Where to Find Resources for Your Business Online
The internet has become a go-to place for just about anything. Whether you need to find the answer to a random question, buy a rare clothing item, locate an old grade school friend or search for a recipe for the night’s dinner, you’ll very likely be able to find exactly what you need, simply by typing a keyword or two into a search engine.
The internet is also home to various sites where small business owners can go for advice, networking, discussions, etc. Here are a few.
Website Name: LinkedIn
Website Type: Social Networking
Description: LinkedIn is a social networking site for business professionals. Small business owners can use the site to meet other professionals and develop the symbiotic relationships that are so coveted in small business ownership.
Website Name: Alltop
Website Type: Compilation
Description: Alltop displays headlines from the top websites in specific categories. From the homepage, small business owners can choose the Small Business section for a compilation of the “latest stories from the best sites and blogs that cover a topic.” The site considers itself a type of “online magazine rack.”
Website Name: Cash Prior Blog
Website Type: Blog
Description: In addition to providing small business owners with an alternative to traditional bank loans and the opportunity to get up to $500,000 in unsecured, unrestricted business funds, MRI also provides small business owners with business advice. The information on this blog ranges from, updates on the company to answers to the questions that often plague small business owners.
**Many business magazines such as Entrepreneur, Business Week, Inc., etc. have online versions of their print publications, available for viewing on the web.
Entrepreneurs, the Recession and the Merchant Cash Advance
During this Great Recession, many small businesses have come to an end, some after decades of operation. Both consumer spending and bank lending have been low and unemployment rates have been high. Still, many new businesses have been born out of the recession. According to Challenger Gray & Christmas’ quarterly Job Market Index, “8.7 percent of job seekers gained employment by starting their own businesses in second quarter 2009,” wrote Jennifer Wang for Entrepreneur.
As stated by Wang, it is not uncommon for startup rates to remain steady through recessions. In fact, according to Inside CRM, many big businesses such as Hyatt Corp., Burger King Corp., IHop Corp., Hewlett Packard and even Microsoft Corp., were born during respective recessions.
What This Means for the Merchant Cash Advance Industry
Businesses born out of recessions are of a different breed. They’ve seen and conquered obstacles during their startup stages that many small businesses only encounter after years of prosperity. In other words, entrepreneurs who start their businesses during recessions already have innovative states of mind. As cliché as it may sound, these “recessionpreneurs” are accustomed to breaking tradition, working against the odds and thinking outside of the box. They live by the idea that when the going gets the tough, the tough get going. Therefore, they are very likely candidates for merchant cash advances, as these characteristics are essential for understanding the many benefits of the merchant cash advance and ultimately making the decision to utilize them.
Apply for a merchant cash advance today for the chance to get up to $500,000 for your recession-born business!
Your Business Guide for the Holidays
Last year’s gloomy holiday sales have caused business owners to be concerned about what’s in store for their businesses this holiday season.
2008 was a rough year for small businesses. According to a report released by the Small Business Association, approximately 627, 200 small businesses were opened in the United States in 2008. This is the smallest number of new businesses to open in a year since 2003. In the same year, approximately 595,600 businesses closed and 43,546 filed for bankruptcy, the highest bankruptcy count in 10 years.
For those that did survive the year, however, last year’s gloomy holiday sales have caused a great deal of concern about what’s in store for their businesses this holiday season. These business owners are developing plans and devising methods designed to bring in customers and increase and/or stabilize sales.
For extra help, use the following holiday guide to find out what the experts advise for your business this holiday season.
Plan Ahead
“…the holiday season is a crucial make-or-break period during which [small business owners] earn the profits that they must live off of for the slow first months of the next year,” wrote Elizabeth Wasserman in her Inc. article titled, “How to Maximize Holiday Sales and Profits.”
Starting early allows you time to develop plans that can bring customers into to your business. Wasserman advises that small business owners, generate customer loyalty, implement timely marketing and determine inventory size.
Don’t Forget about the Web
Lots of small business owners are having a jolly old time decorating their store windows and floors for the holidays. But according to Entrepreneur’s Dani Babb, it’s important that you don’t neglect your online store. “…make your site festive,” wrote Babb. You can do this by giving your company logo a holiday redesign, or even by changing the colors of your site. Babb also advises small business owners to put their money back guarantee logos on the homepage, large enough for visitors to see it immediately.
Get a Merchant Cash Advance
Whether you need additional cash for inventory, advertisements or anything else, a business cash advance may be your best bet. As bank lending remains low, your chances at receiving a bank loan are also low. Even if you were approved for a bank loan, it’s highly unlikely that you’d receive your funds in time to help for the holidays.
Merchant cash advances, on the other hand are easy to qualify for and they can be funded in as little as five business days after approval.
Bank Lending Still Down
Despite constant efforts to increase small business access to bank funds, small business lending has continued to decline, according to CNN Money.
“The 22 banks that got the most help from the Treasury’s bailout programs cut their small business loan balances by a collective $10.5 billion over the past six months,” wrote Catherine Clifford. Also according to the article, Wells Fargo saw the biggest lending drop.
So what do all of these statistics, numbers and percentages mean? Small business owners still don’t have the access to bank loans and many of their businesses are still struggling.
Fortunately, the bank is not the only place for small business owners to turn to for business funds. Many merchants have already taken advantage of these options. Still, if more merchants were aware of bank loan alternatives and willing to use them, more businesses could be saved.
Yes, the bank is the traditional method of small business financing, but is an ineffective and possibly detrimental act worth continuing, simply for the sake of tradition? For centuries, writers, philosophers and many other prominent figures have attempted to reveal the futility of empty, misconstrued traditions. American poet T.S. Eliot said, “A tradition without intelligence is not worth having.” Novelist, William Somerset Maugham said, “Tradition is a guide, not a jailer.” And musician Gregg Hawkes said, “Traditions exist so we can go beyond them.”
The small business owners who have put tradition aside, realizing that using an alternative business funding method, such as a business cash advance is in the best interests of their businesses, have received up to $500,000 in unsecured business funds, a flexible and easy repayment method and continued access to business cash, with the opportunity to renew their business cash advances every three to four months.
Complete an online application today.
1st Annual Business Story Contest
In honor of Global Entrepreneurship Week, Merchant Resources International is launching its 1st Annual Business Story Contest.
For over six years, MRI has been providing small business owners in the United States with an alternative to the traditional bank loan and the opportunity to receive up to $500,000 in business funds and we have recently extended our services to include merchants in Canada.
As Global Entrepreneurship Week continues and entrepreneurs across the globe offer mentoring, advice and encouragement to young, aspiring entrepreneurs, we would like to offer you a platform to tell your business’s story.
Maybe you have a funny story of how your business’s name came about. Maybe you almost didn’t open your business. Maybe your business has grown into something completely different from your original concept. Every business has a story and we want to hear yours. You may get the chance to have your story featured on this blog, for the world to see.
Send your stories to chrystal@cashprior.com
Global Entrepreneurship Week
This week, is Global Entrepreneurship week, where countries around the globe will work to “…inspire young people to embrace innovation, imagination and creativity,” (Unleashing Ideas website). As a provider of business funds to merchants across the United States and in Canada, Merchant Resources International supports and understands the importance of this.
According the unleashingideas.org, students, educators, entrepreneurs, business leaders, employees, non-profit leaders, government officials and many others will participate in various activities this week, ranging from online to face-to-face to large-scale competitions and events to intimate networking gatherings. Small business owners can use this week to spread the word about entrepreneurship and share their own business ownership stories and experiences with others.
Is Your Business Lucky?
The fear of the number 13(triskaidekaphobia) and specifically, the fear of Friday the 13th (paraskevidekatriaphobia) dates back centuries. According to Dr. Donald Dossey, a psychotherapist specializing in the treatment of phobias, who coined the latter term, there may be as many as 21 million people in the United States who fear Friday the 13th. In fact, superstitions of all kind are not uncommon amongst Americans. Results from an October 2007 AP/Ipsos poll show that one in five people say they are at least somewhat superstitious.
Think of your own superstitions. “Have you ever rescheduled an important
meeting because your horoscope advised it was not going to be a good day? How many times have you risked running late to a meeting with a new client because you could not find your lucky tie?” asks an about.com writer. What if your important meeting couldn’t be rescheduled, or your frenzied search for your lucky tie actually caused you to be late? Chances are these outcomes would be worse than what would occur if you had carried on business as usual, superstition-free.
Putting your own superstitions aside may be necessary when running a business, still, it may be possible to benefit off of the superstitions of the rest of the country.
According to Jennifer Wang’s article for Entrepreneur, studies show that $800 million to $900 million in business revenue is lost on Friday the 13th. Professionals advise small business owners to take steps toward easing lost sales on that day, as well as capitalizing on positive superstitions.
So instead of hiding out in fear, use the day to focus on your customers and getting them to utilize your business.
Expanding Your Restaurant
Expanding your restaurant can be very lucrative and fulfilling. It can allow you to reach more customers and it can eventually increase your profits. There are many ways, however, to expand a restaurant and it is important to know which expansion method is best for you.
Open another Location
By opening another location, you can reach customers that you’d never be able to reach with only one restaurant. Depending on the size of your new location, you could potentially serve twice as many customers or more at the same time. Before opening another location, it is important to make sure that your new location will serve your target audience.
Add Seats
Adding seats can be beneficial for restaurant owners whose restaurants are often filled to capacity. It is also a way to expand your customer base without opening a brand new location. Adding seats can increase the number of customers that can be served at once. It can also help to reduce waiting times for diners.
Expand Your Menu
Restaurant owners can experiment with foods by expanding their menus. Add several options to your menu and determine which ones do the best, or try one or two new options at a time. Make the best selling items long term options.
Merchant Cash Advance + Bank Loan = Success
If you’ve been debating on whether to choose a traditional bank loan or merchant cash advance, why not choose both?
True, a merchant cash advance is a great alternative business funding method for small business owners who don’t qualify for bank loans, but even merchants who are eligible for bank loans could benefit from a merchant cash advance, because merchant cash advances can be used in addition to bank loans.
A small business owner may want to get a merchant cash advance in addition to a bank loan if…
The Bank Won’t Lend as Much as the Merchant Needs
Some small business owners apply for bank loans, hoping to receive a specific amount. Then, the bank says these infamous words, “I’ve got some good news and some bad news.”
The good news – they’ve been approved. The bad news – the bank can only lend half of what they wanted. In this case, a small business owner could apply for a merchant cash advance and possibly receive up to $500,000 in business funds.
The Merchant Underestimated his/her Needs
A merchant needs cash to renovate his business. He applies for a bank loan and is approved for the entire amount. Later, he begins his renovation, but deep into the process, he realizes that he’ll need more cash to complete his plans. At this point a merchant cash advance could be an excellent option.
Why MRI is Better Than the Competition
High Approval Rate
Merchant Resources International has a 90% approval rate, meaning 90 percent of business owners that apply for a merchant cash advance with our company are approved.
Therefore, with MRI, you have an excellent chance of receiving the funds you need to finance your business.
Multiple Programs
MRI offers various merchant cash advance programs for small business owners to choose from. Merchants who do not qualify for the standard program may be able to receive a starter business cash advance, where they’ll receive a small advance that can increase with each renewal.
Merchants with credit scores of 650 or higher who qualify for a $50,000 may be eligible for the premium program, where they will receive the lowest rates in the industry and loan terms of up to 12 months.
Renewals
Once a merchant’s advance is 60% paid off, he/she automatically becomes eligible for renewal. Typically, merchants can renew their advances every three to four months. 87% of our customers take advantage of this opportunity, renewing at an average of four times each.
Because of this, we have developed trusting relationships with our customers and we look forward to building even more relationships and producing many more loyal and satisfied customers.
Better Business Bureau Support
MRI has been represented by the Better Business Bureau since 2005 and has an excellent rating.
The Better Business Bureau’s purpose is to act as a mutually trusted intermediary between consumers and businesses to resolve disputes, facilitate communication, and to provide information on ethical business practices. The bureau also identifies its key purposes as facilitating dispute resolution, publishing business reliability reports, providing consumer and business education, emphasizing the importance of truth in advertising, and charity review. Being supported by an administrative unit that holds such high standards reinforces the fact that Merchant Resources International is a friendly, moral, ethical company that wants the best for its customers.
