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3 Essential Tools for Starting and Maintaining a Small Business
We believe that there are 3 factors that drive the success of small businesses. 1) Acquiring start-up capital 2) Finding customers 3) Accounting for, budgeting and controlling sales and expenses The following resources will help your small...
Overcoming the most Frustrating Situation on eBay
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You've been watching the auction all week, and finally you're about to claim your prize--a rare bronze statue from the Shang Dy dynasty. Or something just as tantalizing. You log on a few minutes before the...
Small Business Administration (SBA) Loans for Women
There are a number of options available to women for obtaining
small business loans. One of the most well-known types of
business loans available for women is through the Small Business
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The Small Business...
Small Business's New Regulations
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Let's face it: it's HARD to always be "on" when you're at work. No matter how much you try, even the best-laid plans and schedules break down; sometimes it seems like all the forces are against you. You can get discouraged, weary, frustrated...
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Small Business Loan Basics
Many people who wish to start their own business need an
injection of financial capital at the beginning of a business;
the main source of funding for entrepreneurs is business loans.
Let's take a look at what you should expect if you plan to
apply for one.
First of all, you should know that most lenders have their
doubts when it comes to lending money to a first-time business
owner. You're considered a high business risk at this point, and
you should go in to your loan negotiations armed with a few
advantages. Of course, the ideal option is to run your business
for a few years, even just out of your home, and turn a good
profit before approaching a bank for a loan.
That shows that you have the ability to make money and that your
business won't flop before the Open sign shows up on the door.
But if this isn't possible, if you need the cash before you can
begin at all, then chances are you will need to offer some type
of collateral. Collateral can be anything from your car to your
home and everything in between. Depending on the size of the
loan, you may require some pretty hard assets for collateral.
The lender is not interested in whether or not your business
will make money, aside from the extent that will allow you to
pay them back on time. They simply don't want to lose out on the
loan, and so you'll have to find some way to back yourself up.
Backing up your loan with assets, if you have them, is a good
route - provided you have enough confidence in your financial
situation to ensure you are not going to lose your collateral.
If you don't have enough assets to stand in for your loan,
another
option is to find a cosigner. Chances are you won't get
as much cash as you would if you had the assets. But having
someone with good credit who is willing to sign onto your loan
and promise to pay if you don't can be the factor that gets you
through the door. This is a good way for friends and family who
believe in your business to help you get it off the ground, even
if they don't have the money to loan you up front.
When it's time to borrow, do some comparison-shopping among
banks and credit associations, and don't stop until you find the
lowest interest rate possible. You're already gambling a lot
here- minimize the amount you will have to pay back by doing
your homework and choosing the company that offers you the best
deal. If you can't get enough to cover your beginning business
expenses, consider borrowing part of the cash from a friend or
relative if you can, or even asking for investors, such as
customers who believe in your business, to help out. Don't
accept a high-rate, high-risk business loan just because it
offers you the biggest amount.
The small business loan: The first step in a long chain
of financial events. If you take the right step, it could be
your leap into the business world.
About the author:
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk
/ and also http://www.ukpersona
lloanstore.co.uk. At the Personal Loan Store you can find
all the different loan
types explained.
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| United States Small Business Administration |
| An electronic gateway of procurement information for and about small businesses. Search engine for contracting officers, marketing tool for small firms, ... |
| www.sba.gov |
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| SBA |
| The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. ... |
| www.sba.gov |
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| Main Page - SmallBusiness.com - Small Business Resources |
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| www.smallbusiness.com |
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| Yahoo! Small Business: Domain Names, Web Hosting, E-commerce ... |
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| www.smallbusiness.co.uk |
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| Smallbusiness.gov.au redirect to business.gov.au |
| Business Entry Point - Helping small business in big ways. An Australian Government initiative. The content from this website has now been consolidated into ... |
| www.smallbusiness.gov.au |
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| Business & Small Business |
| Online and print small business publication. Information to help start, grow or manage a small business. |
| www.entrepreneur.com |
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| Microsoft Small Business Center |
| Your home for information about Microsoft's small-business products and services, tailored business advice, technology tools, and more. |
| www.microsoft.com |
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| The Small Business Advisor - advice for starting and operating a ... |
| Advice and assistance for starting and operating a small or home based business. |
| www.isquare.com |
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| SCORE "Counselors to America's Small Business" |
| A nonprofit association dedicated to encouraging the formation, growth, and success of small business nationwide through counseling and mentor programs. |
| www.score.org |
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| Small Business and Self-Employed One-Stop Resource |
| IR-2006-2, January 3, 2006 - Temporary and proposed regulations will significantly reduce tax filing burden for nearly 950000 small business owners. ... |
| www.irs.gov |
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| Welcome to Small Business BC your business resource in British ... |
| BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
| www.smallbusinessbc.ca |
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| Small Business Service | Home |
| Provides information and advice to help small businesses realise their potential. |
| www.sbs.gov.uk |
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| NSW Small Business |
| A site developed by the NSW Department of State and Regional Development for small businesses. Topics include management, resources, current issues and ... |
| www.smallbiz.nsw.gov.au |
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| Business Management & Advice: Small Business Resources & Information |
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| Small Business Lawyer, Attorney, Law, Legal Help - FindLaw for ... |
| Information and legal sites relevant to small business. |
| smallbusiness.findlaw.com |
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| Small Business Funding Opportunities (SBIR and STTR) |
| Links to Small Business Funding Opportunities and SBIR / STTR Applications. |
| grants.nih.gov |
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| Microsoft bCentral Small Business Directory |
| Directory categorized by industry with company business card feature. |
| sbd.bcentral.com |
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| Our site has moved! Please update your bookmarks! |
| Facilitates the sharing and exchange of information among small business development centers, the small business administration and other business-oriented ... |
| sbdcnet.utsa.edu |
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| Small Business Development Corporation |
| Our business information services provides guidance to improve business skills and knowledge on advice on starting, buying, selling and expanding a small ... |
| www.sbdc.com.au |
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