How To Use Square Invoices To Ensure You Get Paid On Time

If your business relies on paper-based invoicing, you don’t need me to tell you about the inconvenience of printing, mailing, and waiting to get paid. Despite the hassle, many businesses still rely on printing and mailing invoices — you’re not alone. However, more and more shops are switching to online invoicing platforms to eliminate the expense of paper, printing, mailing, and administrative costs — and get paid faster!

If you’re ready to try an easier invoicing process, one simple and popular new solution is Square Invoices — because yes, in addition to the free mobile card reader and mobile POS, Square offers a fairly robust invoicing platform that syncs seamlessly with the rest of Square’s features. 

We’ve already reviewed Square Invoices, so I recommend that you check out the review for a more detailed look at how Square stacks up against some other options.

In this post, we are going to dive into Square Invoices and show you how to use the platform! From setting up a one-time invoice to setting up recurring invoices and creating deposit requests and reminders, you’re going to find out everything you need to know about using Square to send and receive payments.

But first, I know the most important question will always be “how much does it cost?”

How Much Does Square Invoices Cost?

The good news is that Square Invoices is entirely free to use. You can send unlimited one-off invoices, recurring invoices, scheduled invoices, and any other type of invoice, and you’ll only incur payment processing fees at the time your customer pays you.

When your customer opens your invoice and pays you online with their credit card, you’ll pay 2.9% + $0.30 for processing costs. If you use a saved Card on File from your Customer Directory to process an invoice payment, you’ll pay 3.5% + $0.15.

That’s it. Square doesn’t charge any monthly fees, service fees, or any other fees beyond the processing costs. A transparent pricing model and fully secure, PCI compliant payment processing are what makes Square a leading choice for businesses that need a simple, cost-effective solution.  

So let’s find out how to use Square Invoices to save time and get paid faster!

How To Send A Square Invoice

To send an invoice with Square, you’ll need to set up a Square account. The setup process doesn’t take long, and Square only asks for necessary personal information — no credit checks required! Once you’ve got an official Square account, you can access everything you need right at your dashboard. The same tools are at your disposal whether you access Invoices from your Square POS app or the Square Dashboard at your computer. Note that for this post, we are creating an invoice from our Square Dashboard — and here it is in the screenshot below.

Square Dashboard and Invoices

As you can see, I don’t have any outstanding invoices. If I did have outstanding invoices, the blue box labeled Invoices would display the dollar amount. From this tile, I can quickly send a new invoice by selecting Send an Invoice.

1. Fill In Customer Information & Invoice Details

When you first open the form to build an invoice, it’s very straightforward to plug in the details. Add your customer’s name, email address, and a message. The default message for the invoice is, “We appreciate your business,” but you can certainly start from scratch here and add a more dynamic message. The possibilities here are endless, from inviting them to consider a new service or promoting an upcoming event or discount. You know what they say, “Always Be Closing.”

Keep in mind that Square Invoices also syncs with your customer directory, so if you’re invoicing a past client, you can pull their name and information from the directory. If this is the first time you’ve sent this customer an invoice, this process will create an entry in your database.

I want to mention the Invoice Method line briefly. This line refers to the delivery method. Square Invoices send the invoice via email as a default, but you can also select Share Invoice Manually in the drop-down and Square will generate a link. You can send the link to your customer via text message, social media account, or any other type of messaging platform.

2. Set Payment Terms For One-Time Invoice

Working our way down the Invoice Details, let’s look at the Frequency. In the drop-down, you can choose One-time or Recurring. In the next section, I’m going to peel back the layers of recurring invoices. But first, let’s focus on a one-time invoice and the Send line in the image below.

This step is important for obvious reasons. When you think about customer behavior, remember that the fresher the value is in their mind, the more likely you are to get paid. Send the invoice as close to the deliverable as possible, and choose your due date carefully.

New Square Invoice

 

3. Set Up Recurring Invoice Schedule

As you can see in the image below, you have some flexibility when it comes to when and how you enable recurring invoices with Square. You can choose to send immediately, or choose a set time block such as in seven days or at the end of the month. You can also select a specific date.

Here, you can also select how often to repeat the recurring invoice. You can set the schedule for daily, weekly, monthly, or yearly invoice billing. Next, select when to stop your recurring invoices. Your options are never, after a specific number of invoices, or on a specific date. You can see in the example I set up below that I’ve ordered my recurring invoices for six months and requested payment due within seven days of receipt. I’ve also enabled Automatic Payments. If my customer approves automatic payments and saves their card, I’ve just made things even easier for myself (and them)! We will revisit the card-on-file situation and what that means for you in an upcoming section.  

Recurring Invoices can help you get paid on time for a service- or product-based subscription, of course, but you can also utilize recurring invoices to allow your customers to pay in installments. It’s all in how you set up expectations with your customer. Make sure to lay out what is expected as far as payment for the exchange of goods or services in the Line Item section.  

Whether you send a recurring or one-time invoice, the next steps are the same, so keep reading to find out how to fill in all of the upcoming invoice options, starting with Line Items.

4. Adding Line Items To Your Invoice

When it’s time to add items to your invoice, you’ll choose from the drop-down menu. If you don’t have inventory saved, you can simply type in the product or service and the price. I’ve added in ad-hoc services and prices to my Line Items in the screenshot below.

Need to add a note next to the service? Select Customize on the line item, and you can add a simple note next to the specific product or service in your invoice. Remember, the clearer you are here, the better. Avoiding confusion by adding descriptive notes can benefit you if there is a question later on down the road.

Filling out Invoice Square Line Items

Similarly, if you are allowing your customer to pay in installments, use the Line Item section to make clear what installment is being paid and the end product or service (e.g., Installment 2 of 4 for Vegan Suede LoveSeat Couch, Color: Coral)

5. Adding a Discount & Request Deposit

Under our Line Items, we can opt to Add Discount. In the example below, I applied a 25% new customer discount to this gift basket order by manually entering it into the discount fields.

Under the total, notice that you can also Request Deposit. You can request a specific percentage upfront by adding in details here. I’ve added a request for a 50% due immediately upon receipt. Whether the purchase requires you to special order materials or you are holding an item for a customer, requesting a deposit can help reduce risk to your bottom line.

Square Invoice Request Deposit

6. Fill In More Options

After you have all of the main parts of the invoice filled out, there is one last section: More Options. Here you can do even more to organize and keep on top of the invoices you send:

  • Set Reminders
  • Request a Shipping Address
  • Allow a Customer to Add a Tip
  • Allow Customer to Save a Card on File
  • Add Attachments

Square Invoice Options

Square Invoices automatically sets up reminders, but you can select Edit Reminders (as seen to the right) and edit the frequency around the due date. If you select Tipping, your customer will have the ability to manually add the tip amount or choose a percent to add to the total.

Store Cards on File For Faster Payments

Storing a card on file can save your customer time and streamline the process for everyone. When you process a payment with a card on file, it is going to cost you a little bit more in processing costs, however. To refresh your memory, processing a Card on File payment costs 3.5% plus $0.15. If your customer sets up recurring invoices and approves automatic payments, you can see how this could benefit your business over the long run, despite the extra charge.

There are a few ways to create a Card on File for Invoices. First, you can select Card on File on the invoice, as pictured above. If you select this, your customer does all the work on their end with approval. If you are at your Virtual Terminal or at the Square Point of Sale app and want to add your customer’s card to the customer director for future billing, you can do that, too.

To add a card on file, head to the Customer Directory and manually add their credit card information. Square prompts you to print out and have your customer sign their approval to save their card on file. Make sure you keep that piece of paper in a safe place!

7. Attach Files

In addition to selecting the option for your customer to store their card on file, you can attach additional files that pertain to the order. Square lets you add up to ten files (up to 25 MB worth, total). This includes JPG, PNG, GIF, TIFF, BMP, and PDF file types. Attaching files such as contracts, mock designs, or information about the sale may help support your case if there is a chargeback issue in the future, so it pays to add as much pertinent information as you can here.

Adding attachments to Square Invoice

Need help drafting an agreement or documents? Square provides free professional contract templates so that you can customize and attach to invoices. Use these to spell out the details in your contract, get ahead of customer expectations, and avoid payment disputes. Square provides downloadable templates including Completion of Services, Order Forms, Improvement Agreements, Sale of Goods, and more. Visit Square’s Build Your Contract page to find templates you may need and add to your invoices or keep on file.

8. Preview Invoice & Customize Appearances

After entering in all of the most important details of the invoice, let’s see how it will look for the customer. In the upper right-hand corner of the invoice screen, I selected ‘Preview.’ Here is what we have so far.

Square Invoice Tutorial

You’ll notice right off the bat that the Square Invoice has a pretty large banner that is currently completely unbranded. Square reminded me through the green tutorial prompt that I can update my logo, color, and business information by heading to Account & Settings.

Let’s head there next and update the banner to reflect the brand. Adjusting these setting and information is located at Receipt under Account. Note that the settings, branding, and contact information that you apply in Receipts is also reflected in the settings and branding applied in Invoices and Estimates.

Below, I uploaded a logo and chose a background color from the available colors.

Design Square Invoice Logo

After scrolling through the sample invoice preview, I also noticed that Square had my business name, address, and phone number in the footer. If you’re like me and don’t have a brick-and-mortar business location, you can adjust the details of your contact information, which is what I will also be doing in Account & Settings.

All you have to do to disable location display is toggle ‘Show Location.’ The only contact details displayed on my invoices now are my business name, and contact phone number. Just how I like it!

Hiding Location Square Invoice

9. Send Invoice

Here is our finished invoice. Note that we selected that the customer can save their card on file. Additional authorization is all ready for them to click right below Billing Information.

Square Invoices

As I scroll down in the invoice, you can see that I’ve added a short note, itemized products, and the discount. Also remember that for this order, I required a deposit before assembling the baskets. When viewing the invoice, the total balance and the due date for the deposit are laid out clearly, as seen in the screenshot below.

And that’s it! The invoice ready to send to the client.

Track Invoices & Follow Up With Customers

If you deal primarily in custom orders, or you have multiple clients, it’s quite likely you have several outstanding invoices at any given time. The good news is that with Square Invoices, you don’t need to hope you’ve remembered to enter an invoice in your spreadsheet so nothing slips through the cracks.

In the Square Dashboard, you have many options to sort and search for invoices. You can search for and view every invoice you’ve sent by customer ID, invoice ID, invoice title, or customer email. You can also sort invoices to only display sent, outstanding, paid, scheduled, draft, and unsuccessful invoices. The other way you can sort your invoice view is by a specific date or a date set.

Square Sorting Invoice

By selecting only to view outstanding invoices, you know who you may need to follow up with this week. Following up is easy — you simply select the invoice. As you can see in the screenshot below, a vertical screen appears to the right of your dashboard when you select the specific invoice. Here you can view the recent activity, and track when (or if) your client saw the invoice and any action taken with it.

At the bottom left, you can select Remind and draft a quick reminder message to send to your customer. Need to record a payment received by cash or check? No problem, you can manually add the amount by selecting Record Payment under the Payment Schedule section.

Square Invoices Recording Payment

Pay Off The Invoice With Square POS

If your customer is standing in front of you or will be heading in to see you, the free Square POS app is a great way to take their payment. For one, if you swipe, tap or dip the card with a connected reader, you can process the payment at 2.75% rather than 2.9% + $0.30.

Square Invoice POS

Here is the next payment screen. You can record partial or full payment or charge a swipe, tap, or dip a card on your connected device.

Square Pay Invoice on POS

While we are here, I want to remind you that the Square POS app has all of the same invoice functionalities as far as processing payments, tracking, and yes — even setting up and sending invoices.

Sending An Estimate

I’m happy to report that Square recently started supporting estimates. If you haven’t quite closed the deal yet with your customer, or you provide a service-based business, sending an estimate is an essential step. You can access Estimates within the Invoices section.

Square estimate

I filled in the details of a bathroom remodel estimate below. The same branding and delivery methods apply to estimates as they do to invoices, so if you’ve already set that up, you’re all set! Head back to the previous section in this tutorial, Preview Invoice & Customize Appearances, for a refresh on how to update logo and colors if you haven’t yet.

Creating an Estimate in Square

As you can see, the process is nearly identical to send an invoice and an estimate. 

Is Square Invoices Right For You?

As far as making your life easier as a business owner, Square delivers when it comes to simplicity and ease of use. As far as getting paid, invoicing a client is a bit more expensive when it comes to processing credit cards, but you can send an unlimited amount of invoices for free, record check or cash payments, and get the simple tracking and reporting tools with no added fees.

If you compare Square Invoice to paper printing, mailing, and waiting, it’s no contest — Square wins hands down. But Square does have its limitations. If you are looking for advanced reporting features, integrated expense tracking, and live bank feeds, you may want to shell out some more money for a premium solution like FreshBooks (read our review). Check out our Invoicing Software Comparison chart to see different options available.

That being said, I like that Square seems to be listening to their user base when it comes to improving functionality and offering more solutions, as evidenced by the recent addition of estimates this year. All in all, with Square you have everything you need to send an invoice or a deposit request and easily track activity for follow-up. If you are ready to give it a shot, set up a free Square account and start sending invoices!

Want to know more about Square? Again, don’t forget to take a look at our Square Invoices Review, and for a better look at everything Square can do for you, check out our complete, in-depth Square review!

The post How To Use Square Invoices To Ensure You Get Paid On Time appeared first on Merchant Maverick.

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How To Start And Finance An Auto Body Shop Business

You’re an experienced mechanic that’s been working for someone else for your entire career. You’re ready to spread your wings and fly (or drive) right to your own auto body shop. Sound like you? If you’ve been bitten by the entrepreneurial bug, then maybe it’s time to set out on your own.

Even if you’re the best at what you do, venturing out into the small business world can be scary. If you’re an employee at a collision center, you probably feel like you have some stability. Why risk a “sure thing” to start your own shop, especially if you don’t have any previous experience running your own business?

Starting your own business is risky and it takes hard work (and a lot of it). But opening your own auto collision shop can be an extremely lucrative venture. The automotive collision repair market brings in billions of dollars in revenue each year, and studies show that revenue will only continue to grow in the years ahead. Isn’t it time you got your share?

If you’re thinking about starting your own auto body shop, this guide is for you. We’ll go through all of the steps of starting your own business, from creating a business plan to finding the right lender. We’ll review potential costs, hiring employees, and other critical steps to building a successful business. If you’re ready to take the next step into entrepreneurship, read on to find out how to get started.

Create A Business Plan

You’ve made up your mind: you’re ready to open your own collision or auto body center and you have an idea of how to do it. That’s good enough, right? Actually, you need to be more prepared before you even begin to move on to other steps in building your business. The best way to be prepared? Create a detailed business plan.

Let’s illustrate the importance of a business plan with an example. You’re going on a hike in the woods. There are lots of paths to choose from. Some of these paths may bring you out of the woods — your end goal — but there may be additional challenges along the way, like steep terrain. Some paths may be wrong altogether … and you’ll have to backtrack to right your course. In short, you can enter the woods without a map and risk getting lost. Or you can get a map ahead of time, plot out your course, and set out only after you’ve planned your route and know what to expect.

A business plan works in the same way. A good business plan outlines how to get from your starting point (launching your business) to your goal. Every entrepreneur has a different goal. Maybe yours is to run a successful local business that sets your family up for life. Maybe you have bigger goals — starting your own chain of auto body shops, for example. The most important thing is to set a concrete goal and create a map of how to get there.

Not only will a business plan keep you on the right track, but you must have a plan to present to investors or lenders when you’re seeking capital.

New to writing a business plan? At a minimum, here’s what you should include:

  • Executive Summary: A concise summary detailing each section of your business plan
  • Overview: A description of your business, including the legal structure, location, and type of business
  • Market Analysis: An overview of your market and a definition of your target market
  • Competitive Analysis: Strength and weaknesses of your competition
  • Management Team: The members of your management team and their responsibilities within your organization
  • Financial Projections: A forecast of the financial future of your business

Find A Location

As realtors say, “Location, location, location!” As you plan your own body shop, location is key, but there are a few other considerations to weigh before you put your name on that lease or mortgage.

You want to make sure that you purchase or lease the best location you can afford. Sure, that commercial property on the outskirts of town is much cheaper, but your customers have to be able to find you. Find a property that’s convenient for your customers and is located in a high-traffic area or at least off of a major road.

Another consideration is whether you’re going to buy an existing business or start from scratch. Buying an existing business comes with definite perks, including an established clientele, equipment, and even licenses and permits. However, there are a few drawbacks. This is one of the most expensive options, especially if the business is successful. You may also have to put additional costs into the business for renovations, like replacing outdated equipment.

If you start from scratch, you’ll rack up costs with the price of equipment, licenses, and building renovations.
Unsure of which to choose? Build a business plan looking at both options, calculate costs, and determine which makes the most sense financially, both in the short- and long-term.

Another option to consider is opening a franchise. With a franchise, you have less flexibility in terms of designing your brand and shop. However, you’ll have a working business model that takes a lot of the guesswork out of owning your own business.

Register Your Business

Before you open your auto body shop to the public, you need to register your business. Not only will you be seen as a legitimate business by your customers, but registering is also required when you want to hire employees, protect your assets, or seek capital from investors.

To register your business, you need to first determine what form of business entity to establish. There are several structures to choose from, including:

Sole Proprietorship

A sole proprietorship is the simplest business structure. This is best for businesses with just one owner. Sole proprietors can file their business profits and losses on their personal income tax returns. No paperwork is required to register as a sole proprietorship. However, this structure isn’t without its drawbacks. Raising money as a sole proprietorship is difficult, and you are personally responsible for the liabilities of your business.

Partnership

A partnership is a good choice for companies that will be owned and operated by two or more people. There are several different partnership types to consider:

  • General Partnership: Doesn’t require filing with the state and has few requirements
  • Limited Partnership (LP): One partner has unlimited liability and the others have limited liability. The personal assets of the limited partners can’t be used to satisfy the debts and liabilities of the business.
  • Limited Liability Partnership (LLP): Used by professional service businesses, this type of partnership offers personal asset protection for all partners.

Limited Liability Company (LLC)

An LLC has several benefits for business owners. With an LLC, a business owner will receive liability protection without paying the high tax requirements of corporations.

Corporation

This is the most complex and expensive business structure. More regulations and tax requirements are put in place for corporations. This structure is best for businesses that plan to raise capital through the sale of stock.

The type of structure you select for your business varies by the number of owners that you have and the future plans for your business. In most cases, however, single owners of auto body shops lean toward LLCs, while businesses with more than one partner select the partnership business structure. Before choosing your business structure, talk to your accountant and/or lawyer to find out which makes the most sense for your business.

Once you’ve determined your business structure, you’ll need to select a name for your business. Choose a name that reflects your brand and the services you offer. You also want to choose something that’s catchy and/or easy for customers to remember.

Your business will need to be registered with city, state, and federal governments. You’ll need to sign up for an employer ID number through the Internal Revenue Service if you plan to hire employees. To learn about the specific business license and permit requirements in your area, contact your local Chamber of Commerce, Department of Revenue, or Small Business Administration office to learn more.

Calculate Your Startup Costs

Every new business has one thing in common: the need for capital. In order to start your own collision center, you need money. The big question, though, is how much do you need?

One of the first steps to starting your own business is to calculate your startup costs. In order to do that, begin by making a list of everything you need for your business.

One of the biggest expenses for your new business will be equipment and tools. While your list may look a little different, some of the most common equipment and tools in this industry include:

  • Hydraulic Lifts
  • Hand Tools
  • Pneumatic Tools (Air Tools)
  • Air Compressors
  • Diagnostic Machines
  • Wheel Balancers
  • Paint Guns

Additional startup costs to consider include your business licenses and certifications, insurance, hiring employees, and shop rental or mortgage fees. You should expect to spend at least $50,000 to get your shop up and running. However, as you make a list of your costs and research pricing, this number could potentially rise.

Before you seek funding for your business, a good rule of thumb is to always overestimate your costs by about 30 percent. For example, if you calculate that your expenses will be $200,000, plan to seek $260,000 in funding. In other words, always plan for the unexpected.

Seek Funding

Now that you’ve calculated your startup costs, it’s time to figure out how to pay for it all. If your bank account looks a little low, don’t worry. Most entrepreneurs don’t have the funds to cover these costs out-of-pocket. Instead, they turn to a lender to get the financing they need. Consider these loans and other funding options when you need capital to start your new body shop.

And if you can’t find the option you’re looking for here? Check out more recommendations in the post, Business Loans For Auto Repair Shops.

Personal Savings

If you have money in a savings account, consider using these funds to pay your startup costs. There are several benefits to using your own money. You won’t be indebted to a lender, so there are no monthly or weekly payments to worry about. You also won’t have to pay interest or fees. On the downside, though, if your business fails, you risk losing your savings.

Friends & Family

If you have a friend or family member with extra money to invest, consider pitching your business to them. Present your business plan and tell them why they should invest in you.

There are two ways to go about this. You can stick with traditional debt financing. This means that you would take a loan from your friend, family member, or colleague and pay it back over a set period of time, along with interest and fees.

You may also consider equity financing. Instead of taking out a loan, you’d receive capital in exchange for ownership in your business. The investor would get their money back over time through a share of your profits. While the risk falls on the investor and you wouldn’t have to begin paying back money immediately, you would have to share your profits and lose some control over your business.

Unsure of which option is right for you? Learn more about debt financing vs. equity financing.

Personal Loans For Business

One of the biggest challenges a new business owner faces is meeting the requirements for a business loan. Many lenders – especially the ones with the lowest rates and best terms – want to work with established businesses with high revenues and solid business and personal credit histories. If you haven’t even opened your doors to a single customer, meeting these requirements is impossible.

However, if you have a high personal credit score, you can take out a personal loan to use for your startup costs. Time in business, annual revenue, and business credit history aren’t required to qualify for personal loans. Instead, you use your personal credit score and your own income to qualify.

If you choose this option, it’s important to make sure that your lender doesn’t have any restrictions prohibiting you from using funds to pay startup costs or other business expenses. Most personal loans don’t have restrictions and can be used to purchase equipment, hire employees, pay operating costs, or use as working capital.

Recommended Option: Lending Club Personal Loans

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Lending Club is a peer-to-peer lender that provides personal loans up to $40,000 to qualified borrowers. Repayment terms are 3 years or 5 years with APRs starting at 6.95% for the most creditworthy applicants. APRs for less creditworthy borrowers go up to 35.89%.

To qualify for a Lending Club personal loan, you must meet these minimum requirements:

  • Be at least 18 years old
  • Be a U.S. citizen, permanent resident, or live in the U.S. on a long-term visa
  • Have a verifiable bank account
  • Have a personal credit score of at least 600

In some cases, Lending Club may recommend adding a co-borrower to increase your chances for approval. If you meet all requirements, you can get funded in as little as 7 days.

As you grow a more established business, you can later take advantage of Lending Club’s business loans. Lending Club offers up to $300,000 in business funding with terms of up to 5 years and fixed monthly payments.

Lines Of Credit

A line of credit is a form of financing you should consider if you want instant access to cash without having to wait for lender approvals. Once you’ve been approved for a line of credit, you can make draws as needed to inject cash into your business.

Here’s how it works. You apply for a line of credit with a lender. The lender looks at a number of factors, such as your personal credit score or business performance, when determining whether to approve your application. These factors will also be considered when setting your credit limit.

Once you’ve been approved, you can initiate as many draws as you’d like from your line of credit up to and including the credit limit. Funds are typically transferred to your bank account immediately, and you can access the money in 1 to 3 business days with most lenders.

As you repay the borrowed funds plus fees and interest charged by the lender, the funds replenish and become available to use again.

Lines of credit are useful for unexpected expenses, emergencies, or to fill revenue gaps. Having a line of credit allows you to access money when you need it without having to go through the application and approval process over and over again.

Recommended Option: Fundbox

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Fundbox offers lines of credit up to $100,000 for qualified businesses. The lender charges a one-time fee for each draw that starts at just 4.66% of the draw amount. Terms of 12 weeks or 24 weeks are available, and automatic payments are drawn from your bank account each week. You can save by paying your loan off early, as Fundbox will waive all remaining fees.

There are two ways to qualify for a Fundbox line of credit. The first is by linking your business bank account or submitting bank statements. These will be used by the lender to evaluate the performance of your business. If you have unpaid accounts receivables, you can use these to qualify. All you have to do is link your supported accounting software.

Minimum requirements to receive a Fundbox line of credit are:

  • Business checking account
  • U.S.-based business
  • At least $50,000 in annual revenue
  • At least 3 months of transactions in a business bank account OR at least 2 months of activity in accounting software

Once you’ve filled out Fundbox’s quick application and have linked your accounts or submitted documentation, you can be approved in just minutes. Then, you can instantly put your line of credit to work for your business.

Business Credit Cards

Another option for fast funding is a business credit card. Once you’ve been approved for a business credit card, you can use it any time. You can use your card as often as you wish provided you stay within your set credit limit.

Business credit cards can be used anywhere credit cards are accepted. You can make purchases online or in-person. You can also use your card for recurring payments, such as utility bills, which is even smarter when you use a rewards card that gives cash back or other perks.

Like lines of credit, business credit cards are revolving forms of credit. This means that as you pay down your principal balance and interest, funds will become available to use again. Once you’re approved for a business credit card, your card is ready to use immediately whenever you need it. This makes it a great payment option for emergency expenses, purchasing supplies or inventory, or for paying recurring expenses.

Recommended Option: Chase Ink Preferred

Chase Ink Business Preferred



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Annual Fee:


$95

 

Purchase APR:


18.24% – 23.24%, Variable

If you have excellent credit, consider applying for the Chase Ink Preferred card. With this rewards card, you can receive 3 points for every dollar spent on combined purchases in travel, shipping, cable, internet, phone services, and advertising. Even though earning three points on these purchases is capped at $150,000 per year, you can still earn one point per dollar spent with no limitations on all purchases.

If you’re approved for the Chase Ink Preferred card and spend $5,000 within 3 months of opening your account, you’ll receive an additional 80,000 bonus points. Points can be redeemed for rewards including vacation packages, gift cards, Amazon purchases, and cash back.

This credit card comes with a variable APR of 18.24% to 23.24%. A $95 annual membership fee is required.

To qualify for Chase Ink Business Preferred, you must have good to excellent personal credit.

Rollovers As Business Startups (ROBS)

Withdrawing retirement funds may be tempting, but who wants to pay penalties and taxes for early withdrawal? Luckily, there’s a way that you can leverage these funds to put capital into your new business. This method is known as rollovers as business startups, or ROBS.

How does ROBS work? The first step is to create a C-corporation. Then, a new retirement plan is created for the C-corp. Next, the funds from your existing retirement plan are rolled over into the new plan. These funds are used to purchase stock in the new C-corp, giving you access to the capital you need to get your business running.

Sound too complicated for you? Then consider working with a ROBS provider. A ROBS provider will get everything set up for you legally and ensure you maintain compliance. In exchange, you’ll pay a one-time setup fee and a monthly maintenance fee with most ROBS providers.

When you use this type of financing to fuel your business, you don’t have to worry about repaying a lender. After all, you’re using your own funds. However, be aware that if your business is unsuccessful, you risk losing your retirement funds.

Recommended Option: Guidant Financial

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Pre-qualify

Guidant Financial is a ROBS provider that can help you leverage your retirement funds. All you need is a qualifying retirement or pension account. Qualifying accounts include:

  • 401(k)
  • 403(b)
  • Traditional IRA
  • TSP
  • SEP
  • Keogh

Qualifying accounts must have a minimum of $50,000. You must also be an employee of the business.
By working with Guidant Financial, you can receive funds in as little as 3 weeks. The setup fee is $4,995. You must also pay a Plan Administration fee of $139 per month.

Unsure if a ROBS plan is right for you? Don’t worry — Guidant Financial offers other business financing options including:

  • SBA 7(a) Loans
  • SBA Working Capital Loans
  • Unsecured Business Loans
  • Equipment Leases

Purchase Financing

If you’re looking for a way to pay your vendors that frees up some of your cash flow, purchase financing might be the solution you’re looking for. With purchase financing, your vendor gets paid immediately for your purchases – think tools, fluids, and other critical shop supplies. In the meantime, you’ll get additional time to pay. Instead of paying off the full balance of your purchase up front, you’ll be able to split it into more affordable regular payments.

Purchase financing gives you more control over your cash flow, freeing up funds and allowing you to pay back on a schedule that works best for your business. Of course, like with other financing, you do have to pay interest and fees for this service.

Recommended Option: Behalf

behalf logo

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Behalf offers purchase financing of $300 up to $50,000. You’ll receive up to 6 months to repay the lender and can choose between weekly or monthly payments.

Monthly fees for the service start at 1% and are based on creditworthiness. There are no additional fees for using Behalf’s financing.

There are no time in business or revenue requirements to qualify. However, Behalf performs a hard pull on your credit, considers business credit history, and looks at other business performance factors to determine if you are eligible for financing.

Choose Business Software

Small Business Online Accounting Software

To keep operations flowing smoothly, you need to pick the right business software for your repair shop. Business software helps you more efficiently run your business, from keeping up with customers to tracking your finances for tax purposes.

Accounting Software

Accounting software allows you to perform various accounting functions so that you can track and record all financial transactions. With accounting software, you can track accounts receivable and accounts payable. Most modern accounting software also offers additional tools including bill payment, payroll, and invoicing. You can purchase accounting software or pay a fee to subscribe to an online service.

Accounting software not only allows you to keep track of your finances at any time, but it also can be used to run financial reports that may be required to receive financing. These reports will also serve you well when it comes time to do your taxes.

No experience in accounting? Don’t worry — we have you covered. Check out our free eBook “The Beginner’s Guide to Accounting” that breaks complicated accounting concepts into ones that are easy to understand.

Auto Repair Invoice Software

Accounting software often has a feature that allows you to create and send invoices. However, you might want to invest in specialty software for auto body repair shops.

Auto repair invoice software includes a variety of tools that can be used to track service requests, create invoices and estimates, track leads, and manage inventory and orders.

Payment Processing Software

No longer do we live in a cash-only world. Now, customers almost always make their purchases using debit cards, credit cards, and even smartphones.

In order to be able to accept these forms of payment, you’re going to need a payment processing service. The payment processor serves as the communicator between your customer’s bank and your own bank, allowing you to process credit, debit, and other forms of payment.

For your auto collision business, you might want to consider getting a point-of-sale system. With POS software, you’ll be able to process credit cards, scan barcodes, print receipts, track inventory, run reports, and perform other functions. For a fee, your business can receive the software and hardware needed to best serve your customers.

Hire Employees

While you may start your collision center as a one-man operation, you have to hire employees if you want to grow.

One of the first hires you’ll make is a mechanic that will work on repairing vehicles. According to the Bureau of Labor Statistics, mechanics make approximately $39,550 per year. An auto body and glass repairer averages around $40,580 annually.

As you bring in more employees, you’ll also want to hire a manager to oversee them all. Salaries for managers vary widely based on experience and how many employees they will be overseeing. Managers may bring in anywhere from $45,000 upwards of $60,000 per year.

Eventually, you may also want to hire a front-desk receptionist. The role of the receptionist is to greet customers, answer the phone, and make appointments. This employee may also take payments from customers and handle some of the company’s bookkeeping. The average salary of a receptionist is around $27,000 per year.

Do some research to find out more about salaries in your area, as these numbers can vary. You also need to take into consideration that there are additional expenses associated with hiring employees including:

  • Onboarding & Training
  • Background Checks
  • Drug Testing
  • Taxes
  • Benefits

When you’re ready to hire an employee, there are a few ways you can find quality candidates. The first is to ask for referrals. If you know someone in the industry, ask if they know of any potential employees. Even if you don’t have connections with anyone in the industry, ask around among your friends, family members, and colleagues.

You can also post your jobs on online job boards. Make sure that your job listing has an overview of responsibilities and requirements for all candidates. As resumes hit your inbox, you can set up interviews and hire new employees for your business.

Bolster Your Web Presence

Before you even hold your grand opening, you need to start your marketing efforts. The best place to start is the internet. When researching new businesses, most people use their laptops or smartphones. If you don’t have a web presence, how will your customers find you?

Getting your business online is easy. Start with these simple steps.

Create Social Media Profiles

It seems like everyone’s on social media these days, from your teenage nephew to your grandmother. Social media doesn’t just connect friends and family members, either. It’s also a great place for users to find new brands and businesses.

Setting up your social media profiles is free and easy. Consider starting with Facebook, Twitter, and Instagram. Add your logo, contact details, and important information like services provided and hours of operation. As you build your business, you can update your profiles with specials, coupons, photos of your completed work, and other information.

Create A Website

You also want to make sure that you have a website that provides important details to your customers such as your shop hours, specials, and services provided.

No web design experience? No problem. These days, any small business owner can create a professional website with easy web builders that feature templates, drag-and-drop design, and other tools to create a website in just minutes.

Your website should be a reflection of your brand, so make sure to choose templates, photos, and colors that best represent your shop. Your domain name should also represent your brand, so make sure it’s easy to remember and avoid numbers, symbols, or very long URLs.

Your website shouldn’t be overly complicated, and it should be easy to navigate. You don’t have to load down your site with lots of information. Start off by including key info such as hours of operation, services performed, and contact information. Also make sure to highlight any features that make your shop stand out, such as certifications, free estimates, or rental car/shuttle services offered to your customers. In the future, you can add additional features such as a signup option for email newsletters or online scheduling.

This is all just the tip of the iceberg. Learn more about creating and maintaining an online web presence for your business.

Advertise Your Business

Your website and social media profiles are a great way to start advertising your business, but in order to grow and scale, you can’t stop there. You need to plan a marketing and advertising campaign to get the word out about your business.

Consider paying for social media ads or pay-per-click ads on search engines, or sign up with Yelp For Business. These options can be affordable for new businesses and are easy to set up.

You can also look beyond the internet to advertise your business. Consider placing flyers or door hangers in the area around your business to bring in new customers. Before you take this route, though, make sure to understand the local laws in your area regarding the posting of flyers on public and private property.

As your business grows and becomes more successful, you can explore options including radio and TV advertisements and mailers. However, these ads are typically quite expensive, so hold off on these options until your business is bringing in steady revenue.

One of the most important things to remember here is that word-of-mouth advertising is one of the best forms of advertising. If you perform a great service, your customers will tell others about your business. Keep customer satisfaction high to increase those referrals and draw in more revenue for your body shop.

Final Thoughts

While you may be itching to get your auto body shop off the ground immediately, a business isn’t born overnight. Take the time to plan out your business, and you’ll increase your chances for success. The hard work doesn’t stop after your grand opening, either. You’ll need to continue working hard to bring in customers, increase your revenue, and become a successful entrepreneur.

The post How To Start And Finance An Auto Body Shop Business appeared first on Merchant Maverick.

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Top 10 Tax Deductions For Freelancers

Understanding the nuances of the small business tax code has never been a walk in the park (especially when the tax laws are constantly changing), but when it comes to freelance taxes…? Let’s just say that those are a whole different ballgame.

According to a 2015 study done by Xero, 73% of freelancers don’t deduct any expenses when filing their taxes. Considering how many people now rely on freelancing gigs as a primary source of income, that number is frankly shocking and prompts the question: Are you maximizing your tax deductions as a freelancer?

If you are a freelancer, there are 10 very important tax deductions you need to know about. Gaining a basic understanding of how freelance taxes work and what you can and can’t deduct can save you a good chunk of change and spare you from trouble with the IRS down the line.

Read on for several money-saving tips and to learn about the top 10 tax deductions available for freelancers.

The Basics Of Freelance Taxes

Freelancing is a form of self-employment in which a person offers their service for a fee (rather than relying on a traditional employment arrangement). A person is required by law to pay taxes to the US government if they receive a freelance income of $400 (or a church employee income of over $108.82) in a given year.

When you’re paid by a traditional employer, standard taxes on Medicaid and Social Security are automatically taken out of each paycheck. This isn’t the case for freelancers and independent contractors, who are instead required to pay self-employment taxes. The self-employment tax rate is 15.3% (12.4% for Social Security and 2.9% for Medicaid). In addition to self-employment taxes, freelancers are also required to pay income tax.

If you are a freelancer, you will have to save a certain percentage of your income in order to pay your taxes. Most financial professionals advise freelancers to save around 25% (or even 30%) of their total income to cover these taxes. Freelancers may be required to pay taxes every quarter rather than annually (cue estimated quarterly taxes), depending on the size of their earnings.

Estimated Quarterly Taxes

Most tax-payers are used to the April 15th deadline when filing taxes for the previous year. However, freelancers are often required to pay estimated quarterly taxes. Instead of paying taxes once a year, some self-employed individuals will pay these estimated taxes four times a year.

Quarterly Tax Period Estimated Quarterly Taxes Due

January 1 – March 31

April 18

April 1 – May 31

June 15

June 1 – August 31

September 17

September 1 – December 31

January 15

Note: These due dates are specifically for 2019 and will vary slightly each year.

So, how do you know if you need to pay estimated quarterly taxes? According to the IRS, individuals who expect to pay at least $1,000 in taxes for the year should file estimated quarterly taxes instead of waiting until April to file. The 1040-ES form can help you approximate your total income for the year as well as your estimated tax payments.

As always, we recommend consulting with an accountant or tax professional for tax advice — especially when it comes to freelance taxes. They will be able to assist you in officially determining whether you need to pay estimated quarterly taxes, and if so, how much.

Tracking Freelance Finances

When you’re self-employed, it’s incredibly important to keep your finances organized. That’s where accounting software comes in.

Most freelancers would probably rather be finding new clients, creating new marketing strategies, improving their brand and social media presence — basically doing anything but accounting. But earning freelancer income is only half the battle. Managing that income and keeping track of your business earnings and expenses — that’s what sets you up for long-term success.

Luckily, there are multiple accounting programs that are designed specifically for freelancers, like QuickBooks Self-Employed. QuickBooks Self-Employed helps freelancers keep track of their income and expenses, manage deductions, and calculate estimated quarterly taxes. It even includes a Turbo Tax plan so you can easily file your taxes. Read our full QuickBooks Self-Employed review to learn more.

Whichever accounting software you choose, it’s important to record your income so you can set aside the proper amount for taxes, track your expenses so you can maximize deductions, and keep your finances organized in case you ever face an audit.

Tip: Hire A Tax Professional

The biggest tip I have for freelancers is to hire an accountant or tax professional. When you’re self-employed and trying to save as much money as you can, it seems counterintuitive to hire an accountant, but trust me — the expense will more than pay for itself.

As a previous independent contractor, I’m speaking from experience here. When I started out as a 1099 contractor I knew a little bit about self-employment deductions. I saved 25% of each check, kept a careful record of my business-related mileage, and saved all of my business expense receipts. But without the help of an accountant, I still would have missed out on over $3,000 worth of deductions I didn’t know about.

Accountants and tax professionals can help you navigate the murky waters of freelance taxes and find you all sorts of savings. They know exactly what you can write off, which deductions you qualify for, and which deductions could put you on the radar for an audit. This expertise is priceless.

But, don’t let your accountant do all the work. Knowing which deductions you are eligible for and keeping careful records of your receipts and expenses throughout the year can help ensure you save as much on your freelance taxes as possible. (And, since accountants are often paid by the hour, the less work they have to do the more money you’ll save.)

Top 10 Tax Deductions For Freelancers

Top Freelance Tax Deductions

Whether you about to file your taxes and are searching for last-minute savings or you are trying to track your deductible expenses throughout the year to get ahead of the tax game, here are the top ten tax deductions freelancers and independent contractors should know about:

1. Self Employment Tax Deduction

Rember when we said that freelancers are required to pay a 15.3% self-employment tax? Since freelancers are self-employed, they serve as both the employee and the employer, resulting in the 15.3% tax rate. In a traditional job, half of that tax would be covered by the employer.

This deduction allows you to deduct the employer-equivalent portion of your self-employment tax (approx. 50% – 57%). This deduction only affects your income tax. Contact an accountant or tax professional to see if you’re eligible for the self-employment tax deduction.

2. Health Insurance Premiums

Since freelancers have to provide their own health insurance, self-employed individuals can often deduct their health insurance premiums. The deduction cannot exceed your annual earned income.

3. Home Office Deduction

If you have a designated space in your home that is used exclusively for your business, you may be eligible for the home office deduction. You can use the simplified method and claim $5 per square foot, or you can use the complex method and write off direct expenses related to your office, including furniture, maintenance, equipment, and a portion of your utilities. Contact your accountant to see if you are eligible and to determine the best way to claim your home office deduction.

4. Office Supplies

Do you use printer ink or buy stamps to run your business? There’s a deduction for that!

Freelancers (and small businesses) can deduct office supplies so long as they are “ordinary and necessary” (which is the IRS’s rule of thumb for all deductions). Be sure to save all of your receipts so you can file your taxes properly at the end of the year.

5. Travel

As a freelancer, you can deduct travel expenses so long as the travel is strictly business-related. Again, be sure to save your receipts, airline tickets confirmations, etc.

6. Mileage

If you’re self-employed, you can deduct business-related mileage. The 2018 mileage rate is 54.5 cents per mile, which adds up surprisingly quickly.

Carefully log your start and end mileage, your starting point, your destination, and the purpose of the trip in a notebook (or using a tax software program like QuickBooks Self-Employed). You can also choose to deduct vehicle expenses instead of mileage. Talk to your accountant about which option is best for you.

7. Hardware & Software

If you require specific hardware and software to run your business, these purchases can count as deductions. Talk to your accountant about the best way to deduct these expenses as some bigger purchase may need to be depreciated.

8. Education 

Certain educational or certification expenses can also be deducted so long as they are directly related to your current line of work, not a new career. Keep track of your tuition and other education expenses throughout the year to claim this deduction.

9. Retirement Contributions

Since self-employed individuals are responsible for their own retirement accounts, retirement contributions can also be deductible. Keep track of any contributions you make to your SEP or IRA plans throughout the year to take advantage of this deduction.

10. Advertising & Marketing

Advertising and marketing expenses used to expand your business and bring in new customers can also be deducted.

New Tax Laws May Equal Savings

Top Deductions for Freelancers

The new Tax Cuts and Jobs Act was one of the biggest changes to tax law in decades. While the IRS is still rolling out the full implications of these changes, one of the most important changes for freelancers is the new 20% qualified business income deduction, otherwise known as the pass-through credit.

Certain types of businesses — like sole proprietors, S corporations, and partnerships — are eligible for an up to 20% deduction on taxable income. There is an income limit for this deduction, so be sure to talk to an accountant or tax professional to see if you qualify.

Start Saving!

 

Now that you know about the top ten freelance tax deductions, it’s time to start saving! (Saving receipts, that is.) Make sure to carefully preserve all expense receipts and keep detailed financial records of anything you plan on deducting. This assists your accountant to maximize your deductions and helps prevent a tax audit.

You can now rest easy knowing exactly what’s expected of you as a freelancer when it comes to filing taxes. You can also be confident about the best ways to save money on your freelance taxes so you can continue to do what you love — and get paid for it.

As always, we recommend consulting an accountant or tax professional for the best tax advice.

The post Top 10 Tax Deductions For Freelancers appeared first on Merchant Maverick.

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A Complete Guide To Chase Business And Personal Credit Cards

chase bank credit cards

If you’ve been shopping around for a new credit card, whether for personal or business use, it’s likely you’ve come across a Chase credit card or three. In fact, it would be hard not to — between its own branded credit cards and its co-branded partner cards, Chase has 28 credit cards on offer. That’s a lot of credit cards!

Wouldn’t it be convenient if somebody were to gather pertinent information on every Chase credit card, compile that information into an article, then present it to you via The Internet? Well, fret not, for that day has arrived. Here’s a rundown of every Chase credit card and what each one has to offer you.

(For a look at today’s top business credit cards from Chase and other credit card companies, check out our piece on the top business credit cards of 2019.)

Chase Credit Card Details
Chase Ink Business Preferred Business card for earning points
Chase Ink Business Cash Business card for earning cash back
Chase Ink Business Unlimited Business card for flat-rate cash back
Southwest Rapid Rewards Premier Business Business card for Southwest travel
United Explorer Business Business card for United travel
Mariott Rewards Premier Plus Business Business card for Marriott loyalists
Chase Freedom Personal cash back card with a 15-month 0% intro APR
Chase Freedom Unlimited Flat-rate cash back card with a 15-month 0% intro APR
Chase Sapphire Preferred Flexible travel rewards card
Chase Sapphire Reserve High-end travel rewards card
Chase Slate No annual fee card for credit building
Southwest Rapid Rewards Priority High-end Southwest travel card
Southwest Rapid Rewards Plus Southwest travel card
Southwest Rapid Rewards Premier Southwest travel card with an anniversary points bonus
United Explorer United Airlines travel rewards card
United TravelBank United travel rewards card with no annual fee
United MileagePlus Club Expensive travel card with high-end perks
British Airways Visa Signature British Airways loyalty card w/ large signup bonus
Aer Lingus Visa Signature Aer Lingus travel rewards card w/ transferable rewards
Iberia Visa Signature High points-earning travel card
Marriott Rewards Premier Plus Personal version of the Marriott Rewards Premier Plus Business
The World Of Hyatt Hyatt loyalty card with elite rewards
Disney Premier Visa Card for earning Disney Rewards Dollars
Disney Visa Card for earning Disney Rewards Dollars with no annual fee
IHG Rewards Club Premier Card for earning 10X points at IHG Properties
Starbucks Rewards Visa Card for earning Starbucks Stars
Amazon Rewards Visa Signature 5% Amazon rewards for Amazon Prime members
AARP Credit Card from Chase Cash back card with no annual fee

Business Credit Cards Offered By Chase

1) Chase Ink Business Preferred

Chase Ink Business Preferred



Apply Now 

Annual Fee:


$95

 

Purchase APR:


18.24% – 23.24%, Variable

The Chase Ink Business Preferred card is a great card for business owners looking to get rewarded for their travel purchases. The Ink Business Preferred will see you earning 3 points for every $1 spent on the first $150,000 in combined purchases on travel and select business categories each year.

The Ink Business Preferred also offers an exceptional bonus offer. You’ll get 80,000 points after you spend $5,000 on purchases in your first 3 months of card use, which equates to $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards.

It’s the most “high-end” of the three business credit cards Chase currently offers (not counting the co-branded cards). Unfortunately, this means that unlike the others, this card carries a $95 annual fee.

Image

2) Chase Ink Business Cash

Chase Ink Business Cash



Apply Now

Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

With no annual fee, the Chase Ink Business Cash is all about — quelle surprise! — the cash back.

Here’s the card’s cash back structure:

  • Earn 5% cash back on the first $25,000 spent per year in combined purchases at office supply stores and on internet, cable, and phone services
  • 2% cash back on the first $25,000 spent per year in combined purchases at gas stations and restaurants
  • 1% unlimited cash back on all other purchases

Chase Ink Business Cash℠ Learn More Earn $500 Bonus Cash Back 

3) Chase Ink Business Unlimited

Chase Ink Business Unlimited


chase ink business unlimited
Apply Now 

Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

Chase Ink Business Unlimited is a cash back business card for business owners who would rather not have to worry about which purchases will earn more points than other purchases. The card gives you a flat 1.5% cash back on all purchases with no limit to the number of points you can earn per year. Nice and simple.

As with Ink Business Cash, there’s no annual fee. And like the Ink Business Cash (but unlike the Preferred card), the Ink Business Unlimited offers a 0% intro APR on purchases and balance transfers for 12 months.

Now, let’s check out Chase’s partner business cards.

4) Southwest Rapid Rewards Premier Business Card

If your business has you flying frequently with Southwest Airlines (and only Southwest — Southwest has no airline partners), Chase’s Southwest Rapid Rewards Premier Business card may intrigue you.

You’ll get a hefty bonus offer: 60,000 points after you spend $3,000 on purchases in the first 3 months. You’ll then get:

  • 2 points per $1 spent on Southwest purchases and Rapid Rewards hotel and car rental partner purchases
  • 1 point per dollar spent on everything else

The card carries a $99 annual fee.

5) United Explorer Business Card

This business card is designed to reward the business traveler who flies United. A bonus offer of 75,000 miles awaits you if you spend $5K on purchases in the first 3 months.

You’ll earn 2 miles per dollar spent on all United purchases as well as on purchases at restaurants, gas stations, and office supply stores (1 mile per dollar on all other purchases). You’ll also get such perks as a free checked bag (a $120 value per round trip), two one-time United Club passes each year, and priority boarding for you and any companions on the same reservation.

The card carries a $95 annual fee after the first year, which is free.

6) Marriott Rewards Premier Plus Business

Here’s a business travel card for those who like to stay in Marriott hotels. Similar to Chase’s other branded partner business cards, you’ll get a 75,000 point bonus for spending $3K in the first 3 months.

When you use your Marriott card at participating Marriott and Starwood properties, you’ll get an impressive 6 points for every dollar spent. You’ll get 2 points per dollar on all other spending. The card does carry a $95 annual fee, however.

Personal Credit Cards Offered By Chase

7) Chase Freedom

Chase Freedom



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Annual Fee:


$0

 

Purchase APR:


17.24% – 25.99%, Variable

The Chase Freedom card is a simple personal credit card with no annual fee, a 15-month 0% intro APR period, and rotating rewards categories.

Earn 5% cash back on up to $1,500 in combined purchases in bonus categories per quarter. The bonus categories change on a quarterly basis. You’ll earn 1% cash back on all other purchases.

8) Chase Freedom Unlimited

Chase Freedom Unlimited



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Annual Fee:


$0

 

Purchase APR:


17.24% – 25.99%, Variable

The Chase Freedom Unlimited card resembles the Chase Freedom card in almost every way — same lack of an annual fee, same 15-month 0% APR period, same signup bonus ($150 after you spend $500 on purchases in your first 3 months). The one real difference lies in how you accumulate cash back.

Instead of having to worry about rotating 5% cash back categories, the Freedom Unlimited offers a flat 1.5% cash back on every purchase.

9) Chase Sapphire Preferred

Chase Sapphire Preferred



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Annual Fee:


$95 ($0 the first year)

 

Purchase APR:


18.24% – 25.24%, Variable

The Chase Sapphire Preferred card is a personal travel rewards card from Chase. You’ll get 2 points for every dollar spent on travel and dining and one point per dollar on everything else.

When you redeem your points for Ultimate Rewards portal purchases, your points will be worth 1.25 cents apiece. The card carries a $95 annual fee, waived for the first year.

10) Chase Sapphire Reserve

Chase Sapphire Reserve



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Annual Fee:


$450

 

Purchase APR:


17.99% – 24.99%, Variable

Want a high-end travel card with great perks and high points earning potential? Don’t mind paying a huge annual fee of $450 a year? Chase’s exclusive Sapphire Reserve may be right up your alley.

With the Sapphire Reserve, not only will you earn 3 points per dollar spent on travel and dining (as opposed to 2 with the Sapphire Preferred), but your point value (when redeemed through the Ultimate Rewards portal) will be 1.5 cents piece. Plus, you’ll get some great luxury perks, such as a $300 annual travel credit, a fee credit for Global Entry or TSA PreCheck, and Priority Pass Select lounge access.

11) Chase Slate

Chase Slate



Compare

Annual Fee:


$0

 

Purchase APR:


16.99% – 25.74%, Variable

The Chase Slate card is unlike most of the cards in Chase’s portfolio in that its purpose is to help you build your credit and get out of debt. There’s no signup bonus and no rewards to earn. It’s not an exciting card, but it is a utilitarian one.

The Chase Slate card charges no fee for balances transferred to it within 60 days of opening your account. Combine that with an intro 0% APR period of 15 months, no annual fee, and free access to your FICO score, and you’ve got a card that helps smooth out your finances.

Chase currently offers 17 personal partner cards — mostly travel rewards cards. Let’s do a quick rundown of each of them.

12) Southwest Rapid Rewards Priority

If you don’t mind a $149 annual fee, Chase’s Southwest Rapid Rewards Priority card will deliver you more benefits than any other Southwest-branded card.

You’ll get 2 points per dollar spent on Southwest purchases and Rapid Rewards hotel and car rental partner purchases, and 1 point per dollar on everything else. But that’s just the beginning. You’ll also get the following:

  • 7,500 anniversary points each year
  • $75 annual Southwest travel credit
  • 4 upgraded boardings per year
  • Get 20% back on in-flight purchases
  • A host of retail and travel protections

13) Southwest Rapid Rewards Plus

The Southwest Rapid Rewards Plus card is the less-exclusive sibling of the Rapid Rewards Priority card. The annual fee is a more reasonable $69, and you’ll get some nice rewards, even if they don’t rise to the level of the Priority card’s rewards.

Just as with the priority card, you’ll get 2 points per dollar spent on Southwest purchases and Rapid Rewards hotel and car rental partner purchases and 1 point per dollar on everything else. You’ll also get an annual anniversary bonus of 3,000 points and other travel benefits. Unfortunately, there is a 3% foreign transaction fee.

14) Southwest Rapid Rewards Premier

The Southwest Rapid Rewards Premier rounds out the three Southwest-cobranded Chase personal travel cards. The Premier card has a $99 annual fee, right between that of the Plus and the Priority card. Call it the middle child of the Chase Southwest personal cards.

The points-earning structure is the same as that of the other two Southwest personal cards. Along with that, you’ll get a 6,000 point anniversary bonus each year and 1,500 tier-qualifying points for every $10,000 spent on the card each year — up to 15,000 annually. These tier-qualifying points help you reach A-List or A-List Preferred status faster than you otherwise would.

15) United Explorer

The United Explorer card is one of three United-cobranded Chase personal credit cards. Naturally, they reward traveling with United Airlines.

The United Explorer card carries an annual fee of $95 after an initial free first year. Use of the card will earn you 2 miles per $1 spent on purchases from United and on restaurants and hotel stays, and 1 mile per $1 spent on everything else. You’ll also get:

  • $100 Global Entry or TSA PreCheck fee credit
  • 25% back on United inflight purchases
  • Check your first bag for free
  • Priority boarding privileges
  • Two one-time United Club passes each year on your card anniversary

16) United TravelBank

The United TravelBank card carries no annual fee and will see you earning cash back instead of United miles. You’ll earn 2% cash back on all United purchases and 1.5% back on all other purchases.

Other United TravelBank benefits include 25% back on United inflight purchases, no foreign transaction fees, and entry into Chase’s Inside Access program through which you can get all manners of luxury perks and VIP experiences.

17) United MileagePlus Club

The United MileagePlus Club card is the luxury card of the Chase United personal credit card triumvirate. Accordingly, the annual fee is a steep $450 per year.

This card gives you all the goodies:

  • 50,000-mile sign-up bonus after you spend $3K in the first three months
  • Earn 2 miles per dollar on United spending and 1.5 miles per dollar on all other spending
  • United Club membership (a $550 value)
  • Two free checked bags per United flight
  • Priority check-in and baggage handling
  • World of Hyatt Discoverist status
  • Hertz Gold Plus Rewards President’s Circle membership
  • No foreign transaction fees

18) British Airways Visa Signature

The British Airways Visa Signature card uses Avios reward points (Avios being a currency shared by several other airlines).

You’ll earn 4 Avios points for every $1 spent on your first $30,000 in purchases within your first year. You’ll also earn 3 Avios per $1 spent on British Airways, Iberia and Aer Lingus purchases and 1 Avios per dollar spent on everything else. What’s more, if you make $30,000 in purchases on your card in a calendar year, you’ll earn a Travel Together Ticket, good for two years.

The British Airways Visa Signature card carries a $95 annual fee but has no foreign transaction fee.

19) Aer Lingus Visa Signature

For an annual fee of $95, the Aer Lingus Visa Signature card has the same Avios-earning structure as the British Airways Visa Signature card.

The card carries no foreign transaction fee, gives you priority boarding on Aer Lingus flights (the one real difference with the BA card, which gives you priority on BA flights), and a free economy ticket good for 12 months after you spend $30K in a calendar year. It’s largely the same card as the British Airways Visa Signature card (except for the branding).

20) Iberia Visa Signature

The Iberia Visa Signature card is essentially the same credit card as the previous two airline-cobranded travel cards.

The card currently has an impressive bonus offer of 100,000 Avios:

  • Earn 50,000 Avios after you spend $3,000 on purchases in the first 3 months
  • Earn an additional 25,000 Avios after you spend $10,000 on purchases in the first year
  • Earn a further 25,000 Avios after you spend $20,000 total on purchases in the first year

21) Marriott Rewards Premier Plus

The Marriott Rewards Premier Plus card is Chase’s personal version of their similarly-named Marriott business card.

Some key features:

  • $95 annual fee
  • 75,000 bonus points if you spend $3,000 in the first 3 months
  • Earn 6 points per dollar at Marriott Rewards and SPG hotels
  • Earn 2 points per dollar on all other purchases
  • Annual free night stay in a hotel up to 35,000 points

22) The World Of Hyatt

The awkwardly-named The World Of Hyatt card is a hotel travel rewards card, largely similar to the Marriott Rewards Premier Plus. There’s a bonus offer of up to 50,000 points, with free nights starting at 5,000 points. The best perk: you’ll get a free night certificate each anniversary year, good for a Category 1-4 Hyatt room.

The card carries a $95 annual fee and no foreign transaction fees.

23) Disney Premier Visa

For an annual fee of $49, the Disney Premier Visa is a card for all you Disney superfans out there. Your rewards come in the form of Disney Reward dollars.

You’ll earn 2% at gas stations, grocery stores, restaurants, and most Disney locations, and 1% on all other purchases. Your Disney Reward dollars can be redeemed toward Disney theme park visits, Disney cruises, Disney/Star Wars movies, and shopping at the Disney store. Plenty of other Disney-related perks come with the card as well.

24) Disney Visa

The Disney Visa is the down-market version of the Disney Premier Visa. There’s no annual fee, but you’ll only earn 1% Disney Reward dollars back with your purchases — a pretty meager rewards rate.

Most of the perks of the Disney Premier Visa apply to the Disney Visa.

25) IHG Rewards Club Premier

The IHG Rewards Club Premier card is a card for people who frequent IHG hotels. For an $89 annual fee, you’ll earn a whopping 10 points per dollar spent at IHG hotels. That’s a pretty impressive earning rate. However, you can’t do much with your points besides redeem them for IHG hotel stays.

26) Starbucks Rewards Visa

Finally, a credit card for you Starbucks-heads out there. Starbucks rewards come in the form of Stars, the value of which can vary based on what Starbucks item you redeem them for, though it generally comes out to about 4 cents apiece.

As a bonus offer, you’ll get 2,500 Stars after you spend $500 on purchases in the first 3 months. You’ll also get a Star for every dollar you put onto your Starbucks card using your Starbucks Reward Visa and 2 Stars for every dollar you spend using your Starbucks card, meaning you can earn 3 Stars for every dollar you spend at Starbucks assuming you literally play your cards right.

For all other purchases on your Starbucks Visa, you’ll earn a Star for every 4 dollars you spend.

27) Amazon Rewards Visa Signature

The Amazon Rewards Visa Signature card is a nice cash back card. You’ll get a $50 Amazon gift card upon being approved, and you’ll earn 3% cash back on Amazon and Whole Foods purchases, 2% cash back at gas stations, restaurants, and drugstores, and 1% cash back on all other purchases.

There’s no annual fee and no foreign transaction fee.

28) AARP Credit Card from Chase

The AARP Credit Card from Chase is a decent, if boring, cash back credit card. You don’t even need to be an AARP member to get one.

Earn 3% cash back on restaurants and gas station purchases and 1% everywhere else. For a card with no annual fee, the 3% cash back you’ll get in the aforementioned categories is pretty generous.

Final Thoughts

There you have it — a summary of every credit card Chase currently has to offer. All 28 of them!

One last thought: be wary of Chase’s 5/24 rule. It’s not an explicit policy, but more of an unwritten rule and therefore precise details are hard to come by, but generally, if you have opened 5 or more credit cards (any credit cards, not just Chase cards) over the previous 24 months, Chase will not issue you the card you’re applying for.

Now, there are a number of Chase cards that are exempt from this rule, but this group of cards has been shrinking rapidly and changes frequently, so I can’t give you a definitive list of Chase cards exempt from the 5/24 rule. Just be aware that you can’t take out an unlimited number of Chase cards to game the rewards system, nor is it recommended. Instead, you’ll have to be more strategic if you’re a rewards-hunter.

For more credit card-related information, check out the links below.

  • The Best Free Credit Score Sites
  • A Guide To Using Personal Credit Cards For Business Expenses
  • Fast Approval Business Credit Cards For Small Business Owners

The post A Complete Guide To Chase Business And Personal Credit Cards appeared first on Merchant Maverick.

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How To Start A Lawn Care Business

Can you picture making a profit by keeping the lawns of homes and businesses in your area looking their best? You’re not alone. For many aspiring entrepreneurs, starting a lawn care business sounds like a practical and achievable way to make money and be their own boss — a dream come true, in other words. If you’re reading this, you’re ready to take the next step toward making that dream a reality.

Starting a lawn care business seems easy. Just grab up some lawn equipment, find a couple of guys willing to do physical labor, and get started, right? Not exactly.

Like any other small business, building a successful lawn care business takes careful planning and hard work. You have to be willing to put in the time, effort, and money required to start and grow your business. A lawn care business may have low overhead and lower initial risk than other types of businesses, but it isn’t a cake walk. However, over time, you’ll begin to see the fruits of your labor through the beautiful lawns in your city or town and the profits sitting in your bank account.

In this guide, we’ll break down the steps for starting your own lawn care business. We’ll start off with the importance of your business plan and what it should include. We’ll go over what you need to get started — and it’s more than just lawn equipment. We’ll talk about the costs you’ll encounter and how to get the financing to cover those costs. We’ll also discuss ways to bring in customers … and profits.

Let’s get started!

Create A Business Plan

Every business is different, but all businesses need one thing to be successful: a business plan. Your future lawn care business is no exception. Even if your business concept seems simple, having a solid business plan in place is a necessity.

Think of your business plan as a roadmap of your business. You wouldn’t go on a long trip without a map or GPS, or put together a complicated piece of furniture without instructions, right? View your business in the same light.

Your business plan outlines your goals for the future. In other words, how will you get from where you are now — a startup business — to your goal? Every entrepreneur has a different goal. Maybe yours is to make $1 million in revenue within five years. Maybe it’s to expand throughout your state. Maybe you want to build a franchise that will go nationwide. No matter what your goals are, they need to be outlined in a solid business plan.

All business plans are different, but there are a few key sections that should be included in all plans. Those include:

  • Executive Summary: A short summary of your business plan and the value proposition of your business
  • Business Description: What does your business do? Include your mission statement and when your business was formed.
  • Organization: Who are your team members and what do they do within the organization?
  • Market Analysis: Include information about the market and your competition
  • Marketing Strategies: How do you plan to market your business to draw in customers and bring in profits?
  • Financial Projections: Use revenue growth and market trends to project the financial outlook of your business

Not only is your business plan critical to the growth of your company, but it’s also an absolute necessity if you plan to seek funding from outside sources — such as investors or banks — in the future.

Determine What Equipment You Need

Selecting equipment

To operate a lawn care business, you need to have the right tools and equipment for the job. While you may start off small and add to your inventory as your business grows, there are a few critical pieces of equipment you need to get started. For most lawn care businesses, major equipment includes:

  • Riding Lawnmower
  • Push Lawnmower
  • Edger
  • Hedge Trimmer
  • Leaf Blower
  • Truck
  • Equipment Trailer

For your business, you’ll also need equipment that’s less expensive but just as critical to operations. This includes:

  • Lawn Tools
  • Hand Tools
  • Lawn Bags
  • Eye/Ear Protection
  • Gloves
  • Gas Cans
  • Oil
  • Garden Hoses

You should expect to spend approximately $30,000 to $40,000 for the equipment you need to start your business. As your business grows, of course, you’ll need additional capital for the purchase of more equipment. For example, you may have just one truck, trailer, and mower for now, but if you have additional crews taking on jobs all over the area, you’ll need more equipment.

You may even opt to offer additional services — installing sod, laying mulch, or planting flowers — all of which require additional equipment and supplies. For now, however, focus on the equipment listed above. Those items will be most critical to getting your business off the ground.

Calculate Startup Costs

With an idea of the type of equipment you need to launch your business, you can now begin calculating startup costs. This will include the cost of your equipment, plus other necessary expenses to keep your business operating smoothly.

Your equipment will make up the bulk of your costs, and you should budget approximately $30,000 to $40,000 for these purchases. You may be able to get started with a smaller investment by purchasing used equipment. However, purchasing used does come with its risks. Older trucks can break down and previously-owned lawn equipment may immediately require servicing or repairs. While you can save money in the short term by buying used equipment, you may rack up additional expenses over the long term, so consider your purchases carefully.

When purchasing your equipment, shop around. Look online and visit local retailers to get estimates of costs. Determine what equipment you really need now and what you could add as your business grows. You may even consider starting with basic equipment (do you actually need that fully-loaded riding mower right this minute?) and upgrading your equipment when your business starts bringing in revenue.

Beyond the equipment we’ve already discussed, you’ll need additional supplies for your business. This may include chemical weed killers, pesticides, fertilizer, and other supplies. You may purchase these supplies upfront, or you may purchase them when needed. If you plan to keep inventory, you may incur additional costs if you rent storage for your supplies and equipment.

Another big startup cost to consider is the cost of insurance. You will need to have auto insurance on your truck. You will also be required to carry liability insurance. If you hire employees now, additional costs may include workman’s comp insurance and payroll taxes. Other startup costs include fees for permits and licenses. We’ll discuss obtaining licenses and permits a little more in the next section.

If you’re starting small as a one-person operation, your primary startup costs will be your equipment, supplies, insurance, and marketing costs. Just remember to take your time to do your research, plan, and budget to keep startup costs under control.

Register Your Business

Before you begin operating, you’ll need to register your business. There are several steps required to register a new business:

Choose & Register Your Business Name

While you may choose to operate your business under your own name, most small business owners choose a trade name. This name will need to be registered in the state where you will operate.

When choosing your name, you want to select one that is a reflection of your brand. You will also need to make sure that you select a name that is not registered by someone else in your state. You can find your state’s registration database with a quick online search.

Choose Your Legal Structure

One of the first steps in setting up your business is determining your legal structure. Your legal structure determines how much you pay in taxes and your personal liability for your business. Legal structures include:

  • Sole Proprietorship: This gives you full control over your business. You do not have to register this type of entity, so you skip over all the paperwork. However, this structure does not separate your personal assets and liabilities from those of your business. This means that you can be held personally liable for all debts and obligations of your business.
  • Partnership: This structure is the simplest structure for businesses that have two or more owners. A limited partnership (LP) gives one partner unlimited liability, while other owners have limited liability and limited control over the company. A limited liability partnership (LLP) gives limited liability to all owners, protecting each against the debts of the business and the actions of other partners.
  • Limited Liability Company: A limited liability company (LLC) protects you from personal liability from business debts and obligations. For example, your house, vehicle, or savings accounts will be untouchable if your business faces a lawsuit or files for bankruptcy.
  • Corporation: Corporations pay higher taxes and are more expensive to form. However, corporations can also raise money through the sale of stock. This structure is best for businesses that need to raise high amounts of capital or want to go public in the future.

Most lawn care business owners will register as a sole proprietorship or LLC, but consider the number of owners you have, protecting yourself from personal liability, and the future goals of your business before you make your decision.

Register With The IRS & State Revenue Agency

If you plan to have employees now or in the future, you will need to register for an Employer Identification Number. You’ll also request estimated tax vouchers from both the IRS and your state revenue office to file with your quarterly tax payments.

Obtain Licenses & Permits

The licenses and permits that you need for your business are based upon the laws of your municipality and what your business will do. For example, simply mowing lawns only requires a standard business license in most areas. However, if you plan to spray chemical herbicides, an additional license may be required. You can find out more about license and permit requirements by contacting your state’s Department of Commerce.

Seek Funding

We’ve already discussed the potential expenses you’ll encounter when opening your own lawn care business. Now, the big question is: how do you pay for it all? Like most aspiring entrepreneurs, your personal bank account likely isn’t bursting at the seams with more money than you know what to do with.

If you’re scratching your head trying to figure out finances, you’re certainly not alone. Most small business owners don’t have the funds needed to start and operate a new business. This is where small business funding plays a role.
There are more lenders than ever that are ready to give you the money you need to get your business off the ground. The trick is knowing what type of funding is best for your business and exactly where to find it.

Personal Savings

If you’ve socked away money in personal savings through the years, this money could be used to fund your new business venture. The best thing about using your own money is that you aren’t indebted to anyone. You don’t have to worry about loan payments, fees, and high interest rates. On the downside, if your business fails, it takes your savings with it.

Friends & Family

If you have a friend, family member, or colleague with money to invest, consider pitching your idea to them. Present them with your business plan and give a presentation just as you would give to a banker or other lender.

There are a few ways you can go about getting capital from someone you know. The first is a loan. Agree to rates, terms, and the borrowing amount and get it all in writing. Then, you’ll repay the borrowed funds plus interest over a set period of time, just as you would any other loan.

Another option is equity financing. You’d receive capital for your business and in exchange, your investor would own part of your company. You wouldn’t pay back the money immediately like you would a loan, but the investor would be able to take a share of your profits at a later time. Learn more about debt financing vs. equity financing.

No matter which way you go, keep everything professional and make sure everything is in writing. One thing that can sour a good relationship fast is a business deal gone bad.

Personal Loans

As a new business owner, walking into your bank to get a business loan is pretty tough … if not impossible. Banks look at your business and personal credit score, annual revenues, and your time in business. These lenders want to work with small businesses that are established and have the lowest risk. If you’re new to the game, many lenders won’t give you a second look.

This doesn’t mean that you’re only stuck with high-interest, short-term loan options. If you want a long-term loan with low rates, consider a personal loan for business. With these loans, you can qualify based on your personal income and credit score – no business information required.

You can apply for a personal loan for business through your bank, credit union, or an online lender. The most creditworthy borrowers will qualify for the best rates and terms and highest borrowing limits. A personal loan for business is a great option for larger purchases that you’d like to pay off over a longer period of time, like expensive equipment.

Recommended Option: Upstart

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Through Upstart, you can receive a personal loan of $1,000 up to $50,000 to use for your startup costs. APRs range from 8.09% to 35.99%. Your loan will be repaid over a period of 3 to 5 years.

Upstart is different from other lenders in that they look at more than just your credit score. While the lender does consider your credit score, education, years of credit, and job history are also factors used to determine if you qualify for a personal loan.

To qualify for an Upstart loan, you must:

  • Have a personal credit score of at least 620
  • Live in a state serviced by the lender
  • Have a regular source of income
  • Have a bank account 

Equipment Financing

Equipment financing is a type of funding used to purchase equipment. Instead of paying the full cost of your equipment up front, you’ll make a smaller down payment. A lender will cover the rest of the cost, which you’ll pay back over time along with fees and interest.

There are two different types of equipment financing: equipment loans and equipment leases. If you take out an equipment loan, you’ll typically pay 10% to 20% of the total purchase price as a down payment. Borrowers with high credit scores may qualify for 0% down financing. Once the down payment is paid and the loan is in place, you’ll be able to immediately take possession of your equipment. You’ll pay for the total purchase price of the equipment plus interest over a set period of time — typically around 5 years. Once you’ve made all payments as agreed, the equipment is yours to keep, trade in, or sell.

An equipment lease is more like renting. You’ll pay a down payment and take immediate possession of the equipment. You’ll make payments to your lender over a shorter period of time, usually 2 years. Once your lease period ends, you’ll return the equipment and sign another lease for newer equipment. Some lenders may allow you to pay off your balance if you want to keep the equipment you’ve been using.

Learn more about equipment loans and leases and which is right for you.

One of the best things about equipment financing is that you don’t have to put up collateral to secure your loan. Instead, the equipment itself serves as the collateral and can be repossessed if you default on your loan or lease.

With equipment financing, you can purchase any type of equipment you need for your business, including lawnmowers, edgers, trimmers, or even a commercial vehicle.

Recommended Option: Lendio

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Lendio is a loan aggregator that connects you with multiple lenders with just one application. Through Lendio, you can apply for equipment financing from $5,000 to $5 million with repayment terms of 1 to 5 years. Interest rates start at 7.5%.

To qualify for equipment financing, you must meet the following requirements:

  • Annual revenue of at least $50,000
  • Personal credit score of 650 or higher
  • Time in business of at least 12 months

If your credit score falls below the 650 minimum, you may be able to qualify with proof of solid cash flow and revenue for the last 3 to 6 months.

Even if you don’t meet these requirements, you could still qualify with certain lenders. Simply fill out Lendio’s free application or contact a personal funding manager. If you don’t qualify for equipment financing or have other financial needs, you can also apply for Small Business Administration loans, short-term loans, startup loans, and Lendio’s other financial products.

Lines Of Credit

If you want a flexible form of financing, a line of credit might be right up your alley. You’ll be able to initiate draws from your line of credit, and the lender sends the funds immediately to your bank account. You can make one or more draws from your line of credit up to and including your set credit limit.

Since a line of credit is revolving, your funds will become available to use again as you pay down your balance. Interest and/or fees are charged on the borrowed portion of funds. If you don’t use your line of credit, you won’t pay interest to the lender. Many lenders also won’t charge any fees if you haven’t used your funds.

A line of credit is a good option when you need immediate access to cash, such as to purchase supplies or to pay for an unexpected expense, like repairs to your vehicle or equipment.

Recommended Option: Fundbox

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You can qualify for up to $100,000 when you apply for a Fundbox line of credit. Fundbox fees start at 4.66% of the borrowing amount. You only pay when you use your funds, and you can save by repaying early. Payments are made weekly over a period of 12 or 24 weeks. You may receive a line of credit based on the performance of your business or for your unpaid invoices.

To qualify for a Fundbox line of credit, you must meet the following minimum requirements:

  • Be a U.S.-based business
  • Own a business checking account
  • Have at least $50,000 in annual revenue
  • Have a bank account with transactions for at least 3 months OR at least 2 months of activity in supported accounting software

Qualifying through Fundbox takes just minutes. If approved, you’ll be able to initiate draws on your line of credit immediately for deposit in your account as quickly as the next business day.

Rollovers As Business Startups (ROBS)

Do you have a retirement account? If so, you may qualify for a unique type of funding known as Rollovers as Business Startups (ROBS). You probably already know that early withdrawal from your retirement account results in penalties. But there is a way to access these funds without being penalized, and yes, it’s completely legal.

A ROBS plan allows you to roll over your qualifying retirement funds into capital for your new business. Here’s how it works:

  • A new C-corporation is created
  • A new retirement plan is created for the C-corp
  • Funds are rolled over from your existing retirement plan to the new retirement plan
  • These funds are used to purchase stock in the C-corp, giving you the capital you need to start or grow your business

Even though it’s just four steps, there are some legal issues to be aware of. This is why entrepreneurs that leverage their retirement funds in this way turn to a ROBS provider. A ROBS provider will handle everything for you, from setting up the new C-corp to maintaining compliance. In exchange, you pay a setup fee and a monthly maintenance fee.

Funds from your ROBS plan can be used for any business purpose. One of the best things about a ROBS plan is that you won’t be making payments with interest to a lender. You also don’t have to worry about traditional borrower requirements like personal credit score or annual revenues. As long as you have a qualifying retirement plan, you can set up a ROBS plan. The main drawback, however, is that if your business fails, you lose your retirement funds, so be aware of this risk before setting up your plan.

Recommended Option: Benetrends

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Benetrends is the creator of the innovative Rainmaker Plan, the original ROBS plan. Benetrends can get the funding you need for your business in as little as 10 days. You will have access to your retirement funds with no penalties with Benetrends’ easy four-step process.

There are no credit score, time in business, or revenue requirements. Most retirement plans with at least $50,000 qualify.

A setup fee of $4,995 is required to start your ROBS plan. After paying this initial cost, you must pay a service fee of $130 per month. This fee covers compliance, audit protection, and other services.

Purchase Financing

When you start your lawn care business, you’ll likely develop relationships with vendors. You can pay these vendors out of pocket when you receive your invoice, or you can break your purchase down into smaller, more manageable payments with purchase financing.

With purchase financing, a lender will pay your vendor up front. You’ll repay the lender the borrowed amount plus fees and/or interest through smaller payments made over a longer period of time. This is an excellent way to purchase supplies and other items critical for the success of your business when you’re facing cash flow issues or just need a little extra time to pay.

Recommended Option: Behalf

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Behalf offers purchase financing, allowing you to pay any merchant with terms up to 6 months. With Behalf, you can borrow between $300 and $50,000. Monthly fees start at just 1%, and there are no origination fees, membership fees, prepayment fees, or maintenance fees.

There are no minimum time in business, revenue, or personal credit score requirements. However, a hard pull of your credit is performed by the lender and will be used to determine if you’re eligible to receive funding, as well as your monthly fee.

Business Credit Cards

A business credit card is a great way to cover expenses or make purchases without waiting for approval from a lender. Once you’re approved for a credit card, you’ll be able to spend up to and including your credit limit anywhere credit cards are accepted.

Once you’ve made a purchase using your credit card, you’ll be required to make a monthly payment until you repay your balance, plus interest charged by the credit card issuer. This is a type of revolving credit, so as you repay, funds will be available to use again. Once you’re approved for a credit card, you don’t have to wait for approval to make a purchase. You can make one or multiple purchases up to and including the credit limit set by the lender.

You can cover an emergency expense or purchase supplies using a business credit card. You can also use credit cards for recurring expenses, such as gas for your truck and machines. With a rewards card, you can even get cash back or perks just for using your card.

If you don’t qualify for a business credit card, consider applying for a personal credit card to use for business expenses.

Recommended Option: Spark Cash For Business

Capital One Spark Cash For Business


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Annual Fee:


$95 ($0 the first year)

 

Purchase APR:


18.74%, Variable

The Spark Cash card from Capital One offers unlimited 2% cash back that you can redeem anytime. New cardholders can earn a $500 cash bonus just for spending $4,500 within the first 3 months of opening their accounts. This business credit card has a 19.24% variable APR. There is no annual fee for one year, and the fee is $95 after the first year. Employee cards are available at no additional cost.

To qualify for this credit card, you must meet these requirements:

  • Excellent personal credit score
  • No bankruptcies
  • No defaults on loans
  • No payments over 60 days late on a credit card, loan, or medical bill for the last year
  • A loan or credit card for at least 3 years with a credit limit above $5,000

Recommended Option: Chase Ink Preferred

Chase Ink Business Preferred



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Annual Fee:


$95

 

Purchase APR:


18.24% – 23.24%, Variable

Another business credit card to consider is the Chase Ink Business Preferred card. With this card, you’ll be able to rack up points just by making purchases for your business. All travel, shipping, advertising, internet, cable, and phone purchases yield three points for every dollar spent for the first $150,000 spent annually. You’ll receive one point for every dollar spent on all other business purchases with no limitations.

You’ll also be eligible to receive a bonus offer of 80,000 bonus points if you spend $5,000 within 3 months of opening your account. Points can be redeemed toward cash, gift cards, or other products and services.

Chase Ink Business Preferred has a variable interest rate of 18.24% to 23.24%. The card has an annual fee of $95. Other benefits are also provided for cardholders, including cell phone protection and free employee cards.

To qualify for this card, you must have good to excellent credit.

Bolster Your Web Presence

web builder template

The internet has made life easier than ever for small business owners. After all, you can do your accounting online, shop for supplies and equipment, and communicate with customers. Perhaps most importantly, you can market your business online. Bolstering your web presence is a quick and easy way to reach your target market, helping you bring in new customers and boost your profit potential.

Set Up Social Media Profiles

Social media has morphed into something much bigger than just chatting with family and friends. These days, people are using social media to find and connect with new brands and businesses. Shouldn’t your new business be included?

One of the best things about social media is that it’s free to set up your profiles. Add your business to Facebook, Twitter, Google+, Instagram, LinkedIn, Yelp, and/or Pinterest. With these social media profiles, you can share information about your business such as operating hours and services provided, post photos of completed jobs, promote specials, or share news about your business. On sites like Facebook, satisfied customers can even post reviews and ratings.

Want to learn how to get the most out of your social media pages? Take a look at our Guide to Social Media Marketing.

Build Your Website

Most people turn to the internet when they’re looking for a service provider, which is why it’s so important to have a website. No experience with web design? Don’t worry — there are a variety of web builders that do the hard work for you. Check out some of our top picks.

Your website doesn’t have to be complicated. Make sure that your design fits your brand and provides the most relevant information that customers need, including a list of services provided, your service area, and your contact information. You can even take it a few steps further by adding photos of jobs you’ve successfully completed, price lists, special promotions, and news and updates.

One last thing to note is that when you choose a domain name, make sure that it reflects your brand and includes your business name. However, you also want to make sure that it’s short and easy to remember. Avoid using symbols and numbers to make it easier for current and future customers to find you online.

Check out more tips and tricks for creating and maintaining your web presence.

Choose Business Software

Small Business Online Accounting Software

Every business — including your new lawn care business — needs business software to keep operations running smoothly. You can use business software to keep track of appointments, store customer data, process payments, create invoices, and keep up with your financials. Let’s explore a few types that would be useful for your lawn care business.

Accounting Software

Managing your finances is one of the most important aspects of running a business. Accounting software makes it easier than ever to track your finances. With this type of software, you’ll be able to keep up-to-date on the money that you receive, what is owed to you, and what you owe. In addition, using accounting software also makes it easier for you to run important financial statements and file your taxes.

Today’s accounting software comes with more features than ever, including cloud-based storage, online invoicing, automatic payment reminders, and mobile apps for tracking on the go. Unsure of which software is best for you? Check out some of our recommendations. If you’re new to accounting or need a refresher, make sure to download our eBook, The Beginner’s Guide to Accounting.

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A great choice for freelancers needing some extra help managing their business

Payment Processing Apps

Very few businesses today are “cash only.” This is because credit cards, debit cards, and even mobile devices make it easier than ever for consumers to pay for their purchases. To make payments more convenient for your customers, consider using a payment processing app.

Payment processing software transmits data between you, your bank, and your customer’s bank, allowing you to accept credit cards, debit cards, and other forms of payment. Many payment processors also include the hardware needed to accept these methods of payments. This hardware may be included in your subscription cost or for an additional fee.

Worried about bulky hardware? Don’t be. There are devices that easily affix to a mobile phone or tablet, so you can take payments anywhere — from your own office to your customer’s front yard.

Best Overall Mobile POS


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Highlights

  • No contract or monthly fee
  • Instant account setup
  • Retail upgrade available
  • Restaurant upgrade available
  • For iOS and Android mobile devices
  • 2.75% per in-person card swipe

Retail POS: Free trial ($60/mo value)

 

Restaurant POS: Free trial ($60/mo value)

 

Square POS: Always free

Field Service Management Software

Another type of software to consider purchasing for your business is field service management software. This software allows you to keep up with everything from your customers to your employees. There are even programs that are specific to lawn care companies.

With this type of software, you can keep up-to-date records on your customers, from their contact information to their history of appointments. With this software, you can easily schedule new appointments and dispatch employees. Other features may include automatic invoicing, route optimization, easy estimates, and GPS tracking.

Advertise Your Business

business loans for HVAC

In order to make your business successful and profitable, you have to have customers. And you have to reach customers by spreading the word about your business.

While bolstering your web presence is a good first step, don’t stop there. Consider purchasing paid ad space on social media platforms or search engines to reach a broader audience. Yelp for Business is an excellent way to advertise yourself while gaining street cred with potential clients.

You can also utilize free online sites like Craigslist to advertise your business. Just remember to follow the rules before posting and avoid spamming the website.

Moving beyond the web, never underestimate the power of “old school” marketing techniques like flyers and door hangers. Post flyers in areas that get a lot of foot traffic, such as retail shopping centers, and put door hangers around your neighborhood and surrounding areas. You can design and print these yourself, or you can pay an additional fee to a professional printer. Either way you go, this is a very affordable way to market your lawn care business. Before you use this method of advertising, contact your city government office to learn about any restrictions and always make sure to get the permission of the property owner before distributing flyers on private property.

You can also use your work truck to advertise your business. Make sure that your business name, telephone number, and/or URL are prominently displayed and easy to read. Online printers can create custom vinyl decals featuring your logo, name, and contact information at a very affordable price.

Finally, word-of-mouth advertising is one of the most effective methods of advertising in this industry. If your customer likes your service, they’ll tell their friends, family members, neighbors, and colleagues about your service when recommendations are needed. They may give you a glowing review on your website or social media page, which could lure in additional customers. Always make sure to provide the best service to your customers so they’ll refer you to new customers in the future.

Final Thoughts

Your new lawn care business won’t be up and running overnight, but taking the time to go through each step ensures a better chance for success. Every business is different, and you may need to tweak some of these steps to better fit the vision for your lawn care business. Maybe taking the steps in a different order makes more sense for your business, or maybe there’s a step that isn’t relevant to your future goals.

No matter how you picture your future, you’re now armed with the knowledge of what it takes to start your own lawn care business. Now, it’s up to you to determine what steps you’ll take next to become a successful entrepreneur.

The post How To Start A Lawn Care Business appeared first on Merchant Maverick.

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Paypal’s Credit Cards VS PayPal’s Debit Cards

While PayPal may be best known for its online payment processing system, it also offers a range of credit and debit cards.

PayPal offers a rewards card and a couple of cards with cash back rewards, as well as a simple debit card and a prepaid card. Each offering in the PayPal stable provides a unique option, though only one of these is specifically aimed a business use. However, PayPal’s other options can certainly be used by businesses.

If you’re a business owner looking for a new credit or debit card, there’s a chance PayPal has what you’re looking for. But which one is right for your business? Find out below by reading our in-depth breakdown!

PayPal Cards Quick Comparison

Card Card Name Type Annual Fee Rewards

PayPal Extras Mastercard

Rewards $0
  • 3 points per $1 on gas and restaurant purchases
  • 2 points per $1 on PayPal and eBay purchases
  • 1 point per $1 on all other purchases

PayPal Cashback Mastercard

Cash Back $0
  • Unlimited 2% cash back on all purchases

PayPal Business Debit Mastercard

Debit $0
  • Unlimited 1% cash back on eligible purchases

PayPal Cash Card

Debit $0
  • None

PayPal Prepaid Mastercard

Prepaid $4.95 monthly fee
  • Occasional special offers and cash back rewards

PayPal Extras Mastercard: Credit Card For Earning Rewards Points

PayPal Extras Mastercard



Compare

Annual Fee:


$0

 

Purchase APR:


21.99% – 28.99%, Variable

If you’re keen for a rewards-centric card, PayPal offers the Extras Mastercard. This card is aimed at those who frequently shop at PayPal-accepting merchants and on eBay and offers bonus rewards for gas station and restaurant purchases.

This personal credit credit features three reward tiers:

  • 3 points per dollar spent at gas stations and restaurants
  • 2 points per dollar spent on PayPal and eBay purchases
  • 1 point per dollar spent on everything else

When you get your points, you’ll be able to score some awards. Every 6,000 points, you can choose to redeem for a $50 credit to your PayPal balance. You can also redeem points for airfare, hotel stays, car rentals, vacation packages, gift cards, or merchandise.

As a bonus, this card carries no annual fees, although you will have to pay transaction fees when traveling abroad and the APR is higher than the industry standard.

Want all the details? Check out our full PayPal Extras Mastercard review.

PayPal Cashback Mastercard: Credit Card For Cash Back

PayPal Cashback Mastercard



Compare

Annual Fee:


$0

 

Purchase APR:


21.99% – 28.99%, Variable

PayPal also boasts a card with a simple reward scheme in the form of the Cashback Mastercard. This card features a straight 2% cash back across all purchases. That’s it—there are no quarterly category rotations or awkward reward rates to worry about.

This is actually one of the few credit cards on the market to rock a 2% cash back rate. This flat rate can make it an appealing choice for businesses that shop across a wide array of categories.

You’ll be able to redeem your cash back at any time in the form of PayPal balance cash. This is especially handy if you shop anywhere that accepts PayPal; however, if you intend to use your rewards elsewhere, you will have to manually transfer the balance into your bank account.

Like with the Extras Mastercard, this card has no annual fee. It also lacks a foreign transaction fee — a bonus for businesses that require international travel. However, it does include a higher-than-average APR.

If you’re curious about all this card has to offer, visit our complete review of the PayPal Cashback Mastercard.

PayPal Business Debit Mastercard: Debit Card For Instant Access To Your Business PayPal Account

PayPal Business Debit Mastercard



Compare

Annual Fee:


$0

 

Purchase APR:


N/A (this is a debit card)

Beyond regular credit cards, PayPal also offers debit cards. The first of these is designed specifically to work with your Business PayPal account.

Unlike a credit card, you don’t need a credit check to receive the debit card. You also don’t need to worry about potentially paying an APR because the card simply draws from your available PayPal balance. However, you won’t be able to build up credit when using this card.

As an added bonus, PayPal gives an unlimited 1% cash back every month on eligible purchases. Purchases eligible for cash back include (but aren’t limited to) those processed as credit transactions. PIN-based transactions won’t qualify.

When buying abroad, you will be subject to a 1% foreign transaction fee. When compared to some credit cards, this fee is relatively low. However, businesses with frequent overseas travel may want to look into travel-specific credit cards.

You’ll also be able to withdraw cash via ATMs worldwide, although there is a standard $1.50 withdrawal charge. PayPal lets users request additional cards — this is handy if you’re looking to give employees debit cards. In partnership with Mastercard, there’s a zero liability policy which will help you against fraud-related charges. On top of all this, there are no annual or monthly fees to bother with.

PayPal Cash Card: Debit Card For Instant Access To Your PayPal Account

PayPal Cash Card



Compare

Annual Fee:


$0

 

Purchase APR:


N/A (this is a debit card)

If you don’t have a Business PayPal Account, PayPal offers a Cash Card for personal accounts.

Just like their business alternative, this is simply a debit card and is usable wherever Mastercard is accepted. You won’t need a credit pull while applying nor will you have to worry about paying interest. However, it won’t help you build credit.

Unlike their Business Debit Mastercard, PayPal’s Cash Card does not feature any sort of reward scheme. That means this card is just for paying and withdrawing cash—you won’t be saving money using it.

It’s not possible for extra cards to be requested on the same account. Because of this, you’ll need employees to have their own PayPal accounts or go a different route entirely.

Despite those negative points, you will have protection from fraudulent charges on this card thanks to PayPal and Mastercard’s zero liability program. You also won’t be subject to annual or monthly fees like you might with some credit cards. There is, however, a 2.5% foreign transaction fee and a $2.50 withdrawal fee for ATMs outside the MoneyPass ATM network.

PayPal Prepaid Mastercard: Prepaid Card For Controlled Spending

PayPal Prepaid Mastercard



Compare

Monthly Fee:


$4.95

 

Purchase APR:


N/A (this is a prepaid card)

PayPal’s final offering comes in the form of their Prepaid Mastercard. This reloadable card is accepted anywhere a Debit Mastercard would be accepted. That includes in-store purchases and orders over the phone or Internet.

You’ll be able to request a card without needing a credit check. Because it’s prepaid, you also don’t have to worry about any sort of interest. However, just like with the PayPal debit cards, using this prepaid card won’t enable you to improve your credit score. There is also a $4.95 plan fee due monthly.

To reload this card, you can use your PayPal balance. You can also top up at over 130,000 NetSpend Reload Network locations across the country. Additionally, there’s a direct deposit option that enables users to have paychecks, government benefits, and tax refunds directly deposited to a card’s account.

Beyond the card’s standard features, PayPal provides occasional rewards for using the Prepaid Mastercard. These rewards come in the form of money-saving offers based on your shopping history. You can also open an optional tiered-rate Savings Account through The Bancorp Bank and earn up to 5% Annual Percentage Yield (APY) for balances up to $1,000.

As another reward bonus, the PayPal Prepaid Mastercard features a refer-a-friend program. This program will give you $5 for every friend you get to sign up for the card and load $10 onto it.

Alternatives To PayPal’s Credit Cards

Don’t like PayPal? There are a few other options available. Here are Merchant Maverick’s favorite alternatives to PayPal credit cards:

Chase Ink Business Preferred



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Annual Fee:


$95

 

Purchase APR:


18.24% – 23.24%, Variable

Chase’s premier business rewards card is their Ink Business Preferred offering. This card is geared towards businesses focused on travel, but it has plenty of other perks, too.

You’ll collect three points per dollar spent (up to $150,000 combined) on travel, shipping purchases, Internet, cable and phone services, and on advertising purchases made with social media sites and search engines each account anniversary year. Everything else nets one point per dollar.

Points can be redeemed for 25% more value when you book travel through Chase Ultimate Rewards. There are also 80,000 bonus points handed out once you spend $5,000 in your first 3 months. Do note, however, that this card carries a $95 annual fee.

For more details, check out our complete Chase Ink Business Preferred review.

Capital One Spark Cash For Business


capital one spark cash select
Compare

Annual Fee:


$95 ($0 the first year)

 

Purchase APR:


18.74%, Variable

For cash back, it’s hard not to like Capital One’s Spark Cash for Business. Like the PayPal Cashback Mastercard, this card doles out an unlimited 2% cash back on all purchases.

It also features a welcome offer—something not included with either of PayPal’s cards. With Spark Cash, you’ll collect a $500 cash bonus after you spend $4,500 on purchases within your first 3 months. And because it’s aimed at businesses, employee cards can be requested for free.

There is a $95 annual fee to consider, but Capital One waives it your first year. If you’re looking for a cash back card with no annual fee, Capital One also offers their Spark Cash Select with an unlimited 1.5% back.

Want the complete Spark Cash breakdown? Read the full deets with the Merchant Maverick review.

Chase Ink Business Cash



Apply Now

Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

Chase also offers a cash back card with their Ink Business Cash. Unlike either the PayPal Cashback Mastercard or the Capital One Spark Cash for Business, this is a cash back card with a tiered reward scheme.

You can expect a whopping 5% back when you make purchases at office supply stores and on internet, cable and phone services (up to a combined $25,000). You’ll also nab 2% back when buying at gas stations and restaurants (also up to a combined $25,000). All other purchases collect 1% back.

The welcome offer grants you $500 bonus cash back after you break $3,000 on purchases in your first three months. You also won’t have to worry about interest for the first 12 months thanks to the card’s 0% introductory APR on purchases and balance transfers. Plus, there’s no annual fee to boot.

Get the full look at the Chase Ink Business Cash by reading our in-depth review.

Final Thoughts

For a business looking to get a new credit card, PayPal offers two good options. Their Extras Mastercard is a solid selection if your business frequently shops in one (or more) of the bonus categories. The Cashback Mastercard, on the other hand, is an excellent tool for businesses that don’t match up with the bonus categories of the Extras Mastercard.

If your business isn’t in the market for a credit card, but you still want to be able to swipe plastic with your PayPal account, the Business Debit Card is a great option. With easy access to PayPal funds, the ability to request additional cards, and 1% cash back, this debit card is a simple and obvious addition to any Business PayPal account.

The personal debit cards, meanwhile, might be best suited for employee personal accounts. They just don’t offer enough advantages compared to the Business Debit Mastercard. Instead, they might work best if an employee is looking for an alternative or something in addition to their bank account.

Regardless of whichever route you choose, PayPal has numerous card options for businesses looking to get more out of their PayPal account. Curious about using PayPal to accept payments? Check out our review of PayPal’s payment processing platform. If you’re considering a loan in the near future, learn more about PayPal’s Working Capital program.

The post Paypal’s Credit Cards VS PayPal’s Debit Cards appeared first on Merchant Maverick.

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Want To Open Your Own Bar? Top Tips To Get You Started

Have you ever looked around your local bar and thought, “I could run a place like this”? For many, it’s easy to get caught up in the excitement of potentially opening a bar, but for a select few, this is more than just a fleeting idea. These aspiring entrepreneurs want to make this dream a reality.

Opening your own bar or sports pub seems like a fun and exciting experience. After all, who doesn’t love gathering with friends and family to watch the big game with a cold drink in hand and appetizing snacks on the table? Behind-the-scenes, though, it’s a little different. While it may seem exciting to become a small business owner and call the shots, there’s also a lot of planning and work involved in starting a profitable business.

If opening a little corner pub sounds like a dream come true but you don’t know quite where to begin, you’re in the right place. In this article, we’ll share our top tips for starting the exhilarating and lucrative path to owning your own bar. We’ll go over what you need to legally open a bar, expenses to start and maintain your business, and the importance of a business plan. We’ll also help you decode one of the biggest pieces of the small business puzzle: getting financing for your new business.

If you’re ready to stop dreaming and start doing, keep reading!

Begin With Branding

bar nightclub pos systems

One of the first things you need to do before you take off running is to visualize a name, a theme, and an overarching concept for your bar. Do you picture yourself running a neighborhood pub where all of the locals gather? Or maybe you’d rather open a thriving nightclub where young club hoppers from around your city come to dance the night away?

Evaluate your different options, considering the type of patrons you’d like to attract as well as where you plan to open your bar. For example, if you want a younger crowd, a nightclub in a trendy part of town makes sense. If you want to attract an older, more sophisticated crowd, consider opening a wine bar, martini bar, or cigar bar in a thriving downtown area. You could also target sports fans by opening a sports bar or draw in foodies with a new gastropub.

Knowing what type of bar you want to open helps you plan out additional details. For example, if you’re opening a hot nightclub spinning the latest top 40 hits, country-western décor won’t fit your theme. If you want to draw in a sports crowd, loud music and fog machines probably won’t be on your list of supplies. Choosing the type of bar you want to open and nailing down your target audience first will help you accurately plan everything from the design and layout of your establishment to your name and logo.

Speaking of your bar’s name, it goes without saying that you’ll need one. Because it’s your bar, you’re free to name it anything you want. However, you want to make sure that you choose a name that reflects your concept. “John’s Neighborhood Bar” may incorporate your name, but it doesn’t stand out. When brainstorming ideas, think about the audience you want to bring in and pick a moniker that’s attention-grabbing — a name that lets customers know what to expect when walking through the doors of your bar.

Find A Location

One of the most important first steps in opening your own bar is choosing a location. There are a few options you have at this stage of the game:

  • Purchase an existing bar
  • Start from scratch
  • Buy a franchise

There are advantages and disadvantages for each option. If you purchase an existing bar, you inherit the existing clientele and may see immediate income. However, you could pay a steep premium if the bar is extremely successful at the time of sale. You may also rack up high costs if the bar doesn’t mesh with your vision and you have to pay for renovations.

If you start from scratch, you’ll be able to see your vision through from start to finish. However, it may take many months (or even a year or longer) to open your doors, and the costs can really rack up if you have to completely renovate a space or build a new bar from the ground up. With this option, careful planning, budgeting, and at least some knowledge of the bar and restaurant industry are needed for the highest chance of success.

Finally, you could purchase a franchise. This option could shield you from some of the mistakes you’d almost certainly encounter if you attempted to go it alone. However, you won’t be able to fully showcase your creativity with a franchise.

Finding a location takes planning and a dedicated eye on financials. Sure, putting your bar in a trendy and popular neighborhood could help your business become your city’s next hotspot, but real estate costs may be prohibitively high. Before you put down money on a location, make sure to do your market research and understand the costs.

Create A Business Plan

Every successful business starts with a solid business plan, and a bar is no exception. Not only will your business plan act as a blueprint for starting, operating, and growing your business, but it’s also a necessity if you plan to apply for business loans from a bank or other lender.

No two business plans are exactly alike, but there are some standard sections you should have in yours. This includes:

  • Executive Summary: Basic information about your business and why it will be a success
  • Company Details: Specific details about your business
  • Organizational Chart: Outline of your company structure
  • Marketing Strategy: How will you market your business?
  • Financial Projections: Show the financial outlook of your business

Your business plan should showcase the goals of your company and serve as a map for you to follow, keeping your business on the right path. Lenders will want to see a business plan that demonstrates thought, intelligence, research, and reasonable plans for success in the future.

Register Your Business

Before you open your bar and begin serving customers, you have to register your business. First things first: register the business’s name with your state. This can be completed via the county clerk’s office in the state where you’ll operate.

Next, you’ll need to determine your formal legal structure. Do you plan to be a limited liability company or a corporation? Your business structure will determine how much you pay in taxes, what paperwork needs to be filed with the government, and your personal liability. If you’re unsure of which structure is right for your new business, consult with an attorney, accountant, or business counselor.

Your business will also need to be registered with the state revenue office and the Internal Revenue Service. Because your business will have employees, you’ll be required to apply for an Employer Identification Number. You’ll also need a sales tax permit.

Finally, you’ll be required to obtain the proper licenses and permits to legally operate your business. Because your bar will serve alcohol, a liquor license is required. If your bar serves food, you’ll need a license from the health department. You can find out more about the requirements in your area by contacting your state Department of Commerce.

Obtain A Liquor License

In the previous section, we touched on acquiring the right permits and licenses. One of the most important things you need to open a bar — if not the most important thing — is a liquor license. This license makes it legal for you to sell alcohol in your business. This should be a top priority, as getting approval from your state’s Alcohol Beverage Control agency typically takes at least one month. In some cases, it may take up to six months to get approved.

The steps required to obtain your liquor license vary by state. In all states, though, you will be required to fill out an application. You may be required to submit additional documentation with your application, such as a certificate of incorporation, your proposed menu, and the certificate of title for your bar. You may also be required to pay a processing fee.

Once your application is reviewed and approved, you’ll have to pay for your license. Fees vary by state and range from a few hundred dollars to several thousand dollars. Your license will last for at least one year, and you must pay a fee when it’s time to renew.

Even though getting your liquor license is a hassle and can get very expensive depending on your state, this is a critical step that can’t be overlooked. To learn more about the process, fees, and type of license required for your business, contact your state ABC agency.

Seek Funding

Business licenses. A construction loan or lease. Renovations. You haven’t even stocked your bar, and the expenses are already piling up. Unless you’re already a successful entrepreneur with plenty of money in the bank, these expenses may seem completely overwhelming.

Very few small business owners have the resources to launch a business on their own. Instead, they turn to lenders for money to fund startup costs. Even after you launch your business, there will always be a need for more capital, whether an emergency has popped up, you need to expand, or a slow period has affected your day-to-day operations.

Even if your credit history is blemished, you’re a startup with no business history, or you face other challenges, there’s funding out there if you know where to look. Start with these options.

Personal Savings

Many new business owners have at least a little bit of money put away in their savings accounts. If you’ve been socking away pennies for a rainy day, now may be the opportunity to put these savings to use. By using your own money, you won’t be indebted to a lender (or at least not as much). You won’t have to worry about making scheduled payments, and there won’t be interest or fees to worry about. On the downside, if your business is unsuccessful, you lose part — or all — of your savings.

Loans From Friends & Family

If you have a friend or family member with extra money to invest, pitch them your business idea to see if they’re interested. But be careful! Even though you have a more personal relationship with this person, don’t just have a casual conversation asking to borrow funds. Instead, give them your business plan and present your pitch just as you would with a bank or other lender. Show them why you think your business will be a success, and give them a good reason to invest in you.

If you come to a loan agreement, get everything in writing, including the total borrowing amount, rates, and terms of the loan. Put your personal relationship aside and make sure you follow all terms of the loans just as a responsible borrower should.

Personal Loans For Business

Getting a startup loan from a bank or other lender can be tough. Sure, there are options, such as Small Business Administration loans, but these loans can be very difficult to receive — especially if you have a short time in business or low annual revenue. However, if you have a solid personal credit profile, more low-cost loan options are available to you.

Instead of going directly for a business loan, try applying for a personal loan for business. With a business loan, lenders consider your time in business, personal and business credit histories, and annual revenues. But with a personal loan, your personal credit score and income are used to determine if you qualify.

By going this route, you may be able to avoid many of the high fees and interest rates of alternative business loans. Depending on your credit history and the lender you select, your cost of borrowing could be much lower with a long-term, low-interest personal loan.

Recommended Option: Upstart

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You may qualify to receive a personal loan of between $1,000 and $50,000 through Upstart. These loans have competitive interest rates starting at 7.74% and going up to 35.99% based on your creditworthiness. Repayment terms of 36 or 60 months are available. The application process is quick, easy, and completely online.

To qualify for an Upstart personal loan, you must meet a few basic requirements, including having a valid email address, verifiable personal information, a source of income, and a U.S. checking account. You also have to meet the lender’s credit requirements, which include:

  • A credit score of 620 or above OR 580 or above for California residents
  • A solid debt-to-income ratio
  • No bankruptcies or public records
  • No delinquent accounts or accounts in collections
  • 6 or fewer inquiries on your credit report over the last 6 months

Lines Of Credit

A more traditional financing option is a flexible line of credit. The one drawback with a line of credit is that business performance is typically a qualifying factor. If you haven’t made any sales, you won’t qualify, so this isn’t a good financial option if you’re not in business yet.

As you build your business, though, a line of credit can be very useful. It can be used to purchase supplies, inventory, or cover that emergency that pops up when you least expect it. You can also use your line of credit to cover payroll or daily operational expenses.

When you receive a line of credit, a lender provides you with a credit limit. You can make as many draws as you need against the line of credit up to and including the credit limit. Once you initiate a draw, the lender will transfer the money directly to your bank account, giving you access to the money you need. Over time, you’ll make payments that are applied to the principal (the amount you’ve borrowed) and any fees and/or interest charged by the lender.

A line of credit is a revolving account, so as you repay the lender, money becomes available to draw again.

Recommended Option: Fundbox

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You may qualify to receive a line of credit of up to $100,000 through Fundbox. Fundbox lines of credit have no restrictions and can be used to cover any business expense. Once approved, you’ll be eligible to make draws immediately and receive funds as quickly as the next business day.

The Fundbox application process takes just minutes, and it’s easy to qualify. The lender focuses on the performance of your business — not your business or personal credit history — so even borrowers with credit challenges can qualify. You do, however, have to meet the following requirements:

  • Own a U.S.-based business
  • Have a business checking account
  • At least 3 months of transactions in your business bank account or at least 2 months of activity in a supported accounting software
  • At least $50,000 in annual revenue

Once you make a draw on your line of credit, automatic drafts are made weekly from your linked business checking account. If you do not use your funds, you do not pay. Repayment terms are 12 or 24 weeks and fees start at 4.66% of the total borrowing amount.

Business Credit Cards

Business credit cards work just like the personal credit cards in your wallet, only they’re used to pay business expenses. Business credit cards are great for emergency expenses or any time your cash flow is a little short. You can also make recurring payments, such as your utility bills, using a business credit card. This is especially beneficial if you have a rewards card that gives you cash back or other rewards simply for making qualified purchases.

When you apply for a credit card, your lender will set a credit limit if you’re approved. You may spend up to and including this credit limit with one or multiple transactions anywhere credit cards are accepted. Each month, you’ll make a payment that is applied to the principal, interest, and fees charged by the lender. As you pay down your balance, funds will become available to use again. If you don’t have a balance, you won’t pay any interest, although you may have to pay annual fees depending on the card you select.

Recommended Option: Chase Ink Business Unlimited

Chase Ink Business Unlimited


chase ink business unlimited
Apply Now 

Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

If you have an excellent credit score of at least 740, you may qualify for the Chase Ink Business Unlimited credit card. This is a rewards card that provides you with unlimited 1.5% cash back on all purchases made for your business. As a new cardholder, you will also be eligible to receive a $500 cash back bonus if you spend $3,000 within 3 months of opening your account.

The Chase Ink Business Unlimited card comes with a 0% introductory APR for purchases and balance transfers for the first 12 months. After the introductory period, the card has a variable APR of 15.49% to 21.49%. This card comes with no annual fee. You can also receive additional cards for employees at no extra cost.

Rollover For Business Startups (ROBS)

Do you have a retirement account? If so, you can legally leverage these funds to pay your startup costs without facing tax or early withdrawal penalties. With a Rollover for Business Startups (ROBS) plan, you can put your retirement account to work for your new business.

It’s possible to access your retirement account funds with no penalties in just a few easy steps. First, create a new C-corporation. Next, create a qualified retirement plan for the corporation. Then, the funds from your qualified retirement account are rolled over into the new retirement plan. Finally, the funds that were rolled over can be used to purchase stock in the corporation, giving you access to the capital you need to start or grow your business.

Throughout the process, you do have to remain compliant and follow legal guidelines. For most new business owners, the process can get confusing, which is why ROBS providers are available to help. A ROBS provider will set up your ROBS plan to ensure everything is by the book. To get started, you’ll need to pay a setup fee, then pay a monthly maintenance fee for maintaining your account.

The great thing about ROBS plans is that you are using your own money, so you won’t have to pay interest on a loan. You will, however, have to pay a monthly fee to maintain your account. You also risk losing your retirement funds if your business is unsuccessful.

Recommended Option: Benetrends

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Benetrends is a pioneer of ROBS, launching its Rainmaker Plan in the 1980s. This visionary-plan is the longest-running ROBS plan, and Benetrends offers many benefits that outshine its competitors.

With just four easy steps, Benetrends can get the capital you need from your qualified retirement plan. With the Rainmaker Plan, you can have your funding is as little as 10 days.

To qualify, you must have an eligible retirement plan with at least $50,000. Most retirement plans are eligible, with the exception of Roth IRAs, 457 plans for non-governmental agencies, and distribution of death benefits from an IRA other than to the spouse. There are no time in business, annual revenue, or personal credit score requirements.

To get started with Benetrends, you’ll be required to pay a setup fee of $4,995. After paying this fee, your C-corporation and ROBS plan will be set up. After your plan is set up, you’ll be required to pay a monthly maintenance fee of $130. This fee covers ongoing support and services including legal support, audit protection, and compliance.

Purchase Financing

Paying your vendors will be an ongoing expense for your business. You have multiple options available to pay your vendors. You can pay out-of-pocket, you can use a credit card or line of credit, or you can take advantage of purchase financing.

With this type of financing, your vendors are paid immediately, while you get more time to pay. A lender pays your vendors up front, then you repay the lender over a set period of time. The lender will add fees and/or interest to your loan balance for paying your expenses upfront.

By using purchase financing, you’re able to pay your vendors immediately to receive the supplies, inventory, or services you need for your bar. Then, you can spread out your payments over time to make these purchases more affordable for your business.

Recommended Option: Behalf

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Behalf offers purchase financing of up to $50,000 for qualified borrowers. Repayment terms of up to 180 days are available. Behalf charges fees of 1% to 3% of the borrowed amount per month for using this service. There are no additional fees. You can repay on a weekly or monthly schedule.

Behalf’s financing can be used to pay merchants for inventory or services. However, there are some restrictions. You can’t pay bills, cover payroll, or pay other existing debt through Behalf.

Behalf analyzes the performance of your business when making its approval decisions. There are no time in business or business revenue requirements. Behalf does not have a minimum personal credit score for approval, although your credit history will be considered during the application process.

Create Your Menu

Before you open your bar, you need to know what food and drinks you plan to serve and what equipment is needed to properly prepare each menu item.

When planning your menu, think about your theme and the type of customers you plan to attract while also keeping your budget in mind.

Decide what type of drinks you’ll serve. Most bars serve a variety of wines, beers, liquors, and mixed drinks, but what you serve may be different based on the theme of your bar. For example, in a sports bar, your drink menu may feature a wide selection of beers. If you open a nightclub, you want to have a variety of liquors and mixers on hand to create many different types of drinks. If you have a cigar bar, wines and craft beers may make up the bulk of your menu. Again, the type of bar you want, the theme, and your target audience can help you determine what you serve.

If your bar will serve food, think about the types of food you’ll serve. In a neighborhood bar, appetizers like fried cheese sticks or nachos may be enough to keep your customers happy. If you have a gastropub, meals made with high-quality ingredients should make up your menu. Remember, creating the perfect menu takes careful planning, so take the time to brainstorm your ideas.

It’s also wise to start off small and add new items as your business grows. If you have a huge menu that features every type of food and beverage you could think of, your bar will require more equipment. More equipment equals more expenses. Working with a smaller menu can also ensure that your bartenders and kitchen staff aren’t overwhelmed and can focus on creating high-quality food and drinks. As you draw in customers to your bar, you can tweak your menu based on what customers are ordering, what gets rave reviews, and what falls flat.

Once you’ve determined what your bar will be serving, you’ll need to talk with suppliers to get estimates of costs. As you approach opening day, you’ll place your order with your selected suppliers.

Still stuck on your menu? Check out our tips for creating a great menu.

Purchase Your Equipment

Once you’ve secured a location and have moved further into the process of building your bar, it’s time to think about the equipment and fixtures that you need. What your bar needs depends on the theme you’ve selected and what you’ll be serving, but some items you may consider include:

  • Bar & barstools
  • Benches
  • Tables & chairs
  • Industrial ovens & other kitchen equipment
  • Coolers, refrigerators & ice bins
  • Blenders & other bar equipment
  • Big-screen TVs
  • Sound system
  • Microphones & other audio equipment
  • Beer taps

After you’ve leased, purchased, or built your building, it’s important to create a detailed layout of your business. You want to ensure that you have enough room for everything required to run your bar, while also leaving enough space for seating, a dance floor, and other features that will be important to your customers. As you grow your business and need to add or update equipment, consider equipment financing to make these expenses more manageable.

Lender Borrowing Amount Term Interest/Factor Rate Additional Fees Next Steps

$2K – $5M Varies As low as 2% Varies Visit Site

$5K – $500K 24 – 72 months Starts at 5% Yes Compare

Up to $250K 1 – 72 months Starts at 5.49% Varies Compare

Select Your POS System

ipad POS

Gone are the days when most businesses just needed a cash register or two for their customers. With the rising use of credit cards, debit cards, and mobile payments, businesses — especially bars — need a more advanced system for accepting payments.

A point of sale (POS) system is one of the most important pieces of equipment you’ll need for your new bar. A POS system combines software and hardware to create a centralized point for business operations. Through this system, you’ll be able to take orders and accept payments, but that’s not all.

Some of the most advanced POS systems come with features beneficial to bars. This includes built-in tipping systems, inventory management that allows you to track your stock levels, and an open ticket system for creating bar tabs.

Your POS system plays an important role in your business, so it’s important that you know what to look for before making your purchase. Check out our top picks for POS systems for bars and nightclubs.

Lightspeed Restaurant ShopKeep Toast

Lightspeed Restaurant

ShopKeep

Toast

TouchBistro

Breadcrumb POS by Upserve

ShopKeep alternatives for restaurants

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Review

Monthly fee

$69+

Get a quote

$79+

$69+

$99+

Cloud-based or Locally Installed

Cloud-based

Hybrid

Cloud-based

Locally installed

Cloud-based

Compatible credit card processors

Cayan or Mercury in US; iZettle in Europe

Shopkeep Payments & some others; contact your processor to see if they are supported

Toast only

TouchBistro Payments, Square, PayPal, Moneris, Cayan, Chase Paymentech & more

Upserve Payments only

Business size

Small to medium

Small to medium

Small to large

Small to medium

Small to large

Hire Employees

To make sure your bar is a success, you need to have the right employees working for you. If you haven’t done so already, you need to apply for an Employer Identification Number for tax purposes. Next, you need to determine how many employees you need and what their roles will be in your business.

You’ll need at least one bartender that prepares and serves drinks in your bar. You will need to add additional bartenders based on the number of bar areas you have in your business, as well as the number of customers you have to serve.

If your bar will serve any type of food, you will also need a kitchen staff. This includes at least one cook, but you may also need prep cooks, dishwashers, and other staff as your business grows.

You’ll also need servers to distribute food or pass out drinks to customers not seated at the bar. The number of servers you have is based on the size of your bar and how busy it gets.

While your servers may be able to handle cleaning tables at first, as your business grows, you may want to add a busser or two, who are responsible for cleaning off tables for new customers.

You may also require additional staff. For example, you may hire a doorman that checks IDs before customers enter the door. A security guard may also be a staff member you hire to handle tempers that flare from customers who’ve had one too many.

You also need at least one manager to oversee the staff. A manager’s role may include hiring employees, firing employees, training, making schedules, and making sure that all staff members are doing their jobs properly.

Before you start seeking job applicants, make sure to create an in-house organizational chart to know exactly who you need to hire. You also need to do your research to figure out what salaries you will offer, as well as any benefits.

Unsure of where to hire new employees? You have a few options. First, post a job ad on online job boards or classified ads to find potential employees. This is an inexpensive (or even free) way to find candidates.

You can also ask for referrals. If you know someone in the industry, ask if they have any new hires to recommend. Don’t know anyone in the industry? Ask other colleagues, family, and friends for recommendations.

Bolster Your Web Presence

After completing all of these steps, you’ll be that much closer to opening your bar. However, you want to make sure to spread the word about your business, and there’s no better way to do that than with the internet.

One of the easiest ways to get the word out about your business is through social media. Facebook, Instagram, and Twitter are just a few of the ways you can reach your target audience, and Yelp For Business is a must. Best of all, these accounts are free to use. As you grow, you may consider moving past the free advertising you get through your posts and pictures and invest in advertising on these social platforms.

You also need a good website. Keep your bar’s theme in mind when you design your site. Make sure that your website reflects the image you want to project. There are many small business website builders you can look into if you want to create your website yourself. These make it easy for you to create a professional website with no prior web design experience required.

Service Pricing Hosted or Licensed Templates & Themes Compatible Credit Card Processors Next Steps

$14 – $179/month Hosted Excellent Many

Go to Site

Free – $29.90/month Web-Hosted Excellent Many

Go to Site

Free – $25/month Web-Hosted Average Many

Go to Site

$0/month Hosted Good Square Payments

Go to Site

Make sure that you include your address and phone number on your website. Information about your bar including dress code and hours of operation are also extremely useful for customers. You can also include your menu, photos of your establishment and patrons, and news and updates on your website.

Also, remember that word-of-mouth is one of the best forms of advertising for a bar. If your customers love your drinks, food, service, and atmosphere, they’ll tell others. If they dislike your bar, they’ll also tell others … who will make sure to avoid your establishment. Whether your bar is brand new on the block or you’ve been in business for some time, keep customer satisfaction high so that customers online and off will have nothing but positive reviews for your business.

Final Thoughts

As you can see, creating a bar where everyone gathers to have a great time takes a lot of hard work. But just as Theodore Roosevelt said, “Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty.” Running your own bar means planning, budgeting, and always being ready for growth. While your bar won’t make you an overnight millionaire, you can become a successful entrepreneur with this potentially-lucrative venture if you put in the work.

The post Want To Open Your Own Bar? Top Tips To Get You Started appeared first on Merchant Maverick.

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11+ GoDaddy Website Builder Examples for Inspiration

11+ GoDaddy Website Builder Examples for Inspiration

So you’re considering using GoDaddy as your website builder, and you’re looking for GoDaddy website builder examples for inspiration and confirmation that you’re making the right choice.

See GoDaddy’s Current Website Builder Pricing here…

GoDaddy is the big brand in the website services industry. From their Super Bowl ads to TV ads to online advertising, they are by far the most well-known choice for domains, hosting, website builders, and productivity products for small businesses.

And when it comes to their website builder (known as “GoCentral”), GoDaddy is known for its raw simplicity. The setup is extremely straightforward (fill-in-the-blank style), which makes it extremely appealing to DIY-ers with limited website building experience.

And while simple is great, there are some major tradeoffs, particularly in terms of functionality.

As we dive into examples of what GoDaddy websites look like in the wild, there is one thing to keep in mind when you’re evaluating a website platform: it’s not just about how the websites look. How they operate matters too. That’s the main consideration for all my website builder reviews & my guide to choosing the best website builder.

Think of it like buying a car. You have a make / model in mind, and you’re probably looking to see them drive by on the road to see how they actually look. However, you also care about how they operate. Does it accelerate well? Does it have the hauling capabilities you need? How is the gas mileage?

Looking at a website platform should be done in the same way. We collected the following GoDaddy GoCentral (their website builder brand name) examples not just to show you how they look, but how GoDaddy websites can function so you can be sure you have a website that fits both the style you want and the functionality you need.

Disclosure – I receive customer referral fees from companies mentioned on this website. All data & opinions are based on my professional judgement as a paying customer or consultant to a paying customer.

General Website Examples

Let’s start with a general round up of solid GoDaddy website builder examples. We’ve pulled these examples based on functionality, design, and usability. Again,GoDaddy works well for DIY-ers who want an easy-to-use website that they can throw up on their own without having to worry about the inner-workings. However, be aware that with this comes trade-offs (i.e. you give up control, functionality, customization, etc.)

Citizen Restaurant

If you’re looking for a straightforward website where you can post content (like menus), this GoDaddy website builder example is a great place to start for inspiration. The homepage is straightforward, with a simple call to action to sign up for the email list. The navigation is also clear, with the Dine and Drink tabs bringing visitors to pages where they can download a PDF version of the dining and drinks menus.

Augusta Blues Company

Augusta Blues Company

What stood out to us about this GoDaddy website was how it makes the most of its simplicity. By using a custom graphic on the homepage for the header image, Augusta Blues Company has added some custom flair to this straightforward template. We also found the navigation to be straightforward and easy to use, which is a key hallmark of a good website!

And for those who need to provide directions on their website, this GoDaddy website builder example showcases how you can integrate a map on the homepage. We particularly liked how August Blues Company paired the map with other contact information.

Augusta Blues Company Contact

Explore Similar GoDaddy Templates!

Wedding Website Example

Wedding websites are a great way to give guests information about the big day, show off your personality, and post updates / pictures / anything else you may want to share with those who are involved with your wedding. Given this website has a shorter lifespan than say, a business website, you’ll want something that’s easy to customize, edit, and manage. Here’s a great example of what you can do with a GoDaddy GoCentral wedding website:

Dave and Nuria

Dave & Nuria

If you’re looking for a simple, polished, easy-to-use wedding website, this example from Dave and Nuria is a great place to start for inspiration. It has all of the necessary information, from the itinerary for the weekend to how to plan your trip, and the RSVP is a simple contact form. It’s a great example of a plug and play website template that saves you time and money, which is especially useful for a site that doesn’t have a long lifespan!

Explore Similar GoDaddy Templates!

Photography Website Example

Photography websites are all about the portfolio of work. When looking for a GoDaddy website builder example to serve as inspiration for your photography, pay special attention to the layout options for your work. You want to be sure you’re showing off your photos in a creative way without sacrificing the user experience (AKA fast photo load speed, easy to navigate, high quality images, etc). Here are a few examples of GoDaddy photography websites we liked:

Anthony Friend 

Anthony Friend

What makes this GoDaddy website a great example for photographers is the layout of the portfolio page. The grid style makes it easy to get an overview of the photographer’s work without overloading the functionality or making it too difficult for visitors to get an idea of their style.

Richard Eads

Richard Eads Photography

Richard’s site provides another photography inspiration example, specifically in how the work is displayed. Notice how this GoDaddy website uses a carousel to feature photos, with a bar underneath that changes as the photos move. It’s a unique way to showcase Richard’s work in a way that’s interactive without being overwhelming.

Explore Similar GoDaddy Templates!

Ecommerce Website Example

Ecommerce websites are all about their products. A good ecommerce website should have high-quality product images, be easy to navigate, and keep the focus on what you have to offer your shoppers! You’ll also want to include strong product descriptions and an easy check out process. Here are a few of our favorite GoDaddy ecommerce website examples:

Popcorn Willy

Popcorn Willy

What stood out to us about this GoDaddy ecommerce website was the product page organization. The categories help visitors sort through what they’re looking for easily, and the ratings provide another layer of “trust factor” that’s key for ecommerce websites. If you’re looking for a simple way to list products, this website could be a great place to start for inspiration.

Better Living Market

Better Living Market

If you’re looking for a bit more “design flair”, check out Better Market Living. This ecommerce website uses a high-quality header image to spruce up the homepage, but still keeps navigation ultra-simple with the shop now button.

Something to note about GoDaddy website builder websites in general: while GoDaddy is known for its simplicity, that does mean limited design customization and functionality. For example, most websites have a similar, block layout. For e-commerce websites specific, the product pages don’t vary much beyond this layout.

Better Living Market Products

Again, you should choose your website builder not just on design, but on the functionality and levels of customization you need. If you’re looking for a more customized ecommerce shop, there could be better options for you.

Explore Similar GoDaddy Templates!

Artist Website Example

Need to showcase your art? An artist website is a great way to create a digital portfolio of your work. These websites should be easy to navigate, keep the focus on your artwork, and allow prospective clients / commissioners to contact you easily. Here’s an example of a great artist GoDaddy website:

Jules Art & Design

Jules Art and Design

Sometimes, less is more… and that’s exactly what makes Jule’s website so effective. The clean layout draws your eye right to her artwork, and the simple navigation at the top of the page makes it easy to find exactly what you need on her website. This is another example of a GoDaddy portfolio website that is a good fit for a DIY-er who just needs a place to showcase their work in an easily digestible format.

Explore Similar GoDaddy Templates!

Music Website Example

Similar to artist websites, music websites are all about the music. Which means if you’re creating a music website, you’ll need a player so visitors can listen to your work on your site. You’ll also want to give people the opportunity to connect with you by listing social media channels, tour dates, and places they can buy your albums! Here’s an example of a music website created with GoDaddy:

Telekinetic Yeti

Telekinetic Yeti

This GoDaddy music website keeps the focus solely on the music. In fact, the music page is a simple, embedded music player where visitors can listen to the band’s most recent album. While it could be more sophisticated, it doesn’t necessarily need to be. Again, it all comes down to your needs. If you wanted some advanced functionality on your music website (like full discography, Spotify integrations, Ticketmaster and Eventbrite integrations, etc.), GoDaddy may not be the best option for you.

Here’s how I’d recommend building a long-term music website with WordPress. Wix also provides a good drag & drop option.

Business Website Example

A strong business website showcases your services, gives customers the opportunity to contact you, and builds social proof. Visitors should be able to know exactly who you are and what you do when they land on their site, and should be able to easily navigate to what they’re looking for from your homepage. Here are a few examples of strong GoDaddy Website Builder business website examples:

Women Working in Technology

Women Working in Technology

Women Working in Technology has a fairly robust navigation, which goes to show just how much content you can have on your GoDaddy business website. However, the navigation keeps it organized with sub-menus, which means despite the large amount of content on the site, it’s easy to find your way around.

We also liked how Women Working in Technology used a video on their homepage to tell visitors what they’re all about.

WWIT-About

It provides a great way to make the site more interactive without having to build something completely custom!

Crescent Flight Ops

Crescent Flight Ops

Again, GoDaddy tends to skew towards block-style website templates, and while this business site by Crescent Flight Ops is a bit blocky, their color palette and use of different media types help with the flow. We included this website to show how if you wanted the simplicity, you could still make your theme look different by customizing the colors and actual content on the page.

Explore Similar GoDaddy Templates!

Personal Website Examples

Personal websites are exactly what they sound like… personal! Whether it’s a resume / portfolio website you use to get booked or a blog you use to create content, this type of site is all about getting your personal brand online and owning your space on the Internet. Personal website should be easy to edit, manage, and customize. Here’s an example of a GoDaddy personal website to use for inspiration:

Marc Whisnant

Marc Whisnant

It’s easy to get caught up in showcasing your personality and creativity on your personal website. And while adding in some flair is fine, you don’t want to sacrifice clarity in the name of creativity. Marc’s website includes the right balance of both. We loved how his work stands out in contrast to the black background, but isn’t overwhelming in its grid format.

We also liked how Marc included a downloadable version of his resume on the homepage. This is a great way to share your qualifications with those who may be looking to hire you.

marc resume

Explore Similar GoDaddy Templates! Or explore how I like to build personal websites.

Next Steps

At the end of the day, choosing your website platform goes far beyond design. Why? Because all web pages are made of HTML & CSS with a few scripts thrown in. This means that any website template can exist on any good web platform.

What YOU want to focus on is the design elements and functionality that are available on the platform you’re choosing.

If you feel like GoDaddy fits the design and functionality needs you have for your website, you can explore more GoDaddy templates here.

Not sure if GoDaddy is a right fit? Explore other website builder options here or see how GoDaddy stacks up against popular brands like Wix & Weebly.

The post 11+ GoDaddy Website Builder Examples for Inspiration appeared first on ShivarWeb.

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11+ Weebly Website Examples for Inspiration

Weebly Website Examples (1)

So you’re considering using Weebly as your website builder, and you’re looking for Weebly website examples for inspiration and confirmation that you’re making the right choice.

Weebly is an all-in-one “hosted website platform.” A hosted website platform is where all the components needed for a website come in a single bundle with a single monthly price.

Weebly provides the software to manage your website content; they provide the designs and functionality. They provide add-ons & extensions for unique functionality. And most importantly, they also provide the hosting (aka the server where your website files live) & security all in one price.

Essentially, using Weebly is like renting an apartment. You can customize the inside, but you don’t have as much freedom as owning a condo or a home.

But before we dive into examples of what Weebly websites look like in the wild, there is one thing to keep in mind when you’re evaluating a website platform: it’s not just about how the websites look. The functionality matters too.

Think of it like buying a car. You have a make / model in mind, and you’re probably looking to see them drive by on the road to see how they actually look. However, you also care about how they operate. Does it accelerate well? Does it have the hauling capabilities you need? How is the gas mileage?

Looking at a website platform should be done in the same way. We collected the following Weebly examples not just to show you how they look, but how Weebly websites can function so you can be sure you have a website that fits both the style you want and the functionality you need.

General Website Examples

Let’s start with a general round up of solid Weebly website examples. We’ve pulled these examples based on functionality, design, and usability. Again, Weebly works incredibly well for DIY-ers who want an easy-to-use website that they can throw up on their own without having to worry about the inner-workings. However, be aware that with this comes trade-offs (i.e. you give up some control, functionality, customization, etc.)

Double Arrow Veterinarians

 

Double Arrow Vet

Double Arrow Veterinary Clinic’s website is a great example of  using a basic website template to get the job done. Visitors can immediately book an appointment, the navigation at the top is clear and concise, and the important information bar puts all of the must-know info front and center. If you’re looking for an easy website that allows you to provide crucial information, this template is a great example.

Explore Similar Weebly Templates!

Pueblo Dental Surgery

Pueblo Dental Surgery

Pueblo Dental Surgery’s website is a great example of a solid, straightforward website. The navigation is clear, the homepage includes an introduction with copy that describes what the center is all about, and the video is a great touch for visitors to dive deeper into learning about their services. If you’re looking for a basic website where you can plug in your services + information, this is a good example to use for inspiration.

Explore Similar Weebly Templates!

Wedding Website Example

Wedding websites are a great way to give guests information about the big day, show off your personality, and post updates / pictures / anything else you may want to share with those who are involved with your wedding. Given this website has a shorter lifespan than say, a business website, you’ll want something that’s easy to customize, edit, and manage. Here’s a great example of what you can do with a Weebly wedding website:

Forbes and Don

The Wedding of Forbes & Don

Forbes and Don’s wedding website is a great example of how a simple template can look polished and elegant without having to custom-build something complex. Their fonts, black and white photography, and fun copy (check out how they met!) gives the traditional template added personality. Remember, a wedding website has a relatively short lifespan. What you’re looking for is something you can easily customize and add content to without spending a ton of time (or money!).

Explore Similar Weebly Templates!

Photography Website Example

Photography websites are all about the portfolio of work. When looking for a Weebly website example to serve as inspiration for your photography, pay special attention to the layout options for your work. You want to be sure you’re showing off your photos in a creative way without sacrificing the user experience (AKA fast photo load speed, easy to navigate, high quality images, etc). Here are a few examples of photography websites we liked:

Alex Kormann Photography

Alex Kormann Photography

What makes this Weebly website a great example for photographers is the layout. The simple grid pattern centered on the page immediately draws visitors’ eyes to Alex’s work. If you want to explore a piece further, you can hover over the image to get the story, or click to see the larger photo and read the caption. Alex has given visitors an easy way to view his work in a way that’s sleek, visually coherent across the board, and is easy-to-use — all hallmarks of a great website.

Explore Similar Weebly Templates!

Tommy Trenchard

Tommy Trenchard

This Weebly website is another example of a great layout for photographers. The use of the carousel of images on the homepage (with the smaller versions underneath) gives the website a unique interactive feel without overloading the functionality or taking the visitors’ attention away from the work itself. If you’re looking for a way to include some interactivity on your site without sacrificing user experience, this is a great way to do it.

Explore Similar Weebly Templates!

Ecommerce Website Example

Ecommerce websites are all about their products. A good ecommerce website should have high-quality product images, be easy to navigate, and keep the focus on what you have to offer your shoppers! You’ll also want to include strong product descriptions and an easy check out process. Here are a few of our favorite Weebly ecommerce website examples:

The Box Bros

 

The Box Bros website

A great ecommerce website comes down to a few main things: high quality product photos, easy navigation, and easy check out. This website from The Box Bros checks all of those boxes. We particularly liked the product page, where the main focus is on the product images themselves. To get more info, users just have to hover over the image to see the name and price range.

Explore Similar Weebly Templates!

Star Cleaner

Star Cleaner

Start Cleaner’s website stands out for a two main reasons. First, the header section includes all of the crucial information you need — the product name, what it does, and a discount code you can use when you “buy now”. The navigation is also clear and concise, and the banner at the top that broadcasts free shipping adds a nice value proposition.

Second, the chat with us bar in the bottom right hand corner of the page adds a layer of customer service that’s perfect for ecommerce sites. It gives shoppers an easy way to ask questions or get in touch if there’s an issue.

Explore Similar Weebly Templates!

Artist Website Example

Need to showcase your art? An artist website is a great way to create a digital portfolio of your work. These websites should be easy to navigate, keep the focus on your artwork, and allow prospective clients / commissioners to contact you easily. Here’s an example of a great artist Weebly website:

Wendy Leach

Wendy Leach

Wendy’s website stood out to us for a few reasons. First, the use of her illustration in the header is a great example of how to implement creativity on your Weebly artist website without having to create something incredibly complex or custom-built. Sometimes, a touch of uniqueness goes a long way.

We also enjoyed the sketch book page of her site. It’s a fun to showcase pieces that perhaps don’t fit with her main work, and a great example of how navigation / website structure doesn’t always have to be your usual “about“, “portfolio“, “contact” pages (just remember not to sacrifice clarity for creativity).

Wendy Leach Sketch Book

Explore Similar Weebly Templates!

Music Website Example

Similar to artist websites, music websites are all about the music. Which means if you’re creating a music website, you’ll need a player so visitors can listen to your work on your site. You’ll also want to give people the opportunity to connect with you by listing social media channels, tour dates, and places they can buy your albums! Here’s a strong example of a music website created with Weebly:

Boyante

Boyante

Boyante’s website is a great example of keeping the focus solely on the music. Their navigation gives visitors clear directions on how to learn more about them, hear their songs, and buy their music. The social media icons in the top right corner are also a great touch.

Further down the page, the site includes a music player combined with a simple about section. The combination of the player and the text is a great way for visitors to listen to the songs while also reading about the band, and the Spotify Follow button is a great way to move fans to their Spotify channel, where they can stay connected to their music and new releases.

Boyante Music

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Business Website Example

A strong business website showcases your services, gives customers the opportunity to contact you, and builds social proof. Visitors should be able to know exactly who you are and what you do when they land on their site, and should be able to easily navigate to what they’re looking for from your homepage. Here are a few examples of strong Weebly business website examples:

E.S. Johnson Builders

ES Johnson Builders

E.S. Johnson Builders is a great example of a sleek and professional business website that checks all of the boxes: it’s easy to navigate, showcases work and services, and has contact information clearly displayed and easily accessible. We particularly liked the slider at the top of the homepage, which visitors multiple navigation options, like see available homes and view current projects (both essential for homebuyers who want a custom-build).

We also found that the Services section further down the homepage, where they feature a breakdown of their services with buttons to dive deeper into each, was a great way to add another layer of navigation to homepage without making it muddled or confusing.

ESJ Builders Services

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FocusStage

FocusStage

FocusStage is another great example of a sleek business website that hits all the marks for great user experience, clarity of communication on what the business is about and how they can help you, and ease to contact. One of the elements that stood out to us was the video header on the homepage, which adds dimension without complication. We also liked the breakdown of the FocusStage process — it’s a great way to show visitors what it’s like to work with this financial firm.

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Personal Website Examples

Personal websites are exactly what they sound like… personal! Whether it’s a resume / portfolio website you use to get booked or a blog you use to create content, this type of site is all about getting your personal brand online and owning your space on the Internet. Personal website should be easy to edit, manage, and customize. Here’s an example of a Weebly personal website to use for inspiration:

Dave Horak

Dave Horak

Oftentimes, people get so focused on design that they tend to forget that what really matters on a personal website is, well, you. Dave’s site is a great example of how you can build your personal brand and showcase your work without a ton of flair (in fact, great copy will do the trick). If you’re looking for a simple layout that gives you the opportunity to tell everyone what you’re all about, this one will do the trick.

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Next Steps

At the end of the day, choosing your website platform goes far beyond design. Why? Because all web pages are made of HTML & CSS with a few scripts thrown in. This means that any website template can exist on any good web platform.

What YOU want to focus on is the design elements and functionality that are available on the platform you’re choosing.

If you feel like Weebly fits the design and functionality needs you have for your website, you can explore more Weebly templates here.

Not sure if Weebly is a right fit? Explore other Weebly alternatives here.

TK nate links needed above!

The post 11+ Weebly Website Examples for Inspiration appeared first on ShivarWeb.

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How to Start And Fund An Online Boutique

For many aspiring entrepreneurs, opening a boutique seems like a dream. After all, how many people can say they’re making the world a little more stylish all while bringing in an income? In the past, boutique owners faced lots of challenges, such as finding retail space and acquiring necessary business licenses, but the internet has made opening a boutique easier than ever.

Of course, it still takes hard work and a little know-how to successfully set up, fund, and operate an online boutique. Whether you’ve delved into the world of online business before or you’re new to entrepreneurship, this post is for you. We’ll break down the critical steps to setting up an online boutique, explore how to secure funding for your new business, and give other tips for running your online store. Let’s dive in!

Decide What To Sell

In order for your online boutique to be a success, you have to make sales. Obviously. However, before you can start bringing in money, you need to first decide exactly what your boutique will sell. In other words, you need to find your niche.

It may be tempting to go overboard and carry a little something for everyone. However, especially in the early stages of starting an online boutique, it’s wise to start small and hone in on one particular area. If your focus is on designer clothes, plan to carry only women’s clothing or only children’s clothing. Or maybe you want your boutique to feature custom jewelry and accessories. In that case, don’t muddy the waters with random sweaters and leggings.

Once you’ve got a broad overview of the customers you want to attract, it’s time to narrow down your niche further. For instance, do you want to carry affordable yet trendy styles for the 13-18 crowd, or would you rather sell high-end, classic pieces for professional women? Remember, you want to start small. If your boutique becomes a success and you see a demand for other products, add them. For now, though, take the time to find out what’s a hit … and what’s a miss.

Deciding what to sell will not only help you determine what inventory to keep on hand and what products to promote, but it will also help you determine your branding strategy, from the colors you use on your website to the design of your logo.

Create A Business Plan

Whether you operate a traditional retail store or an online boutique, there’s one thing all businesses need: a good business plan. Think of a business plan as a map of your business, outlining your goals and the steps you’ll take to reach those goals. A solid business plan is critical for new businesses seeking financing from investors or traditional lenders like banks and credit unions.

Your business plan should include information such as:

  • Executive Summary
  • Company Description
  • Market Overview
  • Sales & Marketing Strategy
  • Operating Plan
  • Organization & Management Team
  • Financials

Source Inventory

With your niche selected and your business plan in place, you’re getting closer to opening your boutique. However, before you launch your website and begin to make sales, you have to find and purchase inventory that will be used to stock your online store.

There are a few ways to source inventory. One of the most common ways to source your inventory is by using a wholesaler. Through a wholesaler, you can purchase items in bulk at a reduced rate. Typically, the more you purchase, the more you save. Wholesale suppliers can easily be found in the U.S. and overseas with a quick online search.

Keeping your niche in mind, search online and create a list of possible wholesalers to use for your business. Keep an eye on available items, pricing, minimum order requirements, and shipping costs to determine which wholesaler will be the best partner for your business.

One of the biggest benefits of purchasing from a wholesaler is that you will have more control over shipping your products to customers. You’ll be able to control how products are shipped, as well as the packaging that your customers receive. This offers a better opportunity for branding your business.

However, purchasing your inventory through a wholesaler also has its drawbacks. This option may be more expensive based on minimum purchasing requirements. Packaging and shipping your own items could add on to your expenses. You may also incur additional overhead costs for the storage of your inventory.

If you don’t want to work with a wholesaler, dropshipping is another option to consider for your boutique. With dropshipping, a third-party supplier fulfills the orders of your customers. Your customer places an order, the order is manually or automatically sent to your supplier, and the supplier is responsible for packing and shipping the order to your customer.

There are a few drawbacks associated with dropshipping. The supplier or manufacturer handles packaging and shipping, so you won’t be able to personalize the packaging and branding of your shipped orders. You may also encounter some issues with inventory. If you house your own inventory, you’ll be able to better account for what’s in stock. A miscommunication with your dropshipping supplier could result in canceled orders or backorders, which could lead to unsatisfied customers.

Also, you have to consider that if something goes wrong, you are ultimately the face of your brand and you will be liable. If the wrong item is sent or there’s another issue with an order, this reflects poorly on you, even if it’s the supplier’s fault.

No matter what route you take, it’s important to properly vet any supplier you’re using for your boutique. Request samples to check out the quality of products, find out if you’ll have a dedicated contact to reach when there is a problem, and work with reputable businesses with a history of success in their industry.

Register Your Business

Before you start peddling boutique items, you’ll need to register your business. For an online boutique, the process isn’t too difficult.

Choose Your Business Structure

When you start your business, you’ll need to select your business structure. For an online boutique, your best options are to operate as a sole proprietorship or limited liability company (LLC). An individual can operate as a sole proprietorship without having to file paperwork. However, it’s often wise to take a few extra steps to set up an LLC, which will protect you in most cases from being held liable for your business’ debt. You may also opt to operate as a corporation, which may be a good idea if you plan to bring on outside investors.

File State Paperwork

To form an LLC or corporation, you’ll file paperwork with the state. For most business owners, this will be the state where you live and the business is formed. You’ll not only file documents within this state but also pay a filing fee, which varies by state.

Take Care Of Finances

Before you start making money, you have to obtain a federal tax ID number from the Internal Revenue Service. If you’re a sole proprietor or single-member LLC, you can use your Social Security Number.

If you don’t have one already, you also need to open a business bank account to keep your business finances separate from your personal finances.

Meet Sales Tax & Licensing Requirements

As an online seller, you’ll have to collect and pay sales tax for transactions that occur within your state. You can learn more about the requirements in your area by calling your state tax department.

You should also consult with city or county authorities to find out about business license requirements in your area.

Choose An eCommerce Platform

To boost your odds of running a successful online boutique, it’s important to choose the right ecommerce platform. Your shopping cart software serves as a storefront for your customers while also providing you with the backend tools you need to keep your business operating smoothly.

Most entrepreneurs opt for a Software as a Service, or SaaS, platform. The benefits of a SaaS platform is that you don’t have to download, host, or install anything on your own server. Instead, you pay a monthly subscription fee that covers hosting and software updates.

There are multiple platforms to choose from, and you can narrow down your choices by considering what factors are most important to you, such as pricing, add-ons and features, ease of use, and design options.

Unsure of which ecommerce platform is right for you? Take a look at our picks for the best ecommerce platforms for your small business.

Shopify BigCommerce 3dcart Ecwid Wix

3dcart

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Monthly Cost

$9 – $299

$29.95 – $249.95

$19 – $229

Free – $99

$25 – $40

Core Features

Great

Excellent

Excellent

Good

Good

App Store

Very Large

Large

Moderate

Moderate

Small/Moderate

Ease Of Use

Very Easy

Easy

Moderate

Very Easy

Easy

Web Design

Great

Good

Good

OK

Excellent

Customer Support

Great

Great

Good

Good

Good

Build Your Website

What do you think when you walk into a brick-and-mortar store that’s cluttered and disorganized? Does it make you want to spend hours shopping there, or do you immediately run for the door? The same principle applies to your online boutique. No customer wants to browse a website that’s a complete mess.

The good news is you don’t have to be an experienced web designer to get a professional-looking website. There are plenty of great website builders available online.  You can even set up your store in just minutes with your ecommerce software.

Platforms like Shopify have tools that make it easy for anyone to build their online store, even if they have no design experience. With SaaS platforms, you can take advantage of features including drag-and-drop interfaces, mobile optimization, color and font customization, and your choice of store theme.

When building your website, keep in mind your branding and your audience. You want your website to reflect the type of items you sell in your boutique. If you cater to the professional male, a pink floral theme will completely miss the mark.

You want to make sure your website is user-friendly. Categorize your products so they’re easy to find. Add in high-quality photos of your products and detailed descriptions. In a brick-and-mortar store, customers are able to touch, try on, and inspect items before they purchase. With online shopping, customers have to rely on photos and descriptions to ensure they’re making the right purchase. Make sure your customers know exactly what they’re purchasing to keep customer satisfaction high.

Another important step in creating your website is selecting the right domain name. There are a few key points to remember here. First, you want to make sure your company name is front and center. You also want to keep your domain name as short as possible. Avoid adding numbers and hyphens. Keep it simple to make it easier for customers to find you.

When setting up your website, you’ll also need to determine how you’ll ship your orders. Will you offer only domestic shipping, or will you ship internationally? Do you plan to offer a flat rate, or will you charge by weight? Will customers be able to choose from several shipping options (such as next day), or will you offer just one option?

You also need to set up your payment processor. This allows your customers to pay for the products in their shopping carts. Many ecommerce platforms come equipped with tools for shipping and payments, including shipping calculators, built-in payment processors, and dropship integration.

Finally, make sure that your contact info is prominently featured on your website. If your customers have questions about your products or have a problem with an order, they need a way to get in touch with your business. Include your business phone number, email address, and links to your online boutique’s social media websites. You may even consider adding additional features such as a live chat option as your business grows.

Before you go live with your boutique website, test it out. Make sure all links are working and there are no broken images. Hire a proofreader (or take on the job yourself) to make sure there are no typos in your copy or product descriptions. Take the time to make sure your website looks professional and is easy to navigate. Now, it’s time to go live and unveil your boutique to the world!

Secure Funding

Starting an online boutique is more cost-effective than opening a brick-and-mortar store, but it doesn’t come without its costs. Sure, you don’t have to lease commercial space or purchase a point-of-sale system, but your business will have startup and operational costs.

Unfortunately, as a new online business, you’re going to run into some obstacles when it comes to loans and other financial products. Traditional financing routes like bank loans will be unavailable to you because of time in business and annual revenue requirements. This doesn’t mean you’re stuck funding everything out-of-pocket, though. Read on to learn more about the funding options for your online business.

Personal Savings

While you don’t have to pay for your startup costs out-of-pocket, you certainly can by tapping your personal savings. By going this route, you don’t have to worry about paying interest to a lender or being stuck on a repayment schedule. You also don’t risk going into default if you don’t pay back the loan. Using your personal savings isn’t without its risks, though. If your business fails, you’ve lost your savings.

Friends & Family

Pitch your online boutique to a friend or family member with money to invest in a new business. Just because you know this person, however, doesn’t mean that you should just casually ask for money. Instead, prepare your pitch and have your business plan ready. If you decide to move forward with a loan, make sure to have a contract with all details in writing. All parties need to agree to all terms of the contract before signing.

What stands out about this option is that you are able to work out the borrowing amount and repayment terms that work best for you. And, of course, it goes without saying that you treat your friend or family member as you would any other lender by following the terms of the contract and repaying your loan.

ROBS

If you don’t want to go the traditional loan route and want to bypass paying interest or making monthly payments, consider a Rollover for Business Startups plan, also known as a ROBS. If you have a qualifying retirement account, you could leverage these funds to finance your startup expenses.

Taking out your retirement savings early could result in financial penalties, but a ROBS offers a way to avoid paying these penalties. A ROBS can help you get the funding you need in just four easy steps:

  • Create a new C-corporation
  • Create a qualified retirement plan
  • Roll over the retirement funds into the new C-corp plan
  • Access your funds by purchasing stock in the corporation

Using a ROBS to fund your business is legal if done correctly. This is why business owners who choose this type of financing hire a ROBS provider to ensure everything is done by the book. With a ROBS provider, you typically have to pay a setup fee, as well as a monthly maintenance fee.

Be aware: You won’t have to repay a lender or worry about interest charges, but if your business is unsuccessful, you do risk losing your retirement savings. Think carefully before moving forward with this option.

Recommended Option: Benetrends

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Benetrends is a ROBS pioneer, launching its innovative Rainmaker Plan in 1983. With this plan, you can cash in on your retirement plan to get the funding you need for your online boutique.

To qualify for a ROBS Rainmaker plan, you must have an eligible retirement account with at least $50,000. Most accounts qualify. However, Roth IRAs, 457 plans for non-governmental agencies, and distribution of death benefits from an IRA other than to the spouse do not qualify. There are no time in business, annual revenue, or credit score requirements.

Because this isn’t a loan, there are no interest rates or repayment terms. However, to set up a ROBS Rainmaker plan, a setup fee of $4,995 is required. You’ll also pay a monthly maintenance fee of $130, which covers audit protection, compliance, and other features.

Personal Loans

If you have at least a fair credit score, you may qualify for a personal loan that can be used to cover business expenses. Because this is a personal loan — not a business loan — you won’t have to worry about your business credit score, time in business, and annual revenue requirements. Instead, approval will be based on your personal income, credit score, and credit history.

Recommended Option: Lending Club Personal Loans

lending club logo

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Through Lending Club, you can borrow $1,000 to $40,000 with repayment terms of 3 or 5 years. Interest rates start at 5.32% and go up to 30.99% based on your personal credit profile. An origination fee of 1% to 6% of the total borrowing amount is deducted from your loan. No collateral is required to receive a Lending Club personal loan.

To qualify for a Lending Club personal loan, you must:

  • Be at least 18 years old
  • Have a solid debt-to-income ratio
  • Have a credit history of at least 3 years
  • Have a credit score of 600 or above

You can receive funds as quickly as 3 days after applying. However, there may be delays if additional documentation or information is required during the application process.

Lines Of Credit

As you get your online boutique off the ground, you’ll encounter recurring expenses — think web hosting, SaaS subscriptions, and inventory. While your incoming cash flow should cover these expenses, it’s not uncommon to come up a little short. When this happens, having a flexible line of credit in place will give you a financial boost when you need it.

How does a line of credit work? It’s simple. A lender provides you with a set credit limit, similar to a credit card. When you need additional cash, you can make draws from this credit limit. When you initiate a draw, the money is deducted from your available funds and transferred to your business bank account. With many lenders, you can receive funds as quickly as the next business day. You’ll repay the loan each week or month, along with interest and/or fees. As you repay the loan, funds will become available to use again.

A line of credit is a good thing to have because you can initiate draws as needed. If an emergency expense pops up or you have a sudden influx of orders that deplete your inventory, you’ll have on-demand access to the cash you need for your business.

Recommended Option: Fundbox

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Through Fundbox, you can receive a line of credit up to $100,000. Repayment terms are 12 weeks or 24 weeks. Fees start at 4.66% of the draw amount. You only pay for the funds that you use, and remaining fees are waived when you pay your balance off early.

It’s easy to qualify for a Fundbox line of credit. All you need to be approved is:

  • A business checking account
  • Business bank statements from the last 3 months
  • At least $50,000 in annual revenue

You can be approved just minutes after filling out Funbox’s application, and you can initiate draws immediately once approved.

Purchase Financing

If you need extra time to pay your vendors, consider applying for purchase financing. With purchase financing, you can get the money you need to purchase inventory, equipment, or other business necessities immediately while breaking the total amount into smaller, flexible payments.

With this type of financing, the lender sends a payment directly to your vendor. You’ll then repay the lender the balance — plus any fees and/or interest — on a weekly or monthly repayment schedule. You won’t have to pay the total amount upfront, and paying over a longer period of time may be more financially feasible for your new business.

Recommended Option: Behalf

behalf logo

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Through Behalf, you can pay your eligible vendors between $300 and $50,000. You will have up to 6 months to repay your loan, and you can make payments on a weekly or monthly basis. Monthly fees start at 1% and are based on your creditworthiness. There are no hidden fees, no maintenance fees, and no costs to apply.

To qualify for financing through Behalf, there are no time in business or annual revenue requirements. Although the lender does not have minimum personal credit score requirements, credit history is taken into account and a hard pull will be performed to determine your eligibility.

Vendor Financing

If you make sales on a platform like Shopify or PayPal, you may qualify for vendor financing. With vendor financing, the performance of your business is the most important qualifying factor. Often, there are very low or no personal credit score requirements, so this may be a good option if you don’t have a solid credit history.

With vendor financing, you’ll receive a lump sum of money based on the performance of your business. In exchange for receiving the loan right away, you’ll agree to give the lender a portion of your future sales until the loan plus fees and/or interest is repaid.

The only drawback to this option is that you must be making sales in order to qualify. If you need financing for startup costs and haven’t yet made any sales, you’ll need to explore one of the other options discussed in this article.

PayPal Working Capital

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If you accept PayPal payments, you may qualify for PayPal Working Capital. Through PayPal Working Capital, you can receive a loan of up to 35% of your annual PayPal sales. Repayments are based on a percentage of your future sales. Repayments are made daily when you have sales. If you don’t have sales, a payment will not be made.

However, you must pay a minimum of 5% or 10% of your loan amount every 90 days to remain in good standing.
You’ll pay just one fixed fee for receiving your loan. Your fee is determined by:

  • Amount of your loan
  • Repayment percentage
  • PayPal sales history of your business

PayPal Working Capital does not perform a credit check, and you can pay your loan off early with no prepayment penalties. You must be a PayPal seller to qualify for this loan program.

Recommended Option: Shopify Capital

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Shopify users may qualify for the Shopify Capital program. Through Shopify Capital, you can receive a merchant cash advance (MCA).

Shopify Capital is available by invitation only to qualified Shopify users. Once you receive an invitation, you’ll be able to view your funding options. You can receive up to $500,000 through this loan program based on the performance of your business. Once you select the amount you’d like to borrow, you’ll receive the loan, which is repaid through a fixed percentage of your daily sales until the loan plus fees are repaid.

There are no minimum credit score, annual revenue, or time in business requirements, but you must receive an offer from Shopify in order to apply.

Business & Personal Credit Cards

A business credit card is a flexible financing option if you want access to financing without having to wait for a lender’s approval. Once you’re approved, you’ll receive a credit card with a set credit limit. You can then use your credit card anywhere it’s accepted to purchase inventory, software, or pay for other business expenses.

Once you’ve used your credit card, you’ll repay the borrowed portion of the funds, plus interest, on a monthly basis. As you pay down your balance, it will once again become available to use again. Some credit cards come with 0% introductory rates, bonus offers for new cardholders, and rewards programs, which can provide you with cash and other benefits just for using your card.

When applying for a business credit card, you’ll need to include information about your online boutique, including your business name, federal tax ID number, and annual revenue. If you’re just getting started or don’t yet have your business set up, you can apply for a personal credit card. With a personal credit card, you’ll sign up under your name using your own income — no business name or annual revenue required.

Recommended Option: Chase Ink Business Cash

Chase Ink Business Cash



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Annual Fee:


$0

 

Purchase APR:


15.49% – 21.49%, Variable

If you have excellent credit, Chase Ink Business Cash is a card you should consider. With Chase Ink Business Cash, you’ll receive 5% cash back for the first $25,000 spent on internet, cable, and phone services and office supply purchases each year. You’ll receive 2% cash back for the first $25,000 spent at gas stations and restaurants each year. You’ll also receive 1% cash back on all other purchases.

Chase Ink Business Cash has no annual fee and an introductory APR of 0% for the first 12 months. After the introductory period, the card has a variable APR of 15.24% to 21.24%.

Final Thoughts

With careful planning, strategic financing, and a little hard work, you can start and operate your own online boutique. Take the time to learn about local regulations, build your brand and website, and curate a collection of high-quality products, and you’ll soon be on the road to becoming a successful entrepreneur.

If you want to learn more about starting an online store, download our free ebook, The Beginner’s Guide to Starting an Online Store. Then, when you’re ready to scale your business, take some helpful tips from The Advanced Guide to Growing Your Online Store.

The post How to Start And Fund An Online Boutique appeared first on Merchant Maverick.

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