The world of e-commerce presents a compelling opportunity for those looking to start up a side hustle or even start their own full-time business. 

When it comes to selling online, there are many avenues vendors can explore, perhaps none more enticing than Amazon, the world’s number one digital marketplace. 

Here are seven of the most important things to take into account when considering how to become an amazon seller

How to Sell on Amazon for Beginners 

Getting the ball rolling is easy.

You need to create/register a seller’s account to sell on Amazon. This will provide you with the main dashboard you will use to add new listings, monitor your existing inventory, and track reports/performance metrics.  

You will need to enter relevant information such as business name, address, and tax info (EIN, SSN, etc.) and consider if you want to begin with an individual or professional account. 

Once you are fully registered, it’s time to decide what you want to sell and how you plan to go about making sales.

Finding Good Products to Sell

Perhaps the most critical aspect of selling on Amazon is choosing the product you want to sell. You need to strike a delicate balance in finding something people want to buy in an already oversaturated market.

Many people that try selling on Amazon are either not successful or don’t know how to grow ecommerce business over time. Often this is not due to a lack of effort but rather a faulty business plan, target niche, or product. 

To be successful, you’ll want a product that has:

• Good profit margins
• Limited competition
• Decent search volume

It is vital to strike a delicate balance between something people are beginning to search for, but that has not generated a ton of sales just yet. The reason is to ensure demand but avoid extensive competition.

You will also want to find a reputable supplier to ensure your product is meeting basic quality standards and that you can get it sent to Amazon shipping centers promptly for fulfillment. 

What Can I Sell on Amazon as a New Seller? 

The great thing about ecommerce sites like Amazon or Shopify for small business is that you can sell just about anything, even as a beginner. 

Some ideas for possible products include:

• Clothing
• Electronics
• Jewelry 
• Toys & Games

Before honing in on your niche, you will want to conduct rigorous market research to determine what types of products are currently selling. You also want to determine who the product is for, why they need it, and how you can appeal to them. This is fundamental in learning how to become an Amazon seller.

The Advantages of Selling on Amazon 

The biggest advantage of selling on Amazon is leveraging its robust brand recognition and existing customer base. By gaining access to Amazon’s extensive marketplace, new sellers can avoid several early steps, such as launching paid ads or focusing exclusively on expanding their company profile.

Because your store falls under the Amazon umbrella, you also don’t need to worry about figuring out shipping or how to handle returns, which is especially beneficial for new sellers who are less familiar with these processes.  

How Long Does It Take to Become an Amazon Seller?

Starting a small business online is fast and easy. Whether you are launching a store on your own platform or using a third-party one, you can usually get up and running in just a number of days.

In most instances, your Amazon seller’s account will be approved in as little as 24 hours. However, while you can begin using Amazon’s platform to post listings and test out products, getting your first sale may take some time. 

As you learn the ropes, you will become increasingly familiar with techniques that will help your store increase its visibility within Amazon’s search algorithm by optimizing your listings with keywords and finding products in emerging markets. 

Are There Any Amazon Seller Fees? 

How much money do you need to become an Amazon seller? The good news is not a whole lot. However, to be successful over the long term, you will need to set aside some out-of-pocket costs.

This includes some Amazon seller fees you should be aware of before you begin selling products on the platform.

When you register as a seller, you can sign up as an individual seller or a professional seller. If you choose the individual option, Amazon will charge you .99 cents for each product you list on their site. If you choose the second option, you must pay a monthly fee of $39.99. 

While it is tempting for new sellers to select the individual plan, for those planning to remain selling over the long haul, it is recommended switching over to the professional option once you start making your first sales to avoid a monthly cap.

One major perk for consumers is Amazon’s free shipping options. The reason it is free for customers is that often vendors are the ones footing the bill. Other fees associated with selling on Amazon include referrals and taxes for certain products and shipping/fulfillment. 

How to Increase Sales on Amazon

Registering an account and getting your store up and running is easy. The hard part of how to become an amazon seller is consistently making sales. 

Even after you make your first few sales, you need to constantly monitor performance indexes and stay ahead of the curve with diligent customer/product research. 

Buying products from third-party suppliers and selling them for a higher price on Amazon is a business strategy known as dropshipping. While it can be lucrative, there are certain methods you need to be aware of to scale and determine how to grow a dropshipping business. 

To increase sales over time, consider doing the following:

• Targeted keyword research that will help your listings show up in search
• Evaluate top competitors in the same niche
• Use high-quality images and accurate descriptions
• Set competitive pricing with good profit margins
• Test out paid ads and social media strategies
• Manage your inventory and evaluate performance

If you carefully consider all these factors and take the time to research and develop your brand, the odds are good that you will find success selling on Amazon.

If you have credit troubles, it can be frustrating to try and get approved for a small business loan. You may have tried applying for an SBA loan only to find out that it didn’t go through. You may wonder why your SBA loan was denied, or what you should do next.

We will help you answer these important questions, so you know what to do next time you apply for an SBA loan.

What is an SBA Loan?

Understanding SBA loans is the first step in learning to apply. The U.S. Small Business Administration (SBA) offers several loan programs that support small businesses and entrepreneurs by providing financing to those who may not qualify for a traditional loan on their own.

SBA loans have longer repayment terms than conventional bank loans. They serve one purpose – to help small business owners start, grow, and succeed. In the event of emergencies, you can also apply for SBA disaster loans.

SBA loans are good for small businesses. They have some great perks. But the approval process is hard and disappointing. If your SBA loan gets denied, you can appeal the decision.

SBA Loan Denied- Now What?

Receiving a denial letter from a lender can be discouraging. However, getting back on track relatively quickly is possible. First, you must determine the reason for your SBA loan application denial.

If the denial was due to bad credit or a lack of collateral, you could address these issues. If the problem is poor cash flow, poor business management skills, or other more systemic issues, it may be time to consult with a business advisor or accountant to address them

Here is what to do after your SBA loan application falls through:

Find out why

If you didn’t get the loan you applied for, ask why. It’s important to know why you didn’t get the loan so that you can plan.

After you get the rejection letter, you should call the bank to find out why. Some of the reasons can be that you don’t have enough experience or lack enough collateral. You can improve these areas to get approved the next time you apply.

Appeal to the SBA

If you want to contest a decision, you can ask the SBA to review it. Or you can re-examine your file and present more evidence. The best evidence should help you contest the outcome and ask the SBA to reconsider its decision.

But if you do something that makes you ineligible for the small business loan, you can’t change that by asking the government to reconsider.

However, if you discover that your credit report contains errors, you may have a cause for requesting a reconsideration.

Applicants interested in submitting a reconsideration request should summarize the reason for denial and include why the SBA should reconsider the request.

Wait and Reapply

You can’t get an SBA loan if you don’t have any collateral, credit history, or money. If this is the case, wait 90 days and apply again. You can also try to improve your personal and business credit.

What Percentage Of SBA Loans Get Denied?

Banks are for lending money to people and businesses. Small banks usually lend money to small businesses and people. They lend less money than big banks do.

Big banks lend money to big companies, but they don’t lend much money to small businesses. That is why 1 in every 5 SBA loan applications fails.

If My SBA Loan Didn’t Go Through, Can I Apply Again?

If you don’t get the loan the first time you apply, you can try again. But you have to wait for a while after your first application.

It is advisable to take some time to improve your business and credit history before applying again. You are able to reapply again after 90 days.

Reasons for My SBA Loan Rejection

Your loan application may not be successful for various reasons, but some of the more common ones are as follows:

• You or your business  has a low overall credit score
• You lack adequate collateral or assets to secure the loan
• You already have outstanding debts.

Experts also advise watching out for the flowing SBA red flags:

Low capital

Insufficient capital means loan applicants may fail to service loan repayments.

Negative credit history

Bankruptcy, liens, and past government defaults reduce your chances of getting the loan.

Irrelevant industry

You won’t get the loan if you work in an industry that the Small Business Administration does not lend to.

Alternative Options If You Don’t Get an SBA Loan

If your SBA loan doesn’t succeed, you have other options. Here are some alternatives that you may find helpful.

Hard Money Loans

Suppose you’re looking to buy a piece of commercial real estate. A short-term hard money loan might be a good option. Credit score and income are not important considerations. Your real estate collateral value is the most important consideration for lenders.

Online Lenders

Online lenders can help you get money for your business. The biggest caveat is that they might charge you a higher interest rate than a bank. Before you borrow from an online lender, check their fees. Each online lender has its standards.

Business Credit Cards

If you are a small business owner and want to build business credit, you can apply for a business credit card. Businesses can have credit card accounts that are separate from their personal credit.

Invoice Financing

If a small business loan fails, you can try invoice financing. Invoice financing allows you to access working capital to pay pending invoices.

Invoice financing can help you cover daily expenses like inventory and supplies. In contrast to SBA loans, only B2B companies are eligible for these loans.

Fee-based lenders will let you borrow money for invoices due in 30 to 90 days. Loans against invoices are usually fairly low-interest. If you have bad credit or no business credit history, you are unlikely to qualify for invoice financing.

Didn’t Get Your SBA Loan?

SBA loans are useful because they can help pay for many different things like buying equipment or making repairs to the business premises.

If your SBA loan gets declined, you can reapply or simply explore alternative financing options. Learn how to apply for an SBA loan so you can ensure all the necessary information is included in your application. Before that, it’s critical to invest time in understanding your business’s financial position and why your application failed. You can always seek help from professional financial experts.

Understanding the risk of identity theft to your business will help you take the appropriate measures to protect yourself from identity fraud. Many businesses don’t protect their data properly, leading to data breaches and a loss of customer trust. Here’s what you need to know about identity theft and how it relates to businesses.

What Is Business Identity Theft?

Business identity theft refers to when scammers obtain a business owner’s personal information to pose as them. They use that information to open credit lines, illegally use the business owner’s existing credit cards, take out loans, or obtain tax refunds and other benefits.

Once a hacker has access to your personal information, there’s a lot they can do with it, even posing as you to open up fake office locations and scam customers.

Another type of business identity theft is when thieves target your customers instead of you. If a hacker can obtain sensitive customer data, such as credit cards and social security numbers, they can access bank accounts, take out loans, and more. That’s why protecting the private information of customers is so critical.

How to Protect Your Business from Identity Theft

Identity thieves typically obtain personal information through several methods. Some take advantage of weak security controls to hack into your system, while others rely on moles inside your company willing to sell you out. Here are the best business identity theft protection practices.

1. Take the Right Online Security Measures

Business identity theft protection starts online. A system lacking security is an easy target for hackers.

Using strong passwords and activating two-factor authentication is a start. For added security, use an authenticator app instead of SMS-based 2FA, as text messages are subject to sim swap attacks.

Install firewalls on your network and use antivirus software to scan and monitor your devices for breaches.

Employee mistakes are a common factor in business identity theft, so employee cyber security training is crucial. Employees who aren’t trained in the best online safety practices may click on malicious email attachments or links sent to target your business, or they may enter sensitive passwords on public Wi-Fi networks.

2. Encrypt and Protect Your Data

It’s not just your online data you need to protect but also any data kept offline. Some identity thieves break into offices to steal laptops, hard drives, and even documents that can reveal sensitive business and/or customer information.

Make sure employees know to turn off and lock their computers when leaving the office. Encrypt your hard drives and CDs, and keep important documents in locked filing cabinets. Ensure you install a solid security system, complete with cameras and alarms, in your office.

3. Restrict Access as Needed

Many cases of data breaches occur due to employee misconduct. Employees who have access to customer information they shouldn’t have can sell that information or use it for their gain.

By setting user access permissions and only providing passwords to the right employees, you can protect sensitive customer and business data. In the office, you can use key cards to restrict access to certain rooms or files.

When employees leave the company, make sure to change passwords and delete their accounts as needed.

4. Choose Your Vendors Carefully

If you’re working with vendors who will have access to credit card details or other customer information, make sure they can be trusted. Furthermore, make sure they have the right security features in place.

5. Use an EIN

Using an EIN for your small business instead of your social security number will protect you in case your business suffers identity theft. Furthermore, keep your finances separate, using your EIN to apply for a business credit card.

What to Do if You’re a Victim of Business Identity Theft

If you suffered business identity theft, find out what information has been stolen and what the thieves have done with the data. You’ll need to inform customers if their information has been exposed. If the thieves used your identity to pose as your business, you’ll need to freeze your accounts and report the theft.

How to Report Business Identity Theft

You can report Identity theft to the FTC at IdentityTheft.gov. See instructions here for reporting the theft to the IRS in case the thieves filed fraudulent tax returns.

You’ll also need to contact your banks, creditors, and the three major credit bureaus to ensure they know about the theft. That way, they can freeze your accounts, help you recover fraudulent charges, and help you fix your credit score.

Finally, report the theft to law enforcement. Also, look for state resources on identity theft, and notify the appropriate state department, so you can correct phony business information.

Business Identity Theft Cases

Let’s talk about some business identity theft examples that recently occurred.

• Cash App recently suffered a data breach of customer names and portfolio details due to a former employee downloading information.
• Equifax suffered a data breach a few years ago in which hackers obtained the records of almost 150 million Americans.
• Two thieves in Pennsylvania bribed hospital employees to provide forms with sensitive patient details, using those details to fraudulently obtain more than $250,000 in tax refunds.

Business Identity Theft Statistics Of 2022

Here are some updated statistics that underline the importance of preventing business identity theft.

• According to the Identity Theft Resource Center (ITRC), identity theft cases in the first three quarters of 2021 exceeded cases in all of 2020 by 17%.
• According to the Insurance Information Institute and the FTC, 2020 saw a 114% increase in identity theft complaints compared to the previous year, as well as a massive increase in monetary losses due to identity theft ($3.3 billion compared to $1.5 billion).
• Someone is the victim of identity theft every 14 seconds. Many of those cases are driven by business identity theft.

Final Word

Monitoring your business for sudden credit report changes or inaccurate tax returns can help you detect ID theft and prevent losses. You can also get business identity theft insurance to help protect you from monetary damages as a result of ID theft. Check out these other types of business insurance as well.

If you’d like your business to succeed, check out this post on how your business can survive a recession.

Having enough cash on hand will ensure your business can stay afloat and survive even during difficult economic times. However, just how much cash should a business have on hand? Read on to learn how to calculate how much cash a company needs.

What Is Cash on Hand?

Cash on hand refers to funds you have set aside for emergencies and other unexpected expenses. Many businesses keep money on hand in savings accounts, though choosing the proper high-yield savings account can help you get more out of your money. However, cash on hand can also refer to assets that you can quickly exchange for cash.

In either case, cash on hand shouldn’t be invested into stocks or high-risk investment opportunities. That’s why it’s called “cash” on hand.

Why Your Business Needs Cash on Hand

Having cash on hand is critical for a few reasons. It will help your business keep operating even if you go through a few months of no profits, which can happen due to new competition, economic downturns, and sudden losses.

The economy can take a downturn at any given time, and cash on hand gives you time to get through it or help you figure out strategies to overcome it. You’ll be able to keep buying goods, paying employees, and handling your other expenses.

In addition, cash on hand can help you in emergencies, such as if a machine breaks and you need to buy a new one, a fire breaks out in your office, and other potential emergencies.

Finally, cash on hand makes it easy to expand and scale your business. You’ll be able to invest in new projects, features, services, and equipment without needing to save up first, allowing you to get ahead of the competition.

What Is the Average Cash on Hand for Small Businesses?

The rule of thumb for cash on hand for small businesses is 3-6 months of operating expenses. That includes:

• Fees
• Rent
• Cost of goods
• Wages
• Taxes
• Etc.

How to Calculate How Much Cash a Company Needs

Every business is different. Some businesses need at least six months of expenses in cash on hand, while others need only three or four.

So, how can you know how much cash your business needs?

The first thing to figure out is what your costs are every month. For some businesses, this is easy – just look at your expenses for the past 6 months, add them together, and divide that number by six.

However, it gets a bit trickier if you have a seasonal business. For example, if you sell Christmas trees, you can’t calculate your expenses from February to July to determine your monthly expenses.

Similarly, if your business is new, you’ll have to deduct startup expenses that only applied the first few months. The same applies to one-time expenses like building renovations.

The next factor to consider is the percentage of those expenses that aren’t truly necessary. If you can cut expenses and still operate on a profit (or without a loss), those expenses don’t need to be included in your monthly total. If an emergency arises, and you need to rely on your cash reserves to keep you afloat, you can cut those expenses.

For example, you may be able to lay off some workers and still operate at a decent level of productivity.

There are other factors you must take into account as well.

If your business has excellent credit and you can get a quick retail store business loan with low-interest rates at any time, you might not need as much cash on hand. If you have assets you can quickly sell, the same applies. In addition to the liquidity of your assets, consider whether they are appreciating or depreciating.

Similarly, if you can get a merchant cash advance, you can take the advance into the equation when determining the ideal cash-on-hand amount for you. (Read: How does a merchant cash advance work?)

If your cash flow forecast is pretty healthy for the next couple of months, you may also be able to get away with less cash in hand. Nevertheless, don’t rely on that – you need to be conservative when forecasting future cash flow and consider the worst-case scenario.

Industry forecasts can also help, but if Covid-19 has taught us anything, it’s that we can never know what will happen.

Finally, the nature of your business is significant as well. If you operate a currency exchange office, you need more cash on hand than if you offer HVAC repair services.

Cash Reserve Formula for Small Business

The typical cash reserve formula for small businesses is as follows:

(Total monthly expenses) – (discretionary spending) x (number of months) = cash on hand

Having too much cash on hand can also be detrimental.

Have you ever wondered, “Would it be better for the business to have a lot of cash on hand? Why or why not?”

Depending on the nature of your business and the other factors I discussed above, having more than six months of expenses in cash on hand can sometimes be okay. However, having too much cash can also cause you to miss out on more profitable business investments and expansion opportunities.

Besides, you may be able to earn higher interest rates by putting the extra money in less liquid assets, like stocks or bonds.

Furthermore, some business owners have difficulty sticking to a budget when they have too much cash on hand, becoming reckless in their expenditures. Not only that, but having too much cash in the bank can make your losses greater if you end up being the victim of business identity theft or hacking.

Final Word

If you don’t have any cash on hand, you may struggle if you have a few slow months. Use the tips provided above to learn how much cash on hand you should keep in the bank. If you’re interested in learning more budget and cash flow tips, check out these hidden secrets in small business bookkeeping.

Maybe you received a loan rejection or know you have poor credit. Perhaps you have a startup idea and need a small business loan. Regardless of your situation, an unsecured guarantor loan can seem like the ideal solution.

While these loans are less risky for the borrower, there are still consequences for nonpayment. Learning everything you can about guarantor loans will help facilitate your decision.

What Is an Unsecured Loan?

Secured loans are attached to physical assets the loan borrower can use as collateral. For example, a mortgage loan for a house uses the home as collateral. If the borrower fails to repay the loan, the lender can re-sell the home to make up for nonpayment.

On the other hand, an unsecured loan has no attached collateral. The lender thus has a higher risk of not receiving payment from the borrower. However, a lender can still pursue legal action if the borrower doesn’t comply with payments.

How Unsecured Guarantor Loans Work

What is an unsecured loan and how does it work? An unsecured guarantor loan implies that a second party adds their name to the loan.

If you have poor or no credit history and know someone who doesn’t, taking out an unsecured loan together would make the other person the guarantor. You will remain the primary borrower on the loan.

An unsecured guarantor loan has no collateral and relies on a financially stable guarantor. Your guarantor may choose between guaranteeing the entirety of a loan, or a part of it.

If you miss a loan payment or several, the lender will first seek other ways to get the money back. As a last resort, the lender will expect your guarantor to make your missed payments.

Loan Guarantor vs Cosigner

A guarantor loan meaning is different from that of a cosigner loan. When you have a cosigner on a loan, both parties are equally responsible for paying it back.

On the other hand, loan guarantor responsibilities are limited to paying when the main borrower cannot. If you take out a loan with a guarantor, you’re still the one on the hook for repayment. Your guarantor only makes the loan less risky for the lender by agreeing to pay when you miss a payment.

How To Apply for a Guarantor Loan

There are a few steps involved in knowing how to apply for a guarantor loan. The first step is knowing how to get a guarantor for a loan. While almost anyone can be your guarantor, the person must meet the lender’s prerequisites.

Typically, these are as follows:

• An age of 21 and over
• Have a high credit score
• Meet a certain threshold for annual income (this will vary by lender)
• Proof that they can comfortably pay for the main borrower
• Proof of residence in the country

After you secure a guarantor, the next step is to do some research. Compare different guarantor loans to see which is the most convenient for your situation. You will want to ensure you are eligible for the one you choose.

Lastly, weigh a guarantor loan against other potential solutions. Sometimes, a bad credit loan may be an option. When you’re sure you and your guarantor are comfortable with a loan’s conditions, apply for the loan.

Pros and Cons of Unsecured Guarantor Loans

Applying for an unsecured guarantor loan has several advantages and disadvantages. It’s a decision you must weigh carefully.

Pros of an Unsecured Guarantor Loan

The following are the top reasons an unsecured guarantor loan may be a good idea.

No Need For Credit

If you lack credit history, you will benefit immediately from having a guarantor with excellent credit. You won’t have as many prerequisites to worry about and your guarantor’s credit will essentially make up for yours.

You’ll Pay Less

Because having a guarantor reduces risk for your lender, the price of the loan will drop. Paying less on a loan is an attractive incentive particularly if you have bad credit.

Less Interest, Larger Loan

A guarantor provides lenders with a guarantee that loan repayment will occur more smoothly. Thus, a guarantor loan will have a reduced interest rate. You may also enjoy a larger loan amount thanks to having a guarantor.

No Collateral

You won’t have anything taken away if you miss a loan payment. With an unsecured guarantor loan, there is no physical asset a lender can take or sell to pay your debt. This is especially crucial for businesses since you won’t have to give up any part of your business to pay the loan.

Cons of an Unsecured Guarantor Loan

Despite its plethora of benefits, unsecured guarantor loans don’t come without risk. Here are some of the downsides.

You’re Tied To Your Guarantor

If something goes wrong and you can’t repay your loan, your relationship with the guarantor may suffer. For this reason, you should choose your guarantor wisely and consider the risks of compromising the relationship.

A Guarantor’s Credit May Decrease

The guarantor takes a substantial risk in accepting to guarantee your loan. If there is a default payment, remember that it will reflect badly on both your credit report and your guarantor’s. Someone with a high credit score may thus not want to take on such financial responsibility.

A Need for Private Information

The stakes are high when you’re guaranteeing a loan for someone else. That means your guarantor will likely ask you for personal information to ensure the risk is worth taking. You may need to provide details about your bank account and finances to the guarantor so they can weigh the decision.

Higher Rates Than Secured Loans

While it’s true that unsecured guarantor loans are one of the best options available to those with no credit, it’s still not always the optimal choice. With a secured loan, you’re more likely to see lower rates than with an unsecured one.

What Are the Alternatives To Unsecured Guarantor Loans?

Alternatives to guarantor loans vary and depend on factors like the loan type, your credit history, and your ability to secure a guarantor. Some factors may limit your ability to secure other loans such as small business loans.

Unsecured Loans Without a Guarantor

You may not necessarily need a guarantor for an unsecured loan. While it increases your chances, you should first check your credit score to make sure. Often, you may be able to obtain an unsecured loan yourself.

Secured Loans

If you’re certain you can repay your loan, obtaining a loan with collateral is a good option. If you need a loan for a very high amount, it may be worth looking into this option.

Bad Credit Loans

Options exist for high-risk borrowers. If your credit history isn’t ideal, you can still obtain a loan yourself. However, consider that these loans are riskier for the lender and will come with a hefty interest rate and limitations.

Credit Unions

Check your location for credit unions. These entities act as non-profit organizations and offer local individuals saving or lending options. Credit unions often have prerequisites, such as doing work in the nonprofit sector. Check requirements before applying.

If you are a small business owner, then you should consider getting a business credit card. A great practice for business owners is to keep personal and business finances separate. One way to do that is to apply for a business credit card. Have you been told that credit cards are more trouble than they are worth? That’s not all true; they can be beneficial.

Business credit cards and consumer credit cards have some differences. Consumer credit cards are used to establish a line of credit for individuals. Business credit cards are for business owners-whether that is a corporation, small business, or freelancer-to credit purchases for business expenses. Various institutions offer different options for business credit cards. The key to it all is choosing the right small business credit card that suits your needs.

What Is a Small Business Credit Card?

A small business credit card is a business credit card that establishes a line of credit to cover business-related purchases and tailors to the needs of a small business owner.

Some benefits of a small business credit card are:

• Helps to build a business credit score
• Frees up cash flow
• Higher credit limits than personal credit cards
• Offers perks and reward points
• Opportunities to earn cashback

Trailing the benefits of a small business credit card are the annual fees and high-interest rates.

Who Qualifies for Business Credit Cards?

Technically, as long as you have a business and a legal business name, then you could qualify for a business credit card. You have to be a legally formed business entity- a corporation, S-corp, C-corp, LLC, or sole proprietorship. Any business that is of any size qualifies for a business credit card. Virtually any business that sells a product or service is eligible for a business credit card.

How To Get a Business Credit Card for a New Business

As a new business, you may find it a bit difficult to get access to a flow of cash like a business loan. However, there is another option-a business credit card. Some banks and other financial institutions promote business credit cards for new businesses. To apply for a business credit card, you will have to fill out an application. Applications can be completed online or in person at a bank or other financial institution. You will be contacted with the final decision via email or mail.

Before starting your application, be sure to gather all of your required information to accurately enter the information on the application. Here is a list of the items you need when applying for a business credit card for a new business.

• The legal name of your business
• Your business contact information (phone number and address)
• Business legal structure (entity type)
• Type of business industry
• Business Tax Identification Number or EIN (Employer Identification Number)
• Date of business formation and the number of employees
• Annual business revenue
• Monthly business expenses
• Your legal name, date of birth, and SSN (Social Security Number)
• Your personal income and credit history

You may have noticed that you will need both information for your business and personal information. This information is used in the personal guarantee portion of the application. The personal guarantee acts as an agreement for you to be fully responsible for any debts associated with the business card. This also gives the card issuer the legal right to pursue your personal assets.

How to Get a Business Credit Card With an EIN Only

Most business credit card applications ask for your SSN (social security number) along with a personal guarantee. A business credit card that only requires an EIN (Employer Identification Number) may not ask for a personal guarantee, but there may be different requirements to qualify for the card.

An EIN (employer identification number) is a government-issued nine-digit number with the purpose of identifying a business as a taxpayer. If you haven’t applied for an EIN, you can apply for one on the IRS website.

Business credit cards that ask only for an EIN are most likely corporate business credit cards. These business credit cards don’t ask for an SSN during the application, but they do require businesses to make a certain amount of profit annually.

To apply for a business credit card with an EIN only:

1. Your business must first be determined if it is eligible to apply for the corporate business credit card using the EIN.

-Qualifications are based upon entity type, company size, and estimated spending activity for the business credit card.

2. Once declared eligible to apply, you have to decide if the corporate business credit card is suitable for your business.

How Long Does It Take To Get a Business Credit Card?

Business credit card applications are completed online and in person. If you completed an application online, then you will be notified almost immediately if your application was approved or denied. However, if you completed your application in person, then it may take up to 7 business days for review.

If you are approved, then you can expect your business credit card to arrive in the mail within  7 to 14 days. If your application was denied, then you can expect notification by mail of the determination. The banking institution may also provide instructions on how to appeal the decision.

Best Business Credit Cards for Your Small Business

There is an overwhelming amount of business credit card options available to small business owners. Some business credit cards may have a higher chance of approval than others. Each business credit card may have something different to offer, but that does not mean that it will be the most beneficial for your business.

Applying for a business credit card because it is the easiest business credit card to get… That is not the best strategy to improve the financial outlook of your business. There are other things you must consider:

• Why does your business need this business credit card? To build a credit score, develop a business credit history, or earn cash back.
• Is your personal credit history able to withstand a hard inquiry from the application process?
• How soon are you planning to use your new business credit card?
• Will your purchases stay below the credit limit?

Final Thoughts

Business credit cards are beneficial to business owners, but they don’t come without risks. Available to all business owners, business credit cards offer opportunities to build credit scores and credit history. The application process, however, requires information about the business and personal information from the business owner. The information is used in the personal guarantee holding the business owner liable for any debts.

You might be wondering how long do you have to be in business to get a business credit card. No need to worry about this. It doesn’t matter how long you have been in business to get a business credit card. Business credit cards are generally available to all businesses. You just have to find the one that fits your business well and apply.

Facebook Marketplace began as a place for users to buy and sell items similar to a garage sale. Since its introduction, Facebook Marketplace has gained popularity over the years. Since our world prefers online shopping over traditional stores, Facebook Marketplace has become a hot commodity among business owners.

The in-app platform allows anyone to post items-new or used-for sale, purchase, and shipment through Facebook. In the past, the majority of items sold were from individual sellers. As the individual side of Marketplace gained popularity, business owners have become keen on its benefits and potential.

Some benefits of using Facebook Marketplace as a business owner are:

• Exposure for your business and brand. Based on data from June 2021, 70% of Facebook users visit the app daily.
• A variety of marketing tools are available. The different tools for advertising help you discover ways to reach your target audience.
• Opportunity to provide a personal experience with customers. Communication using Facebook Marketplace takes place in Messenger. The conversations tend to be one-on-one and more personalized.
• It’s free to list your item for sale. It doesn’t cost anything to list an item, but as a business owner, Facebook has a fee that they will collect after you make the sale.

What Is Facebook Marketplace for Businesses?

Facebook Marketplace for business is only available in the Facebook app. Anyone who has an active Facebook profile can use Facebook Marketplace. If you choose to act as a shop or business, then you can use the additional features of Facebook Marketplace for business.

Facebook Marketplace is a free peer-to-peer selling platform. Even though businesses can sell to many users, they conduct transactions individually. Sellers organize Items for sale on Facebook Marketplace by categories and then location. Businesses can reach a larger customer base when properly tagging products.

How to Get Facebook Marketplace for My Business

To use Facebook Marketplace for your business, you need to have a Facebook account. If you don’t have an account, you can sign up for one. Once you have signed up, you can create a business or personal account and select the business marketplace icon to see Facebook Marketplace.

If you’re ready to start selling on Marketplace using your Facebook page, you’ll first need to list items for sale. You can use your Facebook account on a desktop and the mobile app. To list a new item for sale, open Marketplace and create a new listing. Choose the listing type: an item, a home or a vehicle for sale. Add photos and a detailed description. Set your price and delivery method. Finally, publish your listing.

Facebook Marketplace Features for Business Owners

Businesses have the opportunity to reach a larger audience using Facebook Marketplace and its array of features. Businesses such as car dealers, realtors, real estate agencies, retailers, craft artists, seamstresses, jewelry makers and more can use Facebook Marketplace to connect with customers who are interested in buying their products.

Facebook Marketplace offers business owners different tools associated with marketing and advertising like:

• Automated response tools such as chatbots or automatic replies to common questions
• Advertisement creation for use across multiple platforms such as Instagram and Messenger.
• Target objectives are available for selection during ad creation. Examples of objectives are traffic, lead generation, brand awareness, messages, conversations and store traffic.

Facebook Marketplace also allows customers to rate or score your business on being prompt in responding to messages. The app displays the rating badge on your business marketplace profile, making it visible to all customers who interact with you.

How Safe Is It To Sell on Facebook Marketplace?

Safety is a priority concern with Facebook, not just Marketplace. To ensure that Facebook Marketplace remains safe, there are rules and policies in place. You cannot sell certain items such as weapons, drugs, stolen goods, alcohol and digital media. Every item listed for sale must be a physical item and match its given description.

Selling on Facebook Marketplace is fairly safe. But both buyers and sellers should take precautions.

Beware of scammers

• Facebook does not control payment processing. It is the seller’s choice. Cash is still best.

Verify buyers

• All communication takes place through Facebook Messenger. Even as a seller, you have the option to view someone’s profile. When arranging a local meeting place, meet in a public place. It’s best to meet during normal business hours.

Tips for Selling on Facebook Marketplace

Facebook has billions of users. You want to make sure that your business and product stand out from the crowd. Here are a few tips for selling on Facebook Marketplace.

• Research products others have sold. You want to know what customers are buying so you can decide if you need to create a supply for the demand. During your research, you also learn what keywords and descriptions to use for your products.
• Add quality photos with great lighting. Customers like to see what they’re buying. Providing good photos from different angles with good lighting will help customers see the product before they have it in their own hands.
• Price your products competitively. You don’t want your products priced well beyond the range of others. Find a price that matches the quality of your product, yet appeals to the customer.
• Ask for customer feedback. Listen to what customers have to say, and target your ideal customers.

Best Selling Items on Facebook Marketplace 2022

Sellers must stay current on market research. You should always know what is in demand as a business owner. Here are the best-selling items on Facebook Marketplace.

• Laptops
• Clothing (baby clothes, kid’s clothes and adult clothes)
• Dog toys
• Home Decor
• Books
• Fitness Equipment

Final Thoughts

Living in a digital age, business owners must be flexible. Reaching customers online on a variety of platforms has benefits. Platforms like Facebook Marketplace allow business owners to list their products for sale for free.

Marketplace also provided business owners with different tools to help them reach their preferred customers. With the free listing and resources to increase customers and sales, it’s no secret why Facebook Marketplace seems to be the low-hanging fruit desired by many business owners.

If you’re looking for a cash advance with bad credit, you may be feeling a bit hopeless. 

It can seem tough to find lenders who will work with you if your credit score is low. However, there are still options available to you. 

In this article, we will discuss eight tips for how to get a cash advance with bad credit. We’ll help you understand what a cash advance is, what bad credit is, and where you can go to get cash advance loans with bad credit. 

So, don’t give up yet. There are still ways for you to get the cash that you need.

What Is a Cash Advance?

A cash advance is a short-term loan that you can use to cover emergency expenses. It’s a great option if you need cash quickly. Cash advances are typically unsecured loans, which means that you don’t need to put up any collateral. 

What Is a Bad Credit?

A bad credit score is typically defined as anything below 600. It can be difficult to get approved for traditional loans when your credit score is low. The good news is that there are still lenders who will work with you if you have bad credit. 

How to Get a Cash Advance With Bad Credit

There are several ways that you can get a cash advance with bad credit. You can apply for a loan through a bank or credit union, or you can try to find a lender online. However, be aware that the interest rates on these loans will be higher than loans for borrowers with good credit. 

8 Tips for Securing a Cash Advance With Bad Credit

Here are eight tips to help you get the cash that you need.

Check Your Credit Score

Before you apply for any type of loan, check your credit score. Doing so will give you an idea of what lenders are likely to offer you. You can go to the three major credit bureaus, Equifax, TransUnion, and Experian, once per year to get a free credit report. 

Work to Improve Your Credit Score

Look at your credit report and see if you notice major errors. If you do, work on fixing those errors before applying for the loan. If you improve your credit score, you save money on interest and fees.  

Get Your Financial Details Ready

Typically, your bad credit lender will use a preliminary application to decide whether or not to give you a cash advance loan. The lender will use a soft credit check, which won’t affect your credit score. The soft check tells the lender if you will qualify. The process will also tell you which rates you may qualify for.

Be prepared with your financial details before you start the application process. The lender will ask about the following details:

• Income stubs
• Social Security Number
• Date of birth
• Address
• Purpose of the loan

Find a Lender Who Specializes in Bad Credit Loans

Some lenders specialize in bad credit loans. These lenders are more likely to work with you even if your credit score is low. Take time to carefully research which lenders will more likely give a cash advance to someone with bad credit. 

Ask if Your Lender Will Report to the Credit Bureaus

Some bad credit lenders don’t report your payment history to the three credit bureaus. This means that you won’t be able to improve your credit score by taking out a cash advance loan. 

Ask the lender about their reporting practices before you apply for a loan. Go with one that will report your future pay-off schedule. Over time, this will help to improve your credit score.

Compare Interest Rates

Check with more than one lender during this process. Compare interest rates and loan terms as you work toward getting the best cash advance loan. Using the APR, ask yourself how much the loan will cost you long term. The APR represents the interest rate and other associated finance charges. 

Double-Check for Hidden Costs

Bad credit loans will come with higher costs than those provided to people with better credit. You should make sure you’re not getting taken advantage of, though. Read the loan agreement in full. Look for hidden costs that no one told you about during verbal communications.

Consider a Cosigner

If you’re finding it especially difficult to secure a cash advance, you may want to consider finding a cosigner for your loan. A cosigner is someone who agrees to repay the loan if you can’t. Some lenders who wouldn’t give you a cash advance based on your credit score alone will reconsider if you have a cosigner. 

Where to Get Cash Advance Loans With Bad Credit

Where can I get a cash advance with bad credit? That is a great question. Many banking institutions will help you get a cash advance with bad credit. Assess which type of lender fits best with your current banking relationships and choose from these types:

• Credit union
• Credit card company
• Online lender
• Traditional bank
• Friends or relatives
• Payday lender

Credit unions offer cash advances to their members at lower interest rates than traditional banks. Credit card companies will offer what’s called a merchant cash advance with bad credit. 

Getting an online cash advance with bad credit typically has less stringent qualifications than traditional lenders. However, a cash advance with bad credit online option may result in paying higher interest rates. 

You should probably consider friends, relatives, and payday lenders as the last possible options. Loans can sometimes cause good relationships to go bad. An instant payday cash advance with bad credit may seem attractive. However, payday loans cost the most. They typically have high-interest rates and require you to pay the loan back within two weeks. 

Takeaway

How can I get a cash advance with bad credit? Well, you now know that you shouldn’t automatically assume you can’t get a cash advance with bad credit. 

Use these tips to increase your chances of gaining approval for a cash advance loan. Compare bad credit cash advance interest rates and terms to find the best deal. Being proactive will help you secure an online cash advance when you have bad credit.

When you’re running a business, there are numerous things to think about. One of the most important is how you will finance your various business needs.

While many financing options exist, one of the best is getting a business line of credit. A business line of credit is different from a regular line of credit or a credit card.

In this article, we will discuss the differences when you’re choosing between a business line of credit or credit card and why getting a business line of credit might be the better option for you.

Business Line of Credit: What Is It?

You might wonder, what is a line of credit and how does it work? A business line of credit is essentially a business loan. You can think of it as a flexible, short-term loan that you can use whenever you need it.

One benefit of a business line of credit is that it works for various situations. Use it to finance inventory, pay for marketing expenses, or even cover unexpected costs.

Business Credit Card: What Is It?

A business credit card is a type of credit card designed specifically for business owners. One of the biggest benefits of using a business credit card is that they often come with rewards programs.

Pros of Using a Business Line of Credit

There are several reasons why using a business line of credit might be the better option for you. Here are some of the most significant advantages to choosing a line of credit vs loan options.

Added Flexibility

The best business line of credit options give you more flexibility than regular loans. You only need to repay the portion of the loan that you use. It works differently from a loan, where you may end up borrowing more than needed. The added flexibility to access only the cash that’s required at any one time means you gain additional control over long-term interest costs.

Build Credit History

A business line of credit can help you build your credit history. This is important because it can make it easier to get loans in the future.

Lower Interest Rates

Business line of credit requirements usually involve lower interest rates than business credit cards. Over time, this can save money on interest charges.

Cons of Using a Business Line of Credit

There are also some potential drawbacks to using a business line of credit.

Potential for Abuse

If you’re not careful, you can quickly find yourself in over your head when using a line of credit without planning ahead. It’s essential to only use a business line of credit when you really need it. Additionally, make sure that you always have a plan for repaying the loan.

High-Interest Rates

In some cases, using a business line of credit can result in paying higher interest rates. It might happen if you’re seeking a higher credit limit. As mentioned above, however, the interest rates are usually lower than those on business credit cards.

Pros to Using a Business Credit Card

In some situations, using a business credit card offers advantages.

Rewards Programs

Many business credit cards, such as a Chase line of credit, come with rewards programs that give you points for every dollar you spend. Redeem these points for cash back, travel, or merchandise.

No Personal Guarantee (in Some Cases)

Another advantage of using a business credit card is that sometimes there’s no personal guarantee required. Unlike a personal line of credit loan, you’re not personally responsible if the business can’t pay the balance. Keep in mind that these types of business credit cards aren’t easy to find. Most business cards do require you to personally guarantee the debt.

Builds Credit History

What is a credit line on a credit card? Similar to a bank credit line, a business credit card account will help you build your company’s credit history. Again, this can help you borrow larger amounts of money in the future.

Cons of Using a Business Credit Card

Here are some potential drawbacks to using a business credit card.

High-Interest Rates

Business credit cards usually have higher interest rates than other types of credit products. This can make it expensive to carry a balance on your card from month to month.

Annual Fees

Many business credit cards have annual fees, ranging from $50 to $500 or more.

Balance Transfer Fees

If you transfer a balance from one credit card to another, you will usually incur a fee.

Benefits of Having Both a Business Credit Card & a Line of Credit

Let’s take a look at why having both a business credit card and a line of credit can be beneficial.

One of the most significant advantages of having both a business credit card and a line of credit is that it gives you flexibility in how you manage your cash flow.

For a line of credit example, let’s say you have a large project that’s going to cost $20,000. You can use your business’s Bank of America line of credit to finance the project and then make payments over time. Alternatively, you could put the entire purchase on your business credit card and also pay off the balance over time.

Another advantage of having both a business credit card and a line of credit is that it can help you build your corporate credit history. When you make timely payments on both your business credit card and your line of credit, it will help to improve your company’s credit score. Use a business line of credit calculator to track how much you will owe and determine which plans offer the best interest rates.

Additionally, using both types of loans can help you save money on your business expenses. For instance, you might use a rewards business credit card to save money on things like travel and office supplies. Alternatively, you might finance a building addition with your line of credit because of a more favorable interest rate.

Takeaway

There are both advantages and disadvantages to using a business line of credit or credit card.

Ultimately, deciding between a business line of credit vs credit card depends on your specific needs and financial situation. Your credit score also plays a big part in the decision. For example, you may need options for the best business loan with bad credit.

Or, you might feel confused about what your current credit score will allow you to do with these types of loan options. Take time to apply now so we can advise you about the option that best fits your situation.

What Is Inflation?

Inflation is an economic condition that occurs when the prices for goods and services rise. This can be caused by a variety of factors, including increases in the cost of production, scarcity of resources, or excessive monetary supply. When inflation occurs, the purchasing power of a currency decreases, which can lead to problems such as increased prices and reduced economic growth.

There are a few different types of inflation, but the most common is demand-pull inflation. This happens when there is more money in the economy than there are goods and services to buy. This excess money causes demand for those goods and services to increase, which then drives up prices.

Inflation can be a difficult thing for businesses to deal with. When prices are rising, it becomes more difficult to turn a profit. In some cases, businesses may even have to raise their prices in order to keep up with the cost of inflation. This can lead to a decrease in demand for their products, as consumers may opt to purchase cheaper alternatives.

Inflation has been around for centuries, impacting the lives of people in different ways at different times. Some periods of high inflation have been more devastating than others. In the early 1800s, for example, America experienced a period of high inflation that caused a lot of harm to the economy. Prices for goods and services increased rapidly, making it difficult for people to afford basic necessities. The value of money also decreased rapidly, which made it hard for people to save money or buy property. This period of high inflation lasted for about 20 years and caused a lot of damage to the economy.

Why Are We Facing Record High Inflation Numbers in 2022?

One of the main reasons we are facing record high inflation is because of the monetary supply. The monetary supply is the total amount of currency in circulation in an economy at a particular time. The monetary supply can be increased in a few ways: by printing more money, by increasing the number of banknotes in circulation, or by increasing the reserve requirement. When the monetary supply is increased, the value of each unit of currency falls, and prices for goods and services rise, which is known as inflation.

Inflation can also cause economic problems. When the cost of living increases, people may find it more difficult to afford basic necessities. When it comes to inflation, businesses are the ones who usually take the biggest hit. Inflation causes the prices of goods and services to go up, and since businesses rely on these goods and services to operate, they have to raise their prices too. This can lead to a cycle of inflation and higher prices, which is bad for both businesses and consumers.

Are We Currently In a Recession?

For some, there’s no doubt that we are currently in a recession. For businesses, this recession has meant increased inflation and decreased profits. For consumers, it has meant increased prices and decreased purchasing power. The recession has also led to increased unemployment and decreased wages. Despite these challenges, however, there are still opportunities for businesses and consumers to thrive. By being creative and resourceful, both businesses and consumers can survive and even thrive during these difficult times.

Inflation Combined With Supply Shortages

For example, there is a current baby formula shortage in the United States that is leaving parents worried. The shortage is a result of rising business inflation that has caused several baby formula brands to run out of stock. This is leaving parents with limited options when it comes to choosing a baby formula for their child.

While the shortage is causing a lot of stress for parents, it is also a good opportunity for companies that produce baby formula. These companies are seeing a surge in sales as parents are forced to buy their formula from them.

Overall, the baby formula shortage is a result of rising business inflation. This is something that parents need to be aware of when choosing a baby formula for their child.

How Your Business Can Protect Itself Against Inflation

Inflation can have direct effects on businesses. For example, it can make it harder for them to compete with foreign companies, since their goods and services will be more expensive. It can also make it difficult for businesses to get loans, since lenders will be worried about how high prices could go in the future. Business owners are currently being squeezed in every direction by inflation.

Inflation is a serious issue for corporations. When the cost of goods and services rises, profits decline. This can force a company to lay off workers, cut back on production, or raise prices – all of which can hurt the company’s bottom line. In addition, inflation can also lead to higher interest rates, which can make it more difficult for a company to borrow money. All of these factors can have a negative impact on a company’s stock price.

Despite all of these problems, there are some things businesses can do to protect themselves from inflation. For example, they can try to keep their costs down by negotiating better deals with suppliers, or by investing in new technology that makes their production process more efficient. They can also try to increase their sales by targeting new markets or by developing new products.

Ultimately, inflation is something businesses have to deal with, but there are ways to mitigate its effects. By being proactive and taking steps to protect themselves, businesses can minimize the damage inflation can cause.

Inflation is on the rise!

According to the latest figures from the Bureau of Labor Statistics, inflation soared 8.3% in April, close to a 40 year high. This is the highest annual rate of inflation in 40 years. The main drivers of the increase were prices for gasoline and shelter.

The CPI measures the average change over time in the prices paid by urban consumers for a fixed market basket of goods and services. In other words, it’s a measure of how prices are changing for everyday items like food, clothing, and transportation. When the CPI goes up, it means that the cost of living is increasing.

This latest report is a reminder that we need to be vigilant about inflation and take steps to protect ourselves against its effects. One way to do that is to make sure that we have a diversified investment portfolio that can help us ride out the ups and downs of the economy.