What You Will Need to Get Small Business Finance

Poor credit is no barrier to small business owners wishing to obtain business finance. When a small business owner plans to expand business and finds that he has already used up available sources of funding and getting additional finance through regular sources may be too time-consuming, then finance from “non-conventional” sources may be a better option.

What would be the requirements for a business owner to obtain small business finance?

A running business

Startups are precluded from obtaining this type of finance on soft terms. In order to be eligible, a business must be in operation for at least a year.

A minimum amount of sales per month

Someone who has started the business recently and is generating revenues of less than $ 10000 by way of credit card sales may not be eligible for small business funding unless the case is assessed and considered on other grounds such as a potential for growth that the owner can justify and support.

Documentary proofs

Small businesses are usually proprietary types. A business owner, even one with poor credit, should not hesitate to obtain small business capital even if it means paying a higher interest amount because it can help him get back on track to fast growth. The documentation is minimal. He needs to submit proof of ownership. The other documents he must provide are bank statements for the previous six months, proof of identity and proof of residence.

An applicant may wish to get small business finance within 3 to 5 days for which he should apply online and keep ready scanned copies of the above-mentioned documents. These may be uploaded along with the preliminary application. Should the application be approved he may be required to furnish printed copies.

What is not required for the small business loan?

• An applicant need not have a stellar credit history.
• He may not have to furnish collateral or mortgage property.
• He may not have to furnish a guarantor.

It is fast. It is easy. However, there are a few things to keep in mind. An applicant must consider the factor rate applied. This is a fancy term for rate of interest though it is not specifically so mentioned. Repayment may range from 3 months to even as long as 36 months and it is tied to the credit card sales as a percentage of daily turnover or a fixed monthly amount. Should sales be high repayment is completed in a shorter time. In real terms, an applicant may end up paying processing charges plus interest that can be as high as 50% because the loan is unsecured. The best thing to do is to examine the offer and obtain such funds only from a lender who does not charge anything upfront, no processing charges and applies a moderate interest rate.

Top Home Based Businesses for Writers

Have a way with words? If you dream of writing for a living, but feel stifled in your everyday job, there are some top home based businesses for writers that you should consider. The demand for good writing is very high, so finding one of the top home based businesses for writers that fits your needs just takes a little digging.One of the five top home based businesses for writers is being an advertising writer. If you have a flair for writing that sells, then being a copywriter may be your niche. Advertising agencies, private companies, non-profit agencies and more are all looking for someone to sell their products and services through ad copy, making copywriting one of the top home based businesses for writers.The second of the five top home based businesses for writers involves creating a resume writing service. Not all job seekers have what it takes to create an effective resume, and having a talented resume writer on hand can be a blessing to them. If you find that you have a knack for putting together resumes that get people in the door, then you should take advantage the second of the top home based businesses for writers.E-book writing and publishing is another of the top home based businesses for writers. In our technology soaked society, you can immerse yourself in the e-commerce boom by writing fiction or non-fiction e-books. The sheer number of topics available is endless. More and more people are looking to purchase their literature on the net, which makes writing e-books another one of the top home based businesses for writers.Business writing is also one of the top home based businesses for writers, and it can be one of the most lucrative home based businesses. Companies are always looking for writers to create brochures, annual reports, sales letters, direct mail pieces, instruction manuals and more. The fact that there are all kinds of businesses out there means that this is one of the top home based businesses for writers just out of the sheer volume of writing available.Finally, freelance article writing is another of the top home based businesses for writers. When people think of freelance writing, they most often think of magazine writers, but there are a number of people who will use freelance writers to create articles for their websites, e-zines, magazines, newspapers, newsletters, and more. The sheer volume of periodicals both online and on paper make this one of the top five home based businesses for writers.Read the rest of the article here: Top Home Based Businesses for Writers.

Should You Open A Franchise Or Start A Home Based Business? Why Home Business Is A Better Option

Before I got into the home-based business industry I weighed in heavily on the option of opening a franchise. I signed up for newsletters and got daily updates for franchise opportunities that were available. What I found was much like the home business industry, there are many, many opportunities to choose from. I knew it would be tough to decipher the good ones from the bad and spent a lot of time doing so. In the end, I came to the conclusion that none of them would be a good option for me and chose home business instead.Now don’t get me wrong, I’m not knocking on franchises. There are plenty of success stories out there for that type of business, and for many it’s a great option. They just weren’t conducive to my goals and the lifestyle I wanted to live. I’m simply going to show the similarities and differences between home-based business and franchising to give a better understanding why home-based business can be a better option.The similarities between the two are abundant. They both offer an array of different opportunities to meet your budget guidelines. I’ve seen franchise options out there that require start up capital as low as $10,000. Some even offer in-house financing. With a home business you can start with an investment as low as $1000-$2000.They both offer a proven business model to help ensure your success. This includes things like training that are based off of what has worked, and hasn’t worked for others out there. With a franchise you can get in contact with other franchisees for advice on how to run your business more efficiently much like you can contact successful leaders in the home-based business industry.The biggest similarity of all is that they’re both going to require a lot of dedication and hard work. You can’t buy into a franchise and expected to make money the next day. The time and effort you put into it will ultimately dictate your success. There’s no such thing as a free lunch in this world and get rich quick just doesn’t exist. You have to be passionate about what you’re doing and do it every day to reach your goals. Both of these businesses have a failure rate that can be caused by a number of things. It could be because of a bad business model, or someone just didn’t work hard enough for it to be successful.Though some of the similarities we mentioned may sound great, it’s the differences that can make you second guess whether or not franchising is the path you want to take. With franchises you have a lot of overhead and operating costs. You’re going to have to pay rent for the space you lease, on top of additional things like electric, water, and sewer.In most cases you’re going to need to have employees and the payroll that goes along with them. You’ll have to go through the trouble of finding people you can trust. You want to make sure they aren’t people who will steal from you. If you don’t want to be there all the time you’re going need to hire a store manager on top of that.There’ll also be things like equipment or inventory that will be required to operate successfully. Not to mention the franchise and royalty fees that have to be paid in order for you to stay a franchise and use the franchise name. Normally this is a hefty flat fee and a percentage of sales. Add that to the money you spent to buy into the franchise and you can see how quickly your costs can rise. For a more popular franchise you’re going to pay hundreds of thousands of dollars and be required to have a set amount of cash and assets to even be considered.It could be years before you ever even turn a profit and you’re going to have to work 60 to 80 hours a week. Even when you do turn a profit it could be a very small margin. All of those long hours you put in could be for very little pay.With a home-based business you eliminate all those variables. You have a low start up cost and can work at a pace that best suits your current situation. Like me, most people got started while they still had jobs. There are no additional overhead costs other than what you already have at home and there’s no need to hire any employees. You won’t have to worry about traveling to a brick-and-mortar store every day or what you’ll do if you find the time to go on vacation. With a home-based business you can work wherever you have Internet access.You won’t have to pay any franchise fees and you can turn a profit much quicker. Your profits will be higher and you won’t have to work those 60 to 80 hours a week. The differences are tremendous and the risk is much, much lower.With that said, it’s important to do your research. As we’ve outlined here it’s easy to see why starting a home-based business can be a much better option. I’m not saying franchising is a bad thing. If you’re thinking about opening a store make sure you’re ready for the challenge that lies ahead. The same goes for home business to. Remember to weigh the pros and cons and get educated. Making an informed decision and working hard will add to your success.