2015 Top Franchises from Entrepreneur s Franchise 500 List
Understanding the Ranking
There’s a lot that goes into putting together the first, best and most comprehensive franchise ranking in the world. Here’s a behind-the-scenes look at Entrepreneur’s 37th annual Franchise 500 .
The process began in July 2015, when we asked franchisors to participate in our survey. Each submission was vetted before being entered for data analysis; 951 companies made the first cut. Of those, the top 500 became the Franchise 500 ranking, based on financial and statistical data from July 2013 through July 2015.
Only franchise companies that supply a full Franchise Disclosure Document (FDD) or Canadian Disclosure Document and whose information is verified by Entrepreneur can receive a listing. To be eligible for the Franchise 500 , a franchisor must have a minimum of 10 units, with at least one franchise located in the U.S. The company must be seeking new franchisees in the U.S. and it cannot be in Chapter 11 at the time the ranking is compiled. (The exception to these rules is Canada-based companies that are expanding only in Canada.)
All companies are judged by the same criteria: objective, quantifiable measures of a franchise operation. The most important factors include financial strength and stability, growth rate and size of the system. We also consider the number of years a company has been in business and the length of time it’s been franchising, startup costs, litigation, percentage of terminations and whether the company provides financing. Financial data is analyzed by an independent CPA.
We do not measure subjective elements such as franchisee satisfaction or management style. The objective factors are plugged into our exclusive Franchise 500 formula, with each eligible company receiving a cumulative score.
Remember that the Franchise 500 is not intended to endorse, advertise or recommend any particular franchise. It is solely a research tool you can use to compare franchise operations. Entrepreneur stresses that you should always conduct your own independent investigation before investing money in a franchise. Read the FDD and related materials carefully, get help from a franchise attorney and a CPA in reviewing any legal or financial documents, and talk to as many existing and former franchisees as possible and visit their outlets. The best way to protect yourself is to do your homework.
Research compiled by Tracy Stapp Herold and J.R. Jimenez with assistance from Hava Arieh, Rick Ignarra, Nicole Jurinek, Yvette Madrid, Jessica Nguyen and Giuseppe Ricapito; technical assistance from Angel Cool and Daniel Sibitzky; financial analysis by David R. Juedes, CPA; graphic design by Karen Meneghin.
More Franchise Rankings
100 franchises for under $60,000
#top new business ideas
Top new business ideas
Top new business ideas Analysis
Looking for a new way to make money? Here are 20 businesses that you can start with very little money. 20 Business Ideas for Stay-at-Home Parents. Tip You need top-notch people skills and an instinct for determining which caregiver to.To learn more about this business idea, check out Start Your Own Cleaning Service. Make sure to change your layout and put new stuff out for sale often. Just moving an item from a table to the top of a bookshelf might get it noticed, even. top new business ideas Our low cost startup ideas will help you find a business to fit your budget. We are searching for the Top Company Cultures of 2016. Should your company be.Business news from the Chicago Tribune. Get money tips, stock market updates and the latest Chicago business news.
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There are still plenty of low tech business ideas out there that don’t require you to. of their cars, but also clean out the entire inside from top to bottom. that you don’t need some groundbreaking new idea to start a business. We’ve selected 10 new business ideas that will provide entrepreneurs with plenty of inspiration in 2016. Spotted from countries all around the. The best new business ideas for 2016. New research and data point to these business ideas as having big potential for success in 2016.
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Most successful businessman ever
Then I’m told that the successful businessman with the mad skills Rafe SIGNED THE DOCUMENTS TOO. most delightfully spoiled little dog who ever lived. A lack of post-secondary education can be a deal breaker for many prospective. Whether they’ve done well or screwed up, a successful businessman must be.
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#cottage industry ideas
Are you planning to go home based while earning a significant sustainable income? If yes, then below are the top ten low overhead cottage industry ideas you can start today .
Starting a small business from home is cool. At least, it gives you the freedom to work anytime you want—from anywhere and at any point in time. I am going to be really conversational in this post, so I want you to play along with me.
A cottage industry can include anyone who’s working from home selling or offering product or services. In this present age, you can make a full living operating your own cottage business right from home Without mincing words, bellow are eleven super cool, money making cottage industry business ideas:
Top 10 Low Overhead Cottage Industry Business ideas
What You Need to Consider Before Starting a Cottage Business
Though, starting a home cottage business sounds like a good idea. Of course, it’s profitable and flexible but there are many things you have to put into consideration before starting. I suggest you take your time to test the waters before going fully into the business…
Are you good at writing or designing? Or, do you love soap making, editing or completing surveys. There are lots of cottage businesses you can start but you need to first review your talents, and identify what you like doing!
Exclusive Cottage Business Ideas…
Content mills like iwriter, Elance and Guru.com are looking for professional writers to help with content writing. 3years ago, while building my online business, I worked as a freelance writer on iwriter.com and generated a monthly profit of $300 — $500. For content writing, you should have a portfolio and samples to prove to clients that you are worth hiring!
Seriously, there’s so much money to be made online. This young boy: Bamidele Onibalusi generates a monthly profit of $5,000 working from home, spending just 5 hours daily, writing articles… With content writing, your possibilities are limitless. You too can quit your day job and start earning $8,000 writing just like Tom Ewer .
Tip: Remember, no one is born a great writer. Practice makes perfect. Join writing portals like Constant Content, Ehow, Squidoo, Blogging.org and Yahoo’s associated content to start earning today!
Are you good at teaching Mathematics or playing musical instruments or you have a talent in teaching different foreign languages. If you answered YES to the above question, then you can actually make money by starting a tutoring business
People are willing to pay to learn how to speak Chinese, type, dance, sow, cook, write or prepare foreign foods. If you are good in any of these topics, you could start up a blog or market yourself in your local newspaper.
People who are willing to learn these things will gladly pay you as long as they get the value for what they paid for. To get started, you can offer to teach for free to build reputation. Don’t start out big. Offer tremendous value and don’t expect to charge much. You could offer to teach someone to speak Chinese Language for a measly fee of $50.
Otunba Akin Alabi, the CEO of Nairabet visited China recently for business and was handed a flier by a Chinese dude. He wanted to trash the flier immediately but he tried to be polite. When he was about going into the elevator, he looked at the flier and was amazed at what he saw:
“Learn To Speak Chinese Fluently in Just 2 Weeks!’’
Now I love that. That young Chinese dude must be a smart cottage businessperson. He was offering a service that teaches foreigners how to speak Chinese! He knew they were foreigners who’re dying to learn Chinese, and would pay anything to learn it.
3. Start Making soaps
Are you good at making soaps? Or do you have flair for soap making. You can make a living by making soaps. All you need to do is to promote your soap business and collaborate with gift baskets companies to provide them with scented, soaps.
Other Cottage Industry ideas to Consider
You don’t need to be an experienced English speaker to start a proofreading business. Publishers are in need of talented proofreaders. You can actually make a living off editing if you understand the basic rules of spelling Grammar and punctuation. You can join Elance.com and Freelancer.com to get started. Or, set up a website and rank organically in the search engines.
As a final note, I am quite sure you have many home business ideas. Just remember this: an idea without corresponding action is dead. So start a low-cost cottage business that you can manage from home and I will see you at the top.
#online business classes
Top 10 Free Online Classes for Small Business Marketing
This article is part of our “Business Startup Guide ” – a curated list of our articles that will get you up and running in no time!
A lot of small business owners know their fields and industries like the back of their hand—it s why they are so good at what they do. But when it comes to marketing your business, there might be a few (or more than a few) gaps in your formal education or training. That s okay, because a simple solution is literally at your fingertips.
Currently, the online world is full of information, and almost any topic you wish to learn about you can find the tools instantly. Marketing is no exception. To make it easy to get started, we ve rounded up ten free online marketing classes from the best institutions and sites around. You could even get started today!
For those who want to begin at square one with marketing principles:
1. The Massachusetts Institute of Technology Open Courseware program is high-quality information from a renowned and trusted institution. Their Entrepreneurial Marketing: Major Themes course is exactly what it sounds like: the major themes in marketing that entrepreneurs need to know.
2. For a quick overview, the Small Business Administration offers a Marketing 101 primer specifically geared toward small business owners. This is the absolute basics if you re strapped for time.
The SBA is a wealth of information about business for those who live in the United States, and is also a huge provider of funding for small businesses located in the U.S. If you d like to learn more, I recommend checking out our Complete Guide To SBA Loans.
3. Over on Coursera, a great site that I personally use to learn new things or brush up on old ones, they have classes from some of the world s top universities. Case in point, The Wharton School from the University of Pennyslyvania has put up a virtual first year of their MBA program. One of those classes is the foundational Introduction to Marketing course. This is available until December 28th of this year currently, but if that doesn t for work you, Coursera gives you the option to sign up for email alerts when the next session is about to begin.
4. One of the leading ideas in marketing these days is the concept of inbound marketing, or creating content that actually draws an audience (and thereby potential customers) to your site and builds brand recognition. Hubspot, an internet marketing company, has an eleven class course designed to make someone well-versed and ready to hit the ground running with inbound marketing, and it s open to the public.
For those who have the basics down and want to dig a little deeper into the ever-evolving world of online marketing:
6. Copyblogger is a fantastic site that we read a lot here at Bplans, as they often have interesting marketing commentary and ideas. They also have a well-regarded, 20 part guide to internet marketing, aptly called Internet Marketing for Smart People.
7. Last but never least, Google itself has a digital marketing course that is every bit as detailed as you would anticipate. Designed for professors or students to use, it s split up into nine parts with choices for introductory, intermediate or advanced levels so you can go at your own pace.
These courses can help you investigate a more niche area of marketing, whether you ve covered the basics and are looking to explore further topics, or you have a specific question you need answered.
8. India s National Programme on Technology Enhanced Learning, or NPTEL, is a remarkable resource, especially if you are in India or need information related to marketing in India. NPTEL is a collaborative initiative between Indian Institutes of Technology, Indian Institute of Science, and Carnegie Mellon University. For the course Strategic Marketing: Contemporary Issues, there is extensive information with hours of video lectures available via Youtube and the NPTEL site.
9 and 10. Udemy, a site which features both free and paid courses, offers two very interesting and highly rated courses that drill down into specifics (both are free!). One is Google Analytics Training: Using GA for actionable insights, that is all about how to take data from Google Analytics and turn it into marketing strategy.
The other, which many small business owners will surely appreciate, is Zero Cost Marketing Strategies: Official Primer Course. As you can imagine, this eight lesson course focuses completely on the marketing activities you can do for your business that will cost you nothing. Valuable information if you are bootstrapping or on a shoestring budget.
Have you ever taken a great online marketing class? Tell us about it in the comments!
How LivePlan makes your business more successful
If you re writing a business plan you’re in luck. Online business planning software makes it easier than ever before to put together a business plan for your business.
As you ll see in a moment LivePlan is more than just business plan software though. It s a knowledgable guide combined with a professional designer coupled with a financial wizard. It ll help you get over the three most common business hurdles with ease.
Let s take a look at those common hurdles and see how producing a top notch business plan sets your business up for success.
#mobile business ideas
What are the best mobile business ideas for the year? Are you in need of business opportunities that requires low startup capital, low overhead and no office location? Do you want a business you can run from any location of your choice? Then i advice you read on .
The concept behind running a mobile business is to take your goods or services to the doorstep of your customers; by any means necessary. For instance, if you have a particular talent in cooking, rather than starting a catering or restaurant business; you may consider taking your services to the doorstep of your customers using a food truck or a food cart. This particular act gives you an advantage over those who operate from a stationary location such as shops and stands.
Aside this illustration, there are actually more ideas you may want to consider. Without wasting your time, below are the following top 10 best mobile business ideas you can start this year.
Top 10 Best Mobile Small Business Ideas to Start
If you look online, there are countless of opportunities for individuals who know two or more languages. What this mean in essence is that there is certainly a great demand for interpreters and you can take advantage of this opportunity by pooling a team of translators together. The good thing about this business is that you don’t need an office location; all you need is just a mobile phone, a computer, access to the internet and a list containing the contacts of translators; that will execute your tasks.
Whether you have experience in human resources or have the technical aptitude to come up with appropriate apps, starting a mobile business may just fit your profile. With companies opening their doors for freelance opportunities, you can help them out in, recruiting employees, monitoring their employees with your management skills, ensuring a high performance level among employees, or better still; you can come up with a product that boosts employee productivity.
Mobile salon business. Do you have skills in hair dressing, facial makeovers, etc; then another good mobile business idea you may want to consider is to set up a mobile salon. Since people are always conscious about the way they look and they always crave for convenience, it can make a great combination for a business. The catch here now is that you can stay mobile, and offer your services house to house. You can also get a truck and operate your business from inside the truck.
For the sake of convenience and in the name of health, healthy vending machines are expected to boom. Needless to say, I decided to include this item in the top 10 mobile business ideas because it is worth venturing into.
If you have the skills to repair for electronics, home machines, iPhones. automobiles, mobile phones, laptops. power generators, industrial machines, etc; then you can help customers in the maintenance and repair of these gadgets. You don’t even need a workplace and you can execute your services in the client’s location.
People skills are essential in this business. If you can pool human resources together, you can take advantage of this opportunity from the top 10 mobile business ideas. I know some individuals who are into contract execution, yet they don’t have an office or operate from a single location. For instance, getting interior decoration contracts, supply contracts, real estate development contracts, etc are some businesses you can engage in without needing an office space.
Before a service or product is released in the consumer market, big corporations go through comprehensive testing. Also, they regularly gather feedback from the marketplace and from customers. You can bridge the gap between the companies and the customers by being the middleman or information broker.
Top 10 Best Mobile Small Business Ideas to Start
With the increasing demand for freelance jobs and work at home opportunities, you can make money out of it. In fact, there are a lot of freelance services you can offer and some of them are writing services. SEO. tutoring, web design and development. database administration, data entry. etc. You can set up a team of freelance workers and manage job hunting for them.
However, the catchy fact about this business is that your team of freelance workers don’t have to work from a centralized location; they can work from their individual homes. All you have to do in this case is to set up your own site, act as a mediator between client companies and freelancers; and make your money.
Some companies are unwilling to put big money on a function that they may not be able to use or manage full time. They would rather outsource these services and such services include IT consulting, human resource projects, marketing and financial functions. You can make yourself and your team available for such services.
Yes, you can start a consulting business. With the advent of the internet and the web, the world is now a global village where you can do business with anyone without being limited by border. You can start a mobile consulting business armed with only your laptop and an internet connection and offer advice to anybody in the world.
You can also serve as a mobile consulting group depending on your particular expertise. All you need to do is to choose a communication platform that will be beneficial to you and your clients. Such communication platform can be mobile phone calls, Skype, GTalk, Facebook chat, 2Go, WhatsApp, Twitter. etc.
In conclusion, the above are some low capital, small business ideas that you can engage in today without needing an office space. So get down to work today and I will see you at the top.
#top business schools
Top Business Management Schools in 2016
Top business schools in the US Canada
The United States is home to an impressive 43 of the 200 entries in the business school ranking, with Harvard University this year overtaking the UK’s London Business School to be ranked as the world’s top business school. Of the US’s entries, 15 are ranked among the top 50 for business, including University of California, Berkeley (11 th ), Yale University (16 th ), University of California, Los Angeles (UCLA; 17 th ). New York University and the University of Chicago also feature in the top 20, sharing 19 th place.
Canada has nine representatives in the business and management ranking, including three in the top 50. These are the University of Toronto (35 th ), the University of British Columbia (38 th ), and McGill University (joint 45 th ).
Top business schools in Europe
Europe has many prestigious universities included in the business school ranking, with the top 10 (above) featuring business schools in the UK, France and Italy.
The UK alone has 25 representatives in the ranking, including seven in the top 50. Outside of the top 10, these are: the University of Warwick (25 th ), the University of Manchester (joint 28 th ) and Imperial College London (36 th ).
Also performing well in the business and management ranking is Germany with eight representatives, the highest ranked of which is Universität Mannheim (in the 51-100 range).
Five top business schools are claimed by the Netherlands, with Erasmus University Rotterdam the country’s highest ranked (21 st ). Spain also has five representatives, including ESADE Business School in the top 100. Switzerland claims four of the top business schools in the world, with the University of St Gallen its strongest performer (37 th ).
Over in Scandinavia, Denmark and Sweden offer three top business schools each, with Denmark’s Copenhagen Business School taking 13 th place. Finland and Norway may only offer one ranked business school each, but they’re both in the top 100 – Aalto University and BI Norwegian Business School .
Ireland and Belgium each feature in the ranking with two entries, including Belgium’s Katholieke Universiteit Leuven (KU Leuven, joint 82 nd ) in the top 100. Greece, Russia and Austria also have one representative apiece in the business school ranking, with Austria’s WU (Vienna University of Economics and Business) placing joint 45 th .
Top business schools in Asia
South Korea claims eight of the top business schools in the world, the highest ranking of which is Seoul National University (33 rd ). China has seven entries in the business school ranking, including three in the top 50. Its highest ranked business school is Peking University (34 th ).
Hong Kong’s five representatives in the ranking are all within the top 50, led by the Hong Kong University of Science and Technology (HKUST, 18 th ). Singapore also performs well, with three entries, led by the National University of Singapore (12 th ).
India and Taiwan each claim five top business schools in the ranking, while Malaysia and Japan have four each and Thailand two.
Top business schools in Australia New Zealand
Australia has 17 universities featured among the top business schools in the world, of which five are within the top 50. The leader of these is the University of Melbourne (15 th ), followed by the University of New South Wales (24 th ) and the University of Sydney (30 th ).
New Zealand claims a total of six leading business schools, of which the highest ranked is the University of Auckland (50 th ).
Top business schools in Latin America
Of Latin America’s 10 entries in the business school ranking, three are in Chile, including Pontificia Universidad Católica de Chile within the top 100.
Brazil and Columbia each claim two representatives, while Mexico has three entries this year, with Tecnológico de Monterrey its highest ranked, featuring in the top 100.
#most successful businesses
Despite being a huge economy that ranks at number 3 in the GDP (PPP) league globally, India is a nation where the agriculture and unorganized sectors dominate employment generation. Contrary to what a lot of people may believe, we do not have a majority of our workforce employed by the organized sector.
The Indian workforce can be categorized by a simple and approximate formula – 65-35-15-85. Of the entire workforce, around 65% are engaged directly or indirectly in Agriculture, a massive number. This number will include farmers, farm labourers, transport workers, mandi workers, marketing people, rural business persons of all types etc. That leaves around 35% of Indian workforce, which we can call non-farm workforce. Of this 35%, not more than 15% are employed by the organized sector. They are paid salaries on fixed dates (almost), enjoy statutory benefits and can associate their work with some brandname of some credible size. The remaining 85% (of this 35%) are engaged in unorganized sector, that does not enjoy any of these characteristics. Are these not shocking statistics, for India, after nearly seven decades of economic independence? By the way, I have not counted homemakers and housewives, whose contribution anyway does not get counted in the GDP calculations.
We are a nation of 1.3 billion people (that’s 130,00,00,000 people). So it is clear there is abundance of labour available in India, that is untrained, unskilled (or at best partially skilled) and has a poor chance of making it in the formal organized sector. What do these people do? Well, they create small businesses of their own, and get on with their lives quietly.
Mainstream academia and media often speak disparagingly of these millions as “Mom-and-Pop” shops, because the comparison yardstick is the West, where most of retail is organized. But if these millions were to give up their businesses, and start pestering the governments of India (central and state) forSarkarijobs, the whole system will crumble and break down in no time. We should be very thankful to these entrepreneurs who quietly create opportunities for themselves, and even employ many more.
I assume by small. the question means really small, even micro. And “top 10” must be the range and spread. The ones I am listing below, are usually proprietorships of the most unstructured format. I am intentionally not counting the Small-scale enterprises in the manufacturing sector. I am also leaving out individual contractors that use the internet economy to work from home, on projects anywhere in the world (these are educated and very capable people).
In my opinion, ten of the smallest of businesses (not counting agriculture related work) that are widespread across India, totally taken for granted, and where literally crores of Indians (1 crore = 10 million) are self-employed, can be listed as:
- Small retail shops – Millions of them spread across the length and breadth of India. They are usually owned by a single family, and entire work is done by two or three members of the same family. They do not formally book every transaction, and issue no receipts. Hence, they generally pay no taxes at all. In fact, if they are forcibly dragged in the tax net, many of them will simply become unviable! So what will happen? Right now we have around 1 million young people entering the workforce each month. Or 1.2 crore each year. We will substantially increase the number if these shops collapse.
- Paan ki dukaan – Indians love their paan, supari, cigarettes, tobacco, and gutkha! And this gives birth to the legion of Paan Shops we see everywhere. They form a key part of the marketing plans of consumer goods giants like Unilever etc. As they say, the Ps of marketing are Product-Price-Promotion-P lace-and-Paan shops.
- Readymade Garment shops – Thousands of these small shops cater to the needs of the local communities they serve. While all conceivable brands are available in big malls, the small shops cater at an atomic level to their customers’ needs. And they are busy all year round. One can be often surprised at the economical rates these offer.
- Tea stalls – Popularly called chai-ki-tapri. these are hangout places (for a few minutes) for the local small office-goers, daily wage labourers, and anybody passing by. Usually run by a single entrepreneur, they employ chhotus, young boys barely 8 or 10 years of age. It can be seen everywhere in India. They serve tea (of coffee), some basic snacks like pakoras, etc. Wholesomely unhealthy if taken on a daily basis.
- Auto Repair shops – If you do not wish to spend a lot of money to get your vehicle (2 wheeler or 4 wheeler) repaired at the branded sales outlet or service centre, then the roadside repair shop is always at your disposal. Business is always brisk, and the technicians working can be amazingly skilled.
- Mobile repair / accessories shops – The past few years have seen employment generation through this route. Tiny shops that are run by just one or two people can cater to a vast range of your repair / recharging needs. Found almost everywhere.
- Grocery Daily need shops – A type of the small retail shops. Some of them are organizedkirana stores, others much smaller but equally useful. They develop customer relationships through home delivery, some credit, and informal support for a range of needs. Usually have dedicated and loyal clienteles. The arrival of organized retail has, so far, not affected them much.
- Small restaurants / coffee shops – Lots of them dot the highways as dhabas. or all commercial roads in cities of all sizes. They are usually much cheaper compared to branded cafes. I remember enjoying a hearty meal (for a family of four) for Rs 36 when we hungrily went to a very small “south Indian” restaurant on a mountain side in Munnar, Kerala. What a meal it was! And what a rush the restaurant was handling. Such experiences make you want to become a food entrepreneur (the yummy margins! ).
- Seasonal shops – Every festival in India brings unique buying needs, and that leads to sprouting of such shops in specific areas of all towns and cities. So, during the Ganesh Chaturthi festivals, shops spring up overnight selling pooja samagri (material for religious prayers) and idols. Similarly, Deepawali sees fire-cracker shops and Holi brings with it gorgeously colourful temporary shops. All dealings are naturally in pure cash!
- Hawkers of all types – Not to be outdone by the above, we have a whole range of hawkers who shout themselves hoarse strutting their stuff door-to-door, all day long. They do this on bicycles, or thelas, and it must be very exhausting work.
I personally feel that society ought to respect these individuals much more that it currently does. They are the most basic building blocks of our goods and services markets. The entrepreneurial streak of these unsung heroes can be very motivating if we see the sheer struggle their daily lives entail.
As India moves forward, while our economy will get more structured, the simultaneous growth of our population is going to make formal employment generation a huge challenge. Interesting times ahead!
There is a contradiction in the question: What are the top 10 internet business models that are currently the most profitable and easiest to copy in a new market?
The most profitable business model will not be the easiest to copy since by definition anyone can copy that business model, compete with the original business model and so bring down the profits of the business model as a whole.
Examples of most profitable internet business models typically depend on dominating the long-tail. This requires these businesses to operate at a lower cost than if manual / human processing was required, and capitalize on improving the signal to noise ratio using algorithms at scale. It is difficult for substitute businesses to develop the same scale later as collecting huge amounts of long-tail data takes a long time (years)
Google search: Have data on long-tail search terms and creates a market place where participants can bid to reach most relevant customers.
Amazon.com: Have organized information of long-tail products for sale and offer unparalleled selection, prices are reasonable, inventory overheads are low (they need to stock a few items globally compared to a few items per physical store)
Ebay: Created an auction marketplace where buyers can bid for long-tail products offered by sellers world-wide. The larger the number of buyers, the larger the number of sellers and Ebay makes a cut off each transaction.
Wikipedia or Yahoo Answers: Long-tail content is generated by users at little / low expense to the company, content is relevant and used years after it was originally created. Bulk of the content is accessed only a few times every month but collectively drives billions of page views a month. This can be harvested by basic online advertising.
#sba loan requirements
Top 5 Small Business Loan Requirements
The time has come to expand your business with new employees, a larger location or a new product line. It’s an exciting time, but stressful because you’re not sure you have the cash reserves to manage the expansion.
For many small businesses, this situation calls for a small business loan a cash infusion that pays for itself, plus the interest, with the new opportunities and extra income it allows you to create.
Many of our Kabbage customers are new to small business lending. Though they’re familiar with personal loans, they only know the basics of small business loans and lines of credit. For those who “resemble that remark” and for more experienced folks who would like a review of how to get a small business loan here is your expert-researched, Kabbage-curated list of the top five small business loan requirements to get the best possible small business loan.
#1: Strong Credit
The bad news about small business lending is it can be hard to qualify for the best rates and deals. The good news is this decade has more options for good small business loans than any other time in history. You can choose between platform lending. traditional loans (like from a bank) and a variety of hybrid options available from local vendors or via the internet.
This flexibility doesn’t mean your company shouldn’t look as good as possible on paper. Your FICO credit score will figure heavily in any lending decision, so (if time permits) spend time grooming that number in the months prior to applying. Research what other metrics the lenders you want use, and groom them as much as possible, too.
If you have a major ding in your credit, like a repossession or string of late payments, be prepared to discuss them and why things will go better in the future.
#2: Solid Business Plan
Part of understanding how to get a small business loan is ensuring you have a solid business loan. You should have one of these anyway, since a strong business plan is a prerequisite for stellar business success. Traditional lenders will expect to see an updated, professionally prepared business plan as part of the lending process. Lacking one tells them you’re not ready for the “big leagues” and are a bad credit list.
Though platform lenders like Kabbage won’t insist on seeing your formal business plan, similar documents about your social presence, industry statistics and unique market advantages all of which are part of a comprehensive business plan will go into decisions about what to lend you and how much it will cost.
Either way, get a business plan together.
#3: Compelling Personal Resume
Traditional lenders want proof that the people responsible for running a business are qualified to do so, and part of that proof will be seeing the resumes for you and other principles like owners and executive officers. This resume should be as solid, well-edited and up-to-date as any resume you’ve ever sent out.
Consider: the purpose of a resume is to get you the job you want. The purpose of this resume is to get you the job of running the company you want, instead of the company you have.
Platform lenders don’t look at your traditional resume, but they will look at your business’ curriculum vitae in terms of performance metrics and social sharing. Take time to groom those items as substantially as you would a regular resume.
#4: Bulletproofed P L Statements
Like your business plan, you should have these anyway. You should be using your profit and loss statements as part of a robust monthly “vital signs” check for your business. If you’re not doing them, dig into your accounting software for half an hour. You’ll find a tool that compiles P Ls from your records. If you’re not using software to keep track of your financials get started on doing that.
Lenders of all stripes are looking for three things in your P L: reliability, professionalism and ethicality.
- Reliability – They want evidence that you will be able to make your promised payments, based on enough cash flow to cover the loan. If you don’t, the lender will assume that lending you money is too high a risk.
- Professionalism – Lenders presented with incomplete, inaccurate or hastily prepared P L statements will assume that your business is similarly disorganized.
- Ethicality – If you “fudge” your numbers to look better and get caught, you are done with that lender. The decision makers will assume that you cut ethical corners in other places.
#5: Knowledge of the Loan Needed
This is actually the first of the small business requirements that you should address, but we wanted to mention it last so it would be the freshest in your mind. Lending isn’t what it used to be – a situation where you went to a couple of banks, all of which offered the same basic products, and hoped they would agree to give you a loan.
Modern small business lending includes a wide array of traditional, platform and peer-to-peer options with wildly varying qualification requirements and rates of interest. Before you start working in earnest on the other four requirements for your loan, decide what kind of loan you need. That way you won’t waste time and effort preparing the wrong documents.
Do you have a tale of success or woe to share with the Kabbage community about when you aced a loan application or were embarrassingly unprepared? Share your story in the comments below.
#online business opportunities
Top 10 Online Business Opportunities to Make Money
Great ways to increase your income directly from your private computer
Money makes the web go around. Whether you’re on a mission to find a new source of income or just looking to increase your paycheck with a side gig, the internet can offer a variety of solutions for you to choose from.
With such a great selection it’s easy to get lost. And although trial and error is a method we usually would recommend, it’s probably not a good idea to invest time and resources on experimentation when something so crucial as your income is at stake.
The solution? Research, and fortunately for you we can save you time with that. Below is a list of 10 online business opportunities that have a high potential for generating profit. Read through and consider which of these options might work for you.
1. Teach Online Classes:
Your expertise and knowledge can be very useful to you when you start your online business. Whether you’re a certified chemistry teacher or a knitting master, you can create an online course and charge students for access to the study material.
2. Do Affiliate Marketing:
On the web, affiliate marketers are people who promote various online services and receive a commission for making sales. Many online services have an affiliate program Wix.com has one as well! This type of business is especially worthwhile if you already have a blog or a website set up and can simply start working on promoting your affiliate goods.
3. Write for Pay:
If you happen to be a gifted writer, your skills could be valuable to a huge variety of target audiences, from companies that need tech manuals, to college applicants who need help writing their resumes, or small businesses looking for good newsletter content.
4. Design Wix Websites:
You have no idea how many times we’ve seen this pattern a person in need of a website creates one using Wix’s web publishing platform, is very pleased with the process and the outcome, publishes the website and then receives offers from friends and acquaintances to design a site for them as well. The idea behind Wix is that everyone can create websites, but not everyone has the time or the will to do it, so why don’t you step in and fill the need? Check out WixEd. our very own online course where Wix users can become certified web designers and start their own business in web design.
5. Open an Online Consulting Agency:
Provide professional and specialized observations based on your field of expertise health and wellness, finances, law and more. Here you can choose whether you want to work solely online or combine face-to-face service with your digital one.
6. Use Your Research Skills:
The internet created a neverending source of data. Companies searching for business intel, an individual interested in family genealogy or an author in need of background material do not always have the ability to search this vast pool of knowledge with a fine-tooth comb. In these examples and others, they would prefer to hire someone to perform online research. Might that someone be yourself?
7. Get with the Retail Program:
With online sales continuously on the rise, selling products to web shoppers is definitely a worthwhile path to follow for business purposes. Using Wix to create your own online store. you can set up a retail business with minimum effort and costs. We even have a guide that can help you choose the best products for your online store.
8. Offer Text Editing Translation Services:
It’s the most straightforward process you can imagine. A customer sends you a text for proofreading, literary editing or translation purposes, you do your work and send them a document back. This kind of hassle-free operation will leave you plenty of time to focus on promoting your service.
9. Become a Social Media Marketer:
Small business brands and professional freelancers often require help with promoting their work on social media platforms. You can train yourself to understand the fine art of social media marketing and offer to either take over their social marketing efforts or to provide consulting services on the matter. The Wix Blog will provide you with an abundance of reading material on how to market on social media .
10. Create Custom-Made Art or Music:
If you want to support yourself as an independent artist without having to take on an office job or wait tables, why don’t you use your talent to make extra money? You can offer people from all over the world the option to commission illustrations, caricatures, sculptures, video art, designed candles, custom-ordered songs or anything that your creative force is able to produce.
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