4 good reasons to get a business loan

Commercial banks and credit unions give small loans to small businesses. Business loans can be given using inventory or accounts receivable as collateral.

There can be several reasons why a company may want to take out a business loan. For instance, you may need a business loan to invest in equipment, start a new branch, and maintain business operations. Business loans are not just beneficial for escalating businesses, but they are also easy to obtain as there is a multitude of licensed money lenders who are willing to lend money to businesses having a stable income, a decent business plan, and a credit score of 720 or higher. However, the major advantage of a business loan is that it allows you to increase working capital and expand the business. Thus the loan can be paid back through the income generated from expanding the business.

Here is a rundown of some good reasons to get a business loan.

1.     Manage Working Capital:

Business loans are greatly beneficial in meeting working capital requirements and expanding the business. It helps to maintain the cash flow during the tough economic times. During the financial instability, business loans can help strengthen the financial situation of your business. Moreover, a business loan is usually lent to a corporate entity and not the business owner himself, which means the loan will not have to be paid by the business owner in the event of loan default. That’s why many business owners take advantage of the business loan. The business liquidation helps to pay back part (sometimes all) of the loan in case of failure. You can also get a business loan at www.smartloan.sg.

2.      To Expand Operations:

There are cases when companies need a business loan to finance their big move. While expanding your business operations, the change in overhead and up-front cost can be significant. Moreover, banks are likely to loan funds to firms that want to purchase real estate to expand their operations. If a firm wants to expand, it means it has been successful at its business and has the potential to generate revenue from its expansion. That’s because the firm is already turning a profit and a positive cash flow and making a positive forecast for the future. A licensed money lender can also give a business loan for real estate in the form of a mortgage. Real estate is usually used as collateral in term loans.

3.     To Purchase Equipment:

Purchasing equipment that can improve your business offering and productivity is a good reason to get a business loan. You need certain equipment, machinery, or other IT tools to give service or make your product. You may need a loan from a licensed money lender to purchase that equipment. The equipment itself serves as collateral for a business loan. But you must do a cost-benefit analysis before applying for a Smart Loan application to analyze whether it can prove to be the best investment for your business.

4.     To purchase Inventory:

Small businesses also take out business loans from banks to purchase inventory. Some small businesses and retail businesses are seasonal in nature. For instance, if your business makes most of its sales in the winter season, you’ll want to purchase most of your inventory before the winter season. And for that, you need more cash on hand, and a business loan can help you replenish your inventory with plentiful and high-quality options. Business loans to purchase inventory are usually short-term in nature that can be paid back after the seasonal sales.

Good start-up businesses to consider opening in Singapore

Many of us dream of escaping the boring office life and just build our own small business empire aka home-based business.

In any case, there are some technicalities that prevent us from getting started, such as lacking start-up fund, networking, and the plain and fear of risk.

Looking to earn money through freelancing, and eventually even turn it to full-time business? Here are some money-making small business ideas that generally require less investment and professional skills.

Many of these business ideas can even be systematised to create passive income streams. Thanks to technology, many tasks can now be automated, giving you the ability to take more of a hands-off approach and focus on the most important part of your business.

Virtual Assistant. Virtual assistants require a phone, a computer and stable Internet access. This is a fantastic job for those looking for flexibility. A virtual assistant’s work varies and can cover tasks like editing, data entry, researching, preparing a report, social media management, etc. They typically charge $15-20 per hour dependent on the job specifics.

Tutoring. If you’re good with certain subjects and have passion for teaching, then tutoring can be the right job for you to get an extra income. You can be a home tutor or an online tutor, which won’t require any physical classrooms.

What you need is simply skill in the subject you want to teach, and willingness to spend a few hours weekly to help someone else. You can use tutoring websites to sign up with and begin your tutoring job. Current rates for tuition jobs are around $15 to $50 per hour, which will depend on your qualifications and the education level of the tutee.

E-Commerce. Alibaba recently smashed its Single’s Day record as sales hit 168.3 billion yuan or $34.6 billion. This shows the huge potential of the e-commerce market. To set up a functional e-Commerce store, you just need to register a good domain name, setup a hosting and web design. Still, the efficiency of your marketing and advertising effort will affect the profit you earn. To be successful in your business, it’s not always necessary to sell a hundred products. What you need are the right items to sell.

Photographer. Photographers don’t always need to have an expensive studio or an office to begin getting clients since he can conduct his business anywhere. You can be of service to weddings, family events, marketing events. Indeed, people a lot of money for professional photography. One research showed that professional event photography charges $100 to $150 per hour.

Social Media Consultant. Social media as you know is one of the most popular and influential advertising channels for awareness. Consequently, many companies now look for people who are adept in social media to aid them in managing their social media presence.

Posting for Facebook and tweeting on Twitter is conventional, so you need more knowledge and skills in advertising tools plus other sites like LinkedIn and Instagram or even YouTube to become an expert in social media.

Find one that suits your preferences? After choosing a business type, the next order of importance is to register your domain nameto save it for yourself, after which you need to find a web host and create your own website. Once you have completed all of these, work consistently on your business. Be prepared to invest time, patience, resilience to get the success you want.

Photo by Sven Scheuermeier on Unsplash

Things to consider when looking for a professional moving company

Moving from one place to another is extremely stressful and expensive. However, sometimes you cannot avoid moving.

People move for different reasons, such as a new better job, to live closer to family or the need to start a new life in a different place. If you hire a professional moving company, it will lessen the stress and the hassle of moving. This is why it is important to hire a professional and reputable removal company to help you move smoothly. Below are tips to help you find a good moving company and the things you ought to consider when hiring one:

Is the Company Licensed?

Do not hire a company that is not licensed, insured or accredited. Before you hire a company to help you move, check and confirm that they have all the necessary licenses and documents that allow them to operate. Make sure the company is fully insured. Consider hiring Apex Removals London, they are insured, reputable, licensed and qualified.

 Shop for Different Companies

Don’t settle for the first company you visit. Get an estimate from different companies as you review the terms, costs, and conditions for each different company. This way, you will find a good company with favorable terms and costs.

Do Some Research

Do not hire the company until you understand how they operate. Ask around from people who have moved using their services. Enquire the level of customer satisfaction with their services. Check the online reviews from the company’s website. If most of the clients expressed satisfaction with the services, you can go ahead and hire them. Avoid the company with many negative reviews.

Everything in Writing

Let every company you have contacted give you their estimate in writing. If you have hired the company, ensure that everything is in writing. Some companies have hidden charges, which if you do not settle, they will confiscate or withhold your belongings. Ask the company if they have any extra or hidden charges. Have the potential movers visit your home so that they can give you an actual moving fee, not just an estimate. Let the charges you have agreed on be the final charges. Make sure that you completely understand the contract. If there is anything on the contract you do not understand seek clarification.

The Period of Existence

Before hiring a company, consider the number ofyears they have served. A company that has served for long has more experience and in most cases,it is reputable, compared to a company that has started operating recently. A company that has served for long offers high-qualityservices, since they understand all the aspects of moving and storage. You can easily trust an experienced company to handle your belongings.

Cheap is Sometimes Expensive

The cost of moving should not be the only factor you consider. Always stick to your budget. Get suspicious of a company that is charging too low. Probably they have low-qualityservices or have hidden fees. Strike a balance on the cost of moving. Not too high or too low.

To find a good moving company, consider all the factors discussed here. Do good research both on the internet and from people who have moved before. Take your time to find a good Removing company. If you do it in a hurry, it might cost a lot of money or lose your belongings.