such as education, medicine and social needs. A good place to start looking is Grants.gov. which is a searchable directory of more than 1,000 federal grant programs. The process is long, but it doesn t cost you any equity.

2. Pitch your needs to friends and family.

As a general rule, professional investors will expect that you have already have commitments from this source to show your credibility. If your friends and family don t believe in you, don t expect outsiders to jump in. This is the primary source of non-personal funds for very early-stage startups.

1. Fund your startup yourself.

These days, the costs to start a business are at an all-time low, and over 90 percent of startups are self funded (also called bootstrapping). It may take a bit longer to save some money before you start and grow organically, but the advantage is that you don t have to give up any equity or control. Your business is yours alone.

You can see that all of these options require work and commitment on your part, so there is no magic or free money. Every funding decision is a complex tradeoff between near-term and longer-term costs and paybacks, as well as overall ownership and control.

With the many options available, there is no excuse for not living your dream, rather than dreaming about living.





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Startup firm – How to build money fast #government #grants

#business start up

#

Startup firm

Start-Up Companies Logos

Small Business Startup Loan

Are you tired working for others after being a successful Architecture.

See who you know at Start Up IT Firm, leverage your professional network, and get hired.We help to fund great companies, great ideas and great people.

A small three-person Detroit firm called Dynamo Metrics has.Smith Jones, P.A. Start-up Business Plan 6 Hardware and Software Systems.A start-up business in Brazil is rolling out a network of drop-in siesta.

Small Business Start UPS

Business Partnership

Equilíbrio sustentável: conheça o triângulo da sustentabilidade.

He currently leads Business Development (BD) for our portfolio.Running your own business is a stressful but good career and life choice.

10 claves para aprender a vender tu empresa o producto – Marketing.

I was really excited with our startup because we had a lot of motivation and dedication that would take us to the top.Accounting is a more diverse profession than it is often given credit for, and it can offer both the.

Startup Business Cycle Graphic

Issues with the Chalk River facility have caused periodic shortages of Mo-99 over the years, most recently in May 2009, when the reactor was shutdown due to a major.From operating guidance to capital funding to technology assistance, the resources below can help your business start.Evaluate and Develop Your Business Idea: Step: Description: Resources: 1: Determine if the type of business suits you.Read more about Start-up firm Eckovation using AI to make open school platform smarter on Business Standard.Business Startup Advice – Start A Business And Grow It And Still Make Time For Your Family.

How I Started My Own Law Firm Right After Law School. Branigan.The Prinz Law Office is a Silicon Valley-based IP licensing and technology transactions boutique law firm, which represents entrepreneurs and start-ups across a.If you are an entrepreneur or an existing business owner who is looking to raise startup capital or business funding you have found the right place.Here are some secrets on how to start a business and some tips and advice to help you on your way.Fasken Martineau is a leading international business law and litigation firm with more than 700 lawyers across Canada, Europe and South Africa.Starting a small business is without a doubt a large undertaking, but it is fortunately something that can be attained by anybody with.

Business Startup Ideas

Startup Stages Funding

The start-up firm which wants to put Brazil to sleep. BBC News Services.Listed below are links to basic federal tax information for people who are.

Starting Business

Laguna Ventures LLC (LVL) combines creative and strategic chemistries that result in extraordinary business planning.

Starting a law firm is a difficult venture, especially for contingency fee attorneys.The entrepreneur might have a great idea and clear idea of how to turn it into.

Creating Image for Business Startup

This article is constantly updated to reflect new rules and processes of Starting Business in India.

Startup How to Make Money the Way

Whether you are starting an online business or a brick-and-mortar model, figuring out how to start a business, at its most basic, means finding a market need and then.

创业者想要成功,那就选择做“对的”事情,并将.

START-UP NY offers new and expanding businesses the opportunity to operate tax-free for 10 years on or near eligible university or college.Start the Right New Business for You.

Startup Company Infographic

START UP KIT FOR A SMALL LAW PRACTICE Compiled by the Law Practice Management Program and Law Practice Management Committee of the State Bar of Texas.

Business Start Up Companies

Business Start Up





Tags : , , , , , , ,

SBA Loans for Your Startup #business #hosting

#start up business loans

#

SBA Loans for Your Startup

Despite what you might see on late-night infomercials or some websites, none of the SBA s loan programs involve free money, government grants or no-interest loans. In fact, the SBA doesn t even lend funds directly to entrepreneurs–you ll need to strike up a relationship with a loan officer at your local bank, credit union or nonprofit financial intermediary to access the programs.

But once you do, there s an array of resources aimed at getting you the capital you need to start or expand your small business. Last year, more than $50 million in SBA loans were being provided per day to U.S. small businesses. For this month s column, I thought I d review the latest descriptions and eligibility criteria for the SBA s three most popular loan programs.

7(a) Loan Program
The 7(a) is the SBA s most popular loan program. As a small-business owner, you can get up to $750,000 from your local 7(a) lender, backed by a partial guarantee from the SBA. Note that the SBA is not lending you any money directly. What they are doing is making it less risky for a local lender to provide you with financing. 7(a) loans are typically used for working capital, asset purchases and leasehold improvements. All the owners of a business who hold an ownership stake of 20 percent or more are required to personally guarantee the loan.

Once your lender decides that 7(a) money is what you need, you ll probably start hearing the names of the different 7(a) programs. For example if you re borrowing less than $150,000, you may be headed toward the Lowdoc program, which was created in 1993 to reduce burdensome paperwork. A Lowdoc loan application is a one-page form; your application is on one side and the lender s request to the SBA for the guaranty for your loan is on the other. The SBA responds to Lowdoc applications within 36 hours.

The SBA Express is a program for lenders with a good SBA-lending track record. It s aimed at getting money–in this case, as much as $250,000–quickly into the hands of entrepreneurs. Based on the success of the SBA Express program, the SBA initiated CommunityExpress, specifically designed to improve access to capital for low- and moderate-income entrepreneurs and to provide both pre- and post-loan technical assistance.

Eligibility: The eligibility criteria for the 7(a) program are the broadest of all the SBA loan programs, but they re still quite restrictive for startups and businesses related to financial services. See this page on the SBA s website for a list of the types of business that are eligible. In general, all SBA programs are targeted at small companies (that is, businesses with less than $7 million in tangible net worth and less than $2.5 million in net income), but typically most banks won t lend to startup businesses that don t have two to three years worth of financial statements and some owner s equity in the business. Some banks will allow you to use money from relatives as part of your equity, but you re required to formalize these small business loans with a repayment plan that s subordinate to the bank debt.

504 Loan Program
The 504 loan program is intended to supply funds for asset purchases, such as land or equipment. Typically, the asset purchase is funded by a loan from a bank or other lender in your area, along with a second loan from a certified development company (CDC) that s funded with an SBA guarantee for up to 40 percent of the value of the asset–which is generally a loan of up to $1 million–and a contribution of 10 percent from the equity of the borrower. This financing structure helps the primary lender–the bank–reduce its exposure by relying on the CDC and the SBA to shoulder much of the risk.

Eligibility: Like the 7(a) program, the 504 program is restricted to small businesses with less than $7 million in tangible net worth and less than $2.5 million in net income. However, since funds from 504 loans can t be used for working capital or inventory, consolidating or repaying debt, or refinancing, this program tends to exclude most service businesses that need to purchase land or equipment. Personal guarantees are also required for 504 loans.

7(m) Microloan Program
The Microloan program is presently under budgetary review, and the political winds aren t currently blowing in its favor. The program is intended to provide small loans of up to $35,000 that can be used for a broad range of purposes to start and grow a business. Unlike the 7(a) program, the funds to be loaned don t come from banks; rather, they come directly from the SBA (now you know why it s unpopular with the folks in charge of the budget) and are administered to business owners via nonprofit community-based intermediaries. To find the name of an intermediary micro-lender in your area, visit this page of the SBA s website.

Eligibility: The Microloan program is startup friendly. All new businesses are eligible to apply. Although the maximum loan amount is $35,000, the average loan is approximately $10,000. The only catch is that Microloan borrowers typically have to enroll in technical assistance classes administered by the micro-lender intermediaries. For some entrepreneurs, this is a very helpful resource that provides cost-effective business training. Others, however, perceive it as a waste of time, although it s a necessary pre-condition to getting a Microloan.

Although I promised reviews of just the three top SBA loan programs, I didn t want to fail to mention two other special purpose loan programs targeted at serving particular types of businesses. The Export Working Capital Program provides short-term working capital to small, export businesses, and the DELTA program provides both financial and technical assistance to help businesses dependent on defense installations transition to civilian markets. You can log on to the SBA s website to learn more about these two programs.

The long and short of it is, if you need small-business loan capital, there s probably an SBA program out there for you.





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Startup Company Name Generator #cleaning #business

#business name generator

#

Startup Company Name Generator

SIMILAR

Generate highly relevant name suggestions which are closely related to the primary keywords searched for. Some of the methods used for the task are as follows

  • Synonyms, Antonyms and others using Thesaurus
  • More suggestions using words that co-occur much more often than normally expected (also known as collocations) and words that often form a continuous sequence in a text or speech (also known as n-grams)
  • With 6 million word relations database
  • Real World Intelligence which takes into account nearby places, languages, similar products etc. Check these examples – (california. mclaren. mac )

Sometimes you might want to limit these alternative suggestions to one of the keywords or have keywords follow some characteristics based on length or starting and ending sequences. In these cases, you can use some special characters with your keywords :-

  • To make sure the your keyword is never replaced or removed in the generated company name, you can use the ‘*’ character with keyword.

For example,. generating names for the keywords ‘cool* company’ will make sure that the word ‘cool’ is not substituted, whereas the keyword ‘company’ will be replaced with other similarly related words like business, firm, enterprise, brand etc

  • For inspiration, you can use ‘?’. which matches any character.

    For example. For dictionary words comprising of 4 letters you can use ‘. ‘ as the keyword in the input box. If you specify partial characters like ‘a. ‘, this will generate dictionary words of length four and starting with letter ‘a’.

    These options can be used multiple times within the same query.

    NEW

    New gtlds domain availabilty check tool. The internet is changing with the launch of new gtlds like .company. business. enterprises. brand which allows for more possibilities into getting the domain names you have always wanted. Currently, supporting hundreds of new gtlds. Gtlds related to your keywords are generated and checked.

    SEO

    SEO can be a very important factor for your new company name. Using main keywords can help users understand your business very well. This will suggest name ideas while preserving your main keywords. Some of the ways to generate SEO domain ideas are as follows

    • Very short additions to entered name like adding i, my, the, a, e as prefixes and adding me, it as suffixes. Hundreds of these popular prefixes and suffixes including dictionary words are used to generate company names including your main keywords.
    • Words that can be derived from the root of your keyword, mostly including present, future, past and nouns which are dictionary words are generated.
    • You can also tell the generator to use all dictionary words containing some sequence of letter by using *. followed by the sequence of letters. For example:- ‘*k’ will include small dictionary words having the letter ‘k’

    SHORT





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  • How to Find the Right Business Partner for Your Startup #business #printing

    #business partner

    #

    How to Find the Right Business Partner for Your Startup

    Starting a business is notoriously difficult, and going it alone can make those challenges even harder to overcome. That s why many entrepreneurs choose to launch their company with one or more business partners who can help lighten the load.

    Finding good business partners is critical to success, said Sherry Fox, co-founder and chairman of LumiWave. There are many different types of partners, from someone who works with you side by side to build your business, to individuals or companies who contribute in specific areas, such as marketing, engineering, etc. Every person or entity that interacts with your business is a partner in some way and affects your ability to succeed.

    I believe there is strength in numbers, added Carlo Ruggiero, co-founder of the U.S. branch of European pizza franchise Kono Pizza. When multiple partners share the same vision, the result is a stronger and more unified team.

    But you can t just choose anyone to be your partner; you need to be able to work with that person day in, day out, and both of you must be able to focus on the business s objectives.

    Sabrina Parsons, CEO of Palo Alto Software. likened a business partnership to a marriage. Your partner is such an important piece of [your] success, and many times, bad partnerships lead to bad business, she said.

    If you need a partner but aren t sure where to start, here s how to find, evaluate and work with a prospective business partner. [See Related Story:Choosing a Business Partner? 4 Qualities to Look For]

    Look to your network first

    Our expert sources agreed that an entrepreneur s connections are the best candidates for potential business partners.

    Reaching out to your professional network can provide a rich list, said Jon Weston, CEO of LumiWave and Fox s business partner. I ve received good information and direction from the diaspora of my [previous] companies. General networks or online community groups are too anonymous to find good feedback.

    Referrals from trusted colleagues also can be helpful, Fox added. However, Weston cautioned that you should gauge the person making the referral before considering his or her recommendation.

    Evaluating a business partner

    Once you ve found someone who could be a great potential business partner, how do you evaluate whether that person is truly the right fit? One of your first considerations should be how your personalities, backgrounds, values and experiences complement each other.

    While you want a partner that will work well with your culture and style, you don t want a clone, either you want a partner who can fill in the gaps, Weston said. That is the tension you need to look for.

    Similarly, Ruggiero said he and his co-founders, David Ragosa and Greg Kinlaw, needed the right combination of personalities and skills to succeed.

    [Our] differences allow us to approach each situation in multiple ways, he told Business News Daily. David and I are the go-getters. Greg provides a great balance he is an expert at taking our crazy ideas and making sure we have the numbers to back them. We are constantly learning from each other and are able to use these exchanges to positively influence our business.

    However, getting along well isn t enough to ensure a successful partnership. No matter how well you know your potential partner, you re still running a business and thus need to take the appropriate precautions to ensure that any partnership is a smart decision. Weston noted that thoroughly researching your partner is an important part of this process.

    Do your due diligence, Weston said. You can do a lot [by] just Googling. Most people and organizations leave a digital trail. Dive into the legal databases. Ask for references, but also research any clients they have worked with or been associated with, and contact them.

    Fox agreed, noting that you should vet a partner carefully with all sources available, such as LinkedIn, company websites and former partners. Parsons also advised formally interviewing a prospective partner to better understand his or her skill set.

    Finally, before you sign any legal agreements, you must understand how you and your partner will handle a variety of business situations. This is something to discuss at length during your evaluation phase.

    Make very clear [written] agreements that take into consideration what happens when things go well and when things go poorly, Parsons said.

    Talk openly and frankly about who you are and what you want, Fox added. Spend significant time exchanging ideas and concepts, [and] understand their. short-term and long-term [goals]. Do you agree on the end game?

    Making a partnership work

    Think you ve found the perfect business partner? Based on their experiences, our sources offered a few pieces of advice for a fruitful and productive partnership.

    Define your respective roles. Clearly defining your roles within the company ensures that each partner s time is spent effectively, Ruggiero said. This will prevent partners from stepping on each other s toes and will ultimately save the company money.

    Measure your success. Fox recommended that potential business partners work together on a trial basis to test out how well the partnership might work.Set up some parameters and milestones, and make sure what you thought about the potential partner is reality, she said. From there, conduct frequent reviews to make sure you are still on the same page.

    Communication is key. Constant honest and open communication is a must. When problems arise, they need to be solved by both (or all) business partners. Ruggiero reminded entrepreneurs that at some point, each partner will make a mistake, and you cannot be afraid to bring it up. Each partner needs to do what s best for the business, he said, and part of doing this is eliminating any negative emotions to avoid a dispute if someone points out a mistake.

    Trust your gut. If something doesn t feel right, it probably isn t. Weston recalled little red flags that popped up in conversations with potential partners.

    Some things don t quite mesh or add up in the back of your mind. Trust this, he said. It is easier to walk away and be picky than pick up the pieces later.

    Some source interviews were conducted for a previous version of this article.

    Nicole Fallon Taylor

    Nicole received her Bachelor s degree in Media, Culture and Communication from New York University. She began freelancing for Business News Daily in 2010 and joined the team as a staff writer three years later. She currently serves as the managing editor. Reach her by email. or follow her on Twitter .

    You May Also like

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  • SBA Loans for Your Startup #business #mentor

    #start up business loans

    #

    SBA Loans for Your Startup

    Despite what you might see on late-night infomercials or some websites, none of the SBA s loan programs involve free money, government grants or no-interest loans. In fact, the SBA doesn t even lend funds directly to entrepreneurs–you ll need to strike up a relationship with a loan officer at your local bank, credit union or nonprofit financial intermediary to access the programs.

    But once you do, there s an array of resources aimed at getting you the capital you need to start or expand your small business. Last year, more than $50 million in SBA loans were being provided per day to U.S. small businesses. For this month s column, I thought I d review the latest descriptions and eligibility criteria for the SBA s three most popular loan programs.

    7(a) Loan Program
    The 7(a) is the SBA s most popular loan program. As a small-business owner, you can get up to $750,000 from your local 7(a) lender, backed by a partial guarantee from the SBA. Note that the SBA is not lending you any money directly. What they are doing is making it less risky for a local lender to provide you with financing. 7(a) loans are typically used for working capital, asset purchases and leasehold improvements. All the owners of a business who hold an ownership stake of 20 percent or more are required to personally guarantee the loan.

    Once your lender decides that 7(a) money is what you need, you ll probably start hearing the names of the different 7(a) programs. For example if you re borrowing less than $150,000, you may be headed toward the Lowdoc program, which was created in 1993 to reduce burdensome paperwork. A Lowdoc loan application is a one-page form; your application is on one side and the lender s request to the SBA for the guaranty for your loan is on the other. The SBA responds to Lowdoc applications within 36 hours.

    The SBA Express is a program for lenders with a good SBA-lending track record. It s aimed at getting money–in this case, as much as $250,000–quickly into the hands of entrepreneurs. Based on the success of the SBA Express program, the SBA initiated CommunityExpress, specifically designed to improve access to capital for low- and moderate-income entrepreneurs and to provide both pre- and post-loan technical assistance.

    Eligibility: The eligibility criteria for the 7(a) program are the broadest of all the SBA loan programs, but they re still quite restrictive for startups and businesses related to financial services. See this page on the SBA s website for a list of the types of business that are eligible. In general, all SBA programs are targeted at small companies (that is, businesses with less than $7 million in tangible net worth and less than $2.5 million in net income), but typically most banks won t lend to startup businesses that don t have two to three years worth of financial statements and some owner s equity in the business. Some banks will allow you to use money from relatives as part of your equity, but you re required to formalize these small business loans with a repayment plan that s subordinate to the bank debt.

    504 Loan Program
    The 504 loan program is intended to supply funds for asset purchases, such as land or equipment. Typically, the asset purchase is funded by a loan from a bank or other lender in your area, along with a second loan from a certified development company (CDC) that s funded with an SBA guarantee for up to 40 percent of the value of the asset–which is generally a loan of up to $1 million–and a contribution of 10 percent from the equity of the borrower. This financing structure helps the primary lender–the bank–reduce its exposure by relying on the CDC and the SBA to shoulder much of the risk.

    Eligibility: Like the 7(a) program, the 504 program is restricted to small businesses with less than $7 million in tangible net worth and less than $2.5 million in net income. However, since funds from 504 loans can t be used for working capital or inventory, consolidating or repaying debt, or refinancing, this program tends to exclude most service businesses that need to purchase land or equipment. Personal guarantees are also required for 504 loans.

    7(m) Microloan Program
    The Microloan program is presently under budgetary review, and the political winds aren t currently blowing in its favor. The program is intended to provide small loans of up to $35,000 that can be used for a broad range of purposes to start and grow a business. Unlike the 7(a) program, the funds to be loaned don t come from banks; rather, they come directly from the SBA (now you know why it s unpopular with the folks in charge of the budget) and are administered to business owners via nonprofit community-based intermediaries. To find the name of an intermediary micro-lender in your area, visit this page of the SBA s website.

    Eligibility: The Microloan program is startup friendly. All new businesses are eligible to apply. Although the maximum loan amount is $35,000, the average loan is approximately $10,000. The only catch is that Microloan borrowers typically have to enroll in technical assistance classes administered by the micro-lender intermediaries. For some entrepreneurs, this is a very helpful resource that provides cost-effective business training. Others, however, perceive it as a waste of time, although it s a necessary pre-condition to getting a Microloan.

    Although I promised reviews of just the three top SBA loan programs, I didn t want to fail to mention two other special purpose loan programs targeted at serving particular types of businesses. The Export Working Capital Program provides short-term working capital to small, export businesses, and the DELTA program provides both financial and technical assistance to help businesses dependent on defense installations transition to civilian markets. You can log on to the SBA s website to learn more about these two programs.

    The long and short of it is, if you need small-business loan capital, there s probably an SBA program out there for you.





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    Startup Business Loans

    Finding the money to finance a startup is one of the toughest tasks a new business owner can face. While you might have an extraordinary idea for a business, and even a solid business plan. you may not qualify for a traditional bank loan. Banks generally don’t lend money to businesses without an abundant credit history, a proven track record of at least two or three years, and/or an owner’s equity stake in the business.

    Why are startup business loans so hard to come by? For one thing, lending money to startups is considered riskier than to established businesses because without evidence of a company’s ability to succeed, there’s a smaller chance the business will be able to repay the loan. However, nonprofit organization, Accion can help fund your startup business.

    Odilon Celestin, founder of C M Bakery. came to Accion for a loan. He says, “When I started creating my business in 2004, I had no money and no credit. Accion helped with a loan to launch the bakery. It was the best thing I could imagine. They helped me with business development and strategies, too. Now I have 16 employees and my own line of jellies and sauces, which I distribute in other markets as well. And my bakery seats 100 people.”

    Part of Accion’s mission is to help small business owners acquire the financing they need to reach for their dreams. When Accion lends capital to your business, you will also gain access to advice and support as you get your business off the ground. We’ll even help you get “loan ready” if you aren’t already. Accion provides the type of relationship and level of service that you just won’t find with other online lenders.

    Accion can help you with funding for:

    • purchasing inventory
    • buying or leasing equipment
    • professional expenses
    • hiring employees
    • financing any of the many expenses involved with being an entrepreneur

    If you’re in need of financing to start your business, then contact us at 415-636-8200. Read on for more information on how to apply for a loan .

    Quick FAQ About Our Loan Process

    Q: How long will it take me to complete the loan application?

    A: Our loan application can be completed in about 15 minutes.

    Q: How much money can I borrow?

    A: Loan amounts vary by geography. but range from $300-$1,000,000. Accion’s average loan amount is $10,000.

    Q: What if I need help?

    A: We’ll give you personalized attention and guide you through each step of the loan process. For loan inquiries, please call 415-636-8200.

    Q: How do I figure out if I qualify for a loan?

    A: Our requirements are flexible and often make it possible to lend to those who have previously been unable to find financing. Not sure if you qualify? Click here to find out.

    More questions? Read our full FAQ or contact us at 415-636-8200. Want proof that Accion is the right lending partner for your startup? 97% of our borrowers are still in business a year after they get their loans. Apply now and turn your dream into reality.

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