Getting a small business loan from a bank can be difficult and time consuming. Each bank has its own criteria for loan approvals and can change its criteria depending on both internal and external events. The best chance you have for getting approved is to present the bank with the information they need, how they need it, and in a professional and concise but complete manner. To that end, here are the major criteria used by most banks in approving loans.
It might seem like you have to come up with a game-changing concept like Facebook or the iPod to have a successful startup, but the reality is far different. A recent Nielsen study found that new products, far from having an advantage in the marketplace, are often at a disadvantage. If you’ve got a world-changing idea, don’t give up—just make sure your product launch is supported by plenty of sales outlets where customers can “stumble across” your product, strong marketing and advertising support to make them aware of it, and social media and PR efforts to spread the word.
There are two broad categories of funding you can use to start up your company. These categories are not distinguished by who you’re borrowing from but by the requirements, limitations and types of returns that regulate the type of investment. It boils down to what you’re giving away to receive the money.
Having only a person’s email address does not make them a lead for your business. Instead, view that person as a contact. Because they have provided their email address, possibly as a subscription for your blog or email newsletter, you now have the opportunity to use targeted and relevant email marketing efforts to convert this person into a lead.
So you’ve invested time and money into a marketing campaign. What is a “good” result? The following is a quick guide to average comparison benchmarks by marketing tactic:
If you’re not taking social media seriously to promote your business, you are missing out on powerful, free marketing tools to reach your target market. Marketing is not what it used to be. Once upon a time, advertising messages were broadcasted out via TV, newspapers, magazines, radio, direct mail, telemarketing and the yellow pages. Then it was the World Wide Web. If you didn’t have a website, your business didn’t exist. Now, if you don’t have a presence in the top networks: Facebook, LinkedIn, Twitter, Google+, YouTube and Pinterest, your business doesn’t exist.
There are a lot of sources out there that will tell you how to start a franchise and eventually how to run one. So, how do you start your search? Too much information almost makes decision-making worse. Here we’ve outlined some resources for those looking to open a new franchise.