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Three Cs - What Startups Need to Get a Business Loan, Part 1
You want to get a good, solid overview of what it takes to acquire that business loan you need, especially if you are a startup. The essential element of what the lenders out there require of you can be wrapped up in the acronym, C. C. C. These are... Cash - Decide how much money you want to borrow, what it will be used for specifically, and how much you personally will put down on the loan. The more cash you can come up with the better, period. Credit - Your personal credit score really should be 700 or better. Unless you've got tons of cash and collateral, don't even attempt a loan request until it is. Personal credit reports can often be obtained free and securely over the internet. Collateral - The more collateral the better. The lender will establish a loan-to-value on all of it. Having a house to pledge is a huge plus. Keep in mind, though, that little or no cash and lousy credit will not be made up for by an excess of collateral. You must decide how much money you need and how much you can raise for a down payment. You must get working to make that credit score of yours better. You know how many assets you have, and should find out what their liquidation value is. You need to discover how to get your hands on additional cash and collateral should the need arise... Still with me? Good. If you are serious about starting or enhancing your business through a loan, you need to understand that lenders will want to know how much skin you have in the game. After looking into a loan possibility, many aspiring and existing entrepreneurs conclude that the money lending industry is too demanding and complex, and the sheer volume of information required by them is overwhelming. Then, discouragement sets in and drains all the excitement and enthusiasm out of them. But perhaps it's prudent to think from the lender's perspective for a moment. Imagine a stranger approaches you, nicely dressed and polite, and proceeds to enlighten you on his idea to build a lovely espresso stand just down the street from your house. His vision of the success of this venture is optomistic, he apparently has a little experience at running coffee joints, and is now inquiring if you would like to fund the construction and initial operation of this hopeful enterprise. So, naturally you begin to be a little inquisitive... You: "How much cash will you have on the line for this project?" Him: "Cash?" You: "Yeah, you know..., money? And, since I'm asking, how's your credit? Have you been making all of the payments to your creditors on time?" He begins to squirm. Him: "Well..., about the money thing, I wouldn't be coming to you if I had any of my own. And, as far as my credit is concerned, it's happens to be pretty good...I think." You: "Do you have any assets that can be pledged against this loan in case of a default?" Him: "Default?! Good grief, man. Can't you tell by looking at me that I'm a man of my word?!" You: No. At this point, he leaves your presence discouraged, fuming, or both. No one in his right mind would fund such a proposal at face value. On the other hand, if that same man came to you (and you were in the business of lending money), laid out a sensible business idea, put up 20% of the loan amount in cash, had good credit, had experience either at running a business or in the industry he was proposing, and had a sufficient amount of collateral to cover losses due to unforeseen circumstances, you might consider him a "good risk", wouldn't you? All lenders have the difficult task of making future decisions based on historical information. Commercial or private lenders such as commercial finance companies, leasing companies and mortgage banks, though not directly regulated by the government, still must adhere to certain credit granting criteria. Institutional lenders such as banks, credit unions, savings and loans, etc., lend money obtained by borrowing from their depositors. Thus, they are both regulated by the government and more critical in their policies regarding lending. Regardless of whether you approach one or the other, neither one of them are in the business to lose money. Give them reasons to lend to you. Did you know that lenders want to provide money to you? Let them! By preparing your personal three C's properly for the scrutiny they will endure, you'll give the funder a good opportunity to fulfill your request for business startup capital. There are many other details involved in the process, such as the sizeable amount of paperwork you need to prepare and gather. But, if you're serious and confident about your venture, pony up and be willing to hurdle the necessary fences to satisfy the lender's requirements. At that point, an independent loan broker will be one of your most valuable allies. Contact a professional who can walk with you through the process and explain the details of the transaction. Your chances for approval will become greater and your lender will thank you. In part 2 of this article, we will examine the types of paperwork necessary to package a startup loan request to the lender. Mark Uptain is the owner of Regent Business Capital, a loan and lease brokerage that works with lenders nationwide to help small and medium-sized businesses get financing. His website http://www.EquipmentLeasingSource.com, offers free equipment leasing information and competitive quotes to businesses throughout the United States.
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The so called affiliate marketing secrets are really just things that some affiliates know and others don't. I wasted years as an affiliate making many mistakes which I could have avoided if I had have know better! Here I share some of the "secrets" I wish I had known about before I started on the affiliate journey!
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12/20/2021 06:00 AM
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Autopilot Money Making System - How To Create One
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Is it really possible to create an autopilot money making system which runs completely hands free? Since the early 2000's I became fascinated with the idea of generating an income completely hands free from the internet. After purchasing an eBook, I realised that automated downloadable products could allow a "hands off" income source, and be created from anywhere.
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How Do You Evaluate the Future of Your Business?
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An affiliate marketing mentor can help you better understand the steps needed to build a successful affiliate business and earn an income online. A mentor can also help you overcome your own limiting thinking when it comes to building an income online.
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Only time will tell if you're really losing passion for your business. But these questions will help you know, make changes and take your business to the next level.
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Are You Losing Interest in Your Business?
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It's a fact that many people lose the passion for their work. As an entrepreneur, if you don't love what you do, pouring your heart into your business will be difficult.
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Why Is Momentum So Important in Business?
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If you lose momentum, evaluate what choices made this happen. Doing research will help you undercover the missteps that could be avoided in the future.
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How to Stay Motivated and Excited About Your Business
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As a business owner, you're building your dream. You're putting your mark in a world full of conformity. And it'll take a lot of consistent and constant motivation to move past the hard times. Use these six tips to tap into your inner power and use that motivation to build your entrepreneurial momentum.
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How to Ignore the Haters and the Naysayers
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Whenever you get distracted by naysayers, it's because you've lost focus. All you need to do is remember your goals. Remember who you are and what you want to achieve. Think about your goals and ask yourself if it's worth putting your goals on hold because of what naysayers say. Don't deny yourself the life you should live because of haters and naysayers.
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Are Your Habits In Line With Your Business Priorities?
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We all have regular practices which give us structure. These practices help us remain mentally and physically healthy, and they enable us to approach life consciously. These habits are important every time, and they're crucial in our busiest and most chaotic times.
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As you prepare to launch your coaching business, remember it's possible to build a successful coaching business. But you have to believe in yourself and in your idea before it becomes a reality.
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Finding and retaining quality staff whether you're hiring employees or contractors, can be a difficult task for many entrepreneurs. There are a myriad of reasons this is true. It takes a focused, strategic approach to hiring and growing your team that will help propel you and your business forward. Apply these 7 steps to find and retain quality staff.
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The success of your business depends on you. That means increasing your output, improving your performance, and focusing more on important things.
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If you need to send a parcel for you or your business, then choosing your courier is very important. If your business is online, then the courier service you use to send goods may be the only human interaction your customers have with your company. Therefore, it is very important to choose smartly who will represent your company when delivering your parcels.
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The more you learn about the advantages of co-working spaces, the more it sounds too good to be true. When something has been hyped up over and over again, you start to wonder what could be wrong with it. Flexible workspaces have their share of naysayers and their opinions may give you pause in patronising such establishments. However, let us help you alleviate your fears as we debunk popular myths regarding co-working spaces.
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An Entrepreneurs Untold Story of Work in Progress
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A story of how an Entrepreneur worked his way to a multi million dollar company overnight until it became to big for him to handle leading to a failed success. He has now gotten back up and is about to use this experience to create something even bigger by not making the same mistakes.
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Article Marketing: The Marketing of the Future
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4 Business Strategies You Probably Haven't Thought About
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Every business should find a strategy that helps it to achieve a competitive advantage in the marketplace. This strategy should be based on the strengths and weaknesses of the firm's products/services and the position it wants to have regarding its customers.
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4 Ways To Build Momentum In Your Business
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Momentum doesn't happen by chance, and nor is it willed into existence. To achieve momentum, you need to understand its source, and then relentlessly fuel it.
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How to Be Better at Hustling and Entrepreneurship
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Success doesn't come to those who wait - it comes to those who go out and get want they want. You don't want to the person who waits for things and gets what's left by those who hustle - be a hustler yourself!
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How Does a Business Become Scalable?
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Some businesses are scalable, meaning they can grow income exponentially. Others are not open to growth, but they generate a reliable income which is not lucrative.
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Nine Books Every Successful Entrepreneurs Has on Their Shelf
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Take advantage of the best the entrepreneurial community has to offer. Whether you read each book cover to cover or just use them for reference they represent ideas and techniques that will see you through the dark days every entrepreneurs face at some point.
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Ready to Grow? Top Positions You Need to Fill to Expand Your Business
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Do you wish to reach a point where your business is ready to scale and move to the next level? Hiring crucial people will help you move quickly, while proving excellent products and great customer service.
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This is the best time to start your dream business. This article will provide tips for you to use immediately.
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Go Read a New Business Book a Week
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Reading is essential. Go and read a business book to enrich your business.
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It may seem difficult seeing how you can create a successful business for yourself. In addition, having a success formula takes time.
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What Is an Entrepreneur and What Is Entrepreneurialism
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What is an entrepreneur and what is entrepreneurialism. What makes them what they are?
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Personal Branding Strategies for Women in Business
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Personal branding for women is critical for business success to build your brand. When you align your personal brand with your business brand, you're much more likely to not only connect with the right people but also turn them into raving fans. Build your business with these personal branding tips.
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How to Increase the Value of Your Business
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There are many ways to boost your sales and grow your business, no matter your budget size. However, increasing the value of your business on a tight budget can be daunting.
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Innovative Business Shares Tips
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Innovative businesses are showing the road map to success: have a real connection to their customers, be proactive for the environment, show support for local social causes and events, and concentrate on providing a great service/product while building a strong networking system. It is the only way to survive in this "new normal".
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What to Do in a Creative Dry Spell
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While most creatives can't get away with allowing a dry spell to keep going on indefinitely, you can get out of the dry spell simply by trying these ideas. Often, just stopping the internal pressure you have on yourself can unleash your creativity again.
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1. Start a Business that evolves around your innate ability. Innate abilities help you do things with ease. Often times I hear people say, "what do you have flair for?" Innate abilities help you do things better, quickly and 'naturally' than others. It helps you do things effortlessly!
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How to Train Your Brain for Maximum Creativity
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05/04/2021 10:31 AM
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Online Working Capital - Fast But Expensive
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Small business owners often need working capital to cover expense incurred to make or create their product or service before payment comes in. Banks are loath to lend to small business owners especially the small amounts that the business owners usually need. Many online working capital lenders have been created to serve this underserved market.
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04/26/2021 08:41 AM
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When Impatience Can Lead to Business Success... Or Failure
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As an entrepreneur, have you ever asked yourself "Why am I not reaching the level of success I was promised?". It could be because a lot of entrepreneurs fall victim to impatience to succeed.
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Looking to Build Your Network? Please Avoid This 1 Mistake
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04/11/2021 02:39 PM
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How to Face Your Fears and Get More Business Leads
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What fear do you have lurking inside of you, preventing you from enjoying life, or creating a successful business for that matter? When it comes to our business, fear can definitely stop us in our tracks, preventing us from moving forward and achieving our goals.
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A Realistic View of Being Self-Employed
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If you are thinking about becoming an entrepreneur, you'll want to know all about your field, your products and your customers... but you'll NEED to know about running a business. It is important for business owners to realize all the hidden areas that eat up a surprising amount of time and energy behind the scenes in running a business.
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04/06/2021 11:33 AM
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Business in a Slump? 13 Ways to Get Your Motivation Back
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Truth be told, it's a fact of life for every entrepreneur and business owner... we are going to get into a rut every once in a while. We're human after all! The good news is that this slump can be very temporary... if you choose it to be. Here is a list of things you can explore the next time you feel this lack of motivation sweep over you.
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