America’s SBDC Blog

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What Are Some Ways To Obtain Funding For Your Startup

June 24, 2013

While crowd-funding sites have opened the door for many entrepreneurs that otherwise couldn’t obtain outside financing, it’s still not the best option for everyone. This would apply to entrepreneurs with a highly confidential business model. However, you shouldn’t always consider the absolute worst case scenario when sharing your ideas with others. A crowd-funding site may provide you with instant market feedback that you may not gain from an individual investor or a consortium of angel investors. So, what are your other options?

Explore Angel Networks

Have you reached out to accredited investors in the angel community? Nowadays, there are many online angel communities such as AngelList and Gust that provide early stage companies with immediate access to accredited investors and vice versa. (more…)

How to Avoid SEO Scams

June 21, 2013

If you own a website, chances are, you have been contacted by one of these idiots. They call every month promising the “number one spot” on Google! They tell you that your site is not showing up in searches… and THEY can help (for a small price). Before you sign up for their GUARANTEED RESULTS, watch this video. Warning: Signing up with the wrong company can cause Google to DE-LIST your site completely!

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Eric Spellmann continues to be one of the highest rated speakers at our national America’s SBDC conferences.  His unique view that small business websites should “do” something pushes against the standard “online pamphlet” view of most web design companies.  He believes your customer’s websites should be driving qualified leads and sales on a weekly basis.  Eric speaks at a number of other national and state conferences nationwide, but enjoys running one of the most successful web design companies in the country.  He truly believes in the SBDC mission as it helped him start his own company many years ago.  To contact him, visit his website at EricSpellmann.com.

5 Tips To Improve Your Credit Score Now For Better Business Loans

June 21, 2013
By Nicole Russo, Marketing Director

Credit scores, including credit history, are one of the primary factors in obtaining the best SBA loan offers and terms. Every small business can benefit from tips to improve credit scores.

While a new business has no alternative but to rely on the personal credit score of the owner, it is good practice to build a business credit score as quickly as possible. Business credit is comprised of rent or mortgage payment history, tax payments, equipment financing, credit cards in the business name and any other related credit payments. Businesses need a tax EIN in order to build credit, and can also apply for a Dun & Bradstreet DUNS number.

A Commercial Credit Score (CCS) through Dun & Bradstreet is used by banks and lenders to determine the likelihood of a business paying its obligations on time. The score ranges from 101 to 670, with 670 being the highest score. (more…)

INFOGRAPHIC: How to Ensure Longevity for Your Business

June 20, 2013

Small businesses often struggle to survive. In fact, 50% of American small businesses close up shop within their first year.

So what are the secrets to staying in business and locking down success? This infographic from Intuit takes a look at small businesses — what industries they’re in, what cities they thrive in, and what they’re doing to stay in business.

When it comes to longevity, small business is often the tortoise in the race. And we all know how that particular story turned out. (more…)

Six Tips for Building Business Credit

June 20, 2013

What do established companies looking to expand and start-ups in the earliest planning stages have in common? They want access to money and credit without having to provide a personal guarantee. This sentiment is consistently and strongly expressed by entrepreneurs I work with. It’s no secret that building and expanding a business credit profile has become a greater challenge over the last few years. Many established small companies’ cash flow sheets were hit hard during the recession and as a result, many lenders and suppliers have either added a personal guarantee policy or modified their current policy.

Most business owners know Experian, Equifax and TransUnion as the three major credit bureaus that provide information about their personal credit; however, they also may provide a credit profile about your company’s creditworthiness. Dun & Bradstreet (D&B) is the most well-known provider of business credit profiles among business owners because their business model serves them, whereas Experian, Equifax and TransUnion primarily exist for the benefit of creditors. (more…)