Learn how to fill out a business loan application

by Kaylie Phelps

Filling out a business loan application represents an essential step that you must observe carefully in order to obtain the much-needed money. You definitely dealt with all types of documents before but the truth is that they are all different and you have to pay great attention to the details if you do not want to make a mistake. Read the instructions below in order to become familiar with the rules and know what to avoid when filling out a form.

Do not forget to double check at the end because this will help you detect if you missed a question or if you made an error. You do not want something to delay your business application and impede you to obtain your business loan.

Observe the writing and ethical rules

When it comes to filing out your business application, neatness counts because no lender will want to read or even pay the minimal amount of attention to a sloppy and unclearly written piece of paper. Therefore, you should not exceed the space allocated for writing or, on the contrary, go for small and hard to distinguish letters.

You have to make sure that you observe this simple rules if you fill out the form by hand. On the other hand, if you use an online method, do not forget to capitalize important details including name and address and do not use only uppercase letters. Apart from the writing rules, ethics is extremely important for any lender. Therefore, avoid under any form to lie or distort the truth when answering the questions included in the business application. Yes, you must present yourself and your business in a positive light but you can find ways to do this without fabricating lies. If you have the possibility to leave comments in addition to the information required, you should take advantage of it and try persuading the lender without begging or other things like that.

Personal details

Obviously, the lender must dispose of necessary personal information regarding any person that applies for a business loan. This means that you have to start by including important details like your full name, your birth date and home address, contact information including the phone number and mail address. Additional information will allow the lender to know you better and ensure a good communication. Establishing a positive relationship from the start will definitely prove beneficial on the long term.

Business information: past, present and future

You have to provide accurate answers for many questions regarding the purpose meaning why you need the money and how you are going to use them, the amount and the repayment plan. Other aspects included in the application are balance sheet, profit and loss statement, collateral that refers to the assets and their value, business or personal, you can use to make the repayment if your business does not make enough profit. Your credit history, details concerning your business plan meaning that you should already have a well-established one and your financial performance all represent clues to the lenders because it helps them to decide whether to approve the business loan or not.

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October State of the Finances

by Mrs Money

Everything here has been a whirlwind lately since Mr. Money lost his job a couple months ago.  We’ve been trying to keep our heads above water, and I feel like we’ve been doing a pretty good job doing that so far.  One of the hardest things for me is when I have a million transactions to reconcile in our check register.  Yes, I still use one of those 😉 I’ve decided that I’m going to try charging everything on our credit card for the month of October and see how that goes.  It’s a reward card so we will get cash back on our purchases: 4% on gas, 3% on restaurants and groceries, 2% on movies, and up to 1% on everything else. I plan on paying it in full before the bill is due so we don’t get charged any interest.  I’m going to see if that’s easier for me or not.  Sometimes I think it’s harder because I don’t know an exact dollar amount of how much we have in the bank since transactions can pend on the credit card for days.

Mr. Money has applied for many jobs, had a few interviews, and probably only one really solid lead for a job.  Unfortunately, the company chose another candidate (probably one that had more sales experience) so he didn’t get that job.  He’s still looking, and is actually studying JavaScript, C# and .NET to further his credentials.  He would love to get out of the food industry and stop being a chef.  We’re hoping and praying a career change is in the future for him and that he loves it!  I’ve tweaked his resume and I had a few people look over it as well, and they said it looks pretty good!  He’s updated his Linkedin and some other software development groups to help him with his job search.

Throughout this whole ordeal, I’ve been very thankful that we live very frugally and that we don’t feel like our lifestyle has been drastically changed since he was laid off from his job.  Of course we’ve been careful with how much money we’re spending, we’re not going out and buying things we don’t need, and we’ve been cooking and eating all meals at home.  It hasn’t been the most fun, but we’re making the best of it and thankful for what we do have.  I have to keep telling myself this is a season and will pass and be a blip in the radar in not that long of a time period.  I’m so thankful that we are all healthy and safe and there’s a lot to be said for that.

I’ll be honest though- I hate this time.  I hate waiting, I hate not knowing, I hate feeling like everything is not going to be okay. I hate feeling hopeless.  I wish so badly that he hadn’t taken that job and that things were fine.  But you can’t go back and change things, you can only move forward so we do the best we can, put a smile on our faces, and trudge forward.

I’m going to try to do an update with tracking our spending for the month of October so I can share how using the credit card works out.  I’ll bet it will simplify things for us, and getting the cash back is an added bonus!

Have you ever had a period of unemployment?  What was the hardest thing you’ve experienced financially so far?

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How to Monetize a Blog Dedicated to Online Trading

by Kaylie Phelps

source=https://www.pexels.com/photo/space-grey-ipad-air-with-graph-on-brown-wooden-table-187041/Monetizing a blog is no easy task. It requires significant knowledge of the online marketplace, excellent writing and research skills and more than its share of hard work. That said, there are some subjects that lend themselves well to blogging, and financial topics top the list.

Chief among these financial topics is online trading. With the meteoric rise of web-based trading platforms, mobile apps and fast-moving financial services companies, the average investor can now utilize tools that were once reserved only for major brokerages and top banks.

Writing about these subjects, whether locally or more generally, is practically guaranteed to attract an audience, and not just any audience. Online traders and investors need advice and information and very often have the means to pay for it.

So, if you were to start a site about online trading and investing, how might you monetize it? Here are some things to consider.

Focused Inventory

Throwing open the doors and letting any and all advertisers on your site is the fastest way to cut the value of your work dramatically. While other subjects might do well with context-sensitive ads, the type of advice you give and the types of reference material you provide will dictate the kind of advertising you want.

For example, if you are writing articles that might qualify as a forex trading guide, you’re going to want to attract advertisers that can convert your audience with sales, not just clicks. Finding and keeping those advertisers will grow your site much faster than cost-per- click strategy.

Sales

While advertising and even cost-per- action revenue streams can earn you a considerable income, the real monetization of any site comes from direct sales of your own products. Independent authors know, for example, how quickly a side-project can take off when paired with sales of both fiction and non-fiction books.

The reason this is such a powerful combination is because articles can serve as lead-ins to entire works of non-fiction. Financial advice is a perennial top-performing subject in the publishing industry, with everyone from celebrities to industry leaders to day traders offering advice for every kind of investor.

As some have often said, there has never been a better time to be a writer. Combining the opportunities for bloggers with the opportunities for independent authors only makes the possibilities of a lucrative career that much more likely. Darren Rowse and J.A. Konrath are perfect examples of authors and online marketing specialists who have turned their knowledge and expertise into second careers as online publishers.

Spin-Up Content

Online publishing is no longer just confined to blogs. Many writers find they can create a secondary market for their work through the production of instructional or educational videos on sites like YouTube, DailyMotion or Blip TV.

The reason this strategy is so powerful is because it can dovetail with your other writing and
monetization strategies, and do so seamlessly. Once you have multiple revenue channels for your work, you can begin cross-promoting them, with each channel advancing your audience closer and closer to your highest-margin products and advertising.

Bloggers also have the option of converting content from one channel to the other, so if you find there is a particularly popular article of yours on your site, you can convert that article to a video and duplicate your success.

Guest Writing and Speaking

Once you have established yourself as a trusted source of high-quality information and advice, you can “take your message on the road” so to speak. Offering original guest articles to other sites is a great way to create one-off income opportunities. If you can establish a relationship with another site or group of sites, those one-off articles can turn into a secondary or tertiary revenue source.

The next step is to offer to appear at events sponsored by other sites and companies to speak on financial topics. By the time you reach this level, you will likely have so many well-developed revenue streams you will find every event generates its own surge in signups, subscriptions and purchases.

Conclusion

It goes without saying general advice on how to start a blog isn’t limited to just financial services topics, but it should be noted that advice about online investing, building a quality portfolio and money management are subjects that fit naturally into every monetization category from blog articles to major speaking engagements and everything in between.
Update as often as practical, but make sure your schedule is predictable and isn’t interrupted very often. Once people begin to rely on your advice, they will want to be reassured your site and project aren’t going to disappear on them.

As with all business models, achieving success requires consistent effort, a dedication to producing the highest quality work and more than a little patience. Combined, those three things will earn you the success you deserve.

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Investing In Yourself to Build Your Wealth

by Kaylie Phelps

It’s easy to try to save money simply by spending less and less and less. But sooner or later
another variable has to be introduced into any wealth building strategy. By investing in yourself, you’ll find that you have greater earning potential, more knowledge with which to spot opportunities, and renewed experience and confidence with which to make the most of your
financial life moving forward. Don’t cheat yourself out of greater ability to build a better financial future, simply to save money in the short term. It may be a hard first step, but spending smart money on yourself is going to pay off big someday. Here are some of the best ways to do it.

Education. You don’t have to acquire an entirely new, expensive degree (but you can do that if
you want). Education is available in many forms, from watching educational Youtube videos to
getting a doctoral degree. Whatever the case is best for you, don’t avoid further education
simply because there is an upfront cost that you have to deal with before you start to improve
your earning potential. Henry Ford is said to have invested in himself for many years before he started to worry about wealth acquisition. If you give yourself the right experience and skills, you’ll find that building wealth comes much faster down the road.

Doing What it Takes to Protect What You Have. It’s easy enough for people to avoid taking
precautions they think are unnecessary. One of the best examples is life insurance. While
you’re young, life insurance may seem like an unnecessary extravagance, even if you have a
family. But if a terrible accident were to occur, much of the work you’ve done would be wiped
out as your family struggled to cover financial expenses, maintain their lifestyle, and deal with the grief of losing you. Life insurance companies have affordable products available for people just like you, so pay a little extra money to make sure that the hard work you’ve done will pay off, even if you aren’t there to enjoy it.

Diverse Experiences. People are the product of their nature, their knowledge, and their
experiences. If you don’t have much in the latter two categories, you’ll find that you don’t have the tools necessary to find exactly the kind of life you want to live. Half of wealth is the satisfaction you can generate using your money to live the life you want. Much like education, diverse life experiences such as travel expand the way you see the world, and yourself in it. They may not earn you money specifically, but they’ll help you use your money for a much greater purpose if you have them.

Many people try to live lives of frugality without ever truly investing in themselves. This may be an efficient way to use the money you have, but it’s not a vibrant way to expand your wealth and enjoyment of life in the long term. Finding a balance between frugality and self-investment is important for many people who get money in the long run.

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Small Business Loans and Credit

by Kaylie Phelps

Part of small business finances revolve around loans and credit. Because most small businesses need loans to start up, and periodically through operation, small business owners need to know the options when it comes to credit and loans. From calculating an accurate balance sheet to exploring line of credit options, you should learn these small business finance basics that revolve around borrowing money. Otherwise, you could end up making poor decisions that could cost you your good business credit or your business’s success.

Creating a Balance Sheet

When assessing your small business’s needs, you need to know how to create a balance sheet. Balance sheets tell you about your business’s health, and clue you in when something’s amiss with your finances. The formula is simple: your owner’s equity plus your liabilities should equal the amount you have in assets.

Your assets are both fixed and current, though the current ones should go first on your balance sheet. Current assets are those you could sell within a year or less, making them liquid. Fixed assets are things like investments that will take longer to gain any actual capital out of but are still worth money to your business. Liabilities include things like bills your business needs to pay, including accounts payable to other clients and credit card bills. You want to create an accurate balance sheet every six months (or every quarter) for a few reasons. The first is that a balance sheet will help you watch your company’s financial health over a period of time. The second is that it’ll help you secure financing. Those assets can help you convince a lender to give you a loan to help build another part of your business. Over time, you can include those loans in your balance sheet to watch how you’ve used them to grow your company.

Understanding Personal and Business Credit

Your personal and business credit should be two separate things. Most small business owners do
their best to separate personal and business finances and expenses. Having two bank accounts, different credit cards, and crafting very detailed expense reports are a few ways people keep these finances separate. Achieving both a personal and a business credit score is a very good practice for business owners.

The reality is that, as a small business owner, your credit is going to get a little bit mixed no matter what you do. Having a business credit card could impact your personal credit score. Many business cards won’t report anything to your personal score unless you default on your payments.

That being said, some business owners use one credit score to boost the other. Having a business credit card that reports to your personal credit score could boost a bad personal score. When starting businesses, some business owners with fabulous personal credit use those high scores to secure personal loans when they can’t get business loans. In general, these aren’t good business practices and, if you mix your finances, you should separate those finances again as soon as you can.

Using Credit Cards

A business credit card can be a helpful way to keep track of expenses, especially those incurred while traveling. That being said, remember that a credit card is an unsecured loan, which means you typically have low spending limits and high interest rates.

For small expenses, like meals, plane tickets, and hotel bookings, business credit cards are great. You can pay down those amounts quickly, so you don’t accumulate a lot of interest. You also get the credit card statement as a way to track finances. If you need money to grow your business, though, a credit card isn’t the way to go.

Getting Lines of Credit

A fixed loan amount isn’t right for every business. If your business grows and changes rapidly, knowing how much money you’ll need six months from now can be quite difficult. Instead of a traditional loan, you might consider a line of credit instead.
With a line of credit, you get approved to borrow a certain amount. However, you do not have to borrow that entire amount. But, if you borrow too little, you can come back and borrow more as long as you don’t hit that borrowing limit. Lines of credit, especially revolving lines of credit, offer considerable flexibility for small businesses. For example, Kabbage offers a revolving line
of credit that allows you to borrow money as you need it up to a certain amount. Once you pay
back some of the principal, you can borrow again. You’ll like knowing that a line of credit typically offers lower interest rates than a credit card. You also face fewer penalties for cash withdrawals or balance transfers.

Finding a Guaranteed Loan

Many people seek out Small Business Administration (SBA) loans when starting or expanding a
small business. The reason they’re so popular is the federal SBA agency guarantees these loans. This means that if you default on them, the agency agrees to pay back some or all of the loan instead. So when you go to the bank asking for a loan, an SBA loan gives the bank extra security. That may mean lower interest rates or an easier time getting a loan for a new business owner.

You have a few options with SBA loans. You can go for the 7(a) loan program, which will loan
out as much as $5 million in a federally guaranteed loan through a financial institution. A microloan is another option; you can get as much as $50,000 through a community nonprofit.
If you’re going to apply for an SBA loan, make sure you’re willing to put down a personal guarantee, too. SBA loans require people with 20 percent ownership or other top managers to
personally guarantee the loan. Whether you’re adept at finances or need to hire an accountant, you should know at least the basics of small business finance. Understand enough to know what kind of loans or lines or credit to pursue, and how to monitor your business’s success and financial health.

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Flexible, Enjoyable Earning via Rover.com

by Guest

You may have volunteered to look after a friend’s dog in the past and enjoyed the experience, but had no idea that you were practicing a marketable skill: Pet owners want dedicated, loving caregivers for their pets, and they’re willing to pay well.

Launching a business on your own would be a daunting proposal. The good news is that Rover.com takes all the busywork out of pet-sitting. Finding clients, scheduling, and communication couldn’t be easier with the site and app. Better yet, you can set your own rates and hours.

In Your Own Home

Boarding is a great option if you have a pet-friendly home and want to welcome guests for overnights or extended stays. You can let owners know what your neighborhood is like, where you’ll take their dogs, and what kinds of adventures you’ll have. You get to know their pup and incorporate them into your everyday life. Whether you work from home or hold a day job, you can offer wonderful, comprehensive care that owners will appreciate and pets will love.

Daycare is for pups who need a buddy during the day while their owners are busy. You might take one dog at a time or several, depending on whether they get along, and how you prefer to provide care. Whether these are puppies in need of extra training, anxious dogs who feel better with a friend, or hyper-playful pets who want to run around, you’ll get to spend time enjoying each other’s company. These gigs could be five days a week or occasional, as-needed opportunities.

In the Owner’s Home

House sitting is amazing for sitters who are able to stay in the owner’s home overnight. The dogs will already be completely comfortable in their space, and you can more easily adapt to their regular habits and routines. The owner knows their home is being looked after while they’re away, which contributes to their peace of mind, and you enjoy a change of scenery during the stay.

Walks and drop-ins are the most flexible, simple form of care a sitter can offer. You’ll arrange a time to come over and look after the pet’s needs in a targeted, efficient way. This could include a potty break and a few minutes of playtime, a hearty walk, or whatever you and the owner agree on.

Sign up now to get started with Rover and become a trusted sitter. Once you create your profile, you can ask friends whose pets you’ve looked after to write reviews for your page. You can also refer owners so that they get a discount on your services. Rover offers insurance, protection, and 24/7 support. And as you gain experience and clientele, you’ll be able to increase your rates over time.

As a Rover sitter, you call the shots: You can schedule multiple short visits throughout the day in addition to offering overnight care, if you want to boost your income. Or you can simply fit in pet-sitting around all your other tasks and obligations. Either way, you’ll enjoy the perks of being your own boss–and working with the best creatures in the world.

Written by Nat Smith, Rover.com community member. Rover is the nation’s largest network of 5-star pet sitters and dog walkers.

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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