There are two main types of business structures: partnerships and LLCs. Both have their own unique benefits and drawbacks, so it can be tough to decide which is the best option for your business.

What is a Partnership?

A partnership is a business structure where two or more people own and operate the business together. Partnerships are relatively easy to set up, and they offer a lot of flexibility; partners can come and go as they please, and the business can be structured in any way that the partners agree on. However, partnerships can also be quite risky; if one partner dies or decides to leave the business, the other partners could be left in a difficult situation.

What is an LLC?

An LLC, or limited liability company, is a business structure that offers some of the benefits of a corporation, while still being relatively easy to set up. LLCs offer protection from personal liability, meaning that if the business goes bankrupt, the members’ personal assets are not at risk. LLCs also offer a lot of flexibility; members can also come and go as they please, and the business can be structured in any way that the members agree on. However, LLCs can be more expensive to set up as compared to a Sole Proprietorship, which we’ll cover later in this post.

Partnership vs LLC: Pros & Cons

When starting a business, one of the first decisions you’ll need to make is what business structure to use. There are a few different types of business structures to choose from, but the two most popular are Partnerships and LLCs. Here’s a look at the pros and cons of each:

Partnership

A partnership is a business structure where two or more people own and run the business. Partnerships are popular because they’re easy and cheap to set up, and they offer a lot of flexibility. Partners can share responsibilities and profits equally, or they can divide them up however they want.

The downside of partnerships is that they can be tricky to manage. If one partner decides to leave the business, the other partners need to decide whether to let them go or buy them out. If they can’t agree on what to do, the partnership can dissolve, which can lead to a lot of confusion and legal hassle.

LLC

An LLC is a business structure that’s been growing in popularity in recent years. LLCs are similar to partnerships, but they offer more protection for the owners. If something goes wrong with the business, the LLC’s owners are protected from being held personally liable.

Although the biggest pro of operating as an LLC is the personal protection you have from your business decisions, there are also other reasons you should choose to operate as an LLC.

Other benefits of operating as an LLC include the ability to expand and bring in other owners if you choose. You can even draw up a Partnership agreement under an LLC. There are many different types of Corporations you can set up once you have an LLC established.

Not to mention there are also many tax advantages for operating as an LLC as compared to other business structures.

Different Types of Partnerships

There are different types of partnerships that can be formed in business. Some of the most common are as follows:

1. Sole Proprietorship: This is the simplest type of business organization and is owned and operated by one individual. There is no legal distinction between the business and the owner, so the owner is personally liable for all the business debts and obligations.

2. Partnership: A partnership is a business organization owned and operated by two or more individuals. Partners are personally liable for the debts and obligations of the business.

3. Corporation: A corporation is a legal entity separate from its owners. The owners (shareholders) are not personally liable for the debts and obligations of the business.

4. Limited Liability Company (LLC): An LLC is a hybrid business organization that combines the features of a corporation and a partnership. The owners of an LLC are not personally liable for the debts and obligations of the business, but they are still liable for their own personal debts and obligations.

Profit and Loss Distribution for Partnerships and LLCS

When it comes to the distribution of profits and losses among partners in a partnership or members in an LLC, there are a few key things to keep in mind. First, unless otherwise specified in the partnership or LLC agreement, profits and losses are generally allocated in proportion to each partner’s or member’s ownership interest in the business. So, if you own a 50% stake in a business that makes $10,000 in profits, you would be entitled to $5,000 of those profits. Conversely, if the business suffers a $5,000 loss, you would be responsible for $2,500 of that loss.

There are a few exceptions to this rule, however. For example, if one partner or member contributes more capital to the business than the others, they may be entitled to a larger share of the profits or be protected from more of the losses. Additionally, if one partner or member does significantly more work than the others, they may be entitled to a larger share of the profits or be protected from more of the losses.

Finally, it’s important to note that the IRS may get involved in the profit and loss distribution process if the partnership or LLC generates substantial income. You should always consult with a professional business attorney when considering the best structure for your business. Remember, it’s better to be working on your business vs in your business.

Can an LLC be a Partnership

Yes, an LLC can be a partnership. In a partnership, the members share in the profits and losses of the business. Partnerships are typically created when two or more people want to start a business together. In a partnership, each partner has an ownership interest in the business, and each partner is responsible for the debts and liabilities of the business.

Partnerships vs LLCs: Which Should You Choose?

There is no one-size-fits-all answer to this question, as the best type of business entity for your company will depend on your specific situation and goals. However, partnerships and LLCs are both common options for small businesses, so let’s take a look at the pros and cons of each.

Partnerships are relatively simple to set up, and they offer pass-through taxation, which means that the income and losses of the business are taxed only on the individual partners’ tax returns. This can be a tax advantage for businesses that are just starting out. However, partnerships are also less formal than LLCs, and they can be more difficult to manage if the business grows too large.

LLCs offer more legal protections for business owners than partnerships do, and they are also easier to manage as the business grows. However, LLCs are more complex to set up than partnerships, and they are not eligible for pass-through taxation.

Share with me which partnership you think would best benefit you by using #PartnershipVsLLC on  Twitter, Facebook, LinkedIn, or Instagram.

Accessing sufficient capital is difficult for small businesses because traditional lenders like banks consider them risky ventures.

Raising small business capital is also a drawn-out process, especially with poor credit. While many business loans do not have a minimum credit score, most lenders work with a range they consider acceptable for their small business loan requirements.

So, how do you navigate the financial world and figure out how to grow your small business and secure business financing?

How To Select the Right Funding for Your Small Business

There are plenty of business loans available, but you should know how to get the best rates on financing to grow your small business.

You need to understand the available loan options, loan duration, and terms and conditions. Once familiar with these basics, find out the available funding categories.

Key Methods of Funding Your Business

Once you have calculated the amount of startup funding, you need to choose the most appropriate funding method.

Here are the available sources of finance you should consider for your small business.

Bootstrapping

This is a form of self-funding where you leverage your personal financial resources to get your enterprise going.

The money can come from your savings, family, friends, or your 401(K).

Self-funding gives you the freedom to have complete control of your business and take on the entire risk burden.

If this is one of your business financing strategies, ensure that you don’t go overboard with your spending. Work with what you can afford and be careful when dipping into your retirement funds.

Venture Capital Funding

Investors can offer you small business financing for growth. Venture capitalists typically seek out viable, innovative business ideas that show the potential for future profitability.

Investors exchange capital financing for share ownership in your business.

Unlike banks and other traditional lenders, venture investors take on more significant risks and are willing to invest their money based on future projections. This financial form of investment also has a longer investment horizon than traditional financing.

Understand the venture capital terms of engagement before making a deal since some investors may want a controlling stake in the business that you struggled to set up.

Alternative Financing

This is the by far the most popular choice for financing a small business. Alternative financing options are especially popular for those need access to funds fast or may have trouble accessing financing options from banks.

The typical requirements for alternative financing depend on how long you’ve been in business or your average monthly revenue. If you’ve been in business for more than 6 months and you’re earning over $10,000 per month in revenue, you will qualify for most options.

When applying with ROK Financial, you’re immediately paired with a Business Financing Advisor that can help you navigate the different options depending on your needs. It’s their goal to get you financing as fast as possible with the terms you’re comfortable with.

SBA Loans

How to get a loan to start a business from the government? The U.S. Small Business Administration (SBA) collaborates with appointed lenders to lend money to small-scale enterprises.

SBA has a set of guidelines used by partner lenders, micro-lending organizations, and community organizations to disburse funds to businesses that qualify.

Eligibility for SBA government small business loans is often less stringent than bank loan facilities. The terms are competitive, and the rates are generally similar to non-guaranteed loans.

In some instances, your loan may come with counseling and education support, allowing you to get professional financial guidance.

Additional benefits of SBA loans include flexible requirements, subsidized down-payments, and no collateral requirement for some loans.

Crowdfunding

Online platforms like Indiegogo and Kickstarter allow startups to pitch their business ideas and get financial contributions in return.

This pooling of funds from the public can help small businesses access quick financing with few obstacles.

Some businesses use crowdfunding to secure business financing in exchange for shareholding. So, as a contributor, you get to own a part of the business you contributed to.

Make sure you confirm whether the Financial Conduct Authority (FCA) has registered the crowdfunding platform you use.

Convertible Debt

Once you pitch your business to potential investors, they may agree to offer business financing, and in return, the debt will be converted to equity in the future.

This is difficult for many small business owners because it requires you to give up some control of your enterprise to investors.

The benefit of convertible debt is it’s easily accessible and has flexible terms.

Government Grants

If your business is in the science or research field, the government offers grants through the Small Business Administration. The grants are issued through special programs that assess your development objectives.

Note that grants are not just handed out. Your business has to show significant potential for profitability.

Small Business Capital and Why It Is Important

Now that you have an idea of how to get a business loan with no money, you need to know how to put it to good use.

Business Expansion

Most business ventures get to a point where they need to grow. Here are some ways to expand your business after securing small business capital.

•  Expanding the current business premises or moving to a better facility.
• Opening a new branch of the business to increase revenue
• Adding a new product range to your portfolio

Business growth is expensive; that’s why you have to seek additional funding rather than depending on working capital.

Increasing Brand Visibility

Even the most robust business strategies require new customers. Marketing is essential to build your customer base, enabling your business to reach new milestones.

Close to 50% of small businesses shut down due to reduced market demand. Therefore, you must keep making efforts to increase your brand visibility and reach out to as many people as possible to grow your business.

More Cash for Eventualities

However much planning you do, you’ll always need additional funds for contingencies. Having extra cash means your business won’t grind to a halt if a couple of unexpected expenses arise.

Extra cash on hand gives your business the flexibility for growth without fear of cash flow problems.

Improving Processes

It’s not easy to budget for new equipment or software when you already have many running costs. Using business financing to improve and modernize your business processes is a more viable strategy.

Asset-based lending can also enhance your business practices by enabling you to get more funding.

Purchasing New Inventory

Buying new stock in bulk is always more economical than piece-meal purchases.

Financing assures you of steady product supply to your customers even when your working capital is insufficient to buy new stock. Businesses turning to asset-based financing can easily sustain normal operations when there isn’t any collateral for financing.

Bottom Line

Now you have some tips on how to grow your small business and secure business financing. Securing small business capital is the key to growth, so don’t get too caught up in daily tasks and forget to build your enterprise.

If the process of seeking small business financing feels overwhelming, you may be interacting with the wrong partners.

The key to small business success is to plug into the right networks and get the best rates on financing to grow your small business.

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What Is Scaling In Business?

In order to understand scaling in business, it’s important to first understand what it is. Simply put, scaling is the process of growing a company or organization to a larger size. This can be done in a number of ways, but the ultimate goal is to increase profits and create more jobs.

There are a number of factors that go into scaling a business, and it’s important to have a clear plan in place before starting the process. One of the most important things to keep in mind is that scaling is not a one-size-fits-all solution; every company is different and will require a unique approach.

There are a number of different methods for scaling a business, and the most effective approach will vary from company to company. Some of the most common methods include growing the customer base, expanding the product line, and increasing sales and marketing efforts.

No matter which method you choose, there are a few key things to remember. First, make sure you have the necessary resources in place to support the growth. Second, always focus on the customer and make sure they are happy with the new changes. Finally, make sure you have a solid strategy in place and are prepared for the challenges that come with scaling your business.

Why You Need To Scale Up Your Business

There’s no doubt that scaling up your business is a critical step to achieving success. But many business owners are hesitant to take this step, often because they’re unsure of what it entails or how to go about it. If you’re one of these business owners, here are three reasons why you need to scale up your business:

1. To achieve greater profitability. When you scale up your business, you’re able to reach a larger market and achieve greater economies of scale. This leads to increased profitability, as you’re able to produce and sell more products and services at a lower cost.
2. To increase market share. As your business grows, you’ll also start to see an increase in market share. This is because as you become more visible and accessible to more people, you’ll naturally attract more customers.
3. To improve efficiency. As your business grows, you’ll also start to see an increase in efficiency. This is because as you become more streamlined and organized, you’ll be able to operate with less waste and fewer redundancies.

Business Scaling Strategy: How to Scale Your Business In 2022

In order to scale your business in 2022, you’re going to need a sound business scaling strategy. That means understanding how to grow your company while maintaining its core values and principles. It also means being able to navigate an ever-changing market landscape. Here are a few tips to help you get started.

First, make sure you have a clear vision for your company. What are your long-term goals? What are your short-term goals? What are you doing to achieve those goals? And most importantly, why are you doing it? Once you have a clear vision in place, you can start developing a roadmap to get you there.

Second, be prepared to face challenges. As your company grows, you’ll encounter new challenges and obstacles. But if you have a solid plan and a team of people who are committed to your vision, you can overcome anything.

Finally, stay flexible. The world is constantly changing, and your business needs to be able to adapt. Keep an open mind and be prepared to make changes when necessary. By following these tips, you’ll be well on your way to scaling your business in 2022.

The global small business market is expected to reach $6 trillion. If your business is looking to capitalize on this growth, you’ll need to employ a scaling strategy. Here are six tactics to help you do just that:

1. Implement a process improvement system. Process improvement systems help businesses identify and correct inefficiencies in their operations. This can help you streamline your processes, making it easier to scale up.
2. Automate routine tasks. Automating routine tasks can help you free up time and resources for more important work. Automated tasks can also help you maintain consistency across your operation.
3. Delegate responsibilities. As your business grows, you’ll need to delegate responsibilities to other team members. This will help you maintain control over your business while freeing up time to focus on other priorities.
4. Grow your team strategically. When growing your team, it’s important to do so strategically. Adding too many people too quickly can lead to chaos and inefficiency.
5. Invest in technology. As your business scales, you’ll need to invest in technology that can help you manage your growth. This might include software to help you track inventory or manage customer relationships.
6. Increase Your Marketing Efforts. One of the best ways to scale your business is to increase your marketing efforts. This could mean increasing your advertising budget, or it could mean stepping up your social media marketing. Whatever marketing strategies you use, make sure you’re putting more effort into them to help your business grow.

The Biggest Challenge In Scaling your Business

There are a number of challenges that businesses face when scaling up. The first and most important challenge is making sure that the company has a product or service that people want or need. Once the business has a product that people want, it needs to make sure that it can produce enough of that product to meet customer demand. It also needs to make sure that it has the infrastructure in place to support that growth. The company also needs to make sure that its employees are able to handle the increase in workload. Finally, the company needs to make sure that it can keep up with the competition.

Examples of Scaling Your Business

There are many ways to scale your business. You could add more products or services, expand your customer base, or increase the volume of your sales. Whatever strategy you choose, make sure it’s one that will help you reach your goals. Here are a few examples of businesses that have successfully scaled their operations:

1. Amazon started out as a small online bookseller, but it has since expanded into a global e-commerce giant.
2. Google started out as a research project at Stanford University, but it has since become the world’s largest search engine.
3. Facebook started out as a small social network for college students, but it has since become the world’s largest social media platform.

All of these companies scaled their businesses by expanding their product lines, increasing their customer base, and/or increasing their sales volume. If you want to scale your business, you’ll need to do the same.

Of course, these are standout examples of businesses that have are now household names. They wouldn’t have been able to get where they are today without implementing an effective scaling strategy. How can you take the scaling examples from Amazon, Google, and Facebook, and implement them into your business?

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In 2022, the world will be a different place. It will have changed in ways we can’t predict, and, likely, company culture-how people work together to make money-will change as well.

Challenges Companies Face in 2022

We know that there are some challenges facing company culture today, but what about those looming on the horizon? What do we need to look out for? Let’s look at nine challenges looming over company culture in 2022.

New Technology

As new technologies are developed, there will come a time when some employees can accomplish their job using that technology instead of through office interaction with their colleagues. This could cause problems where many workers don’t need to rely on each other to accomplish work while some still do.

Those who still rely on human interactions for collaboration may be ostracized by those who have switched over to machines or feel alienated by the lack of reliance on coworkers. These feelings could be mitigated by management taking the time to seamlessly integrate the new technology with company culture and use it to interact with team members.

Increased Mobility

Employees who work remotely need communication to feel like they are part of their team. If employees must transfer into an area with little communication, this could threaten their ability to connect and increase isolation and feelings of disconnect.

This may be difficult for some companies but can be solved through communication strategies that keep all workers on the same page regardless of location, including video conferencing programs or asking coworkers about how they communicate during collaborative projects.

Workplace Relationships

Changing workplace relationships between colleagues could create challenges or stress if too much emphasis is placed on lavishing perks upon others. This could lead to a culture of jealousy, greed, and entitlement where one feels poor because another is given an office with a view or new cars for company use.

These problems can be avoided by focusing on workers as people who need opportunities that meet their lifestyles.

Aging Workforce

As people live longer and stay healthy longer, they may wish to work beyond the traditional retirement age. Suppose employers don’t accommodate this need through training new employees or offering flexible schedules or options for adapting workspace environments.

In that case, this could create some resentment from those forced out of the workforce earlier than they prefer. Companies would do well to offer some incentive programs for those willing to pass on knowledge gained over a lifetime of experience.

Gender Equality

The gap between men and women in the workforce is slowly narrowing, but some gaps still need to be filled. For example, for company culture to be truly effective, it needs to be inclusive of everyone, regardless of gender identity or expression, such as providing business coaches for females.

This means that all voices need to be heard, and all employees should feel safe and comfortable working in whatever environment they choose, regardless of the situation.

Political Polarization

The current political landscape is one of great polarization. For company culture to be effective, workers need to be able to put their political beliefs aside and collaborate on projects.

However, with current issues in strong organizational culture, this is becoming increasingly more difficult. If this trend continues, it could lead to a rift in the workplace where coworkers can’t stand to be in the same room.

Globalization

As globalization increases and new cultures enter the workplace, companies will need to find ways of working with each other while also maintaining their own culture. This has been a challenge for many already, leading to the rise of consulting firms whose job is to bridge these gaps by smoothing out communication problems and advising on company policies.

Companies would do well to invest money in this area to work seamlessly with foreign workers and avoid culture shock when speaking with business partners abroad.

Environmentalism

As we become more environmentally conscious, company culture will need to reflect those values. This means that workplaces will need to be designed with sustainability in mind, and employees will need to be mindful of their impact on the environment both inside and outside of work.

Those who are not environmentally conscious could feel alienated or uncomfortable in an environment like this, so management must be careful not to alienate any portion of its workforce.

Work-Life Balance

The line between work and life is becoming increasingly blurred, causing problems for many workers. They cannot enjoy their time off because they’re constantly checking work emails or attending work-related functions after hours.

Although this may save some businesses money, it could be detrimental to company culture in the long term. In addition, employees need time away from their jobs to avoid burnout and increase productivity once they return.

Machine Learning

As machine learning and automation become more widespread, companies will need to work harder than ever to ensure their employees are as productive as possible.

This means teaching them how to use new technology or developing training programs that can teach them how to work alongside technology so humans and machines can collaborate on projects. Either way, it will be a difficult task if companies don’t invest now to facilitate the switch later down the line.

How Cultural Problems in the World Affect Company Culture

As the world becomes increasingly connected, company culture must also become more global. This means that workers need to be able to work with people from all over the world and understand their cultural values.

If this doesn’t happen, company culture problems will become bogged down by misunderstandings and conflict. To avoid this, management needs to make a conscious effort to bridge foreign work cultures and standardize practices.

How to Overcome Challenges in Work Culture

When searching for ideas on how to face challenges in work culture in 2022, management must be willing to adapt. This means that they need to be aware of the issues listed above and take steps to address them.

Additionally, employees need to be more mindful of their behavior and how it affects those around them. Finally, cooperation between parties can solve company culture challenges, and a more productive work environment can be created.

Share your favorite way to overcome workplace challenges by using #WorkTogether on  Twitter, Facebook, LinkedIn, or Instagram.

Starting a small business is challenging. You’re likely to fail if you don’t have a great business idea and a well-defined plan. There are so many opportunities out there, and coming up with a great business idea is the first step to success.

If you’re planning to start a small business, choosing the right business idea is critical. But don’t worry, because there are hundreds of great business ideas for 2022. Our guide on developing innovative business ideas from small startups to online businesses will surely help you start your small business.

Why and How Do Entrepreneurs Come Up With Ideas?

The core of every successful small business startup is an excellent and established business plan. Some business ideas may seem so simple that we wonder why we didn’t think of them before, while others may seem so out of the box that they leave us wondering how they became a reality in the first place.

Successful entrepreneurs are great at coming up with business ideas. They do it because they try to solve a problem or fill in a need in their community. By seeking the solutions to existing issues, entrepreneurs create innovative solutions to benefit people. These solutions are turned into business ideas to solve specific problems.

If you want to learn how to get unique business ideas like entrepreneurs, it’s essential to spot pain points in existing processes. Once you understand this habit of spotting issues, you might eventually find it an enjoyable pastime.

How to Come Up With a Business Idea 2022

Learning how to generate business ideas is a crucial step towards success. Here are some helpful tips on coming up with great business ideas in 2022:

• Fill a need. As mentioned, every successful business solves a specific problem many people share. Look around and ask yourself what existing issues need solutions. What do you notice people are complaining about? From there, try to provide answers to these frustrations. If you do, you already have a great business idea.
• Identify future problems. Aside from existing issues, you can also think about future problems that might need solutions and come up with business ideas from there. Brainstorm about the current issues, challenges, and possible outcomes. Think about the future and start coming up with solutions to these future problems.
• Develop a more affordable version of an existing product. You can also come up with a great business idea of developing cheaper versions of any current products.

Think of some smartphone brands such as Xiaomi and Huawei. They are much more affordable than flagship brands such as Apple and Samsung. These Chinese brands offer almost all the same features as the major brands that offer products at ridiculously high prices.

These Chinese counterparts are successful because their smartphones are far cheaper. So, look around and try to develop more affordable versions of products.

• Make people’s lives easier. Build meaningful connections with people because relationships build opportunity. Contributing to people’s convenience is a great business idea.

Find a way to develop a product or come up with a service that makes people’s lives less stressful and more convenient.

• Investigate other markets. Aside from doing what you’re good at for money, try thinking outside the box and investigating other markets.

For example, you can offer services such as teaching other people how to do something. If you’re fluent in speaking Spanish, you can develop an online course and start a small business teaching people about the Spanish language. Remember, you can transform any skill that you have into a business.

Creative Sources of Generating Business Ideas

Every idea has the potential to become a great business opportunity. However, it needs the necessary steps to become a profitable business. We’ve come up with a list of creative sources of innovative business ideas to turn into opportunities.

• Customers
• Existing organization
• Distribution channels
• Government
• Financial institutions and development agencies
• Research and development
• Trade shows, fairs and exhibitions
• Focus groups

How To Succeed in Generating Business Ideas

Starting a new business means spending some time to generate your business idea. One of the many benefits most entrepreneurs enjoy is turning their interests into a business. They get to make money from what they’re passionate about. However, not all hobbies and interests translate into business profits.

That’s why research is very critical. Gather as much information as you can to learn the potential demands for a particular product that you want to develop. Research your competitors and their strategies. Most importantly, research the needs of your potential customers. The more information you gather, the more successful your business idea will be at turning a profit.

Sometimes, even the best business ideas sound less than promising at first. However, they become brilliant during execution. If you want to generate business ideas, try not to be a perfectionist. If you’re going to wait for the perfect business idea before executing it, you could lose time that could have been spent testing out that idea. You never know, it could turn into something extraordinary.

Most of the time, the biggest enemy of a great business idea is the fear of taking the first small steps. Jump in and experiment on your business ideas, and see where this leads you.

Additionally, it’s critical to come up with a backup plan to ensure your business survives a recession. Make sure you protect your small business to keep it safe during times of economic stress.

Top 10 Small Business Ideas

Here are some of the top small business ideas you can look at in 2022:

• Dropshipping
• Print on Demand
• Translation
• Website Flipping
• Home-Based Catering
• Virtual Assistant
• Personal Shopper
• Online Tutoring
• Greeting Cards
• Content Writing

So, Get Started!

The world of business can be challenging. However, nothing is impossible with the right knowledge and skills paired with hard work. Become your own boss today. If you need help with your business and are a female, consider how to find a business coach for female entrepreneurs. With our guide, start generating small business ideas and grow from there.

Share the best Business Idea you’ve heard of by using #BusinessIdea2022 on  Twitter, Facebook, LinkedIn, or Instagram.

Technology has changed professional networking more than ever before, and the digital business card is the way of the future.

The digital business card is an easy differentiator and a fantastic way to stand out in a crowded market space. Show prospective clients what you’re about and who you are with a quick customized bio and link to your website. Or, let them know that they can find you on LinkedIn to learn more about how your services could help them.

However you choose to use them, digital business cards are a must in 2022, and we’ve selected our favorite – the one you need to get in 2022.

What Are Digital Business Cards?

Digital business cards are the digital equivalent of the old-school paper business cards people typically stuff in a drawer or their wallet and never look at again. But these digital business cards aren’t just the online version of the paper model.

Digital business cards are flexible in that you can include a wide range of information on your card, create different cards for different uses, and share them in multiple different ways.

How Do Digital Business Cards Work?

Most digital business card makers offer an app or a website to create their unique digital business cards. Using the software provided, the user decides which type of information they want to share, the layout or design of the card, and any corporate or personal branding they want to incorporate.

Using a simple step-by-step design process, the user creates the card and then chooses how to share the card with others. Most digital business card makers offer multiple ways to share the card — via QR code, text-message link, email, or app-to-app transfer if both people have the same app.

Once the recipient receives the digital business card, they can save it on their smartphone or computer for easy access.

Benefits of Digital Business Cards

This digital alternative to traditional business cards is a cost-effective way to connect with others in your industry or community and be memorable. While developing these business card alternatives is relatively new, it’s easier to make an unforgettable first impression!

Using a contactless business card has many other benefits, as well.

Convenience

How often have you attended a business lunch and had to dig around your wallet or purse for a business card? Even if you find the card, it’s all bent up and makes a less-than-impressive impression.

A digital business card is convenient to share because it’s always with you, as long as you have your phone.

Affordability

A few years ago, there was a trend to have business cards printed on ultra-expensive paper in unique shapes and paper weights that looked great but cost a small fortune. Digital business cards are less expensive (sometimes even completely free), and you can create them in under an hour.

If you’re starting a new business or exploring new opportunities for your business, opting for a digital business card is an excellent cost-savings strategy.

Versatility

There’s pretty much only one thing to do with a traditional business card — stick it in your wallet, desk drawer, or Rolodex (are these still a thing?). However, a digital business card is highly versatile for the recipient.

When someone texts you a digital business card, you can save it to your phone in a folder for easy access. Or, if you receive a digital business card via email, you can download that card and save it on your desktop for quick and easy reference.

How to Get a Digital Business Card in 2022

Once you’ve decided to create your digital business card, you can use one of several digital business card makers. Each platform has advantages and disadvantages, and it’s more about personal preference than functionality.

Some require downloading and using an app, some are free, and others require a fee depending on the number of features you want to include. Consider these digital business card options as you plan for your business and the upcoming year.

HiHello

HiHello is one of the most popular platforms for creating digital business cards. You can create cards on iOS or Android apps or the computer, and they are entirely free to create.

One of the most significant advantages of HiHello is that you can share your digital business card with anyone, and there is no app required to receive a card. HiHello also allows users to create multiple cards with different information to customize cards for professional use, personal use, etc.

It’s also flexible in the amount of information you can include on your digital business card. Beyond the standard name, email address, website, and phone number, you can also include your preferred pronouns, a photo, social media accounts, logos, etc.

HiHello is free but does offer paid tiers that include additional features like video, personalized links, CRM capabilities, and card analytics that can help you learn from your customers.

Dibiz

Dibiz requires users to create their digital business cards on a desktop computer, and the final business card is then texted to the user to save it on their mobile device. In addition, Dibiz offers a free plan that includes incorporating video and a custom link.

Users are also provided with templates to help with the design process. Dibiz’s paid plan adds several additional features such as unlimited images in a gallery, unlimited links, brand colors, and removing the Dibiz logo.

Once you have finished creating your digital business card, you can choose from any sharing methods available via your smart device to share your card with someone else. (If you’ve been searching for a digital business card for Whatsapp, Dibiz is an excellent option to consider.)

You can also copy the unique link to your DIBIZ card and share it just like any other web page.

Haystack – Best Digital Business Card of 2022

Haystack works very similar to HiHello in that you create your digital business card inside of their app. You can add your company or personal brand logo, photos, and links to your business card and customize it to reflect your brand or personality.

Sharing your digital business card is as easy as using the QR code or link and sending that via a text message or email message.

One of the most significant advantages of Haystack is its built-in business card scanner, free to use in all of the plans. If one of your contacts does not have the Haystack app, you can use your app to scan their paper business card, and you can save their contact details inside your Haystack app.

Final Thoughts

Digital business cards are changing the way business leaders network with one another and simplifying the art of networking. So make a great impression with this innovative, new way to represent yourself and consider this digital alternative to business cards.

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There are many different leadership traits that can make someone successful. However, some traits are more important than others and can be the difference between a good leader and a great one. Here are five of the most important leadership traits:

1. Integrity: A good leader always maintains their integrity and is honest with those around them. They do not make promises they cannot keep and they always stand by their word.

This is what makes them a respected and trusted individual. Maintaining your integrity is essential to being a good leader, as it builds trust among your followers and allows you to lead with confidence. Being honest also demonstrates that you have nothing to hide, which further strengthens your relationship with others. By upholding your integrity, you set an example for others to follow and inspire others to be the best versions of themselves.

2. Passion: A passionate leader is one who truly cares about their cause and the people they are leading. They have a strong desire to see their vision become a reality and will work tirelessly to achieve it.

This type of leader is motivated by their passion for the cause, and not by personal gain. They are inspired by the idea of making a difference in the world, and this drives them to do their best work. People who are led by a passionate leader feel appreciated and supported, knowing that their leader is committed to both them and the goal of the company.

3. Vision: A good leader must have a clear vision for where they want to take their team or organization. They must be able to articulate this vision in a way that inspires others to follow them.

A leader with a strong vision can help their team stay focused and motivated, even in difficult times.

Having a clear vision is essential for any organization, but it is especially important for startups. A startup needs to be able to move quickly and make decisions based on what will best achieve its goals. Having a clear vision gives the company direction and helps keep it from getting bogged down in details.

A good leader’s vision should be based on their values and beliefs. They need to have a strong understanding of what they stand for and what they want their company to achieve. This allows them to stay true to their vision even when things get tough.

A great leader’s vision is inspiring and makes people want to be a part of it. It is something that people can believe in and rally behind. When everyone is working towards the same goal, it can be an incredibly powerful force.

4. Courage: A courageous leader is not afraid to take risks and stand up for what they believe in, even if it means going against popular opinion. They are willing to face challenges head-on and do whatever it takes to succeed.

Courageous leaders have a strong sense of conviction and are not afraid to speak their mind. They are passionate about their beliefs and are always looking for ways to make a difference.

5. Communication Skills: A good leader must be able to communicate effectively with those around them, both verbally and non-verbally.

Verbal communication involves speaking in a clear and concise manner, while being aware of the tone of your voice and how it can be interpreted by others. Non-verbal communication includes body language, facial expressions, and gestures. It’s important for a leader to be aware of both forms of communication, as non-verbal communication can often send just as strong a message as words themselves.

Being able to communicate effectively is essential for any leader. It allows them to share their vision and goals with their team, and helps ensure that everyone is on the same page. Good communication also builds trust between a leader and their team members, which is key for success. Leaders who are able to effectively communicate with those around them are more likely to be successful in achieving their goals.

Take Time to Reflect & Review These Personality Traits

Self-reflection is an important part of personal growth. It allows us to assess our own strengths and weaknesses, and to identify areas in which we need to improve. By taking the time to reflect on our own behavior, we can become better people and make positive changes in our lives. Self-reflection is also a way to connect with our innermost thoughts and feelings, and to understand ourselves on a deeper level. When we are able to reflect on our own experiences honestly and openly, we can learn a great deal about who we are and what we want out of life.

Share what quality you think is most important for a leader to possess by using #LeadersLead on  Twitter, Facebook, LinkedIn, or Instagram.

Do you need a business loan as soon as possible? Are you wondering how to get a business loan for a small restaurant? You probably already know that a traditional bank loan is out of the question. With a typical business loan from a bank, you’d be waiting for approval for two to four weeks, which is quite inconvenient when you need funds instantly.

Fortunately, you can access immediate business funding within 24 hours from alternative lenders. What exactly are these loans, and how can you get them? Read on to find out how to get a business loan in 24 hours.

What is 24 Hour Business Funding?

24-hour business funding is a type of alternative financing model where you can access a loan within a day. The approval process for this loan is extremely short, lasting minutes in most cases. Therefore, unlike banks, you don’t need to wait weeks to know whether you’re qualified. This allows you to look elsewhere if your request is denied.

Besides the short processing time, this funding also has more lenient qualification requirements. This makes it an excellent option for many businesses that cannot access loans at banks.

However, the convenience of 24-hour business loans comes at a cost, usually of higher interest rates. Ensure to understand the interest rates applicable to a loan before seeking approval. Due to the higher rates, it’s advisable to only opt for these loans to help you sort out emergency business needs.

How to Get a Business Loan Fast

The most crucial step towards figuring out how to get a quick business loan is looking for a willing lender. First, steer clear of banks. Second, identify a 24-hour funding lender whose small business loan requirements you meet.

While fast lenders are generally more lenient than banks, they also have their own set of eligibility criteria. Most of the requirements relate to your business’s performance history, your personal creditworthiness, cash flow, and time in operation. Assessing the state of each of these will steer you towards the right kind of lenders who offer no bank verification business loans.

Benefits of Immediate Business Funding

Small business loan same-day funding has a lot of benefits when utilized for the right reasons. One significant advantage is that it can help you make up for cash shortage when you’re waiting for payment from work you’ve already done.

This is especially useful for B2B businesses who receive payments much later after delivering services or products. The same applies to contractors who’re paid after a month or more. Immediate funding allows you to take care of daily expenses until you get the money owed.

Another advantage is that it allows you to seize time-restricted business opportunities. You can plan a lot for your business, but it’s possible to get an opportunity to earn more revenue when you don’t have enough resources to support the task.

A quick business loan allows you to take advantage of the opportunity. Of course, the venture should bring in enough income to pay off the loan and help your business grow for this to be a worthy funding option.

Third, immediate business funding allows you to take advantage of seasonal trade fluctuations that promise a bigger return on revenue but require more resources. This is one of the instances when it makes the most sense to opt for a short-term instant loan.

Fast Business Loan Requirements

As already mentioned, fast business loan requirements vary from one lender to another. To learn how to get instant business loans, learn some of the most common factors lenders look at.

Personal Credit Score

While some fast lenders can give you a same-day business loan with no credit check, many will look at your personal credit score. This is advantageous if your business is relatively new and hasn’t built a credit history yet.

Most banks check both your business and personal creditworthiness, making it harder to get a loan if your business credit score is low.

Reason for Loan Request

Almost every lender, whether traditional or an instant business loan provider, wants to know the reason for your loan request. This is because they want to know whether your plans for the capital you get are viable and can give you enough income to pay back the loan.

If they think your reason is feasible, they’ll consider you a low-risk borrower and be more likely to approve your request.

Cash Flow

Lenders who don’t prioritize your credit score or business revenue usually focus on cash flow. Before lending you any money, they want to know that you’re making enough income to support your payments.

Therefore, it’s vital to ensure you have decent cash flow before applying for a loan to increase your approval chances.

Can I Get Startup Business Loans With No Revenue?

Yes, you can get startup business loans with no revenue. When dealing with borrowers with no revenue, lenders offer low-risk financing models whose payments are not reliant on how much money you have at your disposal. Excellent examples are invoice financing and equipment financing.

With invoice financing, you can access a loan that’s the same amount as what you’re expecting from clients who are yet to pay you for work done. For equipment financing, the lender loans you the capital required to purchase the equipment you need, then lists it as collateral.

These are two kinds of small business loans with variable or fixed rates you can access within 24 hours of application because of their straightforward nature.

Business Loans You Can Get in 24 Hours

If you want to know how to get a business loan easily, get started by applying with ROK Financial today. My team of professional Business Financing Advisors are ready to help you navigate the business financing process. After submitting a free, simple, 15 second application, you will be paired with a Business Financing Advisor immediately. We’ll reach out to you and start going over your needs for financing, the requirements to get started, and what the next steps will be.

If you’re ready to get business financing in 24 hours, you’re in the right place. Head over to our online application and get started!

If you’ve ever received funding within 24 hours, share your experience with me by using #24HourFunding on  Twitter, Facebook, LinkedIn, or Instagram.

Every business needs high-quality equipment to get its job done and in the right way. But seldom do business owners have money set aside to pay for the equipment up front. They may be willing to do so but know that doing so may put a substantial dent in their cash flow. This is where equipment financing comes in.

Equipment financing is a quick and economical way of obtaining fencing to replace or upgrade much-needed equipment to keep your business running or expand to meet rising demand.

This article provides an overview of equipment financing-how it works, rates, fees, terms, qualification requirements, and where to obtain such a loan.

What Is Equipment Financing?

Equipment financing refers to a loan or lease that a business uses to purchase business-related equipment. You can use this type of funding to borrow or buy physical assets such as a copy machine, restaurant oven, or company vehicle. We are not talking about equipment financing for personal use.

There are several types of equipment financing, each catering to specific types of equipment and businesses, like for instance construction equipment financing.

What you should understand is that equipment financing funds physical assets. Unlike other types of funding, such as a working capital loan, the asset you’re leasing or purchasing acts as your collateral. Defaulting on the loan or lease means your lender can repossess that particular asset they funded.

Therefore, equipment financing is a lower-risk and cost-effective way of acquiring equipment than most other financing options.

How Does Equipment Financing Work?

Before you can contact your equipment financier, it’s advisable to know what you’re purchasing and who you plan to buy it from. That’s because your financier may cover some or a percentage of your equipment cost.

In fact, most equipment financiers pay to the seller directly, without the money ever getting to your bank account.

The terms that apply to your financing will depend on whether it’s a lease or a loan. But in most cases, these terms last anywhere between two and seven years. Over this period, you’re expected to pay monthly installments to your equipment financier. These cover the principal plus loan interest.

Once you have paid the loan in full, the equipment becomes yours. However, if you default midway, the financier can repossess the asset. Remember, the asset acts as a guarantee for the loan. So, they have all the right to take it back.

Always ensure you review the loan terms carefully and understand the risk before proceeding with the financing. Some financiers will even require a personal guarantee, which puts personal assets at risk in case of default.

Equipment Loaning Vs. Leasing

Equipment loaning is what we’ve discussed so far. It’s taking a loan with the express purpose of purchasing a business asset, which typically secures the loan.

On the other hand, equipment leasing allows you to make periodic payments to the equipment owner over an agreed period. At the end of the leasing term, you have to return the equipment to the owner.

If you intend to own the equipment, some leasing companies offer you the option to buy it at the end of the term.

Generally, leasing qualifications are less stringent than loaning. However, the monthly payments you make (despite them being lower) might be more expensive in the long run. The interest rates for leases also tend to be higher, making it more costly than equipment loaning.

If you decide to own the equipment at the end of the leasing term, take advantage of Section 179 depreciation tax benefits. You can sell it in the future if you no longer want or need it.

Who Can Get a Business Equipment Loan?

According to the Equipment Leasing and Financing Association (ELFA), 79% of U.S. businesses rely on equipment financing (leases, loans, and lines of credit) to purchase equipment. This applies to firms across all industries.

Some of the businesses that equipment financing caters to include:

• Restaurants: For equipment such as grills, commercial sinks, fryers, microwaves, freezers, dishwashers, warmers, and refrigerators.
• Transportation: Equipment includes pickup trucks, owner’s cars, trailers, and vans.
• Printing: Small businesses often lease one or two copiers. They may require equipment financing to get the more expensive printing equipment.
• Construction: Lawnmowers and cranes
• Farming: Most modern farmers lease many pieces of equipment you see on their farms today.

In short, all businesses, small or big, new or old, can get financing as long as they meet the lender’s loan requirements.

Best Equipment Financing Companies

There are several commercial lenders from whom you can get equipment financing. These include banks, the Small Business Administration, and online lenders. Where you choose to get the loan depends on whether you meet their loan terms and requirements.

Parting Shot

Equipment financing is an excellent solution if you cannot afford to pay for equipment from your pocket. And the good news is that there are many equipment lessors and lenders to choose from. It’s also pretty simple. You can even apply online. Just scrutinize the terms to ensure the terms and requirements work for your business.

Share with me your Equipment Financing experience by using #EquipmentFinancing on  Twitter, Facebook, LinkedIn, or Instagram.

In a nutshell, the prime lending rate is the lowest or most favorable interest rate banks charge consumers and businesses for borrowing money. The prime lending rate impacts the costs associated with borrowing and is influenced by the federal funds rate. This rate is determined by the Federal Reserve or the Federal Open Market Committee.

Contrary to popular belief, the government does not determine the federal funds rate. This rate is what the Federal Reserve charges other members within its banking system to borrow money in the short term.

The federal discount rate is higher and charged when members need to increase their reserves or the amount of money they have on hand. This article will discuss the prime lending rate in detail and how it impacts borrowing and business loans.

What Is the Prime Lending Rate?

The prime lending rate is typically 3% higher than the fed rate set by the Federal Open Market Committee. Fluctuations in the fed rate occur in response to overall economic conditions.

For example, the fed rate is usually reduced when the economy shows signs of sluggish growth or recession. Most banks lower the prime rate in response, providing more of a financial incentive for businesses and consumers to borrow money.

When the economy shows signs of inflation or unsustainable growth, the fed rate is usually increased. This prompts banks to raise their lending rates, which (in theory) discourages borrowing and spending.

A higher fed rate will also (in theory) encourage consumers and businesses to save or invest since standard interest rates on investment accounts also typically increase.

The prime rate is the best or lowest interest rate banks charge for loans and credit card products. Customers with the highest credit scores and histories typically qualify for prime lending rates. However, banks are not required to charge a specific prime rate, and rock-bottom interest rates can vary between financial institutions.

How Does the Prime Lending Rate Work?

The prime lending rate is a key rate in the economy since it signals what businesses and consumers must spend to acquire assets. For instance, equipment financing resources to grow your business could become out of reach if the prime rate is high. The prime rate’s history reveals an all-time high of 21.5% in December of 1980.

At this high rate, it became extremely expensive for businesses and consumers to afford vehicle loans, mortgages, and lines of credit. As the fed rate fluctuates, banks either increase or decrease their prime lending rates. When prime lending rates increase or decrease, so do the lending rates banks charge clients who don’t qualify for the best rates.

Prime Rate vs. Discount Rate

As previously mentioned, the discount rate is what the Federal Reserve charges its members for long-term borrowing. Banks try to avoid doing this since the discount rate is usually 1% higher than the regular fed rate. Generally speaking, the discount rate does not directly impact consumer borrowing.

However, when the Federal Reserve raises the fed and discount rate, the prime rate usually goes up. The reserve can charge banks one of three discount rates. These include primary, secondary, and seasonal credit rates. A primary credit rate is a typical rate most banks qualify for, while the secondary rate is for banks that don’t qualify.

The secondary rate is usually a half percent higher than the primary rate. Banks that experience more seasonal ups and downs in their money supplies may take advantage of the seasonal rate.

Who Sets the Prime Rate?

Banks set the prime rate, but the fed rate helps influence it. Individual banks typically set separate prime rates for financial products. These products include fixed and variable loans and credit products. Some products, such as mortgages, may have fixed or adjustable rates.

For instance, a conventional 15- or 30-year mortgage charges a fixed interest rate over the life of the loan. However, adjustable-rate mortgages or ARMS have interest rates that go up and down according to changes in the prime rate. On the other hand, credit cards usually always carry variable interest rates that periodically adjust according to changes in the prime rate.

How to Qualify for the Prime Rate

The standard bank prime lending rate is usually 3% higher than the current fed rate, but qualification requirements are also set by individual lenders. Truck business funding requirements tied to the prime rate could include a minimum credit score and liquidity threshold.

For consumers, credit scores and reports play the biggest influence. Credit scores of above 720 usually qualify for a lender’s prime rate. Businesses may face other influential factors for construction heavy equipment financing. These factors include annual revenues and the type of equipment you need to finance.

What Is the Prime Rate Today 2022?

The current prime rate is 3.25%, which is a historical low. It has remained unchanged for a year. However, there have been recent talks about raising the current fed rate to help curb inflation. Any increases in the current fed rate of 0.25% will likely result in increases to the prime rate.

How the Prime Rate Affects Your Business

First and foremost, the prime rate impacts your business expenses and the feasibility of funding capital projects. When prime rates go up, it costs your business more to borrow the money it needs. Like individuals, most businesses rely on credit and loans to acquire large assets or make up for temporary cash flow shortages.

For instance, if you don’t have enough liquidity to meet payroll this month, you’ll have to borrow funds to pay your employees. You can pay off those loans quicker and easier when prime rates are at historic lows. Higher borrowing costs could impact your business’s long-term solvency or consumer prices.

In cases where borrowing costs are too high, your business may have to hold off on acquiring capital assets such as new facilities or fleet vehicles. This could lower quality standards, your ability to meet consumer demands, or maintain the upkeep of necessary assets.

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