Preparing Your Self For A Small Business Loan: Tips and Information

Since our economy is not in the best condition it has been, it has become increasingly difficult to obtain loans. This is a challenge for many small business owners who need to borrow money to get their businesses up and running. While it is difficult to get any loan when our economy is bad, getting a small business loan is harder… it is by no means impossible. Small business investing experts state that it is important for small business owners and entrepreneurs to remember that lenders need to make loans to survive. It is also important to remember that if you do not get a loan from a lender you should not get discouraged. You can continue to go to lenders until you get the money you need.

Don’t treat a lending interview as something that can just be looked past. You need to treat it with the utmost importance. It is important to go into your interview with a lending company well prepared. Confidence is key and being well prepared will help you achieve and maintain an air of confidence throughout your interview. Small business funding officials state that there are typically five key things that lenders consider when determining if they want to lend money to an individual: well-developed business plan, credit history, your goal of business success, overall experience, and educational history.

Business plans are important to have already completed and prepared before you go and talk to a lender. Small business investing companies highly suggest that you come up with a detailed business plan before going into your interview. In addition to this, it is also highly recommended that you anticipate and prepare for questions that are commonly asked by lending agents, such as:

1. How much money do you think you will need?

2. How long will you have to pay the loan? Need the loan?

3. Are there specific resources you need the loan for?

4. What is your plan to repay the loan?

5. What will you do if you get denied the loan?

Make sure that you have compiled everything you need to show to the lender in a nice folder.Your business plan should include a cover letter, financial statements, cash-flow projections, and expected profitability of the business. It should also include financial projections for at least the next three years. Small business investing officials state that if you want to clinch a deal with the lending company that you show proof and figures for everything that you say. You do not want to stretch the truth or speak in broad terms. Here is a final tip that will really help you clinch the deal. Many small business owners and entrepreneurs neglect to think about or realistically discuss risk factors. Being able to discuss potential risk factors and state how you would manage and combat them is important, especially if you have never borrowed before. Lenders want to know that you have really thought about the risks. They may also want to know how you plan on managing any problems that arise.

13 Solid Reasons Why Your Small Business Needs a Quality Website

1. Your Competitors Have Websites.

If you’re in direct competition with other businesses that have a website, those other businesses have a distinct advantage, especially when they are effectively promoting that website.

2. Be Competitive on a Greater Scale.

Having a website as part of your online presence helps you compete with larger businesses within your industry minus the overhead expenses. On the web, a small business is the same size as a large corporation when the small business web design is professionally done and the content is valuable to your readers.

3. Bolster and Improve Customer Relations.

Directories, Yellow Pages ads and physical printed materials are being used less as time goes on. Your website can fortify customer relations by making your small business readily and easily accessible utilizing the strength of your internet presence. A great small business web design will enhance customer confidence and your corporate image.

4. Boost Customer Confidence & Corporate Image.

An impressive and professional website will generate customer confidence and also will significantly build up your overall image. The greatest benefit of having a website online is, naturally, brand image, but by having that image online with the right content, your website will also instill trust in both your current customers as well as your prospects.

5. Increase Customer Options by Taking Credit Cards Payments.

Using your website, it is possible to process credit card transactions online. This is a definite advantage to customers who wish to easily and quickly pay for their orders. This is good for everyday commerce but is particularly helpful for businesses that offer delivery or pick up options for their products. The transaction can be complete with a receipt in your customer’s hand prior to delivery. If your customer is picking up an order, they can easily have their receipt in hand to make the transaction both smooth and fast.

6. Market Globally, Not Just Locally.

The majority of small businesses can only market and sell to their town and bordering communities. Using a website, you are able to bring your products or services across the U.S. and round the entire world, if you choose to do so.

7. 24/7 Service for Your Customers.

This sounds like a lot more work for you, but in reality, it is a huge plus. Using e-mail, consumers can easily get in touch with you whenever it’s best for them. You’ll be able to respond whenever it’s practical for you. When you’ve got a website, prospective customers can discover and learn about your service and products 24 hours a day, 7 days a week.

8. Enhanced Customer Support.

When your business is online, you can provide tailored support to your clients and customers using answers to frequent questions and offer help and support for specific services or products. You can also offer a variety of methods in which you may be contacted. Online, you can carry all this out without hiring additional staff.

9. Easily Change and Update Goods and Services At Low Cost.

Those businesses that have published paper brochures and catalogs know how expensive and difficult it can be to make changes for publication. WIth a small business web design that you can manage, ading new products or services is both convenient and inexpensive.

10. Use Specials and Sales to Increase Traffic.

Want to advertise a special sale or discounted offer? Do you have items over stock that have been marked down for quick sale? You can easily post a notice on your website advertising the sale.

11. Global Impact with Foreign Language Support.

Why limit your offerings to English speakers only? Your website can be translated into any language or languages you like, thereby offering more choices to users. Offering information in different languages can increase your exposure and your profits.

12. Generate Even More New Customers.

Based on reports from the Small Business Administration, 50% of online sales come from new customers. Having your own business website significantly improves your customer reach regardless of what products or services you’re offering up.

13. Small Businesses with an Online Image Generate Higher Revenues.

As reported by the Small Business Administration, small businesses which have websites average $1.07 million each year in sales over and above small businesses not online. That equals 39% higher revenue for your business.