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.

Share with me if you’re a fan of the Prime Lending Rate. Use #PrimeLendingRate on  Twitter, Facebook, LinkedIn, or Instagram.

The necessity of online presence for small businesses cannot be understated. A substantial amount of commercial traffic takes place online, and this is unlikely to change. To understand why an online presence is important, business owners must grasp the concepts of brand visibility and digital marketing.

This article aims to elaborate on why online presence is important and how to achieve it through online marketing, social media, tailoring to a target audience, and more.

The Importance of Boosting Your Online Presence, No Matter Your Industry or Niche

As a small business, growth should be your priority. Increased lead generation, credibility, and website traffic are a few of the benefits of online presence for business.

The internet is one of the most effective channels for growing a consumer base because users always research businesses that suit their needs. Even if your specialization is a niche, your website and marketing should cater to your target audience.

Patrons will primarily find your content through search engines, social media, and organic word-of-mouth. Proliferating any of these marketing tools will positively affect the others, considering that some customers only use one or two of the three.

It is most effective to establish a customer base before you dedicate yourself to improving the quality of your services. Focus on drawing people to your company website and social media outlets.

Building a Website & How to Structure Your Offers and Contact Information

A common misconception is thinking that only advertising affects your online presence. The design of your company website is integral to its traffic. Information about your services and your company must be accessible for users of all ages. Menus that list your contact, business information, and products heavily streamline the browsing experience.

One of the most critical components of growing your company is making sure that online visitors can contact you. When designing a website, insert your contact information as part of a footer or menu so it is accessible on every page.

Create visible links to any social media platforms your company uses and internal links to elsewhere on the site. Creating multiple pathways to important pages greatly increases site usability and reduces frustration.  The result is fewer potential clients turned away.

If you provide products that result in customer reviews, display them on your site. Patrons like to see responses to your business from people similar to them. Presenting consumer feedback also helps to establish credibility, which immensely aids organic marketing.

If you aren’t well-versed in web design and optimization, consider enlisting the help of a digital marketing agency. They have the tools and knowledge to bolster your website appeal, content, social media accounts, and more. All of this equates to higher lead generation for your business.

Establishing Your Voice & Creating Written Content

Once users know how to find your website content, your writing can teach them what your company offers. It is best to establish a standardized voice that stays consistent across your site. The tone of voice, structure, and style of the writings on your site should be digestible to readers.

Know your target audience and tailor your writing style to them. Doing so will increase the responsiveness of your web pages and your lead generation for sales.

Many companies accomplish this through the use of a blog. A blog is a parsed and personable format for conveying information in language that your target audience can understand. If your site has one, however, you must maintain it by adding new entries regularly. Forgotten, stale series of posts repel users.

The written content of your company website should be your central location for search engine optimization. SEO-optimized content features different keywords that improve the visibility of your site in search results. Study your competitors in the market and their written voices, and then try to compose a unique style that stands out.

The higher your site appears in Google search results, the more credible your business seems. Having plenty of organic, optimized content is the best way to be near the top of the list.

Building Visibility Across All Social Media Platforms

Social media is a popular online presence management system. It is also one of the easiest DIY digital marketing tactics for small businesses to learn. A Facebook, LinkedIn, or Twitter page is easy to make and maintain regularly. Like with a blog, if you have social media accounts for your business, you must post often and appear active.

Many people look for businesses and people on social media platforms to assess their trustworthiness. Patrons look for images and organic conversation as well as the account age. The best way to increase social media visibility is to post often and link back to your website whenever appropriate.

Make sure that your business information is accessible to social media visitors. A bio about your company, its establishment date, and a website link will add authenticity. If you have accounts on multiple platforms, cross-referencing them can potentially create a large business network.

If applicable, post images, such as pictures of a live networking event your team attended or a photo of your production site or office building. On Twitter, use hashtags when relevant. Hashtags greatly increase your tweet traffic, especially those that are currently trending.

Engaging With Your Market & Creating Value on Social Media Regularly

What sets corporate social media marketing accounts apart from genuine marketing is the value you create. Online presence for small business is as simple as engaging with your website and media viewers. Establishing credibility through communication is a great way to grow your market and generate leads.

What is value in terms of social media? Photos, personable content, and direct responses to clientele are some examples. Answer questions and show visitors your friendly, connective business model. If there are causes or other businesses you support, show it by liking their content.

Once again, updating your company website and social media often is another great way to boost credibility and create value. Stagnant social media pages with no recent posts look inactive and unattractive. When you post, include links to your sales pages and website where appropriate.

Now you know how to get online presence, maintain it, and slowly grow your business, company website, and social media accounts.

Share with me your favorite way to boost your online presence. Use #OnlinePresence on  Twitter, Facebook, LinkedIn, or Instagram.

Today’s consumers can smell a hard sell approach miles away. And if a potential lead thinks you are trying this kind of technique on them, they’ll run, not walk, away. It’s usually ineffective and may even be insulting. People prefer you to recognize their intelligence. So focus on educating and stop hard selling.

Customers today are diametrically different from what they were in the past. They have all the information they need at their fingertips, and they’re willing to do their own research and find options that suit them. If a door-to-door salesperson from the 1970s suddenly time-traveled to today’s world, they would have to find a new job.

Why Stop Selling: Is the Hard Sell Approach Unethical?

Yes, it can be. If you’re using the hard selling techniques to pressure someone to purchase something that won’t fit their needs and solve their problem, this may be an unethical approach. This is especially true if you’re selling a big-ticket item or service.

Yes, there are circumstances where a hard sale isn’t unethical. However, potential customers may perceive it that way. And in marketing, perception is reality. Modern marketing is all about building a brand that people know and trust. They won’t trust you if they think you’re trying to trick them.

Hard Sell vs. Soft Sell Advertising

Most of us already have an instinctive understanding of how hard selling and soft selling differ. What word do we think of when it comes to the hard sell? Without question, it’s pressure. Aggression is another big one. The hard sell depends on pressure and pushiness, creating a sense of urgency.

Think of salespeople from the mid to late 20th-century, and you’ll know what we mean by the hard sell. The hard sell is an old and obsolete sales technique, and most consumers know that. There aren’t many circumstances in which a hard sell approach will help you.

With soft sell, your goal is to educate first and help your customers solve a problem. Soft sell focuses mostly on inbound marketing, including content marketing and social media marketing. When you use soft sell, you put the customer and their needs first. Solving the customer’s problem is your most important goal.

When you’re an effective soft seller, you know how to get yourself on the radar of prospective leads and customers. Once they know and think of you as a reputable provider of whatever good or service you sell, they may turn to you when they need it to solve a problem or improve their business or lives.

How to Soft Sell on Social Media

In many ways, social media is made for soft selling. It’s perfect for demonstrating your industry authority, expertise, and ability to educate. How to educate? There are a plethora of opportunities to educate consumers, in the process showing them your knowledge and skill, as well as making them acquainted with what you offer.

Interaction is your watchword when using social media to promote your business. This is how you call attention to yourself and your expertise without having to resort to any overt selling techniques. Examples of interaction include liking comments from people in your industry, as well as offering your feedback and opinion in the comments.

Remember, ensure every post and ad you make on social media is linked or connected in some way to your professional website. Once potential leads have become interested enough in you to click on that link, they are ready for the harder sell type of approach you will have there.

On social media, your main goal should be to establish yourself as an expert in your industry. This isn’t as difficult as it sounds. Just consistently posting excellent content and interacting intelligently will go a long way. It sounds like common sense, and it truly is.

What Is Education-Based Marketing?

With education-based marketing, you call attention to your services through educating potential leads and customers. For example, you may provide access to a webinar, live demo, or workshop that educates your customer on a topic that will help solve their problem and bring them success.

Of course, another benefit of educational marketing is that you’re implicitly demonstrating your expertise. More and more, consumers are responsive to continuing learning. Lifelong learning is a major focus in workplaces today. This makes potential leads more receptive to your efforts to educate them.

How to Start Educating?

Starting to educate potential leads is simple to start. You can begin by posting educational posts to help others in your industry. Once you feel comfortable, there are other tactics you can use to make education part of your marketing strategy.

The Best Educational Marketing Techniques

There are many different kinds of educational marketing techniques, but some of the most popular (and effective) for many businesses are the webinar, the live demo, and the workshop.

Webinars

A webinar is a remote meeting that you host and in which you provide information and education to participants. Some business owners believe that people think webinars are boring, but this isn’t the case.

A well-planned and meticulously executed webinar will go a long way in setting you up as an expert in your field. Webinars are memorable, and participants are likely to think of you immediately the next time they need your product or service.

Live Demos

Live demos tend to be more expensive than webinars, but if you’re selling a product that prospective leads really need to see working to fully understand, you cannot beat this type of production.

Workshops

A workshop has some similarities to a webinar, but workshops are even more focused on education and training. Participants will typically get the chance of hands-on experience of some type.

Final Thoughts

Approaching marketing from a soft sell and educational perspective is a key to success in today’s marketplace. You want prospective leads to see you as an expert in your field, someone with the expertise necessary to solve their problem.

Start with social media as you embark on an educational marketing strategy. LinkedIn can be especially useful, as so many other businesses are there. Focus on education and stop hard selling.

Share with me what your favorite soft-sell advertising tactic is. Use #SoftSell on  Twitter, Facebook, LinkedIn, or Instagram.

Building your business credit takes time, but it’s worth the effort. It opens many doors as it plays a fundamental role in a company’s funding ability, allowing entrepreneurs to hire employees, purchase necessary equipment, machinery, and inventory, launch marketing campaigns, and maintain a steady cash flow while generating and growing revenue.

Up to 56% of small businesses seek financing. Yet, many get denied or receive only part of the amount due to a low credit score-and a lack of knowledge as far as how applying for small business loans affects your credit score.

But don’t worry. Read on to learn about how to build business credit score quickly.

What Is a Business Credit Score?

Like humans, businesses can have business credit scores and reports. A business credit score signals your firm’s ability to handle its finances, debt, and purchasing power. It’s a way of measuring business creditworthiness.

Business credit bureaus such as Dun & Bradstreet, Experian, and Equifax keep credit information records on businesses, such as debt repayment. The bureaus typically create credit reports when suppliers, creditors, insurance companies, or vendors report a company’s activity and accounts to them. It’s this information that informs you of your firm’s credit scores.

These organizations use your business credit score to evaluate your insurance application, business deals, or credit.

Steps on How to Start a Business Credit Score

You have to lay the foundation to establish business credit. This involves the following steps:

1. Choose the Right Business Structure

The first step towards starting a business credit score is making your business a legal entity. That means forming a corporation or LLC.

Remember, if you’re one of the 23 million US sole proprietors, you cannot separate the business from yourself, meaning you cannot start a business credit score. You have to use your personal credit score, which may not go well for you in the future.

After forming your business entity, ensure to register your firm. This depends on the location and structure of your business entity.

2. Obtain an Employer Identification Number (EIN)

EIN is simply a social security number for a business. The nine-digit number is crucial because it’s what you use to open your business bank account, file tax returns, apply for business credit, and apply for permits and licenses.

The good news is that you can easily apply for your business tax ID number for free on the IRS website and get it via mail or fax.

3. Open a Business Bank Account

Use your business’ legal name to open a checking account. This is the account you’ll use to manage your business money, help keep your books as accurate as possible, and simplify your taxes.

Pay all your transactions from the checking account. Also, pay all your credit bills from the checking account (if you have a business credit card).

A business bank account separates your business finances from personal ones. This goes a long way in improving your firm’s funding potential. Remember, banks use this account as a reference when applying for business credit. In addition, it provides vital data to lenders as they review funding requests.

4. Establish a Business Phone Line

A dedicated business phone registered in your business legal name line is necessary.

Lenders may require a company to have a business phone line with 411 directory assistance for them to fund your business. Having one portrays your business as legit and one posing fewer risks.

5. Establish a Line of Credit With Suppliers/Vendors

If you can work with suppliers or vendors who report to credit reporting agencies, the better. That way, these credit bureaus record any inventory, supply, or any other material you buy on credit. This information is what creates your business credit report and credit profile.

How much line of credit can I get for my business? That’s one of the first questions.

After applying for net payment terms, it’s a guarantee your suppliers and vendors will do the reporting.

Note that each relationship you have serves as a trade reference that you can use on future credit applications.

6. Get a DUNS Number

A DUNS number is a nine-digit number you obtain through Dun & Bradstreet, identifying your business as separate from all other businesses in the world.

Creditors can find your business credit file and subsequently access your credit history through this number. In addition, credit-scoring systems can use the DUNS number to access this data and generate your business credit scores.

What Is a Good Business Credit Score for Your Business?

Business credit scores range from 101 to 992. The higher the credit score, the better your business is positioned to qualify for funding. A good credit score is 700 and above.

Note that regardless of the method the credit-scoring systems used, a good business credit score for your business results from the following:

• Paying your bills on time
• Avoiding too much debt
• Staying out of legal trouble

Just ensure your business credit score doesn’t fall below 550 to avoid limiting yourself.

What Are Business Loan Credit Score Requirements?

Generally, business credit score requirements for SBA loans or a traditional bank are 680 or higher.

For equipment financing or business lines of credit, you require a business loan credit score of 630. Short-term financing requires 600, while merchant cash advances require a score of 550.

Remember, when it comes to small business loan requirements, your business credit score also influences other terms of your loan, including the interest rate.

How to Check Business Credit Score Free

In most cases, business credit bureaus will require you to pay for a full credit report. This must be bad news.

But you can check your business credit score for free. This only happens if you’re interested in your Dun & Bradstreet Paydex score, where you sign up for CreditSignal monitoring. However, you can only see your score for a few weeks before the site informs you that it has changed, either moving up or down.

Whether it’s Equifax Business Credit, Dun & Bradstreet, or Experian Business, you must pay to obtain your business credit report.

How to Improve Business Credit Score

To improve your business credit score, you must establish business credit over time. In fact, this is the fastest way to build business credit. It requires you to pay any existing net-30 trade accounts and any other lender on time. This is also how to build business credit for LLC.

Also, ensure your vendors report your good payment history to major business credit reporting agencies.

Other tips to help you build credit faster and improve your credit score are:

• Pay your bills on time
• Get a business website
• Monitor your business credit scores and business credit reports
• Update your business credit profile regularly and review it frequently for errors

List of Companies That Help Build Business Credit

One of the fastest ways to build business credit is establishing net-30 vendor accounts with companies that report to business credit reporting agencies. And as long as you pay on time, you will build credit references. These ultimately boost your credit scores.

You might also consider working with companies that help build business credit. These offer net-30 payment terms and report to major credit bureaus, helping build your business credit. They include:

• Creative Analytics
• Uline
• Business Tshirt Club
• Quill
• NAME NOT
• Grainger
• Ohana Office Products
• Suma Office Supplies

Final Thoughts

Learning how to build your business credit score is imperative, as obtaining a business loan with low credit is next to impossible. If you’re a strategic business owner, you understand pretty well this is not about surviving one day after another. It’s about establishing business credit lines and earning good credit scores necessary to thrive long-term. Note that borrowing and lending are becoming increasingly competitive, and your most significant asset is your creditworthiness.

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Positive business culture is characterized by a sense of caring, comfort, and collaborative effort. This type of work environment fosters an atmosphere where employees feel like they can bring their whole selves to work and know that they will be accepted for who they are.

It also helps establish clear boundaries between personal and professional life, which allows people to take care of themselves outside of work without feeling guilty or anxious about the consequences at the office.

The result: happier employees, more focused workers, higher levels of productivity, and better results in general. This is how positive changes impact business.

Increased Creativity and Innovation

Creativity is the expression of new ideas. Creativity can lead to innovation which can lead to creativity. This means that creativity is an ongoing process of coming up with new ideas, implementing them, and adapting them. Creativeness relies on problem-solving skills, inventiveness, flexibility, imagination, and spontaneity.

Being creative in the business world has grown immensely in recent years because it has become a competitive battlefield for top jobs. If you want to be seen as innovative and creative by your peers or potential employers, you have to have a certain level of creativity or risk being overlooked.

If your employer sees that you are not being innovative enough, then they will most likely move on to someone else who is more creative, flexible, and open to change.

Positive Work Environment Examples

Positive changes in the office can increase creativity. Here are a few examples of how changes can impact your business environment:

• Introducing a new, more efficient way of doing things in the office
• Having a space where employees can think creatively and work on their projects
• Designating certain days or time slots for teams to work outside the office
• Helping employees get back to business through a pandemic

All these changes allow you to grow as an individual, which is also much needed when it comes to being creative.

Increased Communication Levels

For communication levels in any workplace to go up, there has to be one thing that needs to change: the people’s mindset. This includes both the employer and employees. A positive change in work culture can help to shift this mindset, making it easier for people to communicate with one another effectively.

There are a few key things that need to happen for communication levels to improve in the workplace:

1. Employers need to create an environment where employees feel comfortable communicating their thoughts and feelings without fear of repercussion.
2. Employees need to be proactive in reaching out to their coworkers instead of waiting for others to reach out to them.
3. Everyone needs to be on the same page regarding what is expected from them and what they expect from others.
4. All communication should be clear and concise, so there is no room for misinterpretation.

Improved Morale and Productivity

Happy employees are more engaged in their work, take fewer sick days, and are less likely to leave their jobs.

So how can you make your employees happier? There are several ways:

• Offering flexible working arrangements
• Providing opportunities for growth and development
• Encouraging social interaction in the office
• Creating a positive work culture goes a long way in making your employees happy and productive
• Encouraging your employees to give back to their communities can compound positive effects of business on society

Reduced Stress Levels

In any workplace, stress is bound to occur from time to time. However, if stress levels become too high, then it can have a negative impact on employees. This is why employers need to do everything they can to reduce stress levels in the office.

When you reduce stress levels, it can lead to a more positive work environment. Employees will be less likely to feel overwhelmed or stressed out, leading to improved productivity and creativity. In addition, a positive work environment can help to attract new talent and reduce staff turnover rates.

Improved Employee Retention Rates

Employees are more likely to stay with a company with a positive work culture. For employees, it is not always about the actual job itself. Instead, they are attracted to companies that offer opportunities for growth and development, provide exciting work and give them autonomy when it comes to how their work gets done. Therefore, if you want to keep your employees long-term, you need to do everything to make their jobs enjoyable.

Better Work-Life Balance

A positive work culture helps to improve the work-life balance of employees. This is particularly true in cases where employers are flexible with their employees regarding things like working hours, taking time off, and generally doing the best job they can.

Employees who have a better work-life balance are happier, which means that you will have satisfied, engaged employees who are more productive at work. Happy employees also have lower stress levels, so it makes sense that organizations with positive cultures see improved productivity levels.

A Competitive Advantage

Having a solid internal workplace culture is essential if an organization wants to maintain a competitive advantage over its competitors. Employers play a significant role in shaping this strong internal workplace culture by understanding how positive changes can impact your business culture. With this in mind, it’s crucial to understand how employee engagement and satisfaction levels can affect overall productivity.

Employee engagement is directly related to an organization’s performance, so the importance of accepting change positively should be a high priority for employers. It is also worth highlighting that strong internal work culture directly affects external workplace culture, which means that there are plenty of benefits of positive workplace culture.

Conclusion

Positive changes like offering flexible working hours or allowing breaks can reduce stress, increasing productivity and creativity. However, these changes should only be implemented if they benefit both employers and employees alike; otherwise, both sides will resist.

So start small when it comes to implementing positive changes in the workplace; this way, there will be minimal pushback from workers while at the same time making sure that both sides are getting benefits.

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Every business needs some form of a social media strategy. Building an online presence is critical to elevating brand awareness, establishing trust with customers, and guiding prospects through the sales funnel.

Social media marketing and branding is a long-term game that takes patience and consistency. Your company has a unique story to tell, and social media is the perfect place to do so. This article uncovers how to use social media for business. We also dive into methods to deliver unique value to your audience.

What is Social Media Branding for Small Businesses?

Social media branding for small businesses is a critical long-term strategy. It involves building an identity online through one or more social media channels. Establishing a presence on social media enables your business to interact with present and future customers. It is also the perfect place to tell the world what your company values.

To understand how to use social media for a small business, you must know how social media branding plays an essential role in the sales funnel. Before anybody buys from your business, you must establish trust. Building this relationship is a long-term journey, including your content strategy and interactions with customers online.

The social media branding process is relatively straightforward:

• Identify your target audience
• Form your identity and social media channels
• Develop content that the audience is interested in
• Figure out a long-term system focused on design, value, and consistency

Importance of Social Media in Business Communication

Your business must have an online presence to communicate with customers. Here are a few reasons why an effective social media strategy should be a top priority.

Social Media Boosts Brand Awareness

Posting on social media consistently keeps your brand at the forefront of customers’ minds. However, you can reach a wider audience if your followers share your content. The more you engage with social media platforms, the more your audience will share. People outside of your regular followers can learn more about your business and its products through organic reach.

Social Media Establishes Trust With Your Audience

There are several different types of content for your business to post. However, one thing remains constant: you should provide value to your audience. When you post valuable content, people will like and trust your brand more. As you build a bond with your audience, they are more likely to buy from you and share your page with others.

Here are some examples of content that can build trust with your audience:

• Sharing helpful tips related to a problem in your industry
• Keeping your followers updated on future deals, promotions, and contests
• Running contests that reward your followers with free products or services

Social Media Gives Your Brand More Personality

There is no limit on creativity with social media and your business. Through innovative content, you can establish a personality online. Publish content that resonates with your ideal customer. This strategy also applies to engaging with your followers directly. For every comment or mention on your social media page, there should always be a reply.

How to Use Social Media Effectively

So, how can your business maximize its potential through social media? Below are several best practices in leveraging social media to reach your long-term business goals.

Develop a Plan

Building a social media presence starts with a plan. Research your competition to see how they interact with their customers. Study what works well, and then build that into your own unique strategy. Set meaningful goals that are measurable, specific, and attainable. Hold regular meetings and reviews to ensure your team is on track.

Identify Your Target Audience

Assessing who your ideal customer is will guide all your content development. Your social media plan should solve the needs of your target customer. If you do not post engaging content, you could lose your customers to a competitor.

Create a Content Calendar

Next, outline a social media calendar and ideal channels. Having a post ready for each day will keep your team on track. Break up your content into different categories. As you outline the calendar, ensure that you are satisfying each of the different types.

Understand Which Channels You Will Use

Knowing which channels to post on will also help in executing the plan. We define the right social media channels for your business at the end of the article. Your social media calendar should advise you on what content and media to use for each channel.

Build Your Audience

Once you identify your ideal audience, you can deploy campaigns to grow that audience. Launch contests that incentivize your followers to share your content. Depending on your marketing budget, you can also launch paid advertising campaigns on Facebook, Instagram, and Google.

Establish Community Partnerships

There are several local businesses who you can partner with in your community. Other business’ customers might also benefit from your services, and vice versa. Collaborate with these companies to launch mutually beneficial campaigns.

Which Social Media Platform is Best for My Business?

As you decide which social media platform is for you, there are two things to consider:

• Which social media channels do your customers use?
• What type of content will you develop?

Social media branding for small business is all about attention. Therefore, your business needs to post on the channels where your customers hang out the most. The critical thing to remember here is that social media is constantly changing. The platforms most relevant today may not be relevant a few years from now. Your marketing team needs to constantly research and keep up with where the attention is.

Secondly, you should pick the social media channels that best match up with your content. Your social media strategy might look different if your content is focused on videos. Below is a quick breakdown of the top social media channels and when you might use them:

• Facebook – best for organic engagement and reach with videos
• Instagram – best for mobile videos and photos, especially user-generated content
• LinkedIn – best for business-to-business (B2B) marketing campaigns
• Twitter – best for sharing ideas, interacting with followers, advertising future events, and publishing polls for customer feedback
• Pinterest – ideal for driving content to your website through videos, infographics, and images
• YouTube – best for long-form videos and informational content
• Tik Tok – great for posting shorter, user-generated videos

Final Wrap Up

Knowing how to use social media for business is essential for success. Building an online brand involves creativity and patience. It is the perfect vehicle to increase brand awareness, strengthen relationships with customers, and help drive traffic to your website.

Although social media is constantly changing, you must always provide value to your customers. You need a strong content plan centered around your audience’s unique needs. When you constantly put out helpful and engaging content, the sky’s the limit for your business.

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Small business success is all about building strong relationships with your customers. When you are a local business, it is critical to have meaningful interactions with the community.

No matter what type of good or service you provide, there are unique ways to position your brand through local small business community events. We dive into the best strategies and community involvement ideas to strengthen brand reputation, build trust with the community, and drive more sales to your business.

Why Is It a Good Idea for a Business to Be Involved in Local Events?

Most local businesses thrive on attention. Getting your business involved in the community allows you to stay at the forefront of your customers’ minds. Your ideal customer will be attending these community activities, so your business should play a role in some way.

Participating in local small business events is also excellent for brand reputation. When your company engages in a local activity, it shows that you care about giving back to the community. As community members see your company enjoying local events, they are more likely to return the favor.

Local events also act as community outreach programs for companies to see how relationships build opportunity with other small businesses in the community. Meeting other business owners at local business events could lead to mutually beneficial partnerships. Maybe the other business’ customers could get value from your services and vice versa.

How to Promote Your Business at Community Events

As you promote your community events for businesses, you must bring a “value-first” approach. You should provide as much as you can to your customers or prospects before they give you any business.

Give Away Free Handouts

Promotional handouts and freebies are a great place to start. Place your logo on a small gift for the event attendees to take home. Not only do these people receive a cool item, but your logo is now inside that person’s home. Every time they pick up the item, your logo reminds them about their interaction with you at the event. Here are a few freebie ideas for you to use at the next event:

• Key chains
• Pop sockets for phone cases
• Hand sanitizer
• Chapstick
• Reusable water bottles
• Bags

Make Your Brand Stand Out

Presentation is another critical factor in promoting your business at community events. There will be a lot of vendors, businesses, and organizations in attendance, which is why you need to differentiate your brand. Make sure your sign for your booth or area is large, clear, and eye-catching. It is also critical to creatively place your logo in multiple areas of your booth so people can see.

Come in With a Plan

As the community event approaches, it is critical to research the logistics, attendees, and size. Your team should have a clear idea of the target audience and how your company fits into the big picture. Contact the event planners and organizers to understand how large your space is. That way, you can plan on the number of people and resources you will bring.

Ways to Get Involved in Your Local SMB Community

Why is it a good idea for a business to be involved in local events? Getting involved in the local community is critical to your long-term business growth. Below are some great ways to build trust with the community and elevate brand awareness.

Schedule a Workshop

If your business specializes in something, you should spread the knowledge to other members of the community. Whether it is cooking, personal finance, or fitness, you can organize a free class for local citizens. Making it free will establish trust with people and incentivize them to visit your business in the future.

Host a Contest

People love free giveaways, which is why a contest or competition can boost engagement within the local community. If you are a service or product business, you can award the winner one free session or item. For in-person community events, you can do a drawing or raffle to determine the winner. You could also take the contest to social media to grow your online community.

Partner with a Charity

Your community most likely has a lot of organizations looking to impact the community. They could always use more helping hands, and that is where your business comes into play. As you decide on the right charity to partner with, look for organizations that share your morals and values. Collaborate on a fundraising event, picnic, or other outdoor activity.

Why Do Some Businesses Sponsor Local Events?

Why do some businesses sponsor local events? There are many reasons why sponsoring a local event can improve your relationship with the community. When you build a charitable reputation within the community, you are more likely to gain long-term customers. Below are some other reasons why sponsoring local events can be beneficial.

Brand Positioning

When your business sponsors an event, it broadcasts your logo everywhere. For bigger audiences who do not know about your company yet, this is an effective tool. Depending on the size of the event, it will get a lot of social media, press, and overall mentions. Your company can also put your logo on giveaways, signs, and other promotional marketing materials for the event.

Lead Generation

Sponsoring an event also opens the opportunity to gain more leads. If you do a raffle, you can collect email addresses and phone numbers. The leads are also much more qualified because you intimately interacted with these people throughout the event.

Brand Reputation

Your business will not win over customers through flashy advertising about your product. However, you can genuinely influence your community by the way you make them feel. Sponsoring an event sends the message that your company cares about the community. It shows that you are invested in the community for the long run.

Local Events to Promote Your Business 2022

Looking for an excellent place to start promoting your business at local events? Below are some of the most influential events to build relationships with the community that will help you understand why establishing a network of peers is important:

• Volunteer events
• Workshops and seminars
• Chamber of commerce networking events
• Service or product sample events
• Contests
• Local festivals and fairs
• Events that share the core values behind your business

Have you been spending all of your time working on your small business? It can be easy to focus on a few tasks from marketing to product development to comparing low interest business loans. But don’t neglect researching the best retirement plans for small business owners.

You may love working on your business now. But eventually, you and your employees will want to retire, and you need to prepare for that.

Read on for some answers to questions, like what is the best retirement plan for a small business owner?

What Are Retirement Plans for Small Business Owners?

Retirement plans for small business owners fill your specific needs when you own a business. Since you don’t have a traditional employer, you’re responsible for saving money for your retirement. And you have to decide what type of retirement plan to get for yourself.

If you have employees, you can also offer retirement benefits to them. Like with a larger company, the employees can get benefits for working full-time.

Small business owners and self employed people can choose from a few types of plans. That way, you can select the plan that best meets your needs.

Best Retirement Plans for Small Business Owners Without Employees

If you don’t have any employees in your small business, you should consider a few options for saving for your retirement. Whether you’re early in your career or are nearing retirement, you should select the best plan for you.

Traditional IRA

One of the easiest types of retirement plans to set up is an individual retirement account (IRA). A traditional IRA is an account where you contribute throughout the year. The money you put in the account is tax-free when you deposit it.

You’ll only need to pay taxes on the money when you withdraw it during retirement. If you need to withdraw the money early, you will need to pay the taxes and a penalty.

Roth IRA

A Roth IRA is similar, but you pay taxes on the money you deposit now. That can be useful when you don’t have employees because odds are your income is relatively low. Once your business grows, you will make more money.

If you have a higher income in retirement, you won’t have to pay as much in taxes. So if you want to get paying taxes out of the way, a Roth IRA is advantageous.

Simplified Employee Pension (SEP)

A simplified employee pension (SEP) is one of the best retirement plans for small business owners without employees. You can contribute money to the account just like any other retirement plan for small business owners.

When you don’t have employees, you can set up an account for yourself. If you hire employees later, you can set up accounts for them. But they won’t contribute, only you, the employer.

Savings Incentive Match Plan for Employees (SIMPLE IRA)

Another one of the best retirement plans for small business owners is a savings incentive match plan for employees (SIMPLE IRA). This plan is great if you want to save a lot for retirement. You can contribute up to $13,500 a year from your net earnings.

To get started, you will need to fill out some forms from the IRS. Then, you will need to find a bank where you can create the account.

401(k)

When you think of retirement plans for self employed people, you may not think of a 401(k). But you can set up an individual 401(k) and use it like you would a 401(k) through a traditional job.

Like traditional IRAs, 401(k)s use pre-tax money, so you don’t have to pay income tax on what you contribute. And you can save up to $19,500 a year or more if you’re at least 50 years old.

Benefits of a Retirement Plan for Small Businesses

One of the most significant benefits of a retirement plan for small businesses is the ability to plan for the future. When you have a traditional employer, they can help you save for retirement. But that falls on you when you work for yourself.

And even if you don’t have employees now, you may hire people later on. Having a retirement plan now can save you a lot of stress.

Now, you may be wondering, “are small businesses required to offer retirement plans?” You don’t have to offer retirement plans. However, if you want to attract the best employees that will promote good communication in business, having a retirement plan can help convince people to work for you.

How to Save for Retirement as a Small Business Owner

You should know how to save for retirement as a small business owner, no matter which plan you choose. Regardless of the plan you have, you should set aside the same amount of money from each paycheck.

If you don’t have a regular paycheck or salary, aim to save a certain amount of money each month. Then, you can calculate how much you need to save to max out your account. For example, if you have an IRA, you can save $500 a month for the maximum of $6,000 a year.

Best SIMPLE IRA Providers for Small Business

If you’ve chosen to go with a SIMPLE IRA, you should compare providers. The best SIMPLE IRA providers for small business can vary from business to business. Some providers to check out include:

• Charles Schwab
• Edward Jones
• Fidelity
• Merrill Edge
• TD Ameritrade

Be sure to consider if you have employees or want to have them. Then, you can make sure you’ll be able to support the number of accounts you need. You should also consider how easy it will be to deposit money into the SIMPLE IRA accounts. And don’t forget about account fees or how easy it will be to contact the provider with questions or concerns.

What Is the Best Retirement Plan for a Small Business Owner?

When you own a business, you have a lot on your plate. It can be easy to let saving for retirement slip away. But you need to know about the best retirement plans for small business owners.

That way, you can compare the various types of accounts and providers. Once you settle on the best account and provider, you can set everything up for you and your employees. Check out our blog if you need other tips for stress management for business owners.

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