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How Does a Business Line of Credit Work – Benefits for Small Business

A business line of credit can be a handy tool for small businesses. Not only does it offer you the flexibility to get through financially sticky times, but its borrowing power is much more forgiving than a traditional business loan. In this article, we’ll walk you through everything you need to know about a business line of credit, including the best things it can do for your small business. How a Business Line of Credit Works How does a business line of credit work? Well, a business line of credit is actually more like a credit card than a loan – hence a “line of credit.” Firstly, it’s a revolving loan, meaning you can borrow from and repay the loan as you please, as long as you don’t exceed your credit limit. You’ll also need to pay interest on whatever portion of the loan you’ve borrowed with each payment, just like a credit card. There are two different types of business lines of credit. The first is a secured line of credit, and the second is an unsecured line of cred…

6 Tricky Customer Service Challenges & How to Overcome Them

No matter the kind of business you operate, you have to deal with customer service in one way or another. And while most people think it’s all about answering customer questions, which is true, it can be challenging. It involves dealing with all sorts of people and meeting their expectations. Therefore, to provide a professional service, one has to be patient, diplomatic, and smart. This article reviews some of the trickiest customer service challenges and their solutions. Why Customer Service Challenges are Different Today Customer service statistics show 68% of customers believe that the key to providing the best service is to have a polite customer service representative. While that may be true, customer service faces numerous challenges of customer satisfaction, especially because of the nature of the modern customer. For decades, several factors have been defining customer service. However, things are changing with the demands of the customers of today. To…

How to Get a Low-Interest Business Loan in Just a Few Hours

Owning a small business can be stressful, to say the least. Applying for a small business loan doesn't have to be stressful at all, though. And understanding how to get a low-interest business loan can bring relief to your company in just a few hours.

What Is a Small Business Loan?

A small business loan is financing sought by a company's owner to start a new small business, purchase an existing small business, or infuse the current company with cash for various reasons (such as improvements or expansion).

It's good for borrowers to have an understanding of how small business loans work before applying. Business owners should also understand that there are typically two types of small business loans: low-interest and low-cost loans.

Let's look at the difference b…

How You Can Protect Your Business From Inflation

What Is Inflation? Inflation is an economic condition that occurs when the prices for goods and services rise. This can be caused by a variety of factors, including increases in the cost of production, scarcity of resources, or excessive monetary supply. When inflation occurs, the purchasing power of a currency decreases, which can lead to problems such as increased prices and reduced economic growth. There are a few different types of inflation, but the most common is demand-pull inflation. This happens when there is more money in the economy than there are goods and services to buy. This excess money causes demand for those goods and services to increase, which then drives up prices. Inflation can be a difficult thing for businesses to deal with. When prices are rising, it becomes more difficult to turn a profit. In some cases, businesses may even have to raise their prices in order to keep up with the cost of inflation. This can lead to a decrease in demand for their …

The Digital Business Card for 2022

Technology has changed professional networking more than ever before, and the digital business card is the way of the future. The digital business card is an easy differentiator and a fantastic way to stand out in a crowded market space. Show prospective clients what you’re about and who you are with a quick customized bio and link to your website. Or, let them know that they can find you on LinkedIn to learn more about how your services could help them. However you choose to use them, digital business cards are a must in 2022, and we’ve selected our favorite – the one you need to get in 2022. What Are Digital Business Cards? Digital business cards are the digital equivalent of the old-school paper business cards people typically stuff in a drawer or their wallet and never look at again. But these digital business cards aren’t just the online version of the paper model. Digital business cards are flexible in that you can include a wide range of information on you…

Jim Thomas’ Gym Industry Menu of Services that Get Results.

Jim Thomas Fitness Management & Consulting — We have designed a portfolio of service offerings that are intended to go to the root of the issues in the gym industry.

Education

YouTube Channel

Blog

Business & Strategic Planning

Corporate Gym Management

Outsource CEO/COO Services

Gym Trouble Shooting/Operational Analysis

Health and Fitness Recruiting

Expert Witness

Sales & Marketing

Sales Training — Onsite or Remote

7 Tips for Building a Better Network

Networking is connecting with other people, usually for professional reasons. It’s often seen as a necessary evil by many people, but the truth is that networking can be an excellent tool to help you achieve your business goals. There are countless benefits to networking, such as: Gaining exposure for your business Meeting new potential customers or clients Developing new business relationships Learning from other companies in your industry Finding new suppliers or vendors An excellent way to start networking is by attending local business events or joining a business networking group. You can also connect with other businesses online through social media or professional networking sites, like LinkedIn. The Best Tools for Better Networking There are various tools that make networking easier and more approachable. Here are some of the most notable tools. Social media: Use social media to connect with other businesses in your industry or local area. …

Tips To Boost The Online Presence Of Your Business

The necessity of online presence for small businesses cannot be understated. A substantial amount of commercial traffic takes place online, and this is unlikely to change. To understand why an online presence is important, business owners must grasp the concepts of brand visibility and digital marketing.

This article aims to elaborate on why online presence is important and how to achieve it through online marketing, social media, tailoring to a target audience, and more.

The Importance of Boosting Your Online Presence, No Matter Your Industry or Niche

As a small business, growth should be your priority. Increased lead generation, credibility, and website traffic are a few of the benefits of online presence for business.

The internet is one of the most effective channels for growing a consumer base beca…

5 Personality Traits That Great Business Leaders Have In Common

There are many different leadership traits that can make someone successful. However, some traits are more important than others and can be the difference between a good leader and a great one. Here are five of the most important leadership traits: Integrity: A good leader always maintains their integrity and is honest with those around them. They do not make promises they cannot keep and they always stand by their word. This is what makes them a respected and trusted individual. Maintaining your integrity is essential to being a good leader, as it builds trust among your followers and allows you to lead with confidence. Being honest also demonstrates that you have nothing to hide, which further strengthens your relationship with others. By upholding your integrity, you set an example for others to follow and inspire others to be the best versions of themselves. Passion: A passionate leader is one who truly cares about their cause and the people they are leading. T…

How to Come Up With Hundreds of Business Ideas

Starting a small business is challenging. You're likely to fail if you don’t have a great business idea and a well-defined plan. There are so many opportunities out there, and coming up with a great business idea is the first step to success.

If you’re planning to start a small business, choosing the right business idea is critical. But don’t worry, because there are hundreds of great business ideas for 2022. Our guide on developing innovative business ideas from small startups to online businesses will surely help you start your small business.

Why and How Do Entrepreneurs Come Up With Ideas?

The core of every successful small business startup is an excellent and established business plan. Some business ideas may seem so simple that we wonder why we didn’t think of them before, while others may seem so out of the box that they leave us wondering …

How to Qualify for Small Business Funding When You Have Bad Credit

According to the U.S Bureau of Labor Statistics, approximately 70% of small businesses make it to the end of the second year, and the number drops up to 50% at the end of the fifth year. This decline is mainly linked to financial problems. As a small business owner, you may lack enough funds to meet certain needs such as purchasing equipment, getting inventory, or expanding.

Therefore, you may need to get a loan to keep your business going. However, this step can be challenging, especially if you have bad credit. Fortunately, you no longer have to worry because many lenders are now financing entrepreneurs with poor credit. This guide discusses how to get a business loan with bad credit. Let’s delve into the details.

Getting Small Business Loans with Bad Credit and No Collateral

Putting your property up for collateral when you have bad credit can h…

Top 5 Benefits of Collaboration in Business

There are few singular success stories in business where only one person or company was able to gain success without any help whatsoever. Collaboration is behind winning deals and designs, fueling future accomplishments.

The benefits of collaboration are myriad. Examples of business collaboration include how writers, graphic designers, and photographers collaborate on an advertising campaign and how manufacturers work with suppliers to develop new products.

This business-to-business collaboration often brings success that no one partner business would have achieved independently.

Here we examine the benefits of collaboration and cooperation, and answer the question “What is collaboration in business?” and discuss its importance.

Types of Business Collaboration Read more

How to Scale Your Gym Business: 6 Tactics to Utilize

What Is Scaling In the Gym Business?

In order to understand scaling in business, it’s important to first understand what it is. Simply put, scaling is the process of growing a company or organization to a larger size. This can be done in a number of ways, but the ultimate goal is to increase profits and create more jobs.

There are a number of factors that go into scaling a gym business, and it’s important to have a clear plan in place before starting the process. One of the most important things to keep in mind is that scaling is not a one-size-fits-all solution; every company is different and will require a unique approach.

There are a number of different methods for scaling a business, and the most effective approach will vary from company to company. Some of the most common methods include growing the c…

Personal Business Loans: What You Need To Know

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…

How Your Business Can Access a Revolving Line of Credit

What Is a Revolving Business Line of Credit & How Does It Work?

Suppose you're a business owner who could use cash on hand but doesn't have it readily available. This is when a revolving line of credit would come in handy. Let's make clear what these terms mean.

A line of credit is a determined amount of funds available from a financial institution to a borrower. Once the borrower pays back any borrowed money, the line of credit ends. For businesses who repeatedly want to tap this resource, a revolving line of credit works better, though. A revolving line of credit continually replenishes the amount available to borrow once a borrower pays back any amount owed.

A credit card is a prime example of revolving credit. Each month, the cardholder borrows based on a limit. If a cardholder has a credit limit o…