The odds are that if you’ve been scouring the web for a deal, you’ve come across Groupon. In recent years, Groupon has become a touchstone for people who are looking for great deals on quality services, products, and more. And advertising your business on Groupon can put you in the millions of people who use the platform each day.
I believe that Groupon is one of the least utilized advertising platforms around. Using this e-commerce platform means that you won’t have to compete as much with competitors for advertising real estate. Utilizing the platform efficient can help attract repeat customers, increase brand recognition, and make more profit along the way.
So, save some paper and embrace the era of digital couponing we’re all living through right now. Here’s how you can advertise your business or brand on Groupon.
between 18- and 44-years-old. Men and women appear to use the platform in similar numbers, meaning that businesses can expect advertisement and deals that are inclusive to all genders to do best.
Using Groupon couldn’t be easier: both merchants and customers create profiles geared toward their interests or businesses and can choose to shop or advertise throughout the e-commerce platform. The ease of use and access to Groupon has only helped the commerce company not only grow in popularity but made it a viable place for other business to market their products, services, etc..
By leveraging Groupon’s broad demographic appeal, you can establish a strong presence on the platform that directly affects your bottom lines.
www.groupon.com/login, a login page will pop up that will request the following criteria:
- Your legal first and last name
- Your business or personal email address
- Your desired Password
- Choose whether or not you want to receive email newsletters from Groupon
- Choose whether or not you want the device you’re on to remember your inputs
After signing up, you’ll have the ability to do deep dives in local, national, or international markets. It’s worth noting that more than 70 percent of all Groupon sales remain bought by locals seeking deals on products and services in their neighborhoods.
Groupon Merchant Blog, which we’ll get into later, has many accounts of restaurants experiencing more traffic from using Groupon. From offering one-time deals on certain dishes to revolving discounted specials, Groupon can help grow your business traffic.
One of the more exciting perks of your restaurant being a Groupon Merchant is that you can offer Loyalty Rewards programs. Much like in other iterations, these loyalty programs can help attract long-time customers and bring attention to your eatery.
There needs to be a reason for your customers to want a loyalty program through Groupon. Consider offering deals and incentives to customers to sign up for loyalty rewards to receive. Recently, The National Restaurant News found that people who have a Loyalty Program to a specific restaurant will spend almost 40 percent more (on average) when they’re closer to receiving an award.
Even if you don’t choose to start a Loyalty Program for your restaurant, you can continue to offer deals. Research shows that people are many times more likely to spend more on a more expensive meal if they believe they’re getting it cheaper than usual.
Advertising on Groupon for your restaurant is a win-win: Your bottom lines and customer traffic grow, and your eaters leave having saved on a good meal.
How to Advertise on Groupon for Health and Beauty
Nail and hair salons, spas, massage companies, and more health and beauty businesses can all benefit by leveraging Groupon to expand their outreach. Research shows that even during times of recession, Americans tend to continue to spend the same on health and beauty products and services. But Groupon can do more than help you get more clients.
Groupon allows Groupon Merchants to streamline appointments by simplifying the booking process. Using “Groupon Appointments,” you can allow customers to request appointments after they purchase a ticket, voucher, or digital reservation card for your business. Your “Groupon Calendar” will immediately be updated to accommodate the customer, and that specific time will be unable to be booked that day. This streamlined process also eliminates the risk of double booking from happening.
Also, you can help boost traffic for our other online health and beauty services by cross-linking to your “Groupon Page.” You’ll have the option to link to your main business website through both your Groupon Page and advertisement, itself. By creating easy access to your main website, you can introduce new and old customers to services that are available, but not through Groupon.
How To Advertise on Groupon Effectively appeared first on ShivarWeb.
The digital marketing landscape is evolving quicker than ever before. While print and more traditional mediums still have their place, those who want to take their platforms need to the next level need to embrace the new digital landscape. And no platforms are more influential to your business than the social media, including Snapchat.
Facebook, Linkedin, and Twitter are common social media vehicles to advertise. However, because Snapchat is so new, many businesses don’t know how to or don’t want to, leverage the platform to their advantage. And I think that’s a great mistake on their end.
By explicitly targeting specific demographics and meaningfully engaging with them, Snapchat offers a variety of tangible benefits to growing your business.
Scroll through to learn more about Snapchat itself and how to advertise on Snapchat, one of the most popular social media networks in the world.
Snapchat is now part of the larger Snap Inc.. In addition to their primary product, Snapchat, Snap Inc. will expand its influence in the social media space. Their flagship product, Spectacles, a pair of “smart glasses” that syncs with the user’s Snapchat account and records videos as they go about their business.
One of the core principles of Snapchat is that media recorded, the pictures and messages, are just available temporarily before they need user input. Snapchat was once only meant for peer-to-peer photo sharing through such platforms as “Stories,” but has now introduced “Discover.” The latterly mentioned platform allows brands and media outlets to run ad-supported content through short-form entertainment.
As of this February, Snapchat has around 190 million daily active users who use the platform. Snap Inc., which continues to own and operate Snapchat and is now a public company, is worth an estimated $20 billion. And there’s a good chance the company could exceed $30 billion in worth by 2020.
profitable space to advertise businesses on to see tangible results.
Since going public, Snap Inc. is keen on growing their demographic appeal. This recent choice to go public is promising to those who want to advertise on the platform. It also means those companies can broaden the product and services they push on Snapchat.
“They are eventually going to tap out of these younger age groups and will have to court older demographic groups,” said eMarketer principal analyst Catherine Boyle to Forbes in response to Snapchat’s demographic appeal. “They may not need Facebook-level penetration across every age group, but growth will happen among an older user base.”
Snapchat also is widely aware that their interface isn’t the easiest to use for those who are new to social media.
“The onboarding experience is difficult,” chief strategist of Kuuhubb Tero Kuittinen said of Snapchat’s account sign up to Forbes. “It’s not easy to learn how to use it. If you’re 18, it’s not a big stretch, but if you’re 45, it’s tough to figure out.”
Snapchat is already making stride to making the platform more comfortable to use to those who aren’t social media savvy. And when these older demographics do eventually become more prominent on the platform, Snapchat will gain more traction as a place to not only get news but see new products and consume media.
“Older groups are now more likely to tune in [to Snapchat] for content,” eMarketer analyst Jamie Chung said in an email to Forbes. “The platform has multiple partnerships with television networks for mini-episodes. Meanwhile, the younger groups are less likely to add Snapchat when Instagram Stories can fulfill their broadcasting needs.”
By leveraging Snapchat now, you can get ahead of the crowd and establish a strong presence on the platform.
within the first 15 second of seeing it. Those brands who can capitalize on early engagement will be far more successful than those who need “build up.”
Long-form Video Ads also lend themselves to a higher amount of creativity than most of the platform’s other ad services. Because creators have such a long time to craft an image, a business can introduce storytelling aspects into these ads. Research has shown that brands who can create themes and stories within their ethos have greater longevity and increased product sales.
In the end, Long Form Video ads aren’t for business who aren’t media-focused. But for those who are, there’s no better ad service on Snapchat to convey a story, theme, or concept than by running a well-made Long Form Video ad.
News’ on Snapchat’s main website to do just that.
The blog also regularly highlights general market trends, news, and practices that Snapchat business are using to help grown their efforts.
Snapchat is continuing to grow quarter after quarter. It’s presence and importance is only increasing as it stocks share.
I recommend using Snapchat as a vehicle to tell stories through ads. Unlike its contemporaries like Facebook and Twitter, Snapchat lets you engage with your audience in profound, meaningful ways. You can share your brand with narratives and creative designs, rather than just with clickbait copy.
In the coming years, storytelling will become one of the most potent marketing tools. Snapchat and it’s creative ads do just that: tell stories in pleasing ways that can draw an audience from near and far to your business, brand, etc.. Snap away, tell stories, and reap the benefits from being an engaged, creative “Snapchatter.”
The post How To Advertise on Snapchat Effectively appeared first on ShivarWeb.
Pinterest was launched in 2010 and has grown to at least 200 monthly active users in 2017. The social sharing platform is designed to help people discover information on the internet. Therefore, just creating an account on Pinterest can draw viewers to your brand.
Pinning content from your own website puts it in front of a new audience. Even pinning other people’s content can draw followers to your Pinterest account. You can get more data from your account. Optimizing the SEO of your Pinterest boards can boost their organic search rankings in Google. All of these strategies are free.
The platform began experimenting with monetizing certain pins in 2014, initiating an effective way for companies to advertise. Nowadays, advertisers can create Promoted Pins, which show up alongside all of the other pins on the page. In this image, you can see that the pin that says “Get 500% more traffic” indicates that it’s promoted by Pinterest in the description below it:
In this case, Pinterest is using its platform to advertise tips for businesses. It’s always encouraging to see a company using its own advertising services. That’s one way to know that the system works.
What Is Pinterest?
First, let’s discuss Pinterest and how it works. Some people say that Pinterest is a social network. Others refer to it as a search engine. Through Pinterest, you create a profile and then “pin” visual content onto different “boards.”
It’s like a collection of virtual bulletin boards. Instead of cutting out paper images from magazines, though, you save images that you find on the internet. You can write a description or include a link with those images so that you can refer back to the website from which they came.
You can create several boards and label them however you’d like. Most people set up boards for different categories. For example, you might have boards that are labeled:
- Home décor
- Fun summer activities
- Dessert recipes
- Knitting and crochet
- Boho style
If you’re looking for inspiration for a project, a shopping venture or content that falls in line with your interests, you can search for it on Pinterest. Your search results appear as visual pins with short descriptions underneath them. This is what came up when we searched for “watercolor tutorials”:
To find out more about each search result, you can click on it. From here, you can see the full description, the URL from which the image came, when it was published and any comments that other users have left.
Here’s where things get social. You can leave a comment or ask a question. You can also follow the original poster’s account. Therefore, simply pinning items that interest you can drive traffic back to your Pinterest page and potentially to your website.
Emarketer says that there are 2 billion monthly searches on Pinterest. The platform drives about 5 percent of referral traffic to websites.
When you log onto Pinterest, you’ll see your feed, which shows the pins that the platform thinks that you’ll be interested in. You might see pins from people you follow or a combination of content that you might care about, based on other items that you’ve pinned.
However, Pinterest prefers to show content from trusted sources in users’ feeds. Therefore, if you’re using Pinterest for your business without advertising, you need to make sure that you pin high-quality content and that your pins are receiving engagement in the form of click-throughs, saves and comments.
Why Pinterest Advertising Works
While Facebook is the largest social media platform, Pinterest is competitive with Instagram, LinkedIn, Reddit, and Twitter, according to Pew Research. Twenty-six percent of all American adults use Pinterest, and most of them are women. Pinterest reports that 40 percent of people who actively pin have a household income of at least $100K. If you sell products targeted toward women who want to shop, you’re in the right place.
Here are some other statistics about Pinterest users and their purchasing power:
- Millenials use Pinterest as much as Instagram.
- People who use Pinterest are ready to make a purchase.
- 93% of active pinners use the platform to plan future purchases.
- 73% of pinners say that brand content makes the platform more useful.
- 61% of pinners have bought something after viewing a promoted pin.
- 75% of saved pins are initiated by businesses.
- People who use Pinterest spend 29% more on retail than non-users.
People search the platform for information that they can use to fuel upcoming purchases for things like home renovations, weddings, parties, vacations or having a baby. This is the place where people are looking for new information, ideas and brands. If you can provide these new ideas, you can make connections with a new audience.
Pinterest advertising looks natural. It fits into place with the other pins in your feed, and it doesn’t detract from or interrupt the user experience. Promoting your pins puts you in front of a receptive audience who is looking for products and ideas that will help them make their next move.
Types Of Pinterest Advertising
There are several types of Pinterest ads, including:
- Promoted pins
- Promoted video pins
- One-tap pins
- Promoted app pins
- Cinematic pins
Promoted pins look just like a regular pin, except that they have the word “Promoted” at the bottom of the pin. Businesses pay Pinterest to give these priority over non-promoted pins. Once someone saves your promoted pin, it’s considered an organic find, and that person will no longer see the word “Promoted.” Other people who follow these pinners may find and save these pins, bringing you added traffic for free.
If your promoted pin contains a video, it will appear in search results, news feeds and a “More Like This” section that comes up below a clicked pin and shows similar content. The video will play automatically.
One-tap pins bypass the close-up image and “more details” page that normally shows up when you click on a pin in your feed. When a user clicks on these ads, they go straight to a landing page that you designate. You might think that this is a great way to get your audience in your lap, but some users are surprised by the change in the normal process and click off of your website quickly to get back to Pinterest.
If you are promoting an app, you can use a promoted app ad to get people to install it. The ad will include an app icon and install button so that users don’t have to leave Pinterest to sign up for your app.
Cinematic pins contain animation that moves when a user scrolls. This captures users’ attention and makes them feel like they’re in control without missing the end of the video.
5 Things To Do Before Advertising On Pinterest
Paying to promote pins can be an effective marketing strategy. However, there are a few steps that you should take before you set up your first advertisement on Pinterest.
1. Register For A Business Account
If you haven’t used Pinterest before, you’ll need to create a new account. It’s free to set up, and it takes less than a minute. Start by going to Pinterest’s Business Account page and clicking “Sign Up.”
Enter your email address, password and business name, select your business category from the drop-down menu and click “Create account.”
Follow the next steps, which are self-explanatory. These include selecting your language and country, adding your website URL and picking at least five categories in which you’re interested.
If you already have a Pinterest account, log in and click on Settings. It will say “Business Account Basics” on the top left if it’s a business account. If it’s a personal account, you can convert it to a business account by going to this link.
2. Claim Your Website
When you set up your business account, you should have added your business website URL to your profile. If you didn’t do that yet, go to your settings by clicking on the profile image on the top right when you’re logged into your account. Scroll down until you see the “Claim Website” section.
After you claim your website, you can utilize features such as:
- Website analytics – Track traffic to pins from your site.
- Featured logo – Add your profile picture to any content that’s pinned from your site.
- Early access to tools – Be the first to hear about new business tools that Pinterest rolls out.
To claim your website, you’ll need to either add a bit of code to the <head> section of your website’s index.html file or download a file from Pinterest and upload it to your site’s root directory. After you do that, you can submit your website to Pinterest for review.
3. Install A Conversion Tag
You can add another Pinterest code to every page that you want to track on your website. The code is the same for every page, but you can use it to retarget people who have visited specific pages on your website.
To do this, click on “Ads” on the top left of your account, and then select “Conversion Tracking.”
Choose “Generate Pinterest Tag.” You’ll get code that you can insert between the <head> and </head> elements in the HTML of every page on your website for which you want to track visitors.
4. Upload Your List
If you have amassed a list for your newsletter, you can upload it to Pinterest so that you can target the same users with your Pinterest ads**. Just create a .csv file with the email addresses that you’ve collected over the years. Log into your Pinterest account.
**If you go this route – you need to have your audience’s consent. If you are in the EU, because it’s the law. If you are outside the EU, because you need to be cool, not creepy.
Click on Ads > Audiences.
Then, click on “Create Audience.” Choose “A list of customers that you upload” from the window that appears. Name your audience, and include the date so that you can update it a few months from now.
Pinterest will match up the email addresses from your list with those of its users so that you can show ads to the same people. In the future, you can also create “an actalike audience that behaves similarly to the one you already have.” This will choose people with similar demographics and interests as the people on your email list.
5. Pin Some Content
You can’t promote a pin unless you’ve pinned it publicly. Therefore, if you have created a new Pinterest account in hopes of setting up some ads, you should take some time to create boards and pin content for free before you put money into it.
Make sure that all of your pins contain high-quality images. The visuals are going to grab people’s attention before anything else. Therefore, they need to be top-notch.
Pinterest displays images vertically. Therefore, you need to use the correct aspect ratio to get the most out of your pins’ appearance. For years, Pinterest has claimed that a 2:3 aspect ratio is ideal. However, some pinners said that posts with these dimensions didn’t perform well. Some people even created extra-long posts to capture people’s attention.
As of June 2018, however, Pinterest said that those “giraffe pins” may be cropped and won’t show up as frequently in people’s feeds. The ideal aspect ratio is 600 pixels wide by 900 pixels high (720 x 1080 works well too). Square images look good, and they are easy to import from Instagram.
An aspect ratio of 600 x 1260 (with 1260 being the height in pixels) won’t be cropped. Anything taller will.
If you’re creating long giraffe pins, make sure that they add value. Infographics and step-by-step tutorials are ideal for these space-hogging pins.
Creating Rich Pins can help people learn more about your products. Rich pins contain additional information, including:
- App – Takes viewers to the app store for download
- Article – Includes a headline, author and story description
- Product – Includes pricing, availability and purchase location
- Recipe – Includes title, ingredients, cooking times, serving information and ratings
By adding the metadata directly to the pin, brands can increase engagement. Picture a recipe that contains a gorgeous picture of the food that you’re eating with the recipe itself below it. The pins pull from the metadata on your website.
Creating Rich Pins is a two-step process. First, you must add metadata to the articles, products and recipes on your site. If you have a WordPress site, you can do this easily with a plugin like Yoast. Then, you need to verify your Rich Pins with Pinterest. Once you validate one URL with a Rich Pin on your site, you’re all set. You don’t need to validate all of the URLs with Rich Pins.
Pinterest rolled out Buyable Pins in 2015 to make it easier for its audience to shop directly from a pin. These pins list the price in blue and contain a Buy It button so that people can make a purchase right from the app. When someone clicks Buy It, they go directly to the checkout, where they can pay with a credit card or Apple Pay.
If you’re a retailer or sell your own products, you’ll need to have a Shopify store that’s linked with the Pinterest sales channel to take advantage of Buyable Pins. As long as you point a pin’s URL to the product detail page on your Shopify store, it will activate as shoppable.
Pinterest automatically matches your product feed with your pins and generates Buyable Pins for any products that you have already pinned. For any other product, you should create pins from scratch. These can include additional images so that more people can discover your products.
Buyable Pins are similar to Rich Pins in that they display additional information. Rich Pins, however, don’t send you to the checkout when you click on them.
How To Set Up A Pinterest Ad
If you’ve decided to spend money on advertising, you might wonder how to advertise on Pinterest. This is a step-by-step tutorial that teaches you how to do it.
1. Create The Ad
When you’re ready to start advertising, click on the + sign that appears toward the top right, and then select “Create Ad.”
This brings you to your Ads Manager, where you can create your campaign.
2. Set Your Goals
You’ll begin by selecting your campaign objective.
Then, you’ll enter your campaign details. You’ll have to come up with a name for your campaign if it’s new, or you can select an existing campaign from the drop-down menu. You’ll also designate your daily and lifetime budget for the campaign here.
Then, decide on your campaign placement, which includes whether you want to make your ads one-tap. This feature can’t be edited once your campaign starts running.
If you’re creating an app install ad, you will have the option to select whether to optimize the campaign for completed installs or visits to the app download page. Both are charged on a cost-per-click basis. Pinterest also has direct integrations with mobile measurement partners, or MMPs, which help you track the install performance.
Finally, click “Create campaign and continue.”
3. Set Up An Ad Group
An ad group is a set of promoted pins that fall under the same campaign. You can have multiple ad groups for one campaign, which means that you will have a separate budget for your ad groups than you do for the campaign as a whole.
Understanding Ad Groups
Each ad group can have multiple promoted pins within it. You can assign different budgets and targets to each ad group, though. Therefore, you can use ad groups to set up unique budgets for different marketing areas, such as regions, demographics or products. You can also use ad groups to test the design, placement and objectives of your advertisements without building separate campaigns.
For example, you could create separate ad groups with maximum daily budgets to target:
- Your email list
- People who have visited related pages on your website
- Actalike audiences
To keep everything straight, you should name your ad group based on its organizational structure, such as who you’re targeting or what promoted pins are showing up within that group.
4. Create A Target Audience
On the ad group page, you’ll be asked to create a target audience. This helps you get your ads in front of the right people. You can target viewers based on the following criteria:
You’ll need to give this audience a name and description. If you choose to retarget people who have visited your website, you’ll have to create a Pinterest tag to track them. If you choose to target individuals from an email list, you’ll be asked to upload the list.
You’ll be able to further clarify your audience by interests, such as boards and pins that they’ve interacted with in the past, keywords, languages, locations, devices and genders.
5. Create Your Maximum CPC Bid
On the page where you create your ad group, you’ll be asked to set a maximum CPC bid. This is the maximum amount that you want to pay per audience action, whether that’s impressions, clicks, engagement or app download. You won’t be charged the full bid unless it’s necessary to beat out the next-highest bidder.
6. Select Your Promoted Pin
Now, you can select the pin that you want to promote. You can only choose from items that you’ve publicly pinned. The pin doesn’t have to be one that you have initiated through your own website, although it would probably be a good idea to use an image that you’ve created.
Next, you’ll give the promoted pin a name (optional) and set the URL of the landing page that you want visitors to end up on when they click on it.
Consider the URL carefully. Ideally, you’ll send people who click on your ad to a page dedicated to your Pinterest audience. The landing page should have something to do with the pin that led people to it. If you’ve added Pinterest tag code to your website, you’ll be able to track the success of each promoted pin.
Click “Promote Pin” when you’re finished. The ad will go to Pinterest for review, which can take 24 hours. At this time, add your billing details so that you can pay for your ad once it’s approved.
The Quick Way To Promote A Pin
Pinterest also provides a way to promote your pins in about 10 seconds. Go to your profile and hover over a pin that you want to advertise. Click on the Promote button.
A window will open up where you can add all of the promotional details, including the URL, daily budget, campaign duration, target audience and keywords.
Tips And Tricks For Optimizing Your Pinterest Advertising
Just putting yourself out there isn’t always enough to gain an audience. Instead of wasting your dollars by advertising blindly, follow this advice to get the most out of your budget.
Promote The Best Pins
You might wonder what pins to promote when you advertise on Pinterest. Those with strong visuals do best. Making multiple pins for the same product is a good idea. You can show different angles, styles and descriptions to pull in different customers. Adding your brand name or logo to the image improves credibility.
If you sell products, Pinterest says that photographing them in lifestyle shots is more effective than displaying the product on its own. For example, a fashion pin should show someone wearing the clothing in a real-world setting. Home décor pins do better when they concentrate on the product instead of people. Hair and beauty products get great engagement when the items are displayed against a plain, contrasting background.
Most experts recommend promoting pins that are already doing well. Even though you might figure that boosting a low-performing pin could help it get in front of your audience, promoting a high-performing pin is more likely to give you results. Wouldn’t you want to pay for results as opposed to a lackluster reception to your ad?
When you’re picking a pin in step 3 of the ad creation process, you have the option of choosing from all pins, 30-day most clicked pins or 30-day most saved pins. Use this to your advantage to promote your most engaging content.
Add Text To Your Pins
Even though Pinterest relies on photos, it doesn’t hurt to add a little text to your images. The text overlay should clarify what viewers are looking at without detracting from the design as a whole. The words shouldn’t detract from the aesthetic. A simple overlay works wonderfully.
Make sure that you’re using the description wisely too. A call-to-action helps users stay engaged. You can ask people a question or give an instruction, such as “Learn more” or “Buy now.” You might even try having your call-to-action say, “Pin this for later” to remove the urgent sales quality but encourage people to save your pin.
Consistently Monitor And Analyze Your Ads
It’s hard to predict what’s going to resonate with viewers. Pinterest is a visual platform, and some images may capture more attention than others. When you’re just starting out, test everything, including the:
After doing this consistently for a while, you’ll begin to notice which combinations are more effective.
Focus Your Keywords
Although you’re allowed to include up to 150 keywords with a promoted pin, you don’t have to use all of them. If you’re all over the place, you won’t get many click-throughs. Think about the way that your audience interacts with Pinterest.
The keywords should match the way that your target audience uses the platform (similar to how you “theme” keywords for SEO). Make sure that the keywords are also consistent with the information in the pin and the landing page to which they’re directed.
Because Pinterest is a search engine, keywords are crucial to your pins’ visibility. Create your descriptions the way that you would create meta tags for a web page’s title and description. Using trending keywords earlier in the text will help your pins get noticed.
When you place pinnable images on your website, make sure that you include keywords in the alt text. Your boards should contain long-tail keywords. Use Pinterest Analytics to track which pins get the most impressions and experiment with the keywords that you use.
The best practices for advertising on some other platforms involve using a call-to-action to send people to a lead page. However, people who search using Pinterest are looking for information. They might get annoyed if they come across your promoted pin, click on it to investigate it further and reach a page that simply asks them for their email address.
An effective way to use Pinterest for advertising is to send people to a landing page where they can explore what you offer. You can certainly include a lead generation form on this page, but don’t make it the only asset at that URL.
Group boards are sometimes referred to as shared, community, collaborative or contributor boards. Using them can lead to significant increases in traffic.
More than one person can add pins to a group board. Therefore, when anyone adds pins to the board, those pins may appear in the home feed of anyone who follows any of the board members. This exponentially increases your reach.
If you focus on sharing your own content to group boards, you’ll gain exposure for your brand. Keep the content relevant, however.
Because Pinterest rewards high-quality pins with exposure, make sure that you join the right group boards. Those that are targeted to a specific theme usually have more traction with an audience and get more engagement. Click on several of the pins on a group board that you’re thinking of joining to make sure that the links aren’t broken or redirect to a spammy or inappropriate site.
Pinterest is an opportune way to expose your brand to a new audience. The platform isn’t just used by crafty people, DIY-ers and foodies. Travel, fashion, design, hobbies, health and beauty, entertainment, accessories and sporting goods are commonly searched categories on Pinterest. Creating a business account for your brand is free, and you can play around with promoting your pins at a low cost to determine whether it works well for your business.
Pinterest holds a lot of opportunity for businesses of all sizes. It’s also straightforward and fairly risk-less to experiment there.
You’ll learn more from running a single experiment than any blog post – so go for it!
If you want to know other ways to use Pinterest for marketing, check out Nate’s post on Pinterest & SEO research in addition to Using Pinterest Analytics.
The post How To Advertise On Pinterest Effectively appeared first on ShivarWeb.
Restaurants have a (somewhat unfair) reputation for being especially risky businesses that are hard to get off the ground. The good news is that restaurant business loans aren’t especially hard to find, even if you’re looking for a loan to open a restaurant.
Want to know how to get restaurant financing or a loan to open a restaurant? Below, we’ll look at how to finance your restaurant with working capital. If you’re specifically looking to finance restaurant equipment, check out our companion post on restaurant equipment leasing.
|Read Review||Read Review||Read Review||Read Review||Read Review|
|Borrowing Amount||Â $10K – $5M||$10K – $5M||$2K – $100K||$20K – $500K||$1K – $5M|
|Term Length||Varies by product||Varies by product||3 – 36 months||1 – 4 years||Varies by product|
|Required Time In Business||Varies by product||Varies by product||1 years||12 months||6 months|
|Required Sales||$1.50 for every $1 borrowed||—||—||$100K/yr||$10K/mo|
|Required Credit Score||640||670||620||Â 660||550|
|Read Review||Read Review||Read Review||Read Review||Read Review|
|Borrowing Amount||Â $5K – $500K||$5K – $500K||$6K – $5M||$25 – $10K||$1K – $35K|
|Term Length||3 – 36 months||13 – 52 weeks||6 – 12 months||3 – 36 months||2 – 5 years|
|Required Time In Business||6 months||9 months||6 months||N/A||N/A|
|Required Credit Score||550||550||600||Â N/A||600|
Where ToÂ Get Restaurant Business Loans
Most traditional and alternative lenders, at least on paper, offer restaurant lending services. Typically, your ideal option for restaurant funding is a bank or credit union with whom you have an established relationship. In most cases, they’ll offer the best rates and terms.
If you or your business are too risky for a traditional lender, however, there are still restaurant financing options in the form of alternative lenders.
The Cost Of Restaurant Financing
Before we look at your restaurant funding options, you want to be able to compare the offers you might come across.
Here are some of the data points to consider when comparing restaurant loans:
- Term Length: The amount of time you have to pay back your loan. The longer the term, the higher your interest or factor rate will usually be.
- Interest/Factor Rate:Â A percentage or decimal multiplier that determines the amount of money you have to pay back. For short-term loans, this may be a flat fee rather than accumulate over time.
- Origination Fee: This is a closing fee some lenders charge in addition to interest. It’s either a percentage of the amount you’re borrowing (1% – 5% is typical) or a flat fee. In most cases, it will be deducted from the amount of money you receive from the lender.
- Administration Fee:Â This is a fee charged to maintain or set up your account. It may be a percentage or a flat fee. Sometimes charged in place of an origination fee.
- APR:Â Annual percentage rate represents what your effective interest rate over a year would be. This can help you determine how expensive a product is relative to another.
- Payment Schedule:Â If you’re used to monthly billing, you may be surprised to hear that some lenders expect payments weekly or even daily. May sure you’re prepared for whatever terms you accept.
- Collateral:Â An asset, property, or cash deposit used to secure a loan. Not all loans require collateral.
Types Of Restaurant Business Loans
Restaurant loans and related products come in a few different forms. When you’re looking for a lender, you’ll also want an idea of the type of financial product you’re seeking. All of these products will get you the money you’re seeking, but with different terms. Some are cheaper; others are more versatile. Some are more available to applicants with bad credit.
- Term Loans:Â Term loans are for a specific amount that, once received, is paid off in regularly scheduled installments (they’re also sometimes called installment loans). Medium and long-term loans usually accrue interest over time while short-term loans have flat fees.
- Lines Of Credit:Â Lines of credit are aÂ bit like credit cards. You’ll be approved for credit up to a set limit. You can draw on your account as often as you want as long as you stay below your limit, paying interest only on the outstanding balance.
- SBA Loans: As is the case for other business types, there are Small Business Administration loans for restaurants. These loans are partially guaranteed by the SBA, allowing you to access better rates. Just bear in mind that the application process is usually more complicated and often slower.
- Merchant Cash Advance: MCAsÂ aren’t technically loans, but can serve as the financial product of last resort for businesses with bad credit but steady credit card revenue.
- Equipment Leasing:Â If you’re looking to finance restaurant equipment, you also have the option to lease it, which you can read about in more detail in our restaurant equipment financing article.
Restaurant Loans For Start-Ups
If you’re looking for start-up restaurant financing, you’ll face a narrower band of options, but you aren’t completely out of luck. Conservative lenders may still consider approving a loan to start a restaurant if you have a good business plan and credit and are able to put some of your own money into the mix. Additionally, some alternative lenders offer loans specifically geared toward brand new businesses.
Restaurant Loan Providers
Not sure where to start looking for small business loans for restaurants? Here are some lenders to consider.
For Good Rates
â¢ Credit score of 640 or higher
|Read Our Review
As big banks go, Wells Fargo is one of the easier institutions for small businesses to work with. Due to their size and resources, they can offer aÂ wide range of products for restaurants of any size. Their credit restrictions are higher than those of most of alternative lenders and they require you to show strong month-to-month revenue, but they’re more accessible than many of their conservative competitors.
â¢ Excellent credit
|Read Our Review
Chase has a reputation for offering some of the best business loan rates out there. The trick will be qualifying for them. Despite its size and prominence, Chase is very conservative about who they lend to. You’ll also need to have a branch near you as you’ll need to go to your local branch to apply.
â¢ 1 year in business
â¢ 620 credit score
|Get Started With StreetShares
Read Our Review
If you don’t have a bank in your area with whom you’ve built a good relationship, you can still find good rates with online lenders. StreetShares is a bit more selective than many of their competitors, but they offer loans and lines of credits at reasonable rates with no collateral.
â¢ 1 year in business
â¢ 660 credit score
|Get Started With Fundation
Read Our Review
Fundation is another option for borrowers with good credit who would prefer (or have) to avoid dealing with a traditional bank. Fundation offers both installment loans and lines of credit with no collateral needed. Just be prepared for a slightly lengthier application process than you’ll typically experience with alternative lenders.
For Borrowers With Bad Credit
â¢ 6 months in business
â¢ 550 credit score
|Get Started With Lendio
Read Our Review
Lendio is an online lending platform that matches businesses with lending partners. This is a handy service for restaurant owners who don’t have a lot of time to compare loans on their own, or who have bad credit. Lendio’s pool of potential lenders is big enough that you’re more likely than not to find one willing to work with you, even if you haven’t been in business very long. If you’re looking for a loan to open a restaurant, however, you may have to look elsewhere.
â¢ 12 months in business
â¢ 500 credit or higher
|Get Started With OnDeckÂ
Read Our Review
OnDeck is one of the bigger names in alternative online lending and a solid choice for borrowers with poor credit but decent cash flow. Just be aware that their factor rates use a per month formula rather than a flat fee, which can make them a little bit difficult to compare to many of their competitors.
OnDeck offers installment loans and lines of credit.
â¢ 9 months in business
â¢ 550 credit or higher
|Get Started With LoanBuilderÂ
Read Our Review
LoanBuilder doesn’t offer as many products as some of the other lenders on the list, but they do give you the freedom to tweak the terms of a short-term loan to your liking. Combined with relatively low qualifications and integration with PayPal’s infrastructure, working with them should be pretty painless.
â¢ 3 months in business
â¢ 530 credit or higher
|Get Started With BlueVineÂ
Read Our Review
If your company is profitable, but you haven’t been in business long enough to build up a good credit score, BlueVine might be the lender for you. Rather than offering installment loans, BlueVine gives you the option of getting a line of credit or, if you do a lot of B2B business, invoice factoring. Just be aware that their lines of credit aren’t available in every state.
For Borrowers Starting Their Restaurant
â¢ A strong professional and social network
|Read Our Review
If you’re coming up blank with ideas about how to get a loan to start a restaurant, Kiva is one possible solution. Kiva is a nonprofit microlender that operates worldwide. Rather than measure your income and credit, Kiva uses a process called “social underwriting” to measure your community standing and character. Best of all, the loans have zero interest.
So what’s the catch? Well, Kiva uses a type of crowdfunding to finance your loan, which means you’ll be waiting longer to get your funds than you would with most other lenders. You’ll also be limited to a maximum of $10,000, which may not cut it for your business plan. If you have some of your own money to put into your new business and just need to make up that last few thousand dollars, though, it’s worth a look.
â¢ Credit score of 600 or higher
|Read Our Review
Another way around the time in business restrictions you’ll often encounter when seeking new restaurant business loans is to forget the “business” part and get a personal loan. While you won’t be able to borrow the large amounts that you can with a business loan, they can get you a modest ($1,000 – $35,000) amount of money with which to start a restaurant.
Note that you’ll still have to show a strong income relative to the amount of money you’re seeking. Additionally, Avant cannot currently lend to individuals in Colorado, Iowa, Vermont, or West Virginia.
If you didn’t find what you were looking in our examples above, don’t fret! We’ve barely scratched the surface of the resources restaurants can tap to find funding. If you don’t have much in the way of collateral, you can try to get an unsecured business loan.
If you’re looking to finance restaurant equipment, check out our resources on leasing and equipment loans. Good luck hunting for restaurant business loans! Do your research and you’re sure to find something that fits your needs.
The post How To Get Small Business Loans For Restaurants appeared first on Merchant Maverick.
Cloud Hosting is a hosting product that distributes your website data among an entire network of data centers with near infinite resources. Cloud hosting usually charge per use rather than per resource feature. Cloud hosting is provided by the big tech companies like Amazon, Google, Oracle, Microsoft and IBM – but is sometimes resold via traditional hosting brands who bundle customer support.
How Cloud Hosting Works
Usually website files live on a hosting server that is leased by a hosting company. A cloud is an entire network of data centers that host website files in a distributed & decentralized fashion. It gets way more technical than that – but basically it’s just raw server resources for rent based on use rather than renting a part of a server.
Imagine real-world housing for a second. Traditional hosting is like buying a house, townhouse or condominium. You buy it and you can do whatever you want. Cloud hosting is like having access to any house anywhere in the world whenever and wherever – you just have to pay per night for whatever house you use.
The actual cloud is built by the biggest tech companies in the world. There are not that many. Amazon is the biggest. They are closely followed by Google, Microsoft, Oracle, and IBM.
Cloud hosting as a product is also something sold by traditional hosting companies. They usually do not have their own clouds. Instead, they pre-purchase and bundle credits on a big tech cloud.
This product works because none of the big cloud providers give tech support – at all. None. Also, you never really know how much your bill will be. I’ve had a small site on Google’s cloud for over a year. I think it has cost a few dozen dollars – all covered by my sign up credit. But most sites with a few thousand visits per month can run between $10 and $40 per month depending on how big and complex their site is.
What Cloud Hosting Is Used For
Cloud Hosting is used for running websites that need varying resources and want unlimited performance. The only time your site will ever go down is if Google or Amazon go down. That happens – but it’s usually only for minutes and it makes international news.
If you know how many visits you receive, and how efficient your website is – then cloud hosting can be insanely cheap. You can host a site on the cloud directly for pennies. But if you have even a bit of traffic – then your costs will be in the ballpark of traditional hosting…with no real cap.
Moving to the cloud is usually done by website owners who know & find an advantage in managing their website’s performance. You can get very responsive and very reliable websites in the cloud. But there’s also a tradeoff with complexity, overall value, and cost.
I’ve had my most maddening consulting work on 100% cloud hosted websites (I’m looking at you Microsoft Azure) when the client absolutely did not need cloud hosting.
But cloud hosting will also serve a really useful complementary role – especially for storage or mirroring. Some hosts provide cloud credits for automated backups, media storage, and traffic spikes.
What To Look for in Cloud Hosting
Since you are paying for use, shopping for cloud hosting is different in many ways.
You are really looking for –
- Cloud Setup
- Customer Support (how much they’ll help with setup)
- Prices per Projected Use
- Plan Bonuses (ie, automated backups, etc)
Best Cloud Hosting Providers
I’ve used a few Cloud Hosting providers both for my own projects and for clients. Here’s the main 5 companies that I’ve used & really liked. I receive customer referral fees, but all the data & opinion is based on my professional experience.
|Name||Best if you want…||Features!|
|SiteGround||…great overall value, high resources w/ great customer support.||See Features.|
|HostGator||…unlimited bandwidth w/ affordable pricing tiers.||See Features.|
|CloudWays||…very high performance w/ great customer support.||See Features.|
|…to run your site on the cloud that runs Google.||See Features.|
|Digital Ocean||…developer-focused platform w/ fast, global deployment.||See Features.|
Additionally, using a cloud hosting plan will not automatically solve your website speed issues. I wrote a Beginner’s Guide to Website Speed & Performance here.
The post What is Cloud Hosting? appeared first on ShivarWeb.
If you’re reading this blog, then you already know how important cash flow is. Cash flow is the mainstay of your business. Positive cash flow means you can successfully run and grow your business, and negative cash flow — well, that’s bad news.
But what do you do when you have negative cash flow? How do you increase your positive cash flow and get your business where it needs to be?
Cash flow is affected not just by bringing in more cash inflows, but also by limiting your cash outflows. This means you have to manage your expenses just as much as your sales. Read on for ten practical tips to help you improve your cash flow and get your business on the right track.
1. Send Invoices Right Away
Sales and invoices are the lifeblood of a small business. You can’t get paid if you don’t send invoices. Simple as that.
Make sure you stay on top of invoicing your customers. The quicker you send invoices out, the faster the cash comes in. If your current invoicing process is tedious, consider switching to a cloud-based accounting software with attractive, easy to create invoices. Software like QuickBooks Online and Zoho Books both offer great invoicing capabilities which can help you speed up your invoicing process and increase your cash flow.
OurÂ comprehensive accounting software reviewsÂ cover QuickBooks products, Xero, Freshbooks, Sage, and more of the top cloud-based and locally-installed accounting solutions on the market today. If you want a quick peek at the top contenders, check out ourÂ accounting software comparison chart.
Using an old version of QuickBooks Pro? Save $100 when you upgrade to QuickBooks Desktop 2018.
Purchase QuickBooks Desktop Pro 2018 Now
2. Get Customers To Pay Invoices On Time
Another key to increasing your cash flow is getting yourÂ customer to pay their invoices on time. We know this is easier said than done, but there are plenty of practical strategies to increase the likelihood of getting paid faster. Here are some of our top invoicing tips:
Follow Up With Invoice Reminders
Make sure you remind your customers when their invoices are due. Send email reminders a few days before the invoice is due, the day the invoice is due, and a few days after. If they still haven’t paid, give them a call and continue sending reminders. Many accounting programs have built-in invoice reminders that you can automatically send to late paying customers.
Give Your Customers Incentives
Consider offering a discount to customers who pay their invoices before a certain time. If your invoice terms are Net 30 (due 30 days after the invoice is sent), but you really want your customers to pay their invoices in the first week they receive the invoice, offer a small discount. Customers looking for a deal will be more likely to pay their invoices faster, which means you get cash faster.
Charge A Late Payment Penalty
Another key to successful invoicing is having a strong invoicing policy. Choose a consistent time when invoices are due (ex. due upon receipt, Net-15, Net-30, etc) and stick to it. Have a late payment penalty in place for customers who exceed the due date. Not only will this help increase your chances of getting your money, it will also set you apart as a professional.
When it comes to late payment penalties, be upfront about the penalty, when it will be charged, and how much will be charged. You can often include this in your terms and conditions section on your invoice. Do some research on what a normal late penalty policy looks like for your industry before implementing.
Consider Invoice Factoring
If the above strategies don’t work or you need cash right away, another option is invoice factoring. Invoicing factoring is the process of selling your unpaid invoices to a company in exchange for immediate cash. The factoring company takes a small cut of the money you earn, but the payoff is that you aren’t stuck waiting on customers.
Invoice factoring can be a great cash flow solution, as can invoice financing. Check out one of our favorite invoice factors, BlueVine, to learn more. Or take a look at Fundbox, an invoice financer, for an alternative solution.
3. Increase Prices
If you are hurting for cash flow, it may be time to consider increasing the prices for your products or services. Ask yourself:
- What are my competitors charging?
- Have the prices for equipment or inventory increased?
- How much manpower does my inventory assembly or services require?
- Do my prices outweigh the time put into my creating my products?
- Are my prices too low? Do my products come off as cheap or valuable?
You want to strike a balance between keeping your prices competitive and fairly compensating the hard work you and your employees do. At the end of the day, you want to make sales, but you also want to make a profit. If your prices are too low, you may be selling yourself short.Â In some cases, lower prices can also make your company seem less qualified.
4. Expand Sales Market
Another solution to increasing positive cash flow is to brainstorm new sources of income. Get the dream team together, sit down with some coffee, and consider new ways to expand your sales market. Here are a few new sales possibilities to get the ideas rolling.
Add New Services Or Products
Think about the current items or services you offer and consider if there are other items or services you think would be a good addition to your business. Think outside of the box and consider alternate ways to earn income as well.
Maybe yourÂ coffee shop starts offering homemade lemonade for the summer; maybe your event planning service adds a cleaning service to maximize on business; maybe your office rents out its large outdoor space for parties and events on the weekends when it’s not in use. Whatever it is, get creative about new ways your business can generate income, which will in turn and increase cash flow.
Create A New Marketing Strategy
Maybe the products you offer are spot on, but your marketing could be expanded. Think of new ways to get the word out about your business. Consider if there are any other groups of people that could benefit from what your business offers. Bringing in more customers is a great way to bring in more cash flow.
Encourage Customers To Buy More
Another great way of improving cash flow is getting your existing customers to spend more. There are two great ways to do this:
- Bundle Items: Sell similar items together to encourage increased spending.
- Advertise Related Products: If you use an eCommerce platform, advertise additional products that the buyer “may be interested in” or that “others also purchased.”
Both of these can be great ways to expand your existing sales (rather than having to expand a whole sales market). If you want to start advertising related products or selling your products online, check out our top eCommerce recommendations.
Don’t Forget Your Loyal Customers
Another great way to expand your market is by letting happy customers do it for you. Encourage loyal customers by offering discounts to loyal customers or implementing rewards programs, like stamp cards, for multiple purchases. Also, consider implementing a referral program. This way you can encourage your loyal customers to grow your business for you through word of mouth.
5. Reevaluate Operating Expenses
Managing cash flow isn’t just about getting more cash to come into your business. It’s also important to reduce the cash going out of your business as much as possible. Here are five tips for reducing your business’s operating expenses, so you have more cash to spare.
Cut Out Unnecessary Expenses
Take a careful look at your cash flow statement and analyze your company’s business expenses. Ask yourself these two questions:
- Are these expenses necessary?
- If they are necessary, is there a cheaper alternative?
Carefully consider your current expenses. Cut out any that are unnecessaryÂ and try to minimize the necessary expenses as much as you can. It may seem difficult to do, but you (and your wallet) will feel much better knowing that you’re managing your cash flow and expenses effectively.
Streamline Your Business Processes
Another important aspect of managing your cash flow is making sure your business is running as efficiently as possible. Focus on cutting time, not just costs. Analyze all of your current business processes and judge how efficient the current process is, and if there’s any way to speed up that process.
Maybe that means implementing accounting software to send invoices faster or rethinking your employees’ inventory assembly process. By using time efficiently, you can get more done, spend less on wages, and avoid excessive overtime pay (which can put a huge dent in your business’s cash)
Purchase More Efficient Equipment
One way to increase your company’s speed and efficiency is to purchase better, updated technology and equipment. While it may cost a bit to purchase the equipment initially, you will save time which cuts back on wage expenses. This may also lead to increased production or the ability to take on extra projects, which leads to more incoming cash.
Looking for equipment financing? Check out our comparison of the top equipment financers for small business.
Ask Suppliers For Bulk Inventory Rates
Some vendors, especially thoseÂ with whom you have a good relationship, may offer discounts for buying inventory in bulk. These can definitely be worth taking advantage of, so don’t be afraid to ask your suppliers if they have any deals.
Consider Leasing Equipment
If you don’t have the cash to flat out buy equipment or you don’t qualify for a working capital loan, it might be worth considering leasing equipment. You lose the advantage of having the equipment as a fixed asset for your business, but you gain lower monthly payments, which may be what you need to keep your cash flow in check.
6. Liquidate Old Inventory
Inventory is one of the largest business expenses you might encounter. You need inventory to make a profit, but you want to make sure the inventory you’re buying is actually selling. Carefully consider which products sell well and which you have a hard time turning over. Take a look at your sales patterns to see when your busy and non-busy sales times are and order inventory accordingly.
If you have any old inventory that you’re having a hard time getting rid of, consider liquidating the items. Any money coming in is better than no money.
7. Pay Vendors At The Right Time
Be strategic about when you pay your vendors. If your vendor offers a discount for paying early, be sure to pay in the time required time to save some money. If the vendor doesn’t offer a discount, pay when is most favorable for your business.
Say your bill is due on the June 1st. Your cash flow statement records show that May is a slow month for your business, but June has a history of higher sales. Pay your bill the last day it’s due so that you can report a positive cash flow for May.
If you need even more time to pay off bills, you can also consider paying with a business credit card. This way you can pay off the expenses over a period of time rather than all at once. Take a look at our business credit card reviews to find the right card for you.
8. Open A Business Savings Account
If you don’t have one already, open a business savings account where you can earn money on interest. This is a simple way to generate a bit of extra cash and it’s a smart way to ensure you always have a cash flow cushion for your business.
9. Consider A Cash-Back Business Credit Card
Using a cash back business credit card can be a strategic way to earn cash on your expenses. As long as you use the card wisely and can afford to make regular (if not full) payments each month, a cash back credit card is easy money. There are several great cash back rewards cards out there. Here are some of the best cash back business cards for small businesses.
10. Take Out A Small Business Loan
Another option to increase cash flow is to take out a short-term loan or line of credit. With a short-term loan, a lender gives you a lump sum of money that is paid back in regular installments over a short period of time. With a line of credit, a lender grants you a max borrowing amount that you draw from any time you need cash; payments are made only on the money used.
While the prospect of owing money may make you squeamish, there are several great reasons to take out a cash flow loan:
- To expand your business
- Purchase inventory
- Take on a new, profitable project
- Purchase new equipment
- Unexpected expenses
- To cover off-season slumps
If a loan sounds like a good cash flow solution for your business, check out our top small business lenders to find the right loan for you.
All of these tips can help you manage and increase your cash flow. Whether you decide to focus on increasing your sales, decreasing your expenses, gaining capital — or aÂ mix of them all — you’re well on your way to increasing your cash flow and running a more successful business.
The post 10 Strategies To Improve Cash Flow appeared first on Merchant Maverick.
Not impressed with the easy applications but high interest rates offered by alternative lenders? Well, the good news is that, despite the ubiquity of online financing, most of the best rates in the business continued to be offered by local banks and credit unions. Because you’re likely to encounter stricter credit requirements, as well as geographic constraints, the best bank for your small business is often one you’ve already built a good relationship with. Below we’ll look at a few of the biggest financial institutions that offer business lines of credit, business term loans, and SBA loans, as there’s a better chance of them operating in your area.
If your credit is below 600 or your business hasn’t been around very long, you’ll likely have a hard time qualifying for a bank loan from any of the lenders below.Â Online lenders like Ondeck, Lendio, LoanBuilder, and National Business Capital often have less stringent qualifications when it comes to credit scores and time in business. Our small business loan comparison chart can point you in the right direction.
Here are the best banks for small business loans.
1. Chase Bank
Best For:Â Small businesses and start-ups with excellent credit.
â¢ Must have excellent credit (high 600s)
â¢ Must have access to a Chase Bank branch
|Read our Chase Bank review|
Checkered reputation aside, Chase is one of the largest and most accessible banks, boasting tons of locations — especially in the nation’s most populous states. Chase Bank also features some of the best small business loan rates you’re likely to see from a for-profit lender.
Chase offers business lines of credit, business term loans, and SBA loans to small businesses.
How To Apply For A Chase Loan
Despite its position as industry leader, Chase is surprisingly traditional when it comes to the lending process; you’re going to have to go to a branch and meet with a Chase representative in person.
With high credit requirements, Chase is a fortress that’s tough to breach, but businesses with excellent credit will find some of the best rates in the industry.
2. Wells Fargo
Best For:Â Businesses looking for a modern and easy application process.
â¢ Must have $1.50 in cash flow for every dollar borrowed.
â¢ Must have a personal credit score of 640 or above.
|Read our Wells Fargo review|
Wells Fargo (read our review)Â has developed a reputation for being a big bank that’s willing to work with small businesses. Like Chase, Wells Fargo has made some headlines for the wrong reasons in recent years, but most of those aren’t related to this area of lending.
Wells Fargo is notable for offering fast, unsecured business loans onlineÂ (similar to those of an alternative lender), but at bank rates. The online application process can be especially useful for businesses without a branch nearby.
Wells Fargo offers business terms loans, lines of credit, and SBA loans.
How To Apply For A Wells Fargo Loan
Depending on the product you want, you’ll be able to either apply online at Wells Fargo’s site or will have to go to your local branch to meet with a Wells Fargo representative. You can apply for unsecured loans online.
Businesses seeking bank interest rates with some alternative lender conveniences should give Wells Fargo a look.
3. U.S. Bank
Best For: Mature small businesses outside of the East Coast, including areas underserved by bigger banks.
â¢ Must be located in a state served by U.S. Bank
â¢ Must have been in business for two years
|Read our U.S. Bank review|
U.S. Bank (read our review) is one of the largest national banks in the country, serving the middle and western parts of the country. For some areas, it is the biggest banking institution available.
U.S Bank has a reputation of being a bit more personable and flexible than many of its similarly-sized or larger competitors while offering competitive interest rates. Just be aware, U.S. Bank prefers to lend to well-established businesses.
You can get a term loan, line of credit, or SBA loan through U.S. Bank.
How To Apply For A U.S. Bank Loan
U.S. Bank provides several options for application, which you can do by submitting a contact form, calling them directly, or going to your local branch. You will, however, eventually need to meet with them personally to complete your application.
Most importantly, you’ll need to live in one of the 25 states served by U.S. Bank.
U.S. Bank may be a good option for established companies that may not want to do business with a huge, international behemoth. East Coasters will have to look elsewhere,Â however, as the bank has no immediate plans to enter that market.
4. Bank of America
Best For:Â Mature businesses with excellent credit.
|Line of credit borrower requirements:
â¢ Must have been in business at least 2 years.
â¢ Must have a personal credit score of 670 or above.
â¢ Must have revenue > $200,000 for unsecured products, or greater than $250,00 for secured products.
|Read our Bank of America review|
Bank of America (read our review) is one of the more conservative lending institutions on this list, but it does offer a versatile array of products at excellent rates and, as the second largest bank in the country, is accessible to most population centers in the U.S.
Despite stringent lending standards, the bank has modernized its application processes more than some of the other banks on this list.
Bank of America offers business lines of credit, business term loans, and SBA loans to small businesses.
How To Apply For A Bank of America Loan
If you already have a Bank of America ID (from an existing account), you can use it to apply for unsecured loans and lines of credit on the Bank of America site.
You’ll need to submit basic information about yourself and your business, as well as your number of employees, profit, sales, outstanding obligations. You’ll also need to submit personal information about each additional business owner, guarantor, and controlling manager.
Depending on the product, you may need to have a business checking account with Bank of America if auto-debiting is required.
If you’re not a current customer, you’ll need to apply by phone or at your local branch.
Bank of America offers some online convenience for existing customersÂ while providing the excellent rates you’d expect from a large banking institution. Their steep prerequisites might disqualify many businesses, however.
5. TD Bank
Best For:Â Mature East Coast businesses with excellent credit
â¢ Must have been in business for 2 years
â¢ Must have excellent credit, 680 or above
|Read our TD Bank review|
T.D. Bank (read our review) may be of particular interest to readers located on the East Coast (particularly those who let out a forlorn sigh when they read that U.S. Bank doesn’t operate in their region). T.D. Bank operates almost exclusively on the East Coast and can be a good option for those looking to avoid the Big Four.
Businesses seeking less than $100,00o in funding will appreciate the fact that T.D. Bank doesn’t charge origination fees on small loans.
Small businesses can get a term loan, line of credit, or SBA loan through T.D. Bank.
How To Apply For A T.D. Bank Loan
While they’re fairly traditional, T.D. Bank gives you the opportunity to begin your application from home by downloading forms available on their site. Depending on the type of financing you’re seeking, you may need to attach additional information or forms.
You can also submit your information in a contact form if you’d like a representative to help walk you through the process.
While East Coasters usually have a lot of banking options available to them, T.D. can be a reasonable compromise for those looking to working with a reasonably large, but not behemoth lending institution.
You have as many potential bank loan options as you have banks operating in your area. That said, they can be tough nuts to crack, especially for businesses with less-than-perfect credit.
Don’t think you can make the cut for a traditional bank loan?
Online lenders, like Ondeck and Lendio, aren’t quite as particular when it comes to credit scores and time in business. Our small business loan comparison chart can point you in the right direction.
The post The Best Banks For Small Business Loans appeared first on Merchant Maverick.
Have you ever sat by the ocean and watched the tide ebb and flow for hours? If so, you probably know a lot about water flow. As a business owner, though, you should be more focused on cash flow. What is cash flow? We’re glad you asked!
Aptly named, cash flow is the money that flows in and out of your business. Cash flow is the sustainer of life for your business. Without positive cash flow, your business is in serious trouble.
In this article, we’ll teach you everything you need to know about what cash flow is and how it works, the difference between positive and negative cash flow, and how cash flow affects your business.
Cash Flow Definition
Cash flow is the money that comes into and goes out of your business. It is also one of the key indicators of how financially healthy your business is. You may hear people use the terms cash inflow and cash outflow. That may sound complicated, but it’s actually pretty simple:
- Cash Inflow: Cash that comes into your business (ex. sales, interest earned, etc.).
- Cash Outflow: Cash that leaves yourÂ business (ex. employee paychecks, inventory purchases, etc.).
Cash Flow VS Profit
It’s incredibly important to know the difference between cash flow and profit. A business making a large profit can still go bankrupt if it doesn’t have a strong cash flow. Here’s why.
In accrual accounting, income is recorded when products or services are agreed upon, not when they are paid for. Say you send an invoice of $200 to a customer. Your income account will go up by $200, yes. But your cash accounts don’t go up just because your income or profit accounts have. You still have to wait for your customer to pay their invoice, which sometimes can take months. (Invoices that are not yet received are called “accounts receivable.”)
So if you really want to know how much money your business has on hand, you have to look at your cash flow, not your profit.
Positive VS Negative Cash Flow
Businesses can either have a positive or negative cash flow.
- Positive Cash Flow: When your business earns more than it spends during a certain period.
- Negative Cash Flow: When your business spends more than it earns during a certain period.
A positive cash flow indicates that your business is healthy and you have enough cash to pay your employees, cover your business operating expenses, and maybe even expand your business. A negative cash flow indicates that you may have trouble paying for your business expenses and turning a profit.
Generally, positive cash flow is best. However, shy away from automatically assuming that a positive cash flow is good and a negative cash flow is bad. It’s important to knowÂ why your cash flow is positive or negative.
In the same way that profit doesn’t always equal cash flow, a positive cash flow doesn’t always imply profit.
For example, say you run a craft store that earns half its income selling supplies and the other half teaching sewing classes. If interest in sewing dies down, you may decide to focus on retail and liquidate (or sell) all of the sewing machines you bought. When you sell your machines, you will see a positive cash flow, but you won’t be earning the other half of your income anymore.
This is just one example of why it’s important to analyze your cash flow so you can truly understand the financial state of your business.
What Is Operating Cash Flow?
Cash flow can be calculated in several different ways. Each way gives you a different insight into your business’s cash flow. One of the most common cash flow calculations you’ll see is operating cash flow.
On the cash flow statement (a report of your business’s cash flow status), there are three different sections:
- Cash flow of operating activities
- Cash flow of investment activities
- Cash flow of financial activities
Cash flow of operating activities and operating cash flow are one and the same. Operating cash flow shows you how much cash you’ve made from your business operations. It’s calculated by subtracting business expenses like payroll and inventory from income generated through sales that have been paid in cash.
What Is Net Cash Flow?
Net cash flow, or total cash flow, is the difference between a business’s cash inflows and cash outflows. Net cash flow is calculated on the cash flow statement by adding the cash flow of operating activities, investment activities, and financial activities together.
What Is Free Cash Flow?
Free cash flow refers to the cash that is actually available to use. Free cash flow shows all of the cash left over after paying for a business’s capitalÂ expenditures (capital expenditures are the expenses spent on purchasing or maintaining a company’s assets like buildings or equipment).
When you hear people (especially lenders) talk about free cash flow, you may hear the terms unlevered free cash flow and levered free cash flow.
- Unlevered Free Cash Flow: Unlevered free cash flow is the free cash flow available before a company pays its debts, interest, and other financial obligations.
- Levered Free Cash Flow: LeveredÂ free cash flow is the free cash flow available after a company pays its debts, interest, and other financial obligations.
Direct VS Indirect Method Cash Flow
There are two different ways of calculating cash flow and presenting the cash flow statement.
Remember how earlier we said that the cash flow statement is divided into three sections: cash flow of operation activities, cash flow of investment activities, and cash flow of financial activities?
The difference between the indirect and direct method is how the operating cash flow appears on the cash flow statement.
- Direct Method: The direct cash flow method breaks down specific cash inflows and outflows and shows you the cash receipts from customers, cash paid to vendors and suppliers, cash collected from customers, interest earnings, dividends received, paid income tax, and paid interest. Adding these totals together is how the operating cash flow is calculated.
- Indirect Method: Instead of tracking each type of business operation cash flow, the indirect cash flow method is calculated by taking the net income from a company’s income statement and adjusting the earnings before interest tax (EBIT). It sounds confusing until you remember the difference between cash flow and profit. The net income shows your overall profit — we need to adjust it to show cash flow by subtracting accounts receivable (or invoices that havenât been paid yet).
While the direct method of calculating cash flow is more detailed, the indirect method is far easier to calculate and more widely used by businesses. The good news? If you’re using accounting software, it does all of the behind the scenes work for you. You’ll just see the total operating cash flow on your cash flow statement.
Don’t have good accounting software yet? Our comprehensive accounting software reviews cover QuickBooks products, Xero, Freshbooks, Sage, and more of the top cloud-based and locally-installed accounting solutions on the market today. If you want a quick peek at the top contenders, check out our accounting software comparison chart.
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Why Cash Flow Is Important
As we mentioned earlier, cash flow is the sustainer of business. Positive cash flow allows you to:
- Pay your employees
- Pay rent
- Purchase inventory
- Purchase new equipment
- Grow your business
Essentially, positive cash flow means you can run your business successfully. If you lack cash flow, you will have a hard time operating your business and paying your business expenses on time.
If you consistently have a negative cash flow, you may even be forced to declare bankruptcy. According to the SBA (Small Business Administration), lack of positive cash flow is one of the biggest reasons that businesses fail.
Additionally, both potential lenders and investors take your business’s cash flow into consideration.
Before approving you for a loan, lenders want to see that you have a consistent positive cash flow and that you have the money to make regular payments on a loan.
Potential investors also want to see positive cash flow, which indicates that your company is financially stable and that they are likely to receive shareholder payments if they support your company.
You may have come into this article assuming that focusing on profit is the best thing you can do for your business. In the end, however, it all comes down to cash flow.
Without an understanding of cash flow, you won’t be able to run aÂ business successfully. Nor will you be able to apply for funding from potential lenders to grow your business in the future. Pay attention to the cash flow reports in your accounting software, and you’ll be well on your way to maintaining positive cash flow and increasing overall profitability.
After analyzing your business’s finances, you may determine that you need a working capital loan or a line of credit to help you maintain positive cash flow. Read through our detailed small business loan reviewsÂ or view our business loan comparison chart to find a lender that works for you. If your business depends on invoices, invoice factoring might be more your speed. With invoice factoring, itâs possible to get cash for your invoices right away. Learn more in theÂ Basic Introduction to Invoice FactoringÂ and/or check out two of our favorite invoice factors:Â BlueVineÂ andÂ Fundbox.
For more information on accounting concepts and strategies, our accounting and bookkeeping blogÂ is a good place to start. We cover everything from double-entry accounting to small business taxes. We also guide you through how to choose small business accounting software. What’s more,Â our comprehensive accounting software reviews cover QuickBooks products, Xero, Freshbooks, Sage, and more of the top cloud-based and locally-installed accounting solutions on the market today. For a bird’s eye view of the top contenders, check out our accounting software comparison chart.
The post What Is Cash Flow? appeared first on Merchant Maverick.
Deciphering shipping options can feel a lot like navigating a maze. Youâre faced with decisions at every turn, and each path seems to split into more and more potential routes. This is difficult enough for a brick-and-mortar retailer, but as an eCommerce seller, you need to make these decisions frequently and in very little time.
Here at Merchant Maverick our goal is to support growing merchants, so while we canât make these decisions for you, we can at least help you understand the available options.
In this article, weâll be addressing one of the industryâs most popular shipping carrier: FedEx. Weâll go over FedExâs four categories of shipping solutions as well as the more specific options included within each of those categories. Keep reading to learn more about the best ways to ship with FedEx.
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FedEx Express (Domestic)
The first option weâll cover is one of the more popular shipping solutions among online sellers: FedEx Express. This service costs a bit more than some alternatives, however in return they provide time-specific delivery commitments with a money-back guarantee (even if your shipment only arrives 60 seconds late). FedEx Express is great for shipments on a deadline, especially those you have to ship overnight, and can be a godsend during the holiday season.
Whatâs more, FedEx Express provides merchants with a large selection of free shipping supplies, which you can order online and have delivered directly to your door. Read more about these shipping supplies and other available services in our blog post, How To Print, Pack, And Ship With FedEx Office.
FedEx Express includes a range of shipping services. These services are differentiated by their prices and their delivery times, and they are broken into Next Day Delivery and 2-3 Day Delivery. Take a look at those options below or head over to FedExâs website for more detailed information:
- FedEx First Overnight
- Next business day delivery by 8 a.m., 8:30 a.m, 9 a.m. or 9:30 a.m.
- Delivery by 10 a.m., 11 a.m., or 2 p.m. to extended areas
- FedEx Priority Overnight
- Next business day delivery by 10:20 a.m.
- Delivery by 12 noon, 4:30 or 5 p.m. to some rural areas
- FedEx Standard Overnight
- Next business day delivery by 3 p.m.
- Delivery by 4:30 p.m. to some rural areas (8 p.m. to residences)
- FedEx 2Day A.M.
- Second business day delivery by 10:30 a.m
- Delivery by 12 p.m. to rural areas
- FedEx 2Day
- Second business day delivery by 4:30 p.m.
- Delivery by 8 p.m. to residences
- FedEx Express Saver
- Third business day delivery by 4:30 p.m.
- Delivery by 8 p.m. to residences
For more information on delivery times for extended and rural areas, look into FedExâs Service Guide.
While FedEx Express is great for time-sensitive deliveries, if youâre looking for a cheaper alternative (and you donât mind slightly slower shipping), FedEx Ground may be the way to go.
FedEx GroundÂ offers merchants expedient delivery times at a lower rate. While they do not offer a time-specific delivery, they will guarantee your shipments arrive by the end of day on your scheduled delivery date.
One of the downsides of FedEx Ground is that you will not be able to order priority mail boxes for free. You will have to find and provide all your own packaging materials.
FedEx Ground is best for shipments that do not need to be delivered at a specific time of day. Ground is also good for shipments that are bigger or heavier, as you will likely pay lower shipping rates than you would with Express. In addition, Ground is the only way to go if you are shipping items that are regulated as dangerous goods via air shipment (Read about those items and related regulations).
Unlike FedEx Express, FedEx Ground does not offer a variety of shipping times. Rather, your delivery time will depend on your shipment and delivery locations. Typically, your package will arrive in between 1-5 business days, or 3-7 business days if youâre shipping to or from Hawaii and Alaska. You will be notified of an estimated delivery date for your shipments when you drop your packages off at a FedEx Office location nearby.
View FedEx Groundâs service map and test out the shipping rates calculator for better insight into how much your shipments will cost and how long theyâll take to ship. For FedExâs explanation on the differences between their Express and Ground services, check out this webpage.
FedEx International Shipping (FedEx Express)
FedEx Express also offers FedEx International Shipping through their FedEx Express program. We have separated this service into its own category as shipping rates are different from the domestic Express rates.
FedEx International ships to customers in over 220 countries and territories, typically within 1-5 business days (not including time spent in customs). Like FedEx Expressâs domestic service, FedEx International offers a money-back guarantee (view details) if your shipment is late by even 60 seconds.
If you choose to ship with FedEx International, youâll be able to choose from three options:
- FedEx International Priority: Delivery within 1, 2, or 3 business days
- FedEx International Economy: Delivery within 5 business days
- FedEx International Ground: Day-definite delivery throughout Canada
You can also choose to ship internationally via FedExâs Freight services. Keep reading for more information on shipping freight.
Looking to transport product between warehouses? Or just hoping to ship a very large and heavy item? FedEx Freight could be the service for you. FedEx Freight provides merchants with options for LTL shipping. These shipments come with a no-fee money-back guarantee (for merchants on the standard rate tariff).
FedEx Freight International
As I mentioned above, FedEx Freight International allows you to ship large items or large quantities of items to over 130 countries and territories. Shipments above 150 pounds qualify for this service. This service includes the following options:
- Urgent Delivery
- Time-Definite Delivery
- Day-Definite Delivery
- Direct Distribution
Read FedExâs details for more information about shipping freight internationally.
In addition, FedEx Freight offers two options for shipping within the US:
FedEx Freight Priority
Priority freight shipments offer fast delivery of time-sensitive LTL freight. The service delivers to the contiguous US and offers extensive service to Alaska, Hawaii, Puerto Rico, Canada, and Mexico. The FedEx Freight Box is available for this service (more information on the Freight Box to come). Delivery times for Freight Priority are as follows:
- A.M. Delivery: Delivery by 10:30 a.m.
- Close of Business Delivery: Delivery by 5 p.m. on standard delivery date throughout contiguous states
FedEx Freight Economy
As you might imagine, FedEx Freight Economy offers more cost-effective delivery of LTL freight. You can use Economy to ship to customers throughout the contiguous US and to Alaska, Hawaii, Puerto Rico, and Canada. The FedEx Freight Box is also available for this service (again, find more information on the Freight Box below). Here are FedEx Freight Economyâs delivery times:
- A.M. Delivery: Delivery by 10:30 a.m.
- Close of Business Delivery: Delivery by 5 p.m. on standard delivery date throughout contiguous states
About The Freight Box
FedExâs Freight Box is their way of incorporating flat rate shipping into their freight services. If you choose to ship with a Freight Box, you will pay a predictable flat rate to ship your box, based on shipping zones and if youâre using Priority or Economy services. Those rates range between $126-$312.
View the chart below:
Only shipments below 1,200 pounds can qualify for the Freight Box, and shipping rates do not qualify for negotiated pricing, which may disappoint some high-volume sellers. The good news is if you choose to ship this way, there is no freight classification required!
FedExâs Freight Box comes in two different sizes:
- Standard (pallet not included)
- 48â x 40â x 38â
- Small (integrated pallet included)
- 48â x 40â x 28â
You can order both of these boxes online, and after a bit of assembly, you can get to packing.
Shipping options can certainly be disorienting! We hope our breakdown above has helped you to untangle the number of options available through FedEx. If one or more of these shipping solutions catches your eye, be sure to look into the resources we’ve included to get a better idea of the details.
Or, if you’re still looking for general information about shipping with FedEx, check out our comparison article, USPS vs UPS vs FedEx: Which Shipping Carrier Is Best?
You’ll be a shipping expert in no time!
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We’ve all heard of Yelp. You might think of it simply as a helpful website that advises you to steer clear of that new Asian-Fusion place on Main Street (the service is terrible and you will get food poisoning). Based on how fellow customers rate restaurants and other businesses on a five-star scale, you can make decisions about whether various establishments are worth your time. You can even see pictures of locations, plates of food, menus, hotel rooms, and more.
But there is more to Yelp than just customer reviews of local services. On the other side of the curtain is a whole array of business tools designed to bring more customers through your doors. Functioning much like a social media account, Yelp for Business Owners lets you post pictures, interact with customers, and even buy targeted advertising to help grow your business. Ranging from free options that allow you to “claim” your business to paid subscriptions providing advertisements and high-quality video support, Yelp for Business Owners might be just the thing you have been looking for to give your business a boost.
But is it worth the expenditure? What can Yelp for Business really do for you? Read on to find out.
Do I Have To Pay To Create A Yelp Account For My Business?
Yelp for Business is free on the most basic level, but there are paid options if you want more features.Â Let’s take a closer look at the costs involved.
The basic concept behind the free tools is that you can claim your business and establish a greater presence through Yelp. In many cases, your business will already be on Yelp, with positive and negative reviews, photos, and traffic already present. By claiming your own business, you will be able to gain some control over that content, including the ability to respond to reviews and add your own photos. In most cases, and especially if your business is already rated and reviewed on Yelp, there is no reason not to at least check this version of Yelp for Business out.
If you want to take advantage of Yelp’s proven popularity with consumers, you may find it advantageous to try their advertising service. The self-service option allows you to set your own budget for ads and will target people searching similar services to yours within your area. Yelp does not post their prices publically, but I found a general consensus among small business owners that pricing starts at $350 per month. Opting for this plan also allows for an “upgradedÂ slideshow,” and removal of competitor ads when potential customers are looking at your Yelp page.
Signing up for the Full Service option gives you the opportunity to add a video to your Yelp profile, as well as a “call to action button” on your page. Both of these make yourÂ Yelp page stand out from competition, which could be valuable if there are lots of similar businesses to yours in your area. The Full Service package also includes support from Yelp’s own team of marketing experts, who will be on hand to help you craft your ads and deal with bad reviews and difficult customers.
How Easy Is It To Use Yelp For Business?
By all accounts, Yelp for Business Owners is very straightforward to use. It is easy to add photos and respond to customers on Yelp’s web platform. Designing an ad campaign is a little more difficult, but that mostly comes down to your own marketing decisions. So far, so good. However, if you do decide to sign up for Yelp’s advertising (hoping to take advantage of Yelp’s high trust rating with internet users), be aware that some things just aren’t possible. Hoping to set geographic boundaries for your advertisements? No can do. Want to specify particular keywords to direct traffic your way? Big nope there. So while the actual operating of Yelp for Business is pretty easy, the lack ofÂ things to do does not bode well for the app.
Are There Downsides To Using Yelp?
Well, we have partially answered that question already. The limitations on your advertising potential are a huge drawback for a platform that is supposed to be all about advertising for local businesses. Unfortunately, the bad news does not end there. In addition to being a little opaque in terms of usability, Yelp for Business isÂ expensive. With prices starting at $350 per month and only increased from there, you will be paying exponentially more for Yelp than you would for Google, Facebook, or other ads. On top of that, I read reports from several users (read: most that I saw) claiming that it can be hard to determine just how effective those ads really are. Proponents of Yelp talk about the excellent reputation the site has with consumers and how often users visit an establishment once they look it up on the site. But actually finding how those statistics apply to small business owners can apparently be rather difficult.
On top of that, Yelp’s customer service reps can be charitably described as… persistent. I ran across more complaints about this aspect of Yelp for Business Owners than any other. Once you make it known to Yelp that you might be interested in an advertising contract, they push for it hard, even to the point of insisting that a higher price will be so beneficial to your business that you can’t affordÂ notÂ to give in and sign up. As a small business owner myself, I can’t imagine the frustration of continually having to defend my own decision to limit my budget below what a sales rep thinks is wise. After all, the business isÂ mine.
Yelp is a proven platform that users–your future customers–trust almost implicitly. That said, Yelp for Business can be expensive, on the opaque side, and possibly less effective than advertised. My own take on it is this: signing up with Yelp for Business Owners is worthwhile if you already have a significant following on the platform. If your business already has positive reviews and has a decent history, you may as well at least claim your business on Yelp and upload some official photos. It might even be worth it to give in and pay for some ads. Just make sure you have a strategy in place for using Yelp for your business marketing.
If your business is brand new and has little to no Yelp presence, you may not want to go beyond confirming your business. At the very least, you should wait for a more established footprint on this review site before paying at all for their advertising; your money will just be better used elsewhere.
Get Started With Yelp For Business Owners
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