Being an entrepreneur is challenging, and one of the biggest hurdles is getting the financing needed to start a business.
The best small business loans can give entrepreneurs the funds to start a company, but approval isn’t always easy. Some entrepreneurs consider personal loans as a way to get the seed money to start their businesses. Is that a smart move financially? Let’s look.What is a Personal Business Loan?
A personal business loan is a personal loan that’s used to start a business. These loans are based on the entrepreneur’s credit, and the entrepreneur is personally responsible for paying the loan back as agreed. This loan will show up on the entrepreneur’s credit report and not the business’ books.Benefits of Using Personal Loan to Start a Business
Using a personal loan as fuel to power a…
Similar to traditional bank style financing. A Term Loan is a set amount that a borrower pays back at a fixed amount. The common uses for these types of loans are business expansion, working capital and equipment purchases.
Benefits of a Term loanInterest on loan is tax deductible No prepayment penalties Lower cost options Stable daily, weekly monthly payments Reported to the credit bureaus which can improve credit Flexible options
6+ Months Time in Business
$120,000 Annual Gross Sales
No Minimum FICO
Loan Amounts: $10,000 - $5 Million
Accessing sufficient capital is difficult for independent gym businesses because traditional lenders like banks consider them risky ventures.
Raising small business capital is also a drawn-out process, especially with poor credit. While many gym business loans do not have a minimum credit score, most lenders work with a range they consider acceptable for their small business loan requirements.
So, how do you navigate the financial world and figure out how to grow your small business and secure gym business financing?
How To Select the Right Funding for Your Gym Business
There are plenty of business loans available, but you should know how to get the best rates on financing to grow your small business.
You need to unde…
The COVID-19 pandemic was tough on individuals, businesses, and economies everywhere. Organizations had to adjust their operations to stay afloat. In a post-pandemic world, companies have to make more changes to secure their growth in the long term. For example, you may have to alter how you approach marketing during a pandemic and after.
As a business owner, you must take time to regroup and think about running a successful firm in the new world. You might wonder what measures to take to ensure post-pandemic prosperity. Keep reading for a breakdown of actions to take to thrive in the new normal.Economic Recovery After COVID-19: Trends in 2023
The state of a nation's economy affects businesses and individuals alike. Thus, effective economic recovery after COVID will benefit both these groups. Here are some trends for recovery following the pande…
As the CEO, you may want to control every aspect of your business and ensure everything is going well. However, as your company grows, having control of every process becomes impossible. Has your company grown? If so, you need to learn how to delegate like a CEO.
First, separate different tasks into specific categories when pursuing delegation in management. Then figure out who can handle which assignment the best. Then, you'll need to delegate the tasks to the best employees. Now, spend your time focusing on complex and big-picture items.
To learn how to delegate like a CEO, read the guide below. Now, let's get started!
What Does Delegation in Management Really Mean?
Delegation is a vital part of a manager's job. However, many supervisors and managers avoid del…
All businesses must have the necessary funds to drive the cost of production and aid in increasing the overall gross revenues.
However, if the overhead costs, which are the expenses required to keep the business running, exceed the regular amount, the business may suffer a revenue loss.
So, what is overhead? Business owners need to track their business expenses to avoid draining the company’s revenues.
Overhead refers to the working expenses that drive the operation of a business. However, it excludes the costs involved in manufacturing and producing goods and services.
So if you are looking at overhead vs. operating expenses, overheads are the expenses incurred by a business to stay operating regardless of its success in the industry. Unlike operating expenses,…
Taxes can add extra stress to the life of a small business owner. The small business owner already contributes so much to the business. Taxes are usually the last item on the priority list. However, there are several ways a small business can learn how to save on taxes.How Can Small Businesses Save on Taxes?
Below are seven methods on how to save on taxes in 2022.Bring a Family Member Aboard
Employing a family member is one way to decrease your small business taxes this year. The Internal Revenue Service (IRS) enables a small business to shelter its income from taxes by hiring family members, including children and grandchildren.
When a small business owner hires family members, they will either pay a lower rate or eliminate taxes paid to their children. A sole proprietor would not need to pay Medi…
Marketing is a buzzword tossed around in business and entrepreneurship circles, but it's often hard to know how to implement the right tactics. Let's look at some of the best marketing strategies that make a profitable campaign.Why a Marketing Strategy Matters
A proper marketing strategy that involves various methods that are bound to be successful can make all the difference in the world when your business needs more customers and sales. Without one, it is hard for the company to gain traction nd acheive growth.
Here are the reasons you need a marketing strategy.Set Clear Objectives and Goals
Marketing involves more than just planning what you are going to do. It is about setting clear objectives for a campaign, making strategies to accomplish those goals, and developing plans based on the cir…
A great way to generate free leads is to build an audience on social media platforms and start giving away your content. This guide explains how to use social media for business without spending.
How Do I Get Free Leads for My Business
Social media’s most remarkable power is its ability to turn online users into customers, made possible through online brand awareness.
Social media free leads are made possible through social sharing tools like Facebook and Twitter hashtags and user profiles. They allow businesses to share their contact information with interested parties.
Creating an audience through social media channels is a great way to spread your company name and communicate with customers online.
Building an audi…
Small business owners are expected to cover a wide range of expenses to keep their business afloat. One of the most consistent expenses is payroll. Whether your employees are full-time, part-time, or contract, you're expected to consistently pay for their work.What Is a Payroll Loan and How Does It Work
A payroll loan is a type of funding you can receive that helps you pay your employees. Since payrolls are considered a general working capital expense, credit and invoice financing lines are used as payroll loans.
Payroll loans for small businesses are short-term funds to pay your employees. Online, alternative lenders typically issue employee payroll loans to make sure you can pay your employees on time and in full.Different Types of Payroll Loans
There are several benefits of payroll loans. These…
Small businesses are the heart of the economy. They generate more than half of the nation’s job growth and contribute significantly to global financial wellness.
Notwithstanding the challenges that accompany entrepreneurship, small businesses are increasingly thriving. The secret to success is persistence. To be a successful entrepreneur, you need to know how to lead your team through the necessary stages of growth in small business startups.
By the end of this article, you will know and recognize the four stages of growth in small business management and understand how to lead your company through each.
Different stages of small business growth require different approaches. Innumerable variables are involved in the production, marketing, and sale of products and services, and it is impossible to manage th…
Picture this, you have this great idea for a gym, and according to your projections, it will be a profitable venture. However, you have one main limitation: finances. Availability to finance a business idea plays a critical role in making your dream come true.
Are you stuck on the best way to finance your gym business idea? The good news is that there’s a way out: courtesy of loans. You can apply for a loan from various sources to skyrocket and stabilize your gym business.
If you’re interested in discovering the best gym business loans, you’re on the right site. We have exclusive information on different types of loans and how to apply them.
As a business owner, you understand the importance of having adequate finances to run a business. There are times when operations are not so profit-making, thus callin…
Any business owner will tell you that running a business is no easy feat. There are a lot of moving parts and pieces that need to come together to make a business successful. One of the most important aspects of running a business is strong partnerships.
We will explore the importance of partnership in business and the benefits and risks associated with partnerships. Read on to learn more!
A business partnership is a formal agreement between two or more individuals who wish to conduct business together. The partners agree to share the business’s profits, losses, and management.
There are three types of business partnerships:General partnership: all partners are equally responsible for the business. Limited partnership: one or more partners have limited liability. Limited liability partner…