If you are under age 59 and your IRA is one of your largest assets, you still may be able to take advantage of this avenue without accruing the 10-percent penalty associated with early withdrawal. By taking Substantial Equal Periodic Payments spread over a minimum of five years, based on your life expectancy, and a set of annuity tables published by the IRS, you can eliminate the 10-percent penalty, although the money is still taxable.
The purpose of these checks is to make sure that the applicant will fit into the company’s culture and to ensure that they have been truthful and accurate in their resume and employment application. However, the process is carefully regulated by the federal government (through the Fair Credit Reporting Act) and the laws of many states; failure to follow the highly technical process can lead to class action lawsuits. Consider consulting legal counsel and, for general information, see the EEOC’s Background Checks: What Employers Need to Know.
One of their loan programs is the SBA 8(a) business development program. According to their website, SBA’s 8(a) business development program is specifically dedicated to providing business assistance to entrepreneurs who are members of a socially and/or economically disadvantaged minority group who need help accessing mainstream economic capital. This program is divided into two sections and requires a nine-year commitment. The first four years are dedicated to development, and the remaining five years are a transition stage.
Banks and credit unions are traditional sources for small business loans, and they’re a good place to start. Especially with small institutions, you’ll be able to meet with a lender who can guide you through the process. Larger banks might take a more hands-off approach. To improve your chances of getting approved, ask about SBA loans, which reduce the bank’s risk and feature interest rate caps. The loan process at banks and credit unions can be slow, so be prepared for a long process and a thorough review from the bank.

Repairs, improvements, and replacements. Be aware of a clause that says that at the end of the lease you must restore the premises to their original condition. Try to negotiate a clause that states the following: “The premises will be returned to the Landlord at the end of the tenancy in the same condition as at the beginning of the tenancy, excluding (1) ordinary wear and tear, (2) damage by fire and unavoidable casualty not the fault of the Tenant, and (3) alterations previously approved by the Landlord.”

5. Social Media: Depending on your type of business, you will want a social media presence. LinkedIn, with more than 380 million members, is regarded as the business site for connecting with other businesspeople and offers excellent posting features for articles and blogs. Facebook is more of a social friends site than a business-focused site, but it’s also an excellent tool for “getting your word out” to your friends and customers. Both Linkedin and Facebook allow you to set up a commercial page for your new business.
The first thing you want to do before approaching any lender is determine what your net worth is. To do this, use a personal balance sheet to list both your assets (what you own) and liabilities (what you owe). Under assets, list all your holdings--cash on hand, checking accounts, savings accounts, real estate (current market value), automobiles (whether paid off or not), bonds, securities, insurance cash values and other assets--then total them up.
Starting a business entails understanding and dealing with many issues—legal, financing, sales and marketing, intellectual property protection, liability protection, human resources, and more. But interest in entrepreneurship is at an all-time high. And there have been spectacular success stories of early stage startups growing to be multi-billion-dollar companies, such as Uber, Facebook, WhatsApp, Airbnb, and many others.
Franchisees who are operating a franchise location typically have their pick of financing options. We think the streamlined SBA loan from SmartBiz is the best option for those looking for up to $350K in working capital. With low SBA rates and 10-year repayment terms, these loans do not squeeze cash flow. Plus, SmartBiz has drastically reduced SBA loan funding times. Prequalifying online takes just a few minutes and they get loans funded in as little as 2 weeks.
Many business owners, however, are under the mistaken impression that they are completely protected from personal liability by filing a Certificate of Incorporation for a corporation. This is not true. The mere process of incorporating does not completely protect the business owners. To lessen the likelihood of such personal or shareholder liability, you should make sure to adhere to certain procedures:
3. Leverage social media. Let’s face it, everyone is on social media these days, and the majority of traffic still occurs on Facebook. If you are not using Facebook for your business, create a page today. You are leaving an opportunity on the table if you don’t. There has been a shift the past few years with more and more retirees joining the social media world. I guess they realize that if they want to keep up with their kids, grandkids, friends and neighbors, they better get with the program. In fact, retirees are often my best brand ambassadors and help promote our events.
The idea here is to get clear about what’s important to you, where exactly your passion lies, and what the point of the whole venture is. As a small business owner, it’s easy to get caught up in the minutiae of paying bills, writing the website copy, changing the website copy several dozen times, filling out tax forms, and so on. Don’t lose sight of the big picture.
Websites like Fundera serve as a marketplace for business owners to find lenders that match their business needs. The company works with every major lender in the United States and matches business owners with an advisor who can help them find the right lender for their business. You can also seek out online funding on your own. Read through reviews on ConsumerAffairs to find an online lender that matches your needs.
Various financial aid programs help certain types of businesses and borrower start up franchises. For instance, some companies have programs designed to attract women and minority candidates. Many others offer discounts on franchise fees for veterans who are interested in franchising. You can find a list of options in the International Franchise Association’s VetFran Directory.
Loans backed by the Small Business Administration (SBA) are a favorite of franchisees, since they tend to have higher limits and lower rates than commercial loans. However, SBA loans come with strict requirements, including the need to prove that you don’t have the ability to obtain a loan from traditional lenders. Partner institutions disburse and administer the loans with SBA approval and application requirements tend to be quite extensive.
Most lenders will contact a credit bureau to look at your credit file. We suggest you do the same thing before you try to borrow. Under the law, credit bureaus are required to give you all the information they have on file about your credit history. Once you have this tool, you should correct any wrong information or at least make sure your side of the story is on record. For instance, a 90-day delinquency would look bad, but if that 90-day delinquency was caused by being laid off or by illness, then that should be taken into consideration.
In this article we’re going to discuss how you can finance the purchase of a new franchise. We’ll discuss where to find franchise financing and what you need to consider before jumping in. We’ll also give you some options to think about if you actually need working capital financing for your existing franchise. Before we dive in, let’s take a quick look at your two best options for franchise financing.

One of their loan programs is the SBA 8(a) business development program. According to their website, SBA’s 8(a) business development program is specifically dedicated to providing business assistance to entrepreneurs who are members of a socially and/or economically disadvantaged minority group who need help accessing mainstream economic capital. This program is divided into two sections and requires a nine-year commitment. The first four years are dedicated to development, and the remaining five years are a transition stage.


Alternative lenders: Once you have your franchise up and running, you’ll need funding to work through seasonal ups and downs, purchase new equipment and possibly open another location. If you’re still having a hard time finding traditional funding, alternative lenders may help fill the gap. They tend to be quicker than traditional loan providers — some even fund within a day — and have looser qualification standards. However, annual percentage rates for alternative lenders typically are higher, so make sure you review your total cost of borrowing before deciding on a loan.
Visuals – As Instagram is a visual platform, special attention has to be given to the visual aspect of your posts. As well as choosing a color scheme to match your brand, you should also use a consistent filter. Using the same filter for your posts will help users recognize your images. For instance, Madewell’s Instagram incorporates its color scheme for consistent images and branding.
Becoming a small business owner has unique challenges and rewards that aren’t right for everyone. You must be driven, disciplined and able to identify a product or service that people need — one that they will pay enough for to allow you to live comfortably. You have to develop marketing skills and be able to find your own work, because it won’t fall into your lap until after you’re well established. Business owners need to understand how to budget, keep records and handle small business taxes. They must familiarize themselves with employment laws if they want to hire staff. They also need a plan for protecting their business and everything that’s tied to it if something goes wrong. (For more, see Are You An Entrepreneur?)

Your accounting system is necessary in order to create and manage your budget, set your rates and prices, conduct business with others, and file your taxes. You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork. If you decide to get started on your own, make sure you consider these questions that are vital when choosing accounting software.


Why start a small business? Some people want to spend more time with family, and starting a business allows them to do that. Some find it exhausting to be outside the house all day, dealing with traffic, co-workers, meetings and interruptions. Some people hate answering to a boss all the time — needing permission to schedule a dentist appointment or take the day off when they’re sick. Some people are unmotivated by the security of a regular paycheck and prefer the challenge of the direct rewards or losses that entrepreneurs see from their efforts.

The staff at Key Commercial Capital was wonderful. They made sure to explain all our options in detail and were always interested in the best for us. They verified our documents before submitting for approval to ensure everything was in order and that the application and closing process was as smooth as possible. They were also very responsive and available at all times. I will certainly be back on the next opportunity.
Personal loans are widely available, but if you’re trying to borrow for a small business, you’ll find that the process is more difficult. If you’re thinking of borrowing to start or grow your business, get started and get organized long before you fill out an application. Lenders want to be sure that they’ll get repaid, which means they’re looking for several criteria:
Visuals – As Instagram is a visual platform, special attention has to be given to the visual aspect of your posts. As well as choosing a color scheme to match your brand, you should also use a consistent filter. Using the same filter for your posts will help users recognize your images. For instance, Madewell’s Instagram incorporates its color scheme for consistent images and branding.
One of their loan programs is the SBA 8(a) business development program. According to their website, SBA’s 8(a) business development program is specifically dedicated to providing business assistance to entrepreneurs who are members of a socially and/or economically disadvantaged minority group who need help accessing mainstream economic capital. This program is divided into two sections and requires a nine-year commitment. The first four years are dedicated to development, and the remaining five years are a transition stage.
One of their loan programs is the SBA 8(a) business development program. According to their website, SBA’s 8(a) business development program is specifically dedicated to providing business assistance to entrepreneurs who are members of a socially and/or economically disadvantaged minority group who need help accessing mainstream economic capital. This program is divided into two sections and requires a nine-year commitment. The first four years are dedicated to development, and the remaining five years are a transition stage.

An important step in forming a new business is to determine the type of business structure that you will use. There are several business structures to choose from, including sole proprietorship, partnership, corporation, limited liability company and limited liability partnership. Each has advantages and disadvantages as well as tax consequences of which you should be aware. You must decide which of these structures best suits your business objectives and needs. The Secretary of State cannot advise you on choosing a business structure. For help in making this decision, you may wish to consult a tax practitioner, accountant or attorney. 


2. You can do it because there is a business appropriate for just about everyone’s interests, experience, passions or expertise. “Starting a business” really only comes down to figuring out your business idea, doing your paperwork, and sorting out the money. Given the number of funding resources available today, you shouldn’t have too much of a problem getting that initial startup cash, especially if you focus on a lean business model or MVP route to market.
You will need to tie your strategy in with your own personal values so that you don’t lose interest over time. If you decided to start a digital marketing agency, you might figure out from the start where you draw the line at customers. For example, do you want to tie your name to an oil company, or offer a service that you may not be brilliant at, but that will attract a lot of customers?
Bio – Your bio should describe your business and display your brand personality. You should also use the 150 characters to explain what users can expect from your Instagram profile. Try using emojis and hashtags in your bio to add personality and for users to find your brand. See how Target makes use of emojis and hashtags to highlight its competition.
Rent and rent escalations. Some landlords will give free rent for the first month or two of a lease. Fixed rent over longer-term leases is relatively rare. Sometimes landlords insist on annual increases based on the percentage increases in the Consumer Price Index (CPI). If your landlord insists on rent escalations, try to arrange for a CPI rent increase that does not kick in for at least the first two years of the term. Then, try to get a cap on the amount of each year’s increase. If you have to live with a rent escalation clause, try to negotiate a predetermined fixed increase; for example, a rent of $5,000 a month the first year that would only increase to $5,200 a month the second year and $5,400 a month the third year.
Using the navigation buttons on the screen, you can go directly to the information you need. You also can pause and bookmark lessons so you can review information at a later time. Best of all, you can return to lessons you didn't need when you started your business but might need now; for example, if you decide to start a retirement plan or your business has grown enough that you want to hire employees-- all the information will be here when you need it. Throughout these lessons, you'll hear from small business owners like yourself, and we hope that by watching these owners learn how to meet their federal tax obligations, you'll learn how to meet yours as well. Best wishes on your new business.
Fees and costs. Origination, underwriting and early repayment fees are typical costs that you could see. If a lender provides an APR, it includes the interest rate plus any upfront fees. Early repayment can be a conditional fee and is not reflected in the APR, so it’s a good idea to carefully read through the terms of your offer before accepting it. Learn more about business loan costs.

The idea here is to get clear about what’s important to you, where exactly your passion lies, and what the point of the whole venture is. As a small business owner, it’s easy to get caught up in the minutiae of paying bills, writing the website copy, changing the website copy several dozen times, filling out tax forms, and so on. Don’t lose sight of the big picture.
If you are using the web to help you acquire a loan, beware of "Free" services, sites not certified by TRUSTe or sites with poor Better Business Bureau ratings. These sites may just want your contact information which they then sell to brokers and lenders. It is not a very efficient way for you to get financing and may lead to wasted time, money and calls from unsavory and unqualified sources. Also, make sure there are no hidden fees that either you or the lender will need to make - or guarantees that you will receive a loan.
Get matched with a mentor who has experience building a business by visiting SCORE.org. SCORE is dedicated to helping small businesses develop and thrive through mentorship and training programs. SCORE mentors can help small business owners write a business plan, determine the type of lending they need, figure out the best bank(s) to approach for a loan and prepare to meet with a loan officer.
In this article we’re going to discuss how you can finance the purchase of a new franchise. We’ll discuss where to find franchise financing and what you need to consider before jumping in. We’ll also give you some options to think about if you actually need working capital financing for your existing franchise. Before we dive in, let’s take a quick look at your two best options for franchise financing.
In most cases, maintaining a good business credit report is enough to qualify. In addition, it instills confidence not only in the lender, but also in you. There is at least one SBA office in every state in America. If you contact them regarding the startup status of your business model and plan, you can get started on a government small business loan that will give you the financing to make your dreams a reality.
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