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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…

Short-Term Business Loans: The Versatile Loan Option

Finding the right financing options is a major challenge for small businesses. Many small enterprises, including startups, don’t yet have collateral. In some cases, their structure requires a flexible lending option.

This is where short-term business loans come in. Unfortunately, you probably won’t have much luck at the bank. In fact, an average of a minimum of 80 percent of small business loan applications at banks are rejected. Fortunately, however, there are other options.

With a reputable non-bank short-term business loan option, you enjoy accessibility and versatility. Here’s everything you need to know about how to get a business loan without collateral or a stellar credit score.

What are Short-Term Business Loans?

A short-term business loan (also referred…

Partnership vs LLC: Which Is Right For You?

There are two main types of business structures: partnerships and LLCs. Both have their own unique benefits and drawbacks, so it can be tough to decide which is the best option for your business.

What is a Partnership?

A partnership is a business structure where two or more people own and operate the business together. Partnerships are relatively easy to set up, and they offer a lot of flexibility; partners can come and go as they please, and the business can be structured in any way that the partners agree on. However, partnerships can also be quite risky; if one partner dies or decides to leave the business, the other partners could be left in a difficult situation.

What is an LLC?

An LLC, or limited liability company, is a business structure that offers some …

Pros and Cons of Buying an Existing Business

Is buying a business a good idea? There is no simple answer, but buying a business can either be a wise choice or a disaster depending on the industry. Buying a business comes with its risk, but typically the significant barrier of entry risk is lowered because of the preexisting establishment.

The start-up costs of a business come with time and money. It takes time to start a business and a significant amount of money for equipment, inventory, and employees. It's not uncommon for start-ups to not see a return on their investment for the first few months or years of operation.

When buying a business, that worry is out the window. Typically, the original business owner has already completed the burden of marketing, branding, and establishing a working strategy for the business.

It may sound too good to be t…

Gross Profit Formula: How to Calculate Your Gross Profit

Managing profit margins when you own a business is crucial to success. It aids you in making decisions that improve the company and lets you adapt to client needs more quickly. You become a leader that is proactive and makes decisions based on facts.

A lot of information about profit refers to net profit. Net profit is the difference between all expenses and revenue. In some industries, knowing gross profit is more pertinent. Either way, knowing the difference is essential.

What Is Gross Profit?

Gross profit is the amount of revenue after removing the cost of the goods. The amount subtracted is sometimes called COGS or the cost of goods sold. Gross profit is sometimes called gross income.

Calculations use no other expenses to determine gross profit. Only the actual cost of the goods or service is us…

What Is Invoice Factoring?

Approximately 82 percent of small and medium-sized enterprises fail due to cash flow problems. Of course, several factors can affect your cash flow. An aging accounts receivable or invoices that are past their due dates may account for a fair share of your cash flow challenges.

Luckily, there are financial tools and different forms of asset based lending you can use to manage your cash flow gaps. Invoice factoring is one excellent solution to your cash flow challenges if you’re a business owner with net 30, net 60, or net 90 terms with buyers.

Read on to find out whether invoice factoring is right for your business and how to compare invoice factoring vs line of credit.

Invoice factoring is the financial solution commonly referred to as accounts receivable factoring. In this form of financing solution, a b…

Know the Limits: How Much Line of Credit Can I Get for My Gym Business?

Unless you have excellent cash flow or you’re fortunate enough to have plenty of your own money for your new gym nstartup, most entrepreneurs wonder, how much can I get on a gym business line of credit? How to determine how much line of credit you can get for your gym business might seem confusing, but you can figure out an estimate with a calculation or with the help of an advisor. What is a line of credit, and how does it work? Whether it’s a personal credit card or a business line of credit, these are both lenders (either a credit card company or a bank, depending on the type) offering you a set amount of money to spend. With credit, the institution extends a set amount that you, the borrower, can spend. You must make minimum payments, but you can also pay it off in full instead of being stuck with ongoing installments with credit. You can also use the credit line repeatedly, as long as you make payments and do not spend over your limit. What is a Gym Business Line of…

Gym Loan FAQs: Common Questions About Getting Gym Business Loans

Answers to gym business loan FAQs. Gym business loans can be easier to obtain than you might think. Whether banks are the best option for obtaining a gym business loan depends on your gym business’s circumstances. Interest rates are only the start of the considerations for a gym business loan. This information is for gym business owners looking into gym business loans from conventional lenders and alternative lenders. Obtaining a loan for your gym business is a great way to cover important costs or grow your business when the time is right. You might have heard some grumblings about small business loans: They’re hard to obtain; your credit has to be flawless; don’t ask for too much money or you’ll be denied. Fortunately, these prevalent ideas surrounding gym business lending aren’t necessarily true. It’s important to manage debt properly, but doing so can help grow your gym business at a faster rate than scrimping and saving. To help you obtain a small busi…

How to Get a Gym Business Loan in 24 Hours or Less

Do you need a gym business loan as soon as possible? Are you wondering how to get a business loan for a gym? You probably already know that a traditional bank loan is out of the question. With a typical business loan from a bank, you’d be waiting for approval for two to four weeks, which is quite inconvenient when you need funds instantly.

Fortunately, you can access immediate gym business funding within 24 hours from alternative lenders. What exactly are these loans, and how can you get them? Read on to find out how to get a gym business loan in 24 hours.

What is 24 Hour Gym Business Funding?

24-hour gym business funding is a type of alternative financing model where you can access a loan within a day. The approval process for this loan is extremely short, lasting minutes in most cases. Therefore, unlike banks, you don’t need to wait weeks to kno…