Stand-Mesothelioma Business Blog: Funding

Tuesday, April 4, 2017

6 Tips for Navigating Online Lending Options

Small-business owners can have a particularly difficult time getting capital from a bank if they’ve been in business fewer than two years, if their credit score is less than 640 or if they need less than $250,000. Fortunately, there are alternatives to the traditional bank-installment loan. Online lending has been a source of innovation and promise for small businesses that are looking to invest and grow. According to statistics from Harvard Business School, although the total volume of small-business bank loans decreased by 3.1 percent in 2014, small-business online lending increased twofold.

But how can small-business owners save time and get the most value out of the online lending process? Following are six key tips and insights for applying for a small-business loan online:
1. Ensure your finances are in order.

Business Ideas You can Start For Under 20$

strong> Personal Services—Shopping & ErrandsThis is a great business idea especially heading into the holiday season. Believe it or not, there are people who wouldn't be caught dead going anywhere near a mall, but they're not comfortable with buying certain items online, either. Alternatively, signing up to run errands on an app like Task Rabbit or deliver food through services like Postmates, can immediately provide you an existing client base. If your car's not reliable, pick something else. Also, you won't need cash, but you'll need available credit on your credit cards if you're not working through an app like the two above. Consider an American Express or a Diner's Club that don't have preset spending limits. Or use a card that gives cash back rewards or frequent flyer miles, and you'll make a nice little bonus for yourself.
strong>Graphic Design and Desktop PublishingIt's amazing how many people have a computer and still don't know how to make flyers, presentation decks and other visual assets for their business. If you've got a good design sense, are familiar with your word processor and already have a laser or high-quality inkjet printer, you can get into desktop publishing. Create a really great-looking portfolio for yourself and go door-to-door.
strong>TutoringWith the growing dissatisfaction with our education system and the huge growth in homeschooling, there's an unprecedented need for tutors these days for kids of all ages—even adults. If you've got a topic you've learned a lot about through work or have retained well since school that you can tutor in, contact the local schools, particularly private ones, local homeschool groups and offer your services. Don't be concerned if your topic is highly specialized-even those are in demand, especially at local colleges and universities.
strong>eBay SellingYes, there really are people who make a decent living buying things at garage sales and flea markets and selling them on eBay. The big secrets? Stick to products you know (or learn before you start) extremely well, package your goods carefully, and provide impeccable customer service. It helps to have a digital camera or a scanner, but it's not required.
strong>Secretarial Service—Typing, Transcription and ProofreadingMany small businesses and individuals have a need for these services, but not enough need to hire a full-time employee or temp through an agency. Assuming you've got a computer, a printer, and email (and the necessary skills), you're all set. Be prepared to charge by the job, not by the hour.