Restaurant equipment loans are a valuable way to get your business off the ground, even without the capital to purchase your equipment outright. Even with no credit, the equipment can act as collateral for itself.

Commercial restaurant equipment financing is a common way for restauranteurs to get ahead in their business when they’re just starting out or struggling with a slow season. A monthly payment is much more manageable than paying the whole sum at once.

Make sure you gather all of the necessary documents before applying for commercial equipment loans and research what kind of equipment you will need to finance. This will significantly speed up the process and get your restaurant in business faster!

5 Tips For Buying New Restaurant Equipment

There are many factors that go into buying new restaurant equipment, like equipment finance, but the first thing to think about is what you really need. Make sure you plan out your restaurant’s menu before you purchase anything.

After you’ve planned out the menu, you can go through and list all the equipment you will need. Take the size of your kitchen into consideration, as well as the number of people who will be working in it. You want your kitchen functional and efficient, not crowded, and difficult to navigate.

Think about all of the long-term costs the equipment will require. A higher-quality piece of equipment will obviously last you longer and are worthy of considering commercial equipment loans.

It’s also helpful to consider a National Sanitation Foundation certification. Most high-quality equipment will carry an NSF certification, and you’ll know that you are using and serving the safest and cleanest equipment for your customers.

One thing that may cost you in the short term but benefit you in the long run is buying energy-efficient equipment. They may be pricier upfront but will provide you savings monthly in utility bills like energy and water.

When your equipment arrives, be sure to inspect it! You should also familiarize yourself with the warranties (or lack thereof). This can save you a lot of money upfront, and neglecting to go over your equipment immediately could line you up for unwanted maintenance fees later.

Should You Buy New Equipment With Cash?

When it comes to choosing your equipment, new isn’t always better. Especially if you are on a tight budget, going for used equipment can save you lots of money without taking a significant hit on quality. Restaurant equipment is built to last, so a bit of pre-use isn’t a big deal.

Try looking into auctions and estate sales for used restaurant equipment. They can be a great place to find everything from plates and chairs to gas ranges and cookware, all for just a few pennies on the dollar.

Especially when you are first starting out, restaurant equipment collateral loans can be advantageous in place of outright purchasing your necessary items. You may even still have warranty coverage if the equipment is not too old.

If you have decided to become a restaurant owner and buy new restaurant equipment, buy now pay later. Look into your financing options – you’ll own the equipment at the end of the agreement and have time to build up capital while your restaurant is up and running.

How Do I Get An Equipment Loan With Bad Credit?

Restaurant equipment financing with bad credit is more complex than with good credit, but it can still be done. Most lenders have a particular credit score that you need to achieve in order to qualify for a restaurant loan, which can vary. In some cases, you can rent your own restaurant equipment with no credit check.

Since you are leasing a physical object, that’s easy collateral for lenders to work with. Also, it can help your loan application to have other examples that you are not a risky investment. It can be anything from a steady yearly income to your restaurant’s credentials.

So while it can be done, make sure you are ready to prove yourself more than those with good credit. Though this is a safer situation for lenders, they will still want to protect themselves from losing out on a return.

What’s The Difference Between Restaurant Equipment Financing and Leasing?

There is a slight difference between financing and leasing that you should keep in mind. Restaurant equipment for lease is still the lender’s property, and financed restaurant equipment is your own property that you will own after paying it all off.

Just remember that owning a piece of equipment at the end of your financing isn’t always a positive since technology is always moving forward. Depending on the length of the financing period, your equipment may be outdated, and leasing would have been a better option.

On the other hand, if you are looking at a staple piece of equipment that is unlikely to be replaced for a very long time, you may want to finance it rather than leasing it. That way, you will own the piece of equipment at the end and won’t need to pay another leasing period.

Conclusion

Financing and loans for your restaurant equipment are the ideal solutions for any new business owner or if you are struggling with a slower season. Save money upfront and work out a monthly payment plan that fits your capital flow best.

And before you look into financing a whole new range of equipment for your restaurant, make sure you look into used options first. Used equipment can be a huge money-saver. Restaurant equipment is much like a car – it depreciates in value immediately after purchase.

The bottom line is that loans and financing are an increasingly common tool for restaurant and small business owners all over the country and can easily be utilized to make equipment affordable and accessible.

So make sure you do your research, make a list of your needs, and go into this venture organized. Once you have everything planned out and your paperwork in order, you’re ready to apply for the loan. You’ll be up and running soon!

Small businesses in the foodservice industry have been devastated by the global coronavirus pandemic. Many have closed for good. Those that have managed to survive have been riding a roller coaster of openings and closings, depending on their lockdown situations. One thing’s for sure, if you own a coffee shop right now chances are that you’ve been operating at a loss for months.

Pardon the puns, but it’s been a real grind and there’s probably not a drop left in the pot!

We’re here to tell you today that there’s hope on the horizon! Federal and state governments have been smashing their piggy banks to make more money available to small businesses struggling through the pandemic.

If you’re a coffee shop owner, you’re eligible for a variety of small business loans, restaurant business loans, and SBA loans that will allow you to keep your doors open and the lights on, and they can also help you grow your businesses as well!

Here is a look at the funding requirements for a coffee shop, small business government grants for a coffee shop, and more about coffee shop funding opportunities.

Coffee Shop Owners Qualify for Financing as Restaurants

Traditional financial lenders are wary about doling out money to coffee shops. They tend to see the endeavor as high risk. Business owners need a high credit score, a carefully thought out coffee shop business plan, and skin in the game, with money and/or assets in the business.

These days, however, coffee shops have diversified the services and products they provide. It’s much more than a morning coffee with a muffin. With espressos and chai lattes served with avocado toast, grilled sandwiches, and acai bowls, many coffee shops are better defined as restaurants. A robust coffee shop business plan will make it easier to secure small business loans designed for restaurants.

Requirements for Cafes to Qualify for Alternative Financing

Lenders won’t approve loans to just anyone. Here are some of the requirements for coffee shop owners:

• The business can’t be a non-profit.
• The business must be located and profits made in the US or US territories.
• The business owner cannot be on any form of parole.
• The business must gross at least $120,000 in annual gross sales (however, there are other options for those that do not gross that amount).

If you meet all these requirements chances are that you will qualify for your small business loan. But there’s more to it than that. For more advice check out our blog on how to qualify for restaurant loans.

SBA Business Loan Options for Coffee Shops

The Small Business Administration (SBA) is an agency of the federal government that works with banks and other lenders to supply loans to small businesses. The SBA does not lend money directly but agrees to pay up to 85% of the lenders’ losses if the business fails to pay back the loan.

A Restaurant SBA Loan is usually at lower interest rates with flexible repayment terms, from anywhere between three and 25 years. You can use the loans for a variety of purposes.

There are many types of loans you can apply for and they all have different uses and terms. Here are just a few:

• SBA 7(a)
• SBA Express Loan
• SBA 504 Loan
• SBA CAPLines
• SBA Veterans Advantage Loan

The downside is that applying for an SBA loan can be a complicated process with lots of paperwork. You may require a high credit score and collateral. When wading through the myriad of choices you may want to seek the help of a Business Financing Advisor.

Equipment Financing

We all know that the best equipment is at the core of every great coffee shop. The best espresso machines are pretty expensive, but your reputation for serving the best coffee around will dictate your success. So what do you do when you’re starting your coffee shop or when your deluxe espresso machine breaks down? An Equipment Financing Loan may be a great option.

Equipment financing uses the equipment itself as collateral, so it’s less risky and easier to get. It’s also why a lender can approve an equipment financing loan in just a few days, not months and you’ll have cash in hand when you need it most. To qualify, though, you’ll need a solid business history and a good credit score.

If you’re having trouble with traditional lenders like big banks, the SBA offers a range of equipment financing options with attractive terms and rates. However, like most government institutions, there is a lot of paperwork involved. Approval can take months in this case.

$28.6B Government COVID-19 Grant Program for Restaurants (2021)

The federal government recently announced a $28.6 billion grant program aimed at helping small restaurants survive the pandemic. It’s called the Restaurant Revitalization Fund and it started accepting applications in May 2021. Struggling business owners can use the money to pay down debt or catch up on late rent payments.

Eligible businesses are restaurants with fewer than 20 locations. The maximum grant payment is $10 Million. Applicants can receive up to $5 million for each location, but no one applicant can receive more than $10 million total. The grants are in addition to the loans distributed to small businesses through the Paycheck Protection Program, which was specifically aimed at helping restaurant owners pay their workers.

You can apply for a grant from the Restaurant Revitalization Fund through the Small Business Administration. Any restaurant can apply, however, priority is given to businesses that are majority-owned by women, veterans, and others deemed socially and economically disadvantaged.

Financing for Coffee Shop Owners: The Last Drop

As you can see, there are many ways to get financial help if you are a coffee shop owner struggling to make ends meet. There are loans and small business grants for coffee shops that may help you survive what is a trying time for many business owners.

As a small business owner, you know the value of good employees. The last thing you’d want to do is miss payroll! You know your employees depend on your business to feed their families and pay their bills.

So if you’re worried about making payroll, it’s time to look into financing. An SBA loan might be your best option. An SBA loan for payroll can give you back your peace of mind. There are several low-interest options available, and there are even grants for specific industries.

With an SBA loan or grant, you’ll be able to pay your valued employees, ensuring they can stay at their job. Keeping good employees will help your business thrive, so let’s look at the many SBA financing options.

Paycheck Protection Program (PPP) Availability For Payroll Financing

The Paycheck Protection Program is a loan program that helps small businesses keep employees on their payroll. Community financial institutions, including microlenders and Certified Development Companies (CDCs) within the Small Business Association (SBA), offer PPP loans. The program was available until May 31st, 2021, or until funds ran out.

Not all community financial institutions are participating in the PPP, and not every business is eligible. You needed to have under 500 employees, and you can only apply to receive two and a half times your monthly payroll expense.

The biggest benefit to the PPP is that you may not have to pay the loan back. If your business can keep its current staff or hire back furloughed staff while cutting total wages by no more than 25%, you’re eligible for SBA loan forgiveness. A business that fails to meet those requirements may have to pay the loan back in part or in full.

Alternative SBA Loans Options For Payroll

The Paycheck Protection Program is great for certain businesses, but it doesn’t work for everyone and it won’t be around much longer if it’s not already closed by the time you’re reading this article. Luckily, there are other SBA loans available that can help.

SBA 7a Loans

You can use an SBA 7a loan for payroll as it applies to working capital. You’ll need to operate a for-profit, small business in the U.S. that has good equity. Plus, you’ll also need to state why you need the loan and show that you’ve pursued any other available financing options first. If you can meet those requirements, it may be worth filling out an SBA loan application.

If you look up SBA 7a loans, you may run across information on SBA 504 loans as well. Using an SBA 504 loan for payroll isn’t an option, though. SBA 504 loans exclude all working capital; they’re for making improvements to your building or purchasing new equipment, not paying employees.

SBA Grants

Besides 7a loans, the SBA also offers grants for specific business sectors. As part of their COVID-19 relief options, you can apply for an SBA grant if you own a restaurant or shuttered venue, such as a theater or museum. You won’t have to pay back grant money as long as you use it for payroll, rent, or another approved expense.

SBA Microloans

Microloans of up to $50,000 are available to small businesses through the SBA as well. Lenders set their own requirements for these loans, but the SBA will guarantee against defaults. That makes it less risky for lenders to loan to small businesses. However, the lender requirements can be a lot.

In some cases, lenders may require training or education before they provide the loan. If you’re approved for the loan, however, you can use it for payroll, equipment purchases, and several other common uses.

Taking Advantage of SBA Disaster Loan Options

If an SBA 7a loan, grant, microloan, or PPP loan won’t work for your business, there are also SBA disaster loan options. The SBA is currently offering Economic Injury Disaster Loans (EIDLs) as part of Covid-19 relief efforts.

EIDLs

An EIDL loan is for working capital and other regular operating expenses. In other words, you can use it for payroll. It’s available up to $500,000 at 3.75% fixed interest.

Loans above $25,000 will require collateral, and the loan is not forgivable. You will have to pay it back. Still, it’ll help you pay your staff, which is the point!

All businesses with under 500 employees, including agriculture-based businesses, qualify for EIDLs as long as they’re based in the U.S. or a U.S. territory.

SBA Disaster Loans

The SBA also offers disaster loans for non-Covid related incidents. If you had a fire, flood, or another disaster to your business, you could apply for a regular SBA disaster loan.

Disaster loans can cover any business expense that you could have easily met were it not for the disaster, including payroll. Disaster loans can also cover mitigation assistance. And you can use them to support your business if you have reserve military employees called for active duty.

If you’re interested in a disaster loan, we suggest reading our SBA disaster loan tips. There, you can learn what you’ll need to apply and what you can expect in funding.

Average Interest Rates for SBA Loans

Loans from traditional banks often have interest rates of near 7%. SBA loans often require far less interest, making them excellent options for struggling small businesses. An EIDL, for example, has a fixed rate of 3.75%. Other SBA disaster loans have a maximum interest rate of 4%.

SBA 7a loans range from 5.5% interest to 9.5% interest depending on the lender, your qualifications, and the strength of your business. In contrast, PPP loans have an interest rate of 0% if you qualify for forgiveness. Without loan forgiveness, PPP loans have a 1% interest rate.

Determining the right SBA loan for your payroll needs can be tricky, which is why ROK Financial offers a dedicated Business Financing Advisor, free to all our customers.

They’ll put you in touch with the best financing options so you can stop stressing about paying employees. Best of all, ROK Financial offers express funding, which can secure your SBA funds in as little as 45 days! Filling out the 15-second online application is all it takes.

Like any vast business undertaking, you’re likely going to need some cash later. For a medical professional, that could mean expanding your practice, updating your equipment, or managing cash flow while you’re getting reimbursed for a loan.

Trying to handle business loans for medical professionals can be a challenge. Luckily, medical professionals usually have a good use case for getting a loan. The amount of money lent to you may depend on the lender themselves, but doctors have high earning potential, so lenders are confident you’ll pay them back.

Expanding Your Medical Practice

Maybe you’ve been in medical practice for at least a year, and you’re looking to expand your practice. You might use loans for healthcare to move to a new building, rent a larger space, or expand your payroll to accommodate more team members.

You can use a few different loans to get the money for expansion. The loans are available at traditional banks and online lenders, though you might have better luck at traditional banks.

Term loans offer you a lump sum up front with a fixed interest rate. Short-term loans have a payoff period of about twelve months or less, while long-term loans give you five years or more. If you have a good credit score, you can get lower interest rates on those loans. However, term loans do not always allow you to borrow as much as a medical practice loan does.

Upgrading Your Equipment

For upgrading equipment, you can consider equipment financing rather than a physical loan. Specific lenders can give you 100% financing for equipment, though sometimes you may need to make a down payment. The equipment serves as collateral in these types of loans.

Equipment financing can be a long-term investment, depending on how long the equipment itself lasts. These loans offer repayment terms that fit the equipment’s lifespan. So if you’re buying equipment that lasts for five years, the repayment term on that loan will also last five years.

On that note, do not agree to a loan term that will outlast the equipment. Also, be careful about needing to replace equipment before the original laid gets paid. If you don’t have the cash to cover the replacement, you might need to take another loan.

Managing Cash Flow with Slow Loan Reimbursement

Business loans for doctors can make a big difference in your medical practice’s payroll. Sometimes, though, it takes a while for the loan to become available to you, so you can choose a business line of credit to help you out.

A lender will approve you for a credit amount, and you can use those funds right away for whatever you need. It’s a great alternative because you don’t have to go through a lending process to get the funds. You also only pay interest on the amount you borrow, rather than the full line of credit.

You might also consider alternative financing. However, lenders usually charge higher interest rates than traditional banks. Therefore, the sooner you repay the loan, the less interest you will pay on it.

Do Medical Practice Loans Have Restrictions?

Medical practice loans go right into the intended practice’s bank account. After that, the practice can use the money as they like. If there’s any oversight of how that money gets used, there’s very little of it. That’s usually because that money is going into a business account, so the lender assumes you’re using that money for business purposes.

However, there are a few federal guidelines about how business funds get used. These guidelines mainly keep the money from being used impulsively or spent too much at once. On the whole, there are no real lender restrictions on how loans for medical professionals get spent. That said, you still want to keep records about how you spend that money for your tax records.

How to Apply for Medical Practice Loans

Applying for a medical practice loan requires similar steps and paperwork to other business loans, such as credit score, business plans, and offered collateral. You’ll also have to keep a few things in mind when you decide on a lender.

Loans for Healthcare Professionals with bad credit are available by applying online. To be approved and receive funding, you’ll need to make a certain income per month.

• If you already have a medical practice, assess your practice’s finances so the lender has an idea of your financial status. Gather profit and loss statements and cash flow statements.
• Decide how much money you’ll need. You’ll also need a written plan for how you’re going to invest that money.
• Check up on your credit score. Such a score will indicate how good you are at paying back debts.
• If you want to expand your practice, look over the growth objectives in your business plan. You’ll need concrete steps toward meeting those objectives to obtain a loan.
• Similarly, if you’re going to start a new business, have a solid business plan in place with your startup costs and projections for profit.
• You may need to offer collateral for a medical practice loan. Consider whether you have any business equipment or personal assets you could pledge.
• You may also qualify for different types of medical practice loans. Compare and contract those loans to see which one you are best qualified for.
• Read your chosen lender’s application carefully. The lender may ask for copies of your personal and business tax returns and bank statements for the underwriting process.
• Review the loan terms carefully, particularly the annual percentage rate, loan fees, and repayment terms. Your practice must be ready to handle any debt you may accrue.

Need some extra funding for your business? You’re certainly not alone. Looking for asset-based funding to keep your business going until the economy rebounds is a smart move. Asset-based loans are a great option if your business has limited revenue and wouldn’t be eligible for traditional bank loans.

Other alternative lending options may charge exorbitant interest rates. Asset-based loans are different. With asset-based loans, you get the benefits of your asset investments and the financing your business needs now. Asset-based loans are among the best kinds of secured business loans available today.

The Benefits of Asset-Based Financing

Unlike other kinds of loans, an asset-based loan is one that you qualify for and secure with owned collateral. The owned collateral consists of assets, such as equipment, real estate, accounts receivable, and other property types. If the borrower defaults with repayment, the lender may take the assets that were used as collateral.

There are several reasons why your business would do better with asset-based loans instead of more traditional options. Asset-based financing has several benefits, including:

Greater Flexibility

You don’t have to worry about times being tough when applying for asset-based financing. As long as you have assets to use as collateral, you can get the financing you need. There are several kinds of assets you can use, including real estate, equipment, accounts receivable, and others. The asset or assets you use as security for your loan will be evaluated on their market value.

Better Chance of Success

There are situations where businesses not eligible for traditional loans can get asset-based loans. The best asset-based loan providers don’t have a minimum FICO score cut-off for their most popular options. When times are tough and your business has limited cash flow, you can use assets you already have to keep you going.

More Funding

You’re likely to be eligible for larger funding amounts when you go with an asset-based loan. ROK Financial tells you about the best options for the maximum funding for your business. In times like these when your business’s revenue is on the lower end, asset-based financing lets you benefit from the assets you’ve accumulated.

It’s Faster

ROK’s Fintech Speed means that underwriting is done at lightning speed. Ever heard of underwriting done in a few hours? It’s possible to get same-day funds with an asset-based loan. No need to wait for days wondering whether you’ll have to look for other options.

Competitive Interest Rates

If your business isn’t eligible for a traditional bank loan, an asset-based loan is your best bet to keep down the interest rate. Other kinds of alternative loans, especially ones with unsecured financing, often have sky-high interest rates. Secured business loan rates are lower because your assets create lower risk for the lender.

The Different Types of Business Financing Options

There are several business financing options and commercial loan types available. Let’s take a look at some of them below.

Business Lines of Credit

When you get a line of credit for your business, you have access to money whenever you need it. If you’re approved for a business line of credit, find out how much you’re eligible to borrow. You don’t have to borrow it all.

Term Loans

The term loan is what most of us think of when talking about business loans. With a term loan, you get a specific amount of money and have to pay it back by a specific time. Term loans may be designated business loans or personal loans. Sometimes new business owners will take out personal loans that they devote to their businesses.

Commercial Real Estate Financing

Businesses wanting to buy new commercial real estate may look for a commercial real estate loan. The requirements for this kind of loan will depend on the lender and how much you need to borrow.

As Costs Increase and the Economy Rebounds, Collateral Gets Better Terms

If you get an asset-based loan during this current downturn, you’ll be in an even better position when the economy rebounds. Your asset-based loan will give you the necessary funding to keep your business going during these tough times. When the economy recovers, your business will be in a position to take advantage of the opportunities.

Backing Your Business Line of Credit with Equipment & Commercial Properties

If your business has limited revenue and you’ve found it challenging to get bank loans, you can leverage your equipment and commercial properties to get asset-based financing. There are two types of asset-based financing: secured business lines of credit and loans. Asset-based lending banks offer both.

With an asset-based line of credit, you don’t have to use all the funds that are offered to you. You have the benefit of knowing that they’re available if you need them, but you will only be charged interest on the money that you use.

Applying for Asset-Based Financing

Once you’ve decided to apply for asset-based financing with ROK, the process is simple and easy. With ROK asset-based funding, you get same-day funding. Loans range from $10,000 to $5 million. They’re a useful form of secured business financing.

There are just two requirements for getting asset-based financing with ROK. You’ll need to have been in business for a minimum of three months. You’ll also need monthly gross sales of at least $15,000. This comes to annual gross sales of $180,000. As mentioned earlier, you don’t have to worry about FICO scores when applying to ROK asset-based financing.

ROK’s application only takes 15 seconds to complete. If you’re approved, you could get your funding in a matter of hours. There are many kinds of businesses that benefit from asset-based financing. Just one example is commercial trucking. ROK offers special commercial truck loans that perfectly fit your needs.

When you apply for asset-based financing with ROK, a Business Financing Advisor will work with you to explore the financing options that best fit your business’s needs. ROK makes sure you get the best in terms of interest rates, terms, and funding.

E-commerce doesn’t seem to be going anywhere any time soon. In fact, it’s a growing industry with a projected 14.7% growth rate until 2027. And dropshipping is a significant factor in this growing industry.

For the past decade, the dropshipping business has proven a viable and sustainable source of income for those willing to step into an online business model.

But is dropshipping hard? You simply need to know how to get into dropshipping business and then grow that business into a success.

How Does Dropshipping Work?

In a dropshipping business, the entire transaction takes place online. There is no brick-and-mortar store for the customer to visit or employees to stock inventory. Either through your own website or a third-party platform, your dropship internet business sells products to customers at a retail price. A third-party supplier then handles the shipping, and you pay the supplier the wholesale price while pocketing the profit.

How to Start a Dropshipping Business in 2021

Entrepreneurs and those starting a dropshipping business often ask, is dropshipping worth it? Follow these steps, and you will learn how easy it is.

Find Your Niche Market

Whatever you’re into, chances are there’s a dropshipping market for you. For example, you could start a fishing gear or a fashion dropshipping business. Enjoy pets or technology? You will likely find a supplier and start dropshipping as soon as your store is set up.

Research your product, develop an easy-to-understand brand, stand out among the crowd, and then check out what the competition is doing. If there is no competition, you may be first to market. However, if there’s not enough demand for your particular market, you’ll need to start over.

The current top trending niche markets include power tools, tech supplies, beauty and health products, and more.

Select Dropshipping Supplier

Without a supplier, your dropshipping business dreams go up in smoke. To find the dropshipping supplier that carries your products, you can either contact the manufacturer first and work directly with them or search the internet for “drop shipping wholesale suppliers.”

Top suppliers that are currently dropshipping products include Oberlo, AliExpress, SaleHoo, Doba, Wholesale Central, and Worldwide Brands, among many others. If you’re wondering how many products should I start with for dropshipping, you’ll need to research the supplier’s products.

Develop E-Commerce Store

Another essential element in any dropshipping business is your e-commerce store. Instead of a typical brick-and-mortar store, this online website is where customers visit to purchase your products.

When developing your online e-commerce store, you can either utilize an e-commerce platform – such as Shopify, Wix, or Squarespace – and connect to a supplier like Oberlo with a plug-in. Or you can custom build a website and integrate directly with the supplier, usually through an API.

Unless you are a web developer with years of coding, it’s best to go with an out-of-the-box website and plug-in for easy start-up and learn how to launch a dropshipping business in a day.

Run Your Business

Once you have a supplier lined up and the online store all set, it’s time to get down to business. The success of a dropshipping internet business is determined by how much you work on your business, not the day-to-day elements of the company.

To grow your dropshipping business from a start-up to a successful brand, consider developing a business plan, getting your finances all set, and marketing your products. The “business of the business,” as some people call it, is what will ultimately determine your longevity in the market.

And don’t neglect personal health habits as you grow your business.

Ideas to Grow Your Dropshipping Business

If you’ve been in the game for a while and are looking into how to grow a dropshipping business, consider these dropshipping business ideas and find the best way to dropship:

1. Build an Attractive Website

Because the website is the front door of your business, you want it to be as attractive as possible. It should be easy for customers to navigate through the products, and the checkout process should be seamless and stress-free.

You may also want to refresh the look of your website. Maybe you need a different theme or colors in your store? Perhaps rebranding your company and doing a relaunch may be the answer.

If you haven’t updated your e-commerce store since you started the business years ago, it may be time for an upgrade. In fact, it’s a good idea to constantly be checking the design and functionality of your website. If you can improve the website’s UX (user experience), you can attract more customers and earn more sales.

2. Partner with Brand Ambassadors or Influencers

Influencers are essentially brand ambassadors who will praise your products and company to their social media followers and work to get customers to visit your website.

And you don’t need big names or celebrities to influence your potential customers. There are several different levels of influencers available for companies to work with to grow their customer base. For your dropshipping business, consider a micro-influencer with 1,000 to 100,000 followers.

Like any business, dropshipping business relationships are vital to growing your company. Whatever market you are in, there are influencers on social media to partner with that can help sell your products.

3. Create Digital Marketing Strategy

A dropshipping internet business’ digital marketing strategy should focus on SEO (search engine optimization), online ads, and social media remarketing campaigns, among other factors.

At the end of the day, the success of your dropshipping business comes down to your online presence, which is what digital marketing is all about. To grow your online business, consider the following questions:

• How easy can customers find your store?
• Do you have social media ads or PPC ads (pay-per-click) ads?
• Do you have an affiliate program?

These questions, and more, all relate to digital marketing and are critical elements for a successful e-commerce business. If you want to know how to grow a dropshipping business, consider focusing on your marketing efforts.

While a steady business fully booked through referrals only is a dream, it’s not always a reality, especially for small to medium-sized electrical companies. 

If you’re wondering how to grow an electrical business, marketing (and digital marketing, especially) is your friend. It can help you attract leads, gain more customers, and develop a solid digital brand presence that will boost your reputation and position you as a local electrical expert. 

Here’s how to get started growing your electrical business.

How To Market an Electrical Contracting Business

If you want to learn how to run a successful business, your electrical contracting business marketing plan should be multi-pronged. Electrical business startup costs can be high, but you can start making a profit faster with the right marketing employed.

While you might be more comfortable with traditional marketing opportunities like ads and direct mail letters, try these strategies on for size:

• Content Marketing – Content marketing shows off your expertise and positions you as the go-to source for all things electrical. It utilizes informational and how-to blog posts as well as social media to share valuable insights and build trust in your company. When someone needs electrical work, they’ll know they can rely on you for helpful service.

• Word of Mouth – Word of mouth is the ideal source of leads for any electrical business. However, this doesn’t just happen naturally. Customers need a push to share the good news, so consider offering incentives for reviews or referrals to friends and family.

• Local Directories – Getting your information listed in local business directories is one of the easiest ways for locals to find you. There are tons online, so do some research and develop a plan of action to work your way in.

Now let’s get more specific. While these strategies are a good starting point, you’ll want to employ several tactics with your marketing to grow your business.

Marketing Ideas To Grow Your Electrical Business

If you want to know how to grow your electrical business, look no further. Use these specific ideas right away and see the difference a little marketing can make.

• Organize Your Contacts in a Database – As you grow your contacts and customers, create a database where you can store all of their contact information so that it’s readily available to use for additional marketing like mail or emails.

• Be Diligent About Customer Follow Up – After you provide a great customer experience, be sure to follow up to ensure they’re happy with the work you’ve done. Doing this increases the likelihood that they will use you again down the road or refer you to a friend.

• PPC Advertising – Get in on this digital marketing tactic by creating online advertisements and only paying for the clicks you receive.

• Email Marketing – Take advantage of your contact list and send out promotions, loyal customer coupons, and any exciting news.

• Treat All Interactions as Sales Meetings – Whether you’re bidding on a project, meeting with vendors, or hosting someone at your office, use it as an opportunity to discuss your business services and treat the person as a potential customer. 

You never know when they may need work done or when someone they know will ask for a referral.

Now that you know how to market an electrical contracting business, let’s explore the benefits of modifying your electrical business plan.

Creating and Modifying Your Electrical Business Plan

Is electrical contracting a good business? It can be, especially if you have the right electrical business plan in place. Staying agile and responding to the market and changing customer needs is critical if you want to remain relevant and be successful. 

If you don’t have one already, you can find free sample electrical business plan PDFs online as a starting point. If you already have one, be prepared to change things as time goes on and learn more about how your target audience responds to your marketing strategies.

Should You Charge More or Find More Customers?

Need to boost revenue? It can be hard to know whether you need to start charging more or just find new customers. 

If you feel like your local area lacks electrical business opportunities, it may be time to charge more for your services so you can cover your overhead costs and make a good profit. 

However, if you see that there are untapped opportunities around, you just need to change your way of thinking to attract those leads to your business rather than the competition.

Utilizing Digital Marketing To Get More Leads

Digital marketing is hands-down the best way to get more leads for your electrical business right now. Not only does digital marketing deliver a better ROI than traditional marketing, but it is also more cost-effective, which is crucial for new businesses.

Try these digital marketing tactics to get started:

1. SEO for Electricians – Utilize SEO strategies to help your website rank better for relevant terms like “electrician near me.”
2. Build Strategies Around Insights – Use the data and insights from your electrician digital marketing efforts to start learning from customers.
3. Blogging – Write professional blogs on the marketing of electrical products and about common challenges/questions customers have.
4. Great Website UI – Design a website with the user in mind to reduce bounce rates and increase conversions, creating more electrician leads.
5. Online Reviews – Encourage online reviews to boost brand reputation.

While this is far from an exhaustive list, it’s an excellent starting point.

Growing Your Business Online

An essential part of working on your business is growing your business online. While traditional marketing and advertising may have been enough ten years ago, it certainly isn’t now. Consumers are finding their local electrical business online, so if you’re not there, you’re missing out on tons of potential customers.

Final Thoughts

While the task might feel overwhelming at first, an electrician marketing agency can help make it easy to learn how to grow an electrical business from the ground up. Use the digital marketing tips above to get a feel for areas you should be targeting to see results and growth in your electrical business.

How much thought have you put into the importance of bookkeeping?

If you’re unfamiliar with the purpose of bookkeeping or simply do it incorrectly, then these issues probably haunt you and your company:

• The payroll process causes consistent problems
• You pay too much in taxes
• The business struggles to obtain financing

In the following information, we’ll explain 5 important aspects of bookkeeping that reveal the benefits of bookkeeping. Use these tips to keep more money in your company’s bank account.

What is the Importance of Bookkeeping?

Bookkeeping helps keep your business in compliance with the IRS and helps you financially manage your company more effectively.

Many people think that bookkeeping mainly deals with keeping records organized. However, bookkeeping affects several areas of your business.

Keep Tax Files in Order

There’s no need to continue feeling stressed during each tax season. Bookkeeping makes sure that you don’t need to sift through piles of paperwork to get your tax return completed.

Everything remains organized and ready to report if you’ve done regular bookkeeping throughout the year.

Maintain Accurate Financial Records

It’s difficult to operate a profitable business when you can’t accurately understand where each penny goes.

Using bookkeeping services provides you with the records needed to see whether you spend too much in one or whether certain types of clients provide improved profit opportunities than other clients do.

Improve Cash Flow

How often do you find yourself hedging on financial decisions because you need to sit down, take another hour of the day, and slowly come to realize which way to go? You’ll have a clear view of business cash flow if your bookkeeping is up to date.

Understanding cash flow also helps when weighing the pros and cons of business lending.

Handle an IRS Audit Well

Business audits are not a common occurrence. However, it’s never an easy situation to navigate if it happens and your bookkeeping isn’t up to par. On the other hand, it’s simple to answer all IRS questions if your books remain in order.

What is Bookkeeping?

Now that you understand the importance of bookkeeping in business, let’s make sure you understand what it is.

Simply put, bookkeeping is a process for recording and keeping track of a company’s financial transactions. Bookkeepers provide the following services:

• Process payroll transactions
• Keep track of client receipts
• Issue client bills
• Create financial reports
• Fix accounting errors

Why You Should Outsource Your Bookkeeping

If you have any doubts about your ability to perform bookkeeping correctly, then you should outsource to someone who does it professionally. Here are specific reasons to outsource your bookkeeping needs.

Save time on training others within your organization on the act of bookkeeping. A professional bookkeeper can step in and get the job done correctly from the start.

It also ensures that your financial records are completely private. You’re likely to prefer that managers and employees don’t see everything about your company’s finances. A third-party bookkeeper will make sure that they communicate the financial health only with you or someone else you specifically designate.

Get a professional’s opinion about how your company’s bookkeeping should work. Should you use single entry or double entry bookkeeping? What types of transactions make the most sense to pay attention to? What areas don’t factor much inside your industry? Can your books support qualifying for a business loan?

Stop wondering about these things and get the expert opinion that puts your mind at ease.

Tips for Sole Proprietors When Bookkeeping for Startups

As a startup, it’s imperative to keep personal and business expenses completely separate. Open a bank account in the business name and pay all bills from that one account.

If you decide to do your own bookkeeping, then obtain quality bookkeeping software. Again, outsourcing to a professional bookkeeping service probably makes the most sense.

Select the accounting method that works best for your company. You can choose from cash basis accounting or accrual accounting.

Keep responsible records, make sure your books stay up to date, ensure that your inventory remains accurate, and file your financial documents correctly.

Tax Season Can Be a Breeze if Your Bookkeeping Remains Structured

The importance of bookkeeping, accounting, and auditing becomes crystal clear at tax time. Paying the wrong amount, filing late, or failing to pay quarterly taxes on time can get you into IRS trouble.

The accurate recordkeeping that results from bookkeeping is one of the best ways to stay on top of all business tax responsibilities. It also saves your company money because your bookkeeper can help make sure you never miss opportunities for spotting which expenses to legally deduct from gross revenue.

How You Can Implement Bookkeeping Into Your Business

Now that you know the importance of bookkeeping, here are some simple ways to use it in your company.

Track your income and expenses carefully. You should have a way to see the following items at a glance:

• Bills
• Receipts
• Canceled checks
• Bank statements
• Credit card statements
• Invoices
• Previous tax returns
• 1099 and W2 forms

Decide on using the accrual or cash method. Set up the payroll system for the company. Determine your tax obligations for the business. Keep meticulous records of income and expenses. Review this information continually and keep bookkeeping records up to date.

The challenge with implementing bookkeeping into your business is that you’re already busy operating the company. If you’re overwhelmed with fulfilling your regular role, then that’s another reason to outsource the bookkeeping role to a professional service.

Conclusion

All businesses should conduct bookkeeping properly. The importance of bookkeeping in agriculture exists. It’s also important for industries such as construction, transport, aerospace, education, and telecommunications.

The importance of bookkeeping manifests in several areas. You need the information provided by bookkeeping when applying for loans. You need it to perform payroll properly. It comes into play when saving money on taxes and paying taxes on time.

In a nutshell, it’s impossible to run a well-maintained and profitable business without performing the art of bookkeeping professionally and accurately.

The expenses that go into owning and operating a farm start to add up quickly, leaving farmers and growers short on funds and uncertain who to turn to for help. Because the agricultural industry can be deeply affected by natural disasters, heatwaves, a poor yield, and many other unexpected phenomena, many different loans and grants exist to help farmers in need.

Types of Business Financing For The Agricultural Industry

Whether you’re a new farmer or you’ve been in the industry for years, there are several options to choose from when it comes to agriculture business loans. Depending on your eligibility, you can apply for more than one type of loan.

USDA Loans

The United States Department of Agriculture (USDA) offers many agricultural loans or grants through its Farm Services Agency (FSA) to promote small businesses in rural areas.

There are four basic types of USDA loans:

• Farm ownership loans: funds to help you purchase or expand a farm, build a new structure, or update an existing building.
• Farm operating loans: funds to purchase livestock, equipment, and make small repairs.
• Emergency loans: funds to bridge losses from natural disasters, such as replacing or restoring a property, pay essential family living expenses, or refinance debts.
• Microloans: ownership and operating loans with shortened application processes to help small and non-traditional businesses.

In addition to these basic types of loans, the USDA offers Conservation loans and Highly Fractionated Indian Land loans to eligible applicants.

Standard SBA Loans

The United States Small Business Administration (SBA) offers loans to help small businesses launch and expand their operations. SBA farm loans can be harder to secure due to their high guarantee.

SBA loans guarantee 85% of small business loans less than $150,000 and 75% of larger loans greater than $150,000. The SBA will still pay the guaranteed amount even if you cannot make your loan payment.

Alternative Financing

In addition to conventional financing options, farmers needing more flexible and customized repayment plans can turn to alternative financing. Although high-interest and high-risk alternative financing operations have given the industry a bad reputation, countless legitimate alternative lenders help farmers save and build their businesses every year.

Taking Advantage of Alternative Financing Benefits

If you aren’t eligible for conventional loans provided by government programs or banks, you might consider alternative financing. Alternative financing has become more popular and accessible for small agricultural businesses throughout the US.

The benefits of alternative financing include:

• Flexible repayment schedules
• Faster access to funds
• Personalized loan agreements tailored specifically for you

Alternative loans are not meant to be long-term or quick solutions. Instead, alternative lending tends to act as a bridge for farmers to eventually qualify for low interest agricultural loans through conventional government programs or banks.

Alternative financing is also popular for those seeking a loan for an agricultural startup.

Business Loan Requirements: Revenue, Assets, or Time in Business

Agricultural loan requirements differ depending on which program or organization you are hoping to acquire a loan from.

If you operate a small agricultural business or you are hoping to take loans to start a farm, you should be prepared to answer questions about your revenue, assets, or time in business. Lenders may also require a business plan or for you to be located in a city or town with a certain population.

Revenue

Generally, a lender will require a year-to-date profit and loss statement or statements from the last two years. To qualify for a conventional loan, lenders want to ensure your business will be profitable and successful.

Alternative lenders do not typically require proof of profitability but might require you to meet annual revenue minimums.

The stronger your business’s financial history is, the more likely you will qualify for a loan at an affordable rate.

Assets

A lender may ask you to tie a fixed asset to your loan if you cannot pay the loan back. The fixed asset, or collateral, could be equipment or property.

If you’re applying for a USDA or SBA loan, the lender will likely require a list of collateral your business owns and what it is valued at.

Alternative lenders are less likely to require physical collateral for you to qualify for a loan.

Time in Business

Most lenders will want to know how long your business has been up and running. The longer you’ve been in business, the better. Proof of long-term success increases the likelihood that you will qualify for a loan at an affordable rate.

For Banks, the best rule of thumb to go by for time in business is two years. Businesses less than two years old will have more limited options when it comes to selecting a lender. However, alternative lenders can provide funding for business that that have been operating for as little as 6 months.

Another way to qualify for farm loans with bad credit is to prove that your business has had long-term success and will continue to be successful in the future.

Agricultural Grant Opportunities in 2021

Government programs and other organizations offer grants to help small business owners launch their operations and stay afloat. A grant, unlike a loan, does not need to be paid back and can be an excellent way to increase your funds without entering into further debt.

The USDA offers various kinds of grants, including:

• Farm Labor Housing Direct Loans and Grants,
• Value-Added Producer Grants,
• pandemic assistance for farmers,

If you’re a woman searching for a grant, you can search farm grants for females 2021 to find other USDA grants. A few 2020 farm grants included the Farmer Resilience Initiative and At Home With Farm Aid to provide financial relief to farmers impacted by the COVID-19 pandemic.

Hemp Business Loan Opportunities You Can Apply For Today

Cannabusiness funding can be challenging to find due to strict legal regulations and cannabis’ classification as a controlled substance at the federal level. Although you won’t find hemp business loans offered by major financial institutions, there are alternative and private lenders that provide financing solutions. ROK Financial is able to work with some cannabis businesses to help provide them with the financing they need to grow their businesses.

Are you concerned about how to grow eCommerce business in a way that helps you overcome all your competitors?

Growing eCommerce business in today’s environment requires planning and paying attention to the changing needs of customers.

When you want to know how to grow eCommerce sales, the answer also lies in learning digital strategies that result in attracting new leads.

In this article, you’ll learn everything you need to know when it comes to understanding how to grow eCommerce business 2021.

Growing Your eCommerce Business Sales in 2021

Work on these main areas when you want to know how to grow your eCommerce business.

Use Omnichannel Marketing

This strategy requires you to exist on all the channels your customers expect you to. In today’s world, customers become frustrated if they can’t talk to you and get help via all possible channels.

These channels include:

• Text messaging
• Email marketing
• Website chat boxes
• Social media customer support
• Phone customer service

Your customers want to ask a question on your website’s chat box and then ask for the answer on your Facebook page. They expect that the person answering on Facebook knows they entered a question on the website. Your job is to integrate customer service in this omnichannel method so that communicating with your company seems seamless to customers.

Grow Internationally

If you want to know how to expand your eCommerce business, then you should start thinking internationally. Ask yourself how to personalize the experience for customers who find you from different countries.

For example, you might employ customer service reps who speak foreign languages that match the countries your customers live in.

Focusing on building web pages in different languages and competing in foreign search engine searches in Google is another way to grow internationally. Also, explore small business financing when considering ways to expand.

Third Party Marketplaces are also a great way to expand your business to different countries. For example, Amazon has fulfillment services that can ship your products and also handle customer service issues.

Focus on Customer Service

Everything you do must focus on how to improve the experience your customers go through to buy from your website. Give them customer-friendly features like free shipping or repeat-buy discounts.

Let them contact your customer service people on all channels. Make sure your policies favor the customer and give them easy ways to return products for refunds or replacements.

5 Tips To Generate Traffic & Sales

Here’s a breakdown of the top five things to know to increase your revenue.

SEO

Employ the proper search engine optimization strategies that help you outrank competitors. Improve the way you uncover keywords. Write better product descriptions. Understand user intent so that Google ranks your pages over competitor pages.

Social Media

Work on ways to increase engagement across your social media channels. Send these engaged fans to product pages for increased traffic and sales.

Use a Blog

Blogging is one of the most effective eCommerce growth ideas. However, it’s one that many eCommerce companies fail to put into place. Owners ask why customers would read a blog when they just want to buy products.

If you’re thinking this way, then you need to consider the ways your customers come to make buying decisions. Many of your customers read reviews and comparison blog posts before deciding to buy. Give them that content and then link them to your store to make their purchase.

Paid Ads

Develop paid ad campaigns that capture the attention of your best-fit customers on Facebook, Bing, Google, and YouTube. Drive that traffic to specific email opt-in offers and sales pages. Look for ways to use loans and lines of credit if you need extra funding.

Partnerships

Partner with influencers and get them to drive their audiences to your sales offers. Get on podcasts. Write blog posts for other big websites. Conduct webinars for partners with large audiences.

Digital Marketing Strategies To Boost Sales

Let’s discuss how to grow your eCommerce business with digital marketing. These represent some of the best methods if you need to know how to boost sales.

Create Full Sales Funnels

Don’t simply send traffic to product pages and expect great results. If you want to know how to get customers for eCommerce, then you should build out entire sales funnels. Make good use of every asset such as:

• Opt-in landing pages
• Thank you pages
• One time offer pages

Use Email Marketing

Don’t send all your online traffic to sales pages. Give customers valid reasons to join your email subscriber list by using discounts, product how-to videos, and other free incentives. Growing your email list allows you to make sales on-demand when sending sales offers and newsletters.

Improve Targeting with Paid Ads

We mentioned paid ads above. Continue to improve those campaigns over time by paying close attention to which targeting segmentation methods give you the best ad ROI.

Using eCommerce Effectively in Your Business

You must become better at the very act of eCommerce when learning how to grow a successful eCommerce business is important to you. Combine all of these strategies as you learn how to use eCommerce effectively:

• Use loyalty programs
• Provide discounts
• Highlight new products
• Show social proof
• Provide free shipping
• Use advanced product filtering
• Give multiple payment options

eCommerce Planning and Strategies

Build an eCommerce plan to guide all decisions into more profit. Your business plan should include:

• Clear goals
• A strategy to include the best technology and software
• Ways to measure numbers and analytics
• An understanding of all business costs
• Methods for integrating each department into a synergistic relationship
• A winning customer service plan
• Quarterly check-ins to consider what changes will bring improved sales numbers

Post-Pandemic eCommerce Growth Potential

If you want to know how to improve e-Commerce business in the post-pandemic world, then work on a mobile-ready customer experience. More customers are at home and they’re using their mobile devices to make purchases. They want the ability to use social media apps on their phones, see your product offer, and easily make a purchase.

Another way to grow beyond these pandemic times is by creating a more personalized customer experience. For example, tag customers in your email service provider so you’re sure to send emails that fit their preferences.

Conclusion

You should now feel more equipped for how to grow an eCommerce business. Every step of the way, focus on the needs of your customers. If you use customer wants and desires as the guiding elements of pricing decisions, for example, then you shouldn’t have any issues with increasing profits.