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3 Simple Steps To Close The Sale

October 7, 2013

A year ago I made the decision that I wanted — no, I needed — new carpet in my home. Believe me, it was time. So that very day I started the process. I found a few hours in my insanely busy schedule and got to work shopping for carpet. I started online, but that was just too hard. There was no way to see and feel the carpet or really ask questions. So I headed to the carpet stores; two I had chosen through my online shopping. Now, let me reiterate: I was ready, more than ready, to buy carpet. In my mind the deal was done, the sale was closed, and the price was really not, or at least not the major issue.

I visited both stores. Both had a great selection, knowledgeable sales people, and a variety of carpet styles, colors etc., from which to choose. So much so that I left a little overwhelmed. Both shops and their sales people were very helpful. They encouraged me to take a few samples home, test them out, see what I like, and then give them a call back.

Well, can you guess what happened next? See, like you, I am busy as heck.  Once I got home and put the carpet samples in the rooms, my busy life again took over. For the next six months, those carpet samples lay on the floor in the three rooms in which I wanted carpet. Every week or so, I would make a plan to head back to the store, give a call or something, but I never did; my life just got in the way. Again, I was ready to buy. The nice people from both carpet stores would call me and follow up, and ask if I was ready to buy. I would assure them that as soon as I had time I would head on over. Even with all that encouragement and support, I just never made it back to buy carpet, and they never closed the sale. (more…)

What Is The Most Common Type Of Loan For Purchasing A Franchise?

October 2, 2013

An SBA loan is the most common type of loan for purchasing a franchise.  Because the SBA provides up to an 85% guarantee to the bank, banks are more willing to assume the risk of lending money to a “start-up” business. It’s a common misconception that the SBA approves loans. The SBA only provides a guarantee to the bank; if the bank is a PLP lender (Preferred Lender Program) then the bank is still the entity approving the loan.

A bank will typically require you to provide 20% to 30% of the total cost of the business and the needed working capital.  For example, if you need $150k to purchase your franchise and $50k in working capital, for a total project cost of $200k, the bank would want you to put $40k to $60K towards the project and the bank would provide a loan for balance.  In addition to the capital injection the bank will require some form of collateral.  This can be a combination of business and personal collateral such as the equity in your home, real-estate or other investments.

Banks all differ on what criteria they focus on when deciding whether or not to approve a loan. These parameters are known as the bank’s credit box.  Some banks place more emphasis on your credit score, other banks may be more interested in the amount of collateral you can provide.  Some banks may avoid certain industries because they already have enough exposure to that industry in their loan portfolios. (more…)

HOW TO: 7 Easy Ways To Improve The Way Your Company Works

October 1, 2013

At my last 9-to-5 job, every time I thought differently from my supervisors and managers about a problem we faced, I wrote down what bothered me and how I would do it differently given the opportunity. Before long, I had a huge spiral notebook filled with ideas. I realized that all these “negatives” were actually opportunities for better leadership. And I brought many of those ideas to the company I now co-own.

You can do the same. Whether you are working in an executive position, just striking out on the entrepreneurship path, or you have already started a business, consider the following seven ideas for taking your business (and company culture) to the next level:

1) Location. Location. Location! (Did I mention location?) You are paying rent already, or your bosses are, so make it money well-spent and get on a prime street with high traffic. Bright signs near a freeway let everyone know you are there. If you only need a small office suite, make sure you can have your name on a sign outside the building so you are getting the exposure.  (more…)

How to Make Sure Your Next Event is a Financial Success

September 23, 2013

Anyone who has ever an organized an amazing event knows its success is never coincidental—especially when you are looking for an event to be a success from a financial perspective. A financially successful event takes not only sound planning and execution, but a strong event strategy that includes leveraging technologies like an online registration system and a payment processor.

With the fall event season in full swing, now it the time for you to think about what you can do to take your events to the next level, and ensure that they are financially successful.

Here are 4 ideas to help you ensure financial success at your next event:

Leverage an Online Registration Tool

Online registration is a great way to ensure success because it removes the labor-intensive and time-consuming process of managing registrant details. It also allows you to capture registrant information and payments 24/7 and at the leisure of your attendees. If there are fees for your event, it’s recommended to collect these fees with a payment processor. (more…)

Crowdfund Investing Education for the Financial Advisor and the Financial Service Industry

September 17, 2013

The Crowdfund Investing Industry has been gaining momentum every day, yet its impact is still only a fraction of its full potential for the economy. Our question to you is… will you be ready when it blows up into “the next big thing’?

Crowdfunding is changing the economic landscape. This latest wave of disruption to investment and finance may be the most profound and beneficial so far – or ever. So it’s imperative for financial advisors to learn about how the meteoric rise of crowdfunding opens access to new sources of funding via these new, more broadly accessible internet-based funding models.

If you serve as a financial advisor or financial service provider, understanding this paradigm shift for the economy will put you in a position to provide insights, advice and leadership to your clients and those around you. Sources for practical, hands-on crowdfunding information are emerging. (more…)