Instagram is a social networking app that’s owned by Facebook. Instagram is available for free on Apple iOS, Android, and Windows Phone. The app enables you to upload and share photos and videos with your followers. A posted video or photo will be displayed on your profile where followers can view, like or make comments. Instagram has over 800 million monthly users which provide small businesses with a great opportunity to expand their customer base.
There are plenty of resources that business owners can refer to when putting together their loan applications. The Small Business Administration, for example, provides a highly detailed loan application checklist for borrowers. Using these resources can decrease your likelihood of coming across as disorganized or unprepared. [See Related Story: Applying for a Small Business Loan? Here's What You'll Need]
Negotiate the startup and operating costs: When you buy a franchise, there is a pretty long list of things that you need to buy before you can open the doors to customers. The cost for such items will be noted in the Franchise Disclosure Document. If you negotiate, the franchisor may be willing to absorb the cost of some of these items for you, like discounting your franchise fee.
James D. Stice, PhD, is the Distinguished Teaching Professor of Accounting in the School of Accountancy at BYU. Professor Stice has been at BYU since 1988. He has co-authored three accounting textbooks and published numerous professional and academic articles. In addition, Professor Stice has been involved in executive education for Ernst & Young, Bank of America Corporation, International Business Machines Corporation, RSM McGladrey, and AngloGold Limited and has taught at INSEAD (in both France and Singapore) and CEIBS (in China). He has been recognized for teaching excellence by his department, his college, and the university. Professor Stice currently serves on the board of directors of Nutraceutical International Corporation.
In a misguided effort to save on expenses, startup businesses often hire inexperienced legal counsel. Rather than spending the money necessary to hire competent legal counsel, founders will often hire lawyers who are friends, relatives, or others who offer large fee discounts. In doing so, the founders deny themselves the advice of experienced legal counsel who could potentially help them avoid many serious legal problems.
If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Be warned that this route can directly affect your personal credit. Alternatively, a partnership, as its name implies, means that two or more people are held personally liable as business owners. You don't have to go it alone if you can find a business partner with complimentary skills to your own.
He holds a FINRA Series 79 license (M&A investment banking), and a California real estate broker's license. He has sold businesses of his own as well as other people's businesses. Prior to law school Dana was assistant pastor at Calvary Foursquare Church in Hemet, California, and associate pastor at Cathedral of the Valley in Escondido, California. He was the vice principal of Escondido Christian School, and dean of Cathedral Bible College, where he also taught philosophy and theology.
When you do a ROBS, you basically sponsor a retirement plan under your franchise, rollover funds from your personal retirement plan to the company retirement plan, and use those funds to buy shares of stock in your business. The sale of stock creates the capital needed to start or buy a new franchise or recapitalize an existing franchise. Read our in-depth guide on ROBS to learn more about how it works.
As with other small businesses, finding financing for a new franchise can be one of the biggest challenges owners face. Some financing options are unique to franchises, such as franchisor discounts on fees and online financing companies that cater to franchises. General business financing options such as traditional and Small Business Administration loans are also available to franchisees.
Disclaimer: Reviews on FitSmallBusiness.com are the product of independent research by our writers, researchers, and editorial team. User reviews and comments are contributions from independent users not affiliated with FitSmallBusiness.com's editorial team. Banks, issuers, credit card companies, and other product & service providers are not responsible for any content posted on FitSmallBusiness.com. As such, they do not endorse or guarantee any posted comments or reviews. Post Your Comment
Able Lending will manage and administer your process of raising 100% of your needed funds from friends and family. They make it easy for you to look professional, be charged your agreed upon interest rate with each individual investor, and they make sure everyone gets paid on time. They do all of this for a single origination fee of 1-3% at the time of funding.
We designed this workshop to help you, a new business owner, understand and meet your federal tax obligations. This workshop is constructed so that the first three lessons... What You Need to Know about Federal Taxes and Your New Business, What You Need to Know about Schedule C and Other Small Business Taxes and Tax Forms; And How to File and Pay Your Taxes Electronically are for everyone, no matter what kind of business you have or whether you have employees.
If you own a home, and have 20-30% equity in it, then you may be able to get a home equity line of credit (HELOC) with a low interest rate. These funds are great to start a business, and can be used for any of your startup fees, including your franchise fees. With a HELOC you can get access to a lump sum immediately and draw against the total as you need it. Like a normal business line of credit, you only pay interest on what you’re using.
Since there is no collateral for the SBA Express working capital loan, how do they determine who qualifies? Credit is a primary factor when lending working capital without collateral. Generally, you should have less than $15,000 in credit card debt, 10% of the loan amount as cash on hand and be able to show a 10% cash injection into your business. Like a mortgage, these can not be borrowed funds, however gifts from family is usually acceptable. Lastly, you need to show “comparable credit” comparable to the amount you wish to borrow. Typically, anyone with a mortgage past or present would qualify. Some exceptions are made for military veterans.
Opening a franchise can be a smart choice for an aspiring entrepreneur. Becoming a franchise owner gives you the flexibility of owning your own business with the added security of being part of an established brand. However, as with owning any new business, start-up costs can be high and you may require infusions of capital if you encounter hard times. Franchisees must also pay a franchise fee when opening a new franchise, as well as ongoing royalty fees. You truly need a good business plan, healthy cash flow, and solid franchise financing to succeed.
One noticeable trend in most businesses of all kinds today is technology. Workers and business owners cannot deny how it has influenced and advanced the world of commerce. In particular, technology has made it easier for franchises as they need sophisticated systems to manage the complexity of their trade. By their size, even the smaller franchises require this approach. Thus the most significant concept observed among franchises is software that is not installed on a computer, but instead consists of the web. The point of this approach is to take all the software programs usually equipped with a company’s personal computers and move them to the internet. There, they are presented in a single and secured environment accessible from any Internet-connected device, be it a tablet, computer, or phone. Examples of this development can be found with software solutions such as Nextstep Systems, Hello Scheduling, VST Inc, and Steller Restaurant Solutions to name a few. Still, internationalization of franchises continues to be a strong trend within the industry. Many countries are always willing to pay large amounts of money to use western trademarks along with the training and knowledge that come with the territory. Over 400 franchises are operating internationally, proving to be a thriving option. Furthermore, the Franchise Trade Commission also facilitates business deals for American companies abroad confirming the demand for an American disposition.
Despite the relatively easier access to capital that a franchise owner enjoys, there are many different elements to think about before purchasing a franchise. Each franchise is operated differently and will come with its own set of operating and start-up costs. When considering pursuing franchise business financing, here are a few things for you to think about:
The key is to connect the work they love with something that other people also love. Not everything you love can be turned into a successful business. I used to play video games, and no matter how good I was at Halo, no one came along to give me a check. However, I later learned that there were *other* things I loved -- international travel, creative self-employment, writing -- that I could in fact monetize.
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.
Government loans are typically offered through banks and credit unions that partner with the Small Business Administration (SBA). The SBA is a U.S. government body, with the motive of providing support for small businesses and entrepreneurs. For each loan authorized, a government-backed guarantee offers serious credibility, since the lender knows that even if you default, the government will pay off the balance. These loans can be applied to a number of uses, such as: