Small Business Financing Resources For Restaurant Or Retail Business Owners

There are small business financing resources to help you start your business but if you don’t know where to go start here with these resources.

Government Small Business Loans – Visit or call your local business library or government agency. You can apply on a local, state, and federal level to get the money you need to commence and grow your business.

You could get a small micro loan, disaster relief loan to rebuild your business from a natural disaster or a simple short term lending loan. You might even be able to get a loan based on your geography!

Veteran Loans – For those who have served in the armed forces, you may be eligible for a veteran loan to use on your small business. Check with your local veteran’s chapter to apply and see if you qualify for a loan and how much you might be able to get to use on your business.

Small Business Loans – The Small Business Administration is a nationwide operation. They are located in all states and offers small business loans and resources to those who qualify. The Small business administration deals through private financial institutions, to help you get low interest loans. In addition they have all types of resources you can tap into and you should. They have available online resources you can tap into to help you with your business, live training, free consulting, etccc You definitely have to go pay them a visit online or in person.

USDA – For those involved in produce and working the land for food purposes to be resold, in the agricultural industry, then you may qualify for a small business loan. Check out the USDA website to find all of the information you need about their small business loans and what information they need when you apply.

Women – Being a women in business or trying to start a business does not mean you have to do it alone, in fact women are responsible for a large percentage of small businesses that are in operation. There are many small business loans that cater to owners who are women. Some are offered through your state while others are offered through small business corporations, organizations and non-profits.

Minorities – For those whom are considered a minority, there are all types of programs to help you start your business. There are some small business loans provided to qualifying minority groups. The MBDA works with minority groups and evaluates their situation to determine if they can apply for a small business loan. They also offer many tips and resources to help you get started with your business venture.

Grants – The business library in your local area is an excellent area to start to tap into the grants available through the government, corporations, non-profits, and other organizations. This type of money is called free money to some. This is money that doesn’t have to be paid back, but with some grants, there are specific regulations on how the funds can be spent.

Research thoroughly all the various many small financing business financing resources available for almost any situation. Make sure you check out all of your options to see which resource will work best for your business needs.

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All About Business Brokers

Business Brokers are the professionals who aid in selling and buying of businesses. Main job of these brokers is to act like a buffer amid the buyer and seller. These brokers help individuals in search to buy existing business, to find the deal that fits the set parameters as such industry, size and location.

Business brokers are also known as trading transfer agents or intercessors. Few specialized business brokerage firms provide assistance to entrepreneurs, to set up or sell their commerce to other companies. These brokers evaluate the company, promote them for sale, and conduct the interviews and discussions. They negotiate with the potential buyers, smooth the process with diligence and assist the sale.

Some states issue license to business brokers, whereas some do not. If a broker works on hourly basis, then license is not required. Some states have made license mandatory, even if a broker merely gives an advice to its clients.

These brokers carry out transactions of clienteles that have lesser values. Huge Private Companies which are categorized in Middle Market, employ business brokerage firms. Middle market firms are those companies that are bigger than small enterprises.

Brokers charge specific fees for the service rendered. It is called as commissions. These commissions are given to the broker after the settlement of the transaction. The standard commission in many states is 10% – 12% of the settlement amount. These commissions are also negotiable and listed in the contract.

A business broker usually bears the advertisement expense, which is compensated later from the commission received. All the repayments received to the broker by the third party need to be disclosed to all other parties as well.

How to Select a Business Broker:

It is necessary to locate an ideal and professional broker, who helps the trade reach the highest pinnacle. Below mentioned are the steps to follow, while selecting an appropriate business broker.

1. Obtain referrals: Individuals can get few references of good business brokers from relied sources. Trusted sources are often the safest and the best bets to bank on. These sources comprise accountants, peers, business partners or lawyers.

2. Check their credibility: Business brokers are the members of some or the other associations. Check if they have any credential certificates pertaining to brokerage, such as legal license issued by the state. It helps to ensure that, an individual is working with a professional and qualified broker.

3. Due Diligence: As a potential buyer or seller verifies all the details related to the company, individuals also require examining the background of a particular broker. Check their years of experience and see, if any lawsuit is filed against them. Visit BBB (Better Business Bureau) of the state or local area to investigate about the broker. It is quiet important to verify whether the broker has dealt with the same industry earlier or not.

4. Specialist broker: Locate a broker who specializes in selling or buying of ventures, as per the desired industry. Brokers involving all their time in setting up business dealings are highly recommended over the part time brokers. Since, a full time broker has wide network of associates and also, has better understanding of the business valuation. If an individual is considering business merger worth millions, then it is crucial to find a broker completely devoted to the profession.

5. Promotion plan: To carry out dealings as such selling, buying, marketing and promotion plays a major role. Hence, confirm that broker has a proper promotion plan which includes advertising strategies and negotiations with the prospective clients. An ideal broker needs to possess proper planning skills to attract and encourage as many clients. Search the brokers who fulfill all requirements.

6. Less Front Fee: Avoid any business broker who charges heavy fees. Ideally, the broker fees ranges between 10 – 15 percent of the stipulated transaction. This fee includes all the advising fees, executing the application process and the business assessment.

7. Code of Secrecy: A broker is required to ensure complete secrecy in all dealings. If an individual is selling a business, then any such leaking of information can lead to exit of key staffs, suppliers and even customers. A broker has to keep all the matters pertaining to a deal secret. Hence, select a broker who guarantees to keep matters highly confidential, to protect the company’s interest and faith in public.

8. Avoid rush decision: Take time to finalize a broker. Do not select the broker in rush. Also, never permit a broker to take charge of the situation or induce pressure. The buying or selling of a company is a difficult deal. So clarify all doubts and then, choose a business broker.

Advantages Of Business Brokers:

Business Brokers have immense market knowledge, so they help people to gain true value of their company’s dealing. They save considerable amount of time. They make use of MLS system (Multiple Listing System) for sale or, refer to MLS system to locate an ideal venture. They guide their clients throughout the transaction process and help in preparing the necessary documents.

Business brokers prescreen the buyers for their financial qualification and then, close the dealings. They negotiate the prices on seller’s behalf. These brokers draw forthcoming clients in numerous ways. It includes, listing the limited details of business availability on their websites and promoting it in commerce newspapers. Brokers also approach the prospective sellers or buyers, to estimate their interests. Hence, an ideal business broker helps to wade through unsolicited offers and thereby, gain entrée to a large pool of potential clients.

Besides, brokers help in the negotiation process of the deal. They assist both the parties to remain focus on their eventual goal and skate over troubles. Brokers are aware about the latest laws that affect the business such as license and permits to escrow and financing. Broker ensures that risk of missing any crucial form or step in the deal is negligent.

A good broker always pinpoints the interest of the client and initiates by finding about the client’s skills. Thereafter, help in selecting the appropriate business.

Business Mums – How to Successfully Juggle Being a Mum and an Entrepreneur

As mums we already have a busy life and it is a well known fact that women are great at juggling a hundred and one things at once. But when it comes to taking on a home based small business as well, things get a little more challenging. As business mums already know it can be challenging trying to juggle the children and a business smoothly but it can be done and you don’t need to be ‘superwomen’.

Organisation and a ‘great well oiled plan’ is the key if you wish to create a successful business and lifestyle.

When becoming a business mum it is important to have a balance between your children/family and your small business, otherwise your new business will take over. A business doesn’t grow over night so don’t try and make it – a few extra hours a week will not achieve this.

If you want to create a successful professional wahm business you will need to make some decisions about when you are going to work in your business and who will look after the children at those times. So here are some great tips to help you successfully juggle both:

1. Have a routine and plan your day. Write down everything you need to do and achieve. Include personal and business goals and then put together a weekly action plan and daily task list. It will make it easier if you can dedicate set days to your business and then you can do all your business tasks on those days.

2. Separate your work and family time. Make a clear distinction between the two. Set time aside for your family and avoid working in family time. Trying to work with children in tow is not a great recipe for success and not very fair on your children.

o Set up an office environment away from the children. – This will help you to focus on work and be professional.

o When making phone calls – children will always interrupt so make your business calls when they are asleep or when someone else can watch them. It is not professional to make calls with noisy children in the background.

o Do the day-to-day running of the business. If you look after your children full time, working when the children are asleep can be a great option.

3. Have set working days. This will help you to focus on your business with no interruptions from your children. If you need some additional time to concentrate on the business then consider having your children looked after for a period of time each week by a relative or friend, Childcare or Family Day Care or a Nanny?

4. Get help from experts. If you try and do everything yourself, you will pay a high price – your health, family time and an unsuccessful business. Find experts who offer help for small business; use their knowledge to help you grow your business. Outsource tasks by recruiting a PR person, a bookkeeper, an admin person etc.

5. Know what you want to achieve from your business. Having definite objectives will help you to work towards your goals. Break them down into smaller goals that you can achieve as you work towards your ultimate goals. It is much better than having everything going round in your head and being unsure whether you are actually achieving anything.

By following these few steps, your home based small business will develop the strong foundations it needs to succeed. Remember, building a wahm business takes time, and you must be patient and dedicated to be successful.