Knowing Your Market, #SHOPSMALL, and Thinking Like a Banker
Confident About Your Business? Do You Really Know Your Market?
Small businesses make up make up the vast majority of all businesses in the United states. There are 28 million small businesses which make up 99.7% of all businesses with more opening launching everyday. However according to this info-graphic published by InsuranceQuotes, over 50% of small businesses fail in the first 5 years. While this may be information you already know, here are some surprising stats about small businesses that you may not.
Get Ready For Small Business Saturday #SHOPSMALL
Small Business Saturday started back in 2010 and has grown into a behemoth. Just last year over 112 million people spent around $15.4 billion. Capitalizing on this opportunity can mean a big spike in sales regardless of industry. Here are some ways you can take full advantage:
Get free custom marketing templates at shopsmall.com
Promote by coming up with a tactic to get everyone excited to shop
Donate a portion of the proceeds to charity and help your business expand its network
Update your website and make sure your business listings are up to date on yelp, google, yellow pages etc.
Spread the word out on Social media and utilized the hashtag #shopsmall
The Best Way To Get A Loan For Your Business?
The banking industry is just like any other business; you service clients and try to maximize profit. When applying for a loan, it helps to think like a banker. Would you lend money to someone that has a history of not paying people back and also very little income? Well banks don’t lend to businesses that are have poor credit and tight cash flow. The catch 22 is that it’s harder to get approved for a loan when you are desperately in need one. The key is having the foresight to apply for a loan while your business is healthy and in good condition.
Here are a few tips when applying:
Keep your revolving credit balances down. Monitor your credit and make sure your credit is clean of inaccurate information
Keep track of your finances by using software like Quickbooks to keep them up to date
Know how much collateral you have
You can increase your equity in different ways like paying yourself less to increase your cash flow
If you’re interested in learning more about loan eligibility, check out our free Small Business Financing Guide for criteria. And if you’re interested in improving your eligibility, take a look at our free guide on Building Business Credit to see how you can boost your financial profile.