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Jennifer Lang Financial Services, LLC.
​Smart Money Strategies
Wisdom For the Life You Want

Long-Term Financing to Protect Your Commercial Real Estate Property

8/11/2019

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​The current economic expansion, the longest in U.S. history, has been made possible in part by the growth of small businesses. Consumer confidence is high, interest rates are steady, and entrepreneurs are starting businesses at a record pace.

The State of the EconomyDespite growth, risks to the economy remain, including rising trade tensions and increased costs resulting from new tariffs. A strong majority of economists recently polled by Reuters now put the chances of a U.S. recession happening in the next two years at 40%.   Dr. Lawrence Yum, chief economist of the National Association of Realtors, now forecasts current price appreciation in commercial real estate to end by 2020. If you own commercial real estate property where you operate your business, you can capitalize on this strong economy.


Interest Rates Hold SteadyWith this increased chance of recession, the Federal Reserve is expected to hold the Federal Funds Rate at current levels until the end of next year at least. This is in sharp contrast to the nine rate increases since December 2015. (Shown on the graph below.)
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​The chart below indicates that the Federal Reserve is expected to keep rates low and probabilities for an interest rate increase have decreased according to the Federal Open Market Committee (F.O.M.C).
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How Commercial Real Estate Loans Are Affected

While nobody can predict the future, you can certainly plan for it with the information at hand. The slowdown in economic growth could be a blip on the radar or it could be an indication of instability to come. One certainty, however, is for those commercial real estate loans with a near term maturity or balloon payment, refinance risk exists. If the economy, your industry, or business has suffered a slowdown when the current lender comes to refinance your loan, there is a very real chance the loan may not be approved.  If the property value has fallen below the amount owed, the lender may be concerned that there is a risk of loan default.

One strategy that takes advantage of the strong economy and equity in your commercial property is to refinance into a fully amortizing loan and avoid the risk of balloon payments altogether.

The Benefits of a Commercial Real Estate Purchase or Refinance

If you own a small business, there are a number of ways to expand and strengthen your bottom line. With an infusion of low-cost funds, you can increase inventory, purchase equipment, shore up working capital and more.

There are small business growth strategies you might not have considered. Have you thought about purchasing the commercial real estate (CRE) where you run your business? Are you wondering if you can get a small business loan for real estate? If you already own the property you operate your business out of, a refinance can get you a better rate, a longer term or avoid a balloon payment. 


1. Benefits of a Commercial Real Estate Purchase or Refinance
Saving for the FutureAccording to the U.S. Small Business Administration, compared with their wage and salary counterparts, business owners are less likely to hold retirement assets compared with non-business owners. A commercial real estate purchase can increase your net worth and help you save for the future.

Secondary Income
If you sub-lease space you’re not using for your company, you can secure a steady income stream. Even if you sell your business or move locations, you’ll still be able to lease the space, adding another source of income.

Tax Advantages
There can be significant tax advantages when you own commercial property. Be sure to consult with an accountant or another professional to discuss specific taxes and other financial implications.

2. What to Consider
Making the long-term investment in a building for your company is a big decision. Here are some things to consider before you look for a lender.

Maintenance Costs
If you’ve been renting, repairs and other maintenance tasks are turned over to a landlord. Consider the costs involved when you own a property. When something needs repairs or upgrades, you’re on the hook.

Appreciation
Does real estate value rise in your location? If not, are you prepared to take a loss if you sell? Research real estate in the area before you buy.

More Risk
Property owners should consider everyone who will be on the property every day. According to the legal website NOLO, more people on the property means more of an opportunity for injuries or property damage that can cost you. Be sure to consult with an attorney to discuss potential legal implications.

3. Next Steps
Once you’ve determined that a commercial real estate (CRE) purchase or refinance will work for you, it’s time to consider what type of loan is best.

If you’re looking for low-rates, long terms and excellent customer service to guide you through a commercial real estate loan process, Jennifer Lang Financial Services, LLC. recommends that you  give SmartBiz Loans® a try. They facilitate only SBA loans through their bank partners so they’re really good at it! Their SBA preferred bank lenders offer loans from $500,000 - $5 million with low interest rates and a repayment term of 25 years, meaning payments are very low.

To qualify, you must meet the following criteria:
  • At least 51% of the property's square footage must be occupied by, and used by, your business
  • 2+ years in business
  • Business owners must be U.S. citizens or legal permanent residents
  • Business owners must have personal credit scores above 675
  • Cash flow to support loan payments
  • The estimated purchase price must be greater than $500,000
  • The rent replacement option requires a loan payment that does not exceed the current monthly lease expense and minimal down payment is required.

Here are recent examples of SBA loan commercial real estate purchases facilitated by SmartBiz Loans:
  • $450,000 25-year SBA 7(a) Loan CRE Purchase
With just 10% down, SmartBiz Loans facilitated financing for the purchase of an owner-occupied commercial property for a San Diego IT consulting company. The borrower replaced a lease payment with a long-term, affordable SBA loan payment, allowing him to add additional space and continue company growth.
  • 25-year SBA 7(a) Loan CRE Purchase
A Tucson attorney facing a maturing lease secured an SBA loan through SmartBiz Loans to purchase a single tenant office property with only a slight monthly payment increase. A 10% equity injection financed additional tenant improvements and closing costs at over 100% loan-to-purchase price.

SmartBiz Loans works with a number of preferred SBA lending banks. They will match you with the most likely to fund your loan so they can help you get to a “yes” faster and easier. Additionally, dedicated Relationship Managers are on hand to guide you through the application process. 

Do you need extra funds for your small business? An SBA loan is the best bet for small businesses with low rates, long terms and low monthly payments. Visit SmartBiz Loans® today and discover in about five minutes if you’re qualified to apply for an SBA loan with one of our bank partners. Check out their great reviews on TrustPilot!
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Protect the Profitability and Value of Your Business With Key Man Insurance

4/14/2019

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​If you are a business owner, and your profitability is dependent on the special skills, experience, talent or connections of a key person in your company, watch this video to learn how you can protect the profitability and value of your business from the loss this individual.
​More than 2 million employees between the ages of 25 and 55 die every year. And more than 2 million others are permanently disabled.

But when a  business loses one of its "key" people, the people most responsible for its competitive advantage to cancer, or a heart attack, or a traffic accident, the effects on the business can be costly. As well as disruptive.

Because your best people have unique talents. Special proficiencies. Technical knowledge. Influential connections, and years of experience. Which is, what makes them so valuable to your business.

And, if you abruptly lose your best salesperson, your best designer, or your best engineer, you also lose sales. Lose revenue and lose customers to your competitors.

But these people cannot simply be replaced like other employees. And, their loss can affect your company's profitability, its customer relationships, its market position, and its credit lines, as well as shareholder confidence. And, employee morale.

So what's the solution? A capital infusion of tax free money paid directly to the business, to compensate for the loss of that person's value.

Tax free money. To recruit and compensate a capable replacement. As well as replace any revenue loss during the transition.

The solution is tax free money. To continue paying that person's salary every month until he or she can recover from their illness or injury.

Tax free money. To assure creditors and customers, employees, and shareholders, that your business will continue as usual.

The solution is "key man" insurance. And, it's similar to the property, casualty, and liability coverage that protects your business against the loss of, or damage to, your buildings, equipment vehicles, technology, records, inventory and materials.

Here's how it works. With the help of your insurance advisor, you first identify the people in your company. Your most talented and experienced people. The people who give your business its competitive advantage, and whose absence would negatively affect the stability of your business.

You would then estimate: 
1) The cost of replacing each of these people. Including the expense of recruiting, as well as compensation.

2) The cost of replacing any revenue loss during the transition period. And it's more affordable than you might think, because you can usually secure coverage for as little as 2% or 3% of a key person's salary, to protect as much as 100% of their value to the business.

You can even get coverage that will refund all of your payments. If they don't die, or become disabled, before they retire. And, without insurance on your "key" people, you are putting your business at risk.

For example, you could be like the wholesale distributor in Los Angeles, whose key accounts manager was killed in an auto accident. The competition immediately contacted all of their major accounts and took several them away. Which cost the company millions in lost revenue that they never got back.

Or you could be like the software company in Boston. Whose 58 year old president suffered a heart attack and was unable to work for almost 2 years. The company immediately promoted one of its vice presidents. Who, wasn't as capable or experienced as his former boss, and made some bad decisions that got the company into legal problems and irreparably damaged its reputation, before the original president was able to return and assume his previous duties.

According to statistics, the risk among any three employees, is that at least one will die before they retire, is 54%. And, the risk that one of them will be disabled before they retire is 83.5%.

So, if you've not yet dealt with the death or disability of a "key" person in your company, it's a statistical probability that you will in the future.

So, ask yourself this. Does it make sense to risk your company's profitability, your customer relationships, market position or credit lines, shareholder confidence, or employee morale, on the probability, that at least one of the people responsible for the success of your business will be permanently disabled or killed in a car accident?

Or, does it make better sense to protect your business with insurance coverage on your most valuable people? Just as you insure against the loss of your other business assets.

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When to Lease Restaurant Equipment

4/11/2019

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There’s really nothing sexier than showing off that sweet new ice maker you leased on Instagram, right? So it’s totally worth leasing restaurant equipment like this just so maybe you can be the most liked picture on #icemakersofinstagram.

Yeah, it doesn’t really work like that. And unlike leased cars, small business owners lease restaurant equipment because they have to, not because they want to show off. When faced with mounting startup costs, big ticket items like commercial ovens, POS systems, and, yes, ice makers, it can be tough to buy with cash. Which means they have to find another way to pay for it, and many turn to leasing.

If this is you and you’re considering the lease of one or more pieces of restaurant equipment (or renting your restaurant equipment as both are similar in nature), there are certain factors you’re going to want to consider first.

What Should I Consider Before Leasing Restaurant Equipment?
Most leasing companies won’t lease you equipment valued at less than $3,000, so start there. But beyond that you’ll want to think about how much financial sense restaurant equipment leasing actually makes.

First, when looking at your cash flow budget, see if you have enough actual money coming in each month to cover the expected lease payment. If not, then you either have to find another way to finance your rented restaurant equipment every 30 days or it may make more sense to hold off until for the moment, not moving forward with a lease until you’re in a better financial position.

Secondly, think about how long you’re planning to use the equipment. Items that you don’t plan to replace for years, like hot water heaters or brick ovens, make much more sense to purchase. But for items that you only plan to use for a few years leasing is always the smarter play.

Along those same lines, technology-driven equipment like POS systems, stereo equipment, or dishwashers are also smarter to lease so they can be replaced as new technology becomes available.

Also, be sure not to get carried away and over-lease. Even if a specific piece of restaurant equipment falls within your cash flow budget to lease—that pizza-baking oven that only exists on remote hillsides in Italy for instance—it might not give you enough of a competitive advantage to be worth the cost.

What Types of Items Do Restaurants Lease?
So, what pieces of equipment do most restaurants choose to rent rather than buy? Here are a few of the most popular items leased by restaurants, and why they might be a good idea to lease as opposed to purchasing them outright.

  • POS Systems – These can be very expensive, and frequently are outdated a week after they’re installed. They need constant updating, especially as enhanced security features are put into credit cards, and people develop alternative methods of payment. Opt for leasing and you’re able to stay current with the technology POS systems use without having to purchase a new system entirely.

  • Refrigerators – Walk in refrigerators and freezers are actually far cheaper on a per-square-foot basis than small ones, so installing these is a huge cost savings in the long run. But they can be pricey, and while you might not replace them often, a lease can make sense if the payment is cheaper. And since used refrigerators don’t have good resale value, many leasing companies will give buyout options for almost nothing.

  • Commercial ovens – If you plan on any kind of high-volume service, commercial ovens are a must. They allow for you to cook more, faster, in a more energy-efficient manner with the latest technology. They’re also a big ticket item that is constantly being updated, and therefore a smart piece of restaurant equipment to lease versus purchase.

  • Commercial Fryers – For much the same reason it’s wise to lease a commercial oven, you’ll want to lease a commercial fryer. They are far more efficient and have increased capacity, but are also items you’ll want to replace frequently. (Either way, proper fryer maintenance is important and, according to Staples, includes: keeping it clean, regularly changing the oil and filter, managing the right temperature, and ensuring that it’s used in a safe manner.)

  • Ice Makers – I wasn’t joking before…ice makers use a ton of energy and as efficiency technology advances, newer models are big cost savers. Make the choice to rent restaurant equipment like this and you lower your monthly expenses, enabling you to use your hard-earned cash in other areas, maybe on other equipment leases?

  • Dishwashers – Dishwashers become outdated almost as fast as POS systems, with new cleaning methods, chemicals, and water/energy-efficient models flooding the market every year. The added bonus of leasing a dishwasher is that often maintenance and chemicals are included in the cost.

  • Display Cases – If you want to offer things like grab-and-go lunches, chilled sandwiches, or fruit, chilled display cases are a great asset. Though they’re not a product that needs regular updating, any time you redesign your restaurant, you may need to change their look. Because they can be a short-term purchase based on this circumstance alone, many restaurants opt to lease them instead of buy.

What Are the Other Advantages, and Disadvantages, of Leasing Restaurant Equipment?Aside from potential cost savings and allowing flexibility to upgrade, operational leases of restaurant equipment can offer some big tax advantages too. The money you spend to lease the equipment is not categorized as capital, rather it’s a rent expense. This means it’s not considered an asset or liability, and also qualifies for tax incentives. Also, depending on the lease, you may be able to deduct the payments as a business expense under Section 179 qualified financing. Though there have been recent reductions in how much a business can deduct, you may find that rental equipment leasing provides a tax advantage big enough to make it worth considering.

Of course, leasing has drawbacks. The APR for leases is almost always higher than it is for financed purchases, meaning your monthly payment might be higher depending on how much money you put down. Also, because new restaurants aren’t exactly a guaranteed investment for the lessors, new restaurants may find their interest rates exceptionally high. You can find a fantastic infographic about it here, but expect to pay in the neighborhood of $1,650 a month for every $50,000 financed on a restaurant equipment lease if you’re new to the industry.

When Buying Makes More Sense Than Leasing Restaurant Equipment
If those terms make you a little uncomfortable, or if buying just makes more sense in regard to the pieces of restaurant equipment you need, take a look at getting a small business loan. Often times the interest rate on those can be considerably lower than with leasing companies, allowing you to finance your new equipment at big savings. short-term loans can be a perfect resource when you’re looking to either buy new equipment or upgrade the old stuff, and always happy to make it an easier process for everyone.

Capital for Growing Businesses
  • Access $5,000 to $500,000
  • Funds in as few as 2 business days
  • Flexible repayment options
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How Business Loans Work

3/28/2019

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Small businesses embody the American dream. They symbolize financial and social success through hard work, determination and good old know-how. They help entrepreneurs accomplish their dreams in a way that benefits not only them personally, but society as a whole.

The problem with dreams like this is that they cost money. And unless your family name is also on several performance halls and university buildings in your hometown, you probably don’t have the cash on hand to start your dream business.

Most of us don’t have it just sitting around it our savings accounts either. So what does an enterprising American with great ideas and not-so-great account balances do? 

They borrow. In other words, they get a small business loan. But how do business loans work?

If you’re not familiar with the crazy, complex world of corporate financing, it can be a little overwhelming. To help explain your options, here’s a quick guide to the most common types of small business loans. But first, let’s talk about exactly what a business loan is.

What is a Business Loan Anyway?
A business loan is when a lender – usually a bank or other financial institution – lends you a large sum of money to finance your small business dreams. When you secure this type of loan, you agree to pay the money back over time, with interest. Okay… so what’s interest?

Interest is like rent on money, an extra percentage you pay on top of your loan amount so the lender can make a profit. This percentage is known as an Annual Percentage Rate, or APR. Federal laws limit how much a lender can charge by way of an APR, but anything 10% or below is reasonable, so keep this in mind as you work toward better understanding how business loans work.

Sometimes you’ll need to put up collateral for a business loan, some sort of asset that the lender can get money from if you can’t pay it back. Houses are a popular form of collateral, but investments, securities, and other high-value items can be used as well.

In most bank loans you are expected to personally guarantee the loan, meaning the banks can come after you if the loan goes into default (if you quit making payments as agreed to the initial terms of the loan). If your credit isn’t up to snuff, they may also ask for a cosigner, meaning that person is on the hook for the loan as well.

Additionally, some companies organized as LLCs will try and guarantee loans as well, but because small businesses have such a high failure rate, banks may ask you to personally guarantee it as well.

Certainly, this leaves a lot for you to consider when it comes to how business loans work, but that’s not all. You must also decide which type of loan you want to finance your small business venture, leading us to the next question…

What Kinds of Business Loans Are There?
The first and most obvious type of business loan is a standard bank loan, where an entrepreneur walks into a bank with a well-detailed business plan, and asks that bank for money. These loans typically have the lowest interest rates and are the most straightforward, but about 80% of small business loan applicants are rejected. Why?

Put simply: Banks aren’t charities. This means that, unless your business plan looks like a guaranteed winner – or you’ve got rock-solid collateral – you may need to look elsewhere for help. Enter the Small Business Administration.

The SBA, as it’s known, isn’t a lender but rather a federal agency that helps small businesses by guaranteeing the loans for them. These loans still require an application (and get rejected all the time), but are a much higher-percentage shot. So how do these business loans work?

Essentially, the SBA reviews your application, and if it’s approved the SBA will back up to 85% of your loan. Since the government is guaranteeing the loan, banks are much more likely to give you the money you need.

The Most Common SBA Loans
The most common SBA loans are the 7(a) group, the most popular of which is the General loan. This is where the SBA can guarantee up to 85% of loans under $150,000, and 75% of loans over that amount, up to $5 million.

Another option is CAPLines loans, a loan and line-of-credit program designed to give small business owners short term loans for immediate needs. These loans can be guaranteed up to $2 million, and also fall under the 7(a) category.

There are five different types of CAPLines loans:
  1. Seasonal line of credit, for high volume times when you may need cash to invest in inventory and personnel.
  2. Contract line of credit, designed for contractors who need money to fulfill contractual obligations before they are paid.
  3. Standard asset-based line of credit, designed to give a financial boost to companies who don’t have acceptable credit for long-term loans
  4. Small asset-based line of credit, which are loans up to $200,000 with lesser requirements than the standard asset-based
  5. Builder’s line of credit, primarily for construction companies renovating existing commercial spaces.

Finally, 7(a) loans also include the SBA Express program, which allows approved institutions to use their own paperwork and attach it to an SBA approval for amounts under $350,000. These applications move exponentially faster than general SBA loans, but are only guaranteed up to 50%.

The SBA also has a Micro Loan program, where the SBA loans money to nonprofitintermediaries who in turn loan the money to entrepreneurs, in amounts under $35,000. The other end of that range is the CDC/504 loan, a long-term fixed-rate loan used for asset purchases like real estate or expensive equipment. This tops out at about $5 million, or $5.5 million for manufacturers.

Other Types of Business Loans
Borrowing money, of course, is not simply limited to banks and SBA loans. Many other options exist for small businesses. A few examples:
  • Equipment financing – This is specific financing set out for large equipment purchases, with the equipment itself held as collateral
  • Invoice financing – Essentially selling some accounts receivable to a lender in exchange for cash on hand. The cash will be considerably less than the total of the invoices, however.
  • Short term business loan – A high-interest, short-term loan for smaller amounts that is paid back in as little as a quarter
  • Merchant cash advance – You receive cash in exchange for a portion of future credit card sales.

Alternative lenders available here at WFGInsuranceQuotes.com, also offer loans to small businesses, as well as merchant cash advances and other services. This is an excellent option if your credit won’t allow you to qualify with other lenders, and if you need capital quickly.

Which Business Loan Is Right for You?
If you’re still unsure which business loan is right for you, look at your different options and compare and contrast the pros and cons of each to better decide which solution is best for your small business. Consider what your interest rate will be, how much the lender is willing to give you, and all of the other payback responsibilities you’ll have should you decide to take that route.

No matter which option you choose though, at least now you know what the process is all about. So, no more asking, “How do business loans work?” Instead, it’s time to ask, “Which one offers me what I need to help me grow my business now, providing the best terms possible given my situation?” Answer that and you’ll know which one suits you best.

Need Capital for Your Growing Business?
  • Access $5,000 to $500,000
  • Funds in as few as 2 business days
  • Flexible repayment options
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The Key To Profitable Small Businesses

3/21/2019

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​Odds are only about 50-50 that your small business will survive five years or more, according to data from the U.S. Labor Department, Business Employment Dynamics (BED).

This proves that the road to success isn’t always smooth for small business owners. In practically every market, there are older established businesses, larger competitors with deeper pockets, and a host of other challenges.

How do you win then? By joining a profitable small business industry.

The following are some of the more profitable types of small businesses, along with the key to becoming one of the most profitable small businesses, placing you within the 50 percent who survive five years—and preferably more.

Accounting and Bookkeeping
It’s not sexy, but accounting and bookkeeping offices are among the most profitable small businesses. This field isn’t hurt by fluctuations in the economy as people always need to have their taxes done, manage payroll and other financial duties.

Overhead is relatively low compared with many other fields. Although there are a number of software options for both personal and business income taxes, the complexities of tax and labor laws almost guarantee that demand for these businesses won’t subside.

Snow Removal and De-icing
If you live in an area that is typically subjected to a healthy amount of the white stuff each winter, you have one of the most profitable small business industries right outside your window: snow and ice removal. According to John Allin, founder of the Snow & Ice Management Association, snow removal typically has profit margins ranging from 55-65 percent and de-icing is slightly higher, at 70 percent.

The key to succeeding, according to Allin, is being convinced you can make a profit doing this type of work. He adds that it also helps boost your small business success by remembering that you’re a professional, by taking some type of non-refundable retainer (in case it doesn’t snow as much as expected), and by being prepared.

Medical Care and Health Services
Medical offices are relatively stable businesses, in spite of all the turmoil with the debate about health insurance. This sector includes physician offices, test centers and private clinics. Although there are a few regions that are over-saturated with medical services, this is not the case with most of the U.S. Insurance costs can be high, depending on your specialty, other overhead costs are generally low. Given the aging population, the demand for physicians and other services is unlikely to subside anytime soon.

The aging population is a key factor in the overall health industry, with growing demand for specialists, such as physical therapy, optometry, and dietitians. Additionally, millennials have far more interest in healthy living than their predecessors and an openness to such services as chiropractic, acupuncture and holistic treatments, making these excellent opportunities for small business owners.

Translation Services
Can you speak Chinese fluently? Maybe your second language is Japanese? If you can speak and write in one of these languages (in addition to English), then you already have what it takes to create a profitable small business in translation services, according to Translation Rules. They reported that these are the two languages that have the highest demand and the lowest competition.

Another reason this is set to become one of the most profitable small business industries is because of the expected growth. IBIS World indicates that translation services in the U.S. will grow annually by 5.8 percent until the year 2022, which is more than double the rate of the U.S. gross domestic product (GDP).

Website Creators and Social Marketing
Nearly every business needs to be on the web and have a social media presence, making this one of the most profitable small business industries today. While there are major players in this field, they often charge thousands of dollars to create and maintain sites. Many small businesses have found success focusing on the local market, where clients have smaller budgets.

If your small business focuses on helping businesses around town use social media, it can be very lucrative without a lot of overhead costs.

Real Estate
The real-estate market fluctuates depending on the economy. But this area is consistently among the most profitable small businesses as there are low operating costs for real estate brokers and agents. Additionally, start-up costs are low as you simply need a real estate license to get started. It can be very hard to get established, but successful agents and brokers can bring in a lot of money.

Pet Services
Overall spending in the pet industry for 2015 came in at a record $60.28 billion, according to the American Pet Products Association (APPA). With no signs of slowdown, this is a great market for the small business owner. You can start a pet sitting business with little overhead, but it does require hustle to get those first few customers.

Pet grooming is also a great way to get into this market, but your expenses in terms of training and providing a location for your services may be steep.

The Key to Becoming One of the Most Profitable Small Businesses
One way to substantially improve your chances for profit is to be in the right field. As with the general economy, service businesses are among the most successful small businesses, making creating one the key to outlasting the 50 percent that don’t survive long enough to see five years. Service businesses can range from the highly skilled professions, such as medical professionals and accountants, to those which require less formal education, such as pet sitting and creating web sites.

It’s tougher for small businesses that sell products, such as books, clothing or sports equipment, given the competition from larger chains and internet retailers. The key to success—to creating one of the most profitable small businesses today—is to offer unique products and top quality customer service, something that your larger competitors can’t provide.
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Business or Personal Loans: What’s Best for Your Business?

3/14/2019

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​What are My Borrowing Options?
Today there are a wide variety of borrowing options for small to medium sized enterprises (SME) that need capital. Typically, these funds are used for working capital, buying equipment, funding inventory, renovation and expansion, and marketing and advertising.

The type of loan that is best suited for your business needs depends on:
  • The specifics of your business and your industry
  • The amount of money you need
  • How you plan to use the funds
  • How quickly you need funding
  • How much time and expense required to obtain funding

Understanding the basics of various types of loans will help you determine what type of loan is best for you.

Let’s Get Personal: Some Advantages
Major and local banks, credit unions and other financial institutions all offer personal loans to business owners as do non-traditional lenders. Generally, personal loans are easier to qualify for than business loans and require less paperwork.

Typically, these loans are unsecured, and don’t require a guarantor, though lenders will usually require some form of income verification, along with proof of other assets worth at least as much as the individual is borrowing.

The application process is generally far easier for personal loans and decisions are often made more quickly. Lenders also tend to disburse personal loans more quickly once the approval is obtained.

Personal loans typically offer significantly lower payments because repayment is spread over a longer time period than business loans. Also, once the money has been delivered, there’s generally no further follow-up on the part of the lender as long as payments are made as agreed upon.

Downsides? Lower Lending Limits and Rating Risk
There are some downsides for business owners. First lending limits tend to be much lower for personal loans compared to their business counterparts, and they also tend to have higher interest rates. As a result, you might not be able to secure all the money you need with a personal loan, and higher interest payments can impact your profits.

By taking a personal loan, business owners deny their business the opportunity to build its own credit rating. And in the event you get behind in payments or default on the loan, your personal credit score would likely be impacted making it harder to get approved for other forms of credit.

Even if you make all your payments on time, a personal loan raises your debt-to-income ratio, making it harder to qualify for a mortgage, car loan, or new credit card.

Getting Down To Business
Banks, credit unions and other financial institutions typically have dedicated departments that make commercial and business loans to small and medium sized businesses. The U.S. Small Business Administration (SBA) also offers several loan programs designed to meet specific financing needs of small businesses through partners, which include banks, community development organizations and microlending institutions.

One of the advantages of obtaining a business loan from a bank is that they generally offer lower interest rates than personal loans. In addition, there are sometimes additional fees such as an application or origination fee.

Business loans also tend to have much higher lending limits, though repayment periods are usually shorter but sometimes include balloon payments. Some bank loans also include a “call” feature, where the bank is allowed to call in the loan at a specific time; when this occurs, the business must pay the entire outstanding amount of the loan.

Major banks typically require collateral for business loans, such as inventory, receivables or real estate. In addition, owners usually have to sign as guarantors, which should be carefully considered as business owners are putting both personal and business assets at risk if the loan is not repaid.

Watch Out For The Paperwork
Though interest rates are often lower, standard business loans have some caveats. First, the process can be long and detailed and requires an extensive application.

Unlike personal loans, once approved, businesses that obtain standard loans are typically required to supply lenders with quarterly and or annual financial reports that could alert the institution to potential issues that could impact the repayment of the loan.

Consider the Lending Alternatives
Though traditional business loans can be attractive, they can be hard to obtain. That’s one reason why business loans funded by alternative lenders have dramatically increased in recent years. Typically, alternative lenders are able to approve loans as soon as 24-48 hours and fund them immediately. They regularly make loans to businesses with imperfect credit that may not qualify for a standard loan, and generally offer a much more manageable application process.

Many alternative lenders base approvals on a business’s average gross monthly sales volumes. At WFGInsuranceQuotes.com, for example, we get loans funded ranging from $5,000 to $500,000 to businesses that have been in operation for more than two years with at least $15,000 monthly sales. Payment arrangements can be tailored to your company’s cash flow.
​
Note that in exchange for expedited service and accepting greater risk, alternative lenders may charge higher effective interest rates.

Be Prepared
What do you need to apply for a business loan? It depends on the lender and the type of loan that you are seeking. Applying for a SBA 7(a) loan has stricter rules, for example, than merchant cash advances.

WFGInsuranceQuotes.com takes a holistic approach to the application review process not offered by other lenders so you can focus on growing your business.

Minimum Qualifications
  • You have been in business for two years
  • Your monthly sales are at least $15,000
We’ll Request
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  • Bank statements for three months
  • Information about you

    ​Learn more and apply here.

1 Subject to receipt of required documentation, underwriting guidelines, and processing time by merchant’s bank. Financing for more than $100,000 may require additional underwriting review time. Funds are deposited into your business checking account as soon as the next business day after approval and acceptance of terms.
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17 Ways to Finance Your Small Business

3/7/2019

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Financing a new business can be extremely challenging.You must secure enough capital to purchase everything you need to begin offering your product or service—from a physical location to a website, to office supplies and advertising. However, it’s often how you go about getting that money that can make a huge difference in whether your business ultimately succeeds or fails.

Fortunately, there are many different small business financing options available, enabling you to select the one that makes the most sense for you and offers you the greatest chance of success. To help you make that decision for you and the company you want to get off the ground, here are 17 small business financing options to consider.

1. Crowdfunding
Crowdfunding is a fairly new way to raise money, but it’s one that plenty of entrepreneurs have already used with great success. If you’re not familiar with this concept, it involves posting your idea online and setting financial goals that must be met within a specific timeline to bring your idea to life. This gives the general public the opportunity to pledge their own money to help you meet these goals, subsequently making your business dream possible.

While some people choose to donate simply because they believe in your product or service, others need a little incentive to part with their cash. That’s why some funds-seeking entrepreneurs offer enticements, such as free products and other perks, once the business is up and running to attract more donors.

Because there are a variety of different crowdfunding sites from which to choose, it’s important to select the one that can potentially bring about the best results. The most highly recommended crowdfunding sites include but are not limited to:
  • Kickstarter – With more than 12.5 million financial backers providing more than $3 billion to date, this site offers emerging entrepreneurs a large pool of potential supporters (and money) for a variety of “creative projects.”
  • GoFundMe – While Kickstarter has guidelines about what you can raise money for, GoFundMe doesn’t appear to have the same constraints. This allows you to request financial support for more types of business needs.
  • Indiegogo – The nice thing about Indiegogo is that this platform was created specifically for entrepreneurs intent on starting their own businesses, which means that your campaign should be more tailored to individuals in your current position.
  • Fundable – This crowdfunding platform was also designed with the small business owner in mind. It provides the opportunity to seek support from investors who are more likely to appreciate your exact needs.

2. Small Business Grants
The great thing about small business grants is that you don’t have to pay them back. Once you receive the money, it’s yours to use to kick off your small business plan (within the parameters of the grant, of course). It just takes a bit of searching on your part to find one that is a good fit. Not to worry, though, because there are many good resources available to help.

For instance, for research-based grants in your area of business, the U.S. Small Business Administration offers Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants, both of which may be helpful. And if you’re a woman intent on owning a small business, there are grants designed specifically for you.

3. Angel Investors
An angel investor is someone who provides financial backing for entrepreneurs and small startup businesses. This person is often a former entrepreneur or professional themselves, and they provide new businesses with more than just financial assistance. They can also give business-related guidance and offer connections to their own valuable resources and contacts.

To increase the likelihood of gaining funding from an angel investor, it’s necessary to know your business inside and out while also having a solid business plan. As you’re going through this process, it’s important to be truly passionate about your business so you’re able to convey that passion. When presenting your business, you should also avoid jargon and be succinct so that your potential investor is completely clear on your wants, needs, and goals.

f you’re not sure how to locate an angel investor to help finance your new small business, one option is AngelList. This website makes it easier for angels to invest their money in new startups like yours, giving you both the opportunity to build your company.


4. Venture Capitalists (VC)
A venture capitalist is an investor who, in part, provides capital to startup ventures largely because they stand to make money if the company becomes successful. So, how is a venture capitalist, often referred to as simply a VC, different than an angel investor? VCs are typically more involved in the business (sometimes requiring a board seat) than angel investors. They also tend to put up more cash—typically in the millions—and take longer to secure because they require a greater amount of time when evaluating the risks associated with funding the new venture.

If this option sounds appealing to you, it’s important to find a VC with complementary goals and management styles to yours, because you’ll be working closely together. It’s also important to select one with a good reputation, especially for helping out when the going gets tough. You’ll also want to arrange for an in-person meeting, during which you should be honest about the financial risks you (and they) will face, offering ways to reduce them up front.

5. Family and Friends
Another common way to finance a small business is to ask for help from family and friends. As your biggest supporters, they often take less convincing than an angel investor or VC because they already know what you’re capable of and they want to see you succeed. When approaching a loved one for help financing your small business, be sure to have a formal business plan in place before you start asking for money.

Also, know the amount you need and where and how you intend to spend it. Be ready to share this information, because it will show your family member or friend that you won’t mismanage their money should they decide to give or lend it to you.


It’s also crucial to keep in mind that borrowing money from people you have personal relationships with can impact how you get along. Instead of being someone you just laugh and joke with or attend family gatherings to see, they become a creditor to your business. This changes the dynamics and has the potential to create personal issues, so be aware of this before entering into this type of relationship.

6. Factoring (Invoice Advances)
Factoring can be a cost-prohibitive way to raise funds for a business and is often used by those with poor credit. What is factoring? It basically involves selling your receivables (your open invoices) at a discount to get up-front cash, similar to how cash advance companies pay a discounted amount today for a paycheck or money payout you’re due at a later date.

Companies that choose this method of cash advancing generally pay a fee or a percentage of the total amount due for the open receivables. Because this means that you’re giving up a portion of the monies due owed to you, this isn’t always the best option. However, if you’re having difficulties financing your small business, it’s worth considering.

7. Your Personal Savings
If you have a large sum of cash sitting in your savings account, then it may be possible to finance your small business venture yourself. This enables you to start your company without owing anyone else. It can also save you a lot of interest along the way. Should you decide to take this route, it’s critical that you don’t cut yourself so short that your family suffers if an unexpected expense arises. For this reason, always keep enough in your account to survive car and home repairs, unforeseen medical bills, and other similar emergencies.

8. Your 401(k)
When deciding how to get financing for your small business, you have the option of looking no further than your 401(k). Similar to the funds existing in your own personal savings, this money is yours, too. That means you don’t have to worry about paying back any interest or owing an outside person or entity.

While the steps for getting money from your 401(k) are fairly simple, they are also legally complex. It’s important to remember that taxes and early penalties may apply if you’re younger than 59-and-a-half years old. Therefore, you’ll benefit from finding someone who has experience with this process.

9. Your Life Insurance Policy
As long as your life insurance isn’t a term policy, you may be able to borrow against its cash value, giving you the money you need to finance your small business. Every policy is different, though, so you’ll need to read yours thoroughly to know how taking this action will affect the payout should something happen to you before it’s repaid.

10. A Traditional Bank Loan
With the current economy, it’s becoming increasingly more difficult to get a bank loan than it was in the past. However, it’s still an option to consider, so no article about how to finance a new small business would be complete without at least mentioning it. While lending standards are much stricter than they once were, many banks still have extra funds set aside for small business lending. And quite often, they have a lower APR (annual percentage rate), meaning less money to pay back than some of the other loan-based options.

Other things to keep in mind when obtaining a traditional bank loan include: A good credit score – which is generally 700 or higher, depending on the credit bureau Collateral – which you can use against the loan Patience – because traditional business loans can easily take up to six months to secure.

11. A Small Business Administration Loan
The U.S. Small Business Administration (SBA) offers new small businesses a variety of loan-based financing options, though there are a few qualifications to consider. For instance, some SBA loans are only given to businesses that are unable to obtain the money they need through other means. Additional criteria may apply, depending on the type of loan being applied for.

When applying for an SBA loan, it’s critical to provide all of the requested information and documentation, making it easier for them to say yes. To help with this, the SBA has created a Loan Application Checklist.

Some of the included items are as follows:
  • Your Profit and Loss (P&L) Statement
  • Your original business certification or license (if applicable)
  • Your personal resume
  • A business overview and history

12. A Home Equity Loan
If you owe less on your home than it’s worth, a home equity loan could provide the financing you need to fund your new business venture. In this case, your home becomes the collateral needed to secure the loan.

While this option can help you get your business, it’s important to realize that, should it fail, you could lose your home in addition to losing your business. That makes this a slightly less appealing finance-securing alternative, especially if your house payment requires your income.

13. Your Credit Card
Although this is a risky option, if you have a large line of credit available on one of your credit cards, you could potentially charge everything you need to get up and running. Just make sure you’re able to make more than the minimum monthly payments or else you’ll spend years (if not decades) paying if off. Also, if the card has a high interest rate, you may pay more in the end than you would on a traditional or SBA loan.

There are some cards that offer 0 percent interest, which may make this a choice to consider, especially if you are expecting enough cash to come in to cover the charge in the upcoming months. This can allow you to get moving on your business now, while still paying off your balance before any interest can accrue.

14. Pledge Future Earnings
Are you pretty confident that your business will not only survive, but thrive? If so, you can pledge part of your future earnings in exchange for some monies up front. In other words, if someone gives you money now, you can pledge your future earnings and agree to give them a certain percentage of what you’ll make in the future.

The most obvious drawback to this approach is that you stand to lose a lot more than you gained, particularly if your small business is as successful as you’d like. There’s also the question about whether this option is legal or enforceable, making further research necessary if you want to give up your expected earnings in an attempt to get your new business venture started.

15. Seller Financing
If starting your new business involves buying an existing business, you could finance the venture directly from the seller. According to the Maryland Small Business Development Center, “The simplest way to provide seller financing is to have the buyer make a down payment, with the seller carrying back a note or mortgage for the rest of the purchase price.”

This option provides some security for the seller, because if you default, they regain control of the property by way of a lien. Plus, the assets of the business can be used as collateral, making this an appealing option to both of you as long as you agree on the terms.

16. Warrants
This is one of the lesser-known small business financing options, but a warrant is a security that enables its owner (your investor) to buy future stock in the company for an amount less than its current market value. This provides your business with long-term financing while offering the warrant holder with the opportunity to make good money with minimal risk.

The down side for the warrant holder is that they gain nothing if the warrant amount is higher than the stock’s current price. But if you find warrant-holders willing to take this risk, then you can potentially finance your new business using this sole method.

17. Alternative Capital Sources
When it comes to small business financing and short-term loans, another viable option is to seek alternative capital sources, such as those offered through WFGInsuranceQuotes.com.

These types of loans can range from $5,000 to $500,000 and are commonly called microloans. They can help you overcome some of the most common obstacles associated with getting your company plans moving along.


These obstacles include having imperfect credit or not wanting to wait the standard length of time it often takes to secure a traditional bank loan. In fact, going through an alternative capital source can give you access to the cash you need to start building your business in just days versus the all-too-common weeks associated with most business loans.

The way alternative capital sources work is our lenders look at the health of your business right this moment. They then use this information to determine whether giving you a loan will help you grow.  

If you're business could use a little help staying afloat, contact us today. 
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