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Blog Description:

Small Business News and Reviews Here you can learn how to start your own business, grow that business, set up accounting software and find the best software, website builders and SBA business loan information for you, the entrepreneur, to succeed.
Blog Added: June 20, 2018 09:04:48 PM
Annual Regular Membership: 1 Year Term 2019-06-20 21:04:48 (338 days left)
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Best Business Loans for Beauty Salon Owners

Read about the best small business loans for your beauty salon; a line of credit, financing for owners with bad credit who want to start up a new hair salon or need working capital and equipment purchase funds. Here’s the how and why that Kabbage business loans are best for your beauty salons, either for […] The post Best Business Loans for Beauty Salon Owners appeared first on...

best business loans for beauty spas, salons, hair stylists, barbersRead about the best small business loans for your beauty salon; a line of credit, financing for owners with bad credit who want to start up a new hair salon or need working capital and equipment purchase funds.

Here’s the how and why that Kabbage business loans are best for your beauty salons, either for equipment expansion or short-term working capital lines of credit, because access to business financing is a key part of your salon’s success, growth, and profitability.

Read answers to your questions in plain English without a lot of that confusing banker jargon.

>> RELATED: Read my Kabbage Loan Reviews – Right for your Business?

What are the Different Types of Loans for Beauty Salons?

Are you unsure of what the different types of loans are such as secured, unsecured, asset-backed, line of credits or equipment purchase and lease?

Kabbage loans offer both types of these loans for professional beauty salons and spas:

Kabbage Loans for Salons and Professionals. Visit us now at Kabbage.com

 

Working Capital – Sometimes referred to as a business line of credit, this is a source of funds to use as you choose to run your business on a daily basis.

You can use the loan proceeds for rent, payroll, supplies, marketing, advertising or any other business-related expense. As you use (draw) the funds, you pay back a portion of that amount on a monthly basis.

Once you pay back the funds you can reuse the money at a later date for more business building purposes.

 

Equipment ( Purchase or Lease) – These loans, dependent upon the total amount and intended purchases, can be secured or unsecured. Secured loans are “secured” or backed by the asset of the loan proceeds purchase – in this case, our salon equipment.

However, these loans are very specific about which type of equipment and the dollar value. Generally, they are designed for industrial machine purchases that have long usage life and are easily resold. You see the lender is holding the asset as collateral in case you do not repay the loan.

 

Which is Best Business Loan for My Beauty Salon?

hair stylists business loans bestLuckily, in the case of Kabbage loans, you don’t need to know because the answer to this question will be answered by their loan professionals.  Once you apply (which is super easy  🙂 they will carefully review your current situation and recommend the best type of loan at the lowest rate you qualify for – working capital or equipment loan.

These loans are designed for the way your salon actually operates.

When you expand your spa you don’t usually buy one large piece of equipment, like a manufacturer buys a bottling machine, instead you need to purchase many smaller items from different suppliers such as salon quality products from your beauty distributor, tools from specialty suppliers (manicure, facial, massage) and smaller equipment such as manicure stations, massage tables, yoga mats, etc.

Discover the beauty of a Kabbage loan for salons and professionals. Visit us now at Kabbage.com

Positives of Kabbage Loans for Beauty Salons – Why they Matter

 

  • Super Easy to Apply – Thankfully gone are the days of stacks of paperwork and forms to fill out. Now Kabbage uses the power of computers and your business data to review the financial health of your company and approve your loan.

    The application process is fully online, where you “connect” your online accounts, both credit card payment processors (such as Paypal, Amazon, Stripe, etc), bank accounts and accounting software (Intuit Quickbooks, Xero, Sage, and others).Then Kabbage assesses your business performance and sometimes in minutes, up to 48 hours, will notify you of the line of credit approval. The streamlined process is assisted by operators at the toll-free number 888-986-8263.Because applying is so simple and quick you are more likely to get it done, whereas I remember having a large loan file sitting on my desk for months incomplete because it was such a hassle to complete that I procrastinated. Thus I never got that line of credit and my business suffered.

how to get a loan beauty salon nails hair

Kabbage Loans for Salons and Professionals. Visit us now at Kabbage.com

  • Faster and Easier to Get Approved for Lower Credit Scores – Compared to traditional bank loans Kabbage lines of credit are much easier to get approved, even with low or poor credit scores.In fact, Kabbage got started specifically to lend money to growing small businesses that were denied access to bank loans. This means that you can get the money you need to keep your business going through seasonal sales shifts or to expand into different product offerings and markets to build a bigger business annually.
    Instead of focusing solely on your credit score, which could be poor or none, they review your whole business and its recent performance (in the business accounts you connect such as your business checking account and Quickbooks) to determine a more accurate and favorable, for you, a picture of your company’s creditworthiness.
    Kabbage believes it is unfair that banks don’t look at the big picture of your business and turn you down for small business loans. Financial indicators such as sales revenue totals, consistency of sales, cash flow and your personal credit score all add up to your approval status.No longer do you have to wait and worry for weeks if your loan will be approved, and put your business plans on hold or cancel them outright because you will know right away if your Kabbage loan is approved. You can go forth to reach your business goals.

 

  • Get Money Fast – Once your hair salon or spa is approved for a Kabbage loan the money can be available in as soon a few hours in your Paypal account, or a few days into your business checking account.This allows you to pay salaries to retain top talent in your salon, make bill payments on time to avoid late fees and move forward with your exciting business plans.
  • Renewable Source of Business Financing – Unlike standard installment business loans, which were paid in full with monthly payments, once you repay your Kabbage loan you can reuse the funds for new business initiatives continually.Think of it as a second form of bank account, with money at the ready to meet business cash emergencies, unexpected events and to capture sales opportunities as they arise.Having this source of business financing is a smart way to ensure your company against getting caught short on cash and staying in business long term.

best line of credit loans beauty salons hair

 

Negatives about Kabbage Beauty Spa Loans – How to Deal with Them

 

  • Higher Loan Fees – Because lending to your business, with no collateral for security and low credit scores, is riskier your fees will be higher than bank rates.

    HOWEVER
    , since you will not be able to get approved for a bank loan it is not correct to try and compare rates. Because while you local bank advertises low-interest rates they won’t give you a loan so what does the low rate matter!Think of it this way, a low APR (average percentage rate of interest) business loan that you don’t get does not pay for anything! Get it –  100% of nothing is nothing!Compare that to a higher interest rate of a loan that you DO get approved for.Now you can expand your business and create greater sales and profit – that is 100% of something which makes money for your business. Right!

Kabbage Loans for Salons and Professionals. Visit us now at Kabbage.com

Right Way to Evaluate Short Term Business Loans: ROI – Return on Investment.

This is a financial calculation that focuses on the “value” of the loan money to your business and your ability to make money with the loan money.

In fact, Kabbage provides an ROI loan calculator which you can use to determine exactly how much “value” and return you will get on your loan.

Here’s an example:

  • Cost of Equipment – Five (5) Hair styling stations @$3,000 per = $15,000
  • Estimated monthly revenue from new equipment = $ 5,000
  • Estimated years in service = 5 years
  • Loan Term = 12 months
  • Fee Rate = 4.0%
  • Total Investment = $19,500

TOTAL REVENUE = $300,000 (Number of units X sale price per unit = Revenue)

  • INVESTMENT – $19,500

ROI – Return on Investment = $280,500 – 1438% 

Doesn’t that make more sense – seeing how the money from your Kabbage loan will build your business instead of just comparing numbers of loans (most which you will be denied)

Screenshot of ROI Loan Calculator

kabbage business loans for hair salons and spas

 

 

 

Variable Loan Repayment Amounts

Because your Kabbage loan is not a fixed amount, with the same fixed monthly payments your loan repayment amount will be different each month.  Thus you cannot allocate the exact same amount for your loan repayments and could find it difficult to balance your business budget.

Your monthly billing cycle repayment will be an equal portion of your loan principal plus a monthly fee, only when you have an outstanding loan balance. But because you may not use your total line of credit this amount will change.

I recommend that you use one or more of these options that Kabbage to be aware of the amount and due date. This way you can make your payment on time, in the correct amount, avoiding late payment fees and risk to our line of credit closure.  Managing your loan repayments is important to retaining, and increasing your access to future credit for business cash shortfalls and expansion funds.

 

Kabbage Mobile App – Available on iTunes app store and Google Play

 

kabbage business loans for spas mobile app to manage and make payments

 

Autopay of Loan Repayment

Make your business owners accounting easier with Kabbage autopay which will withdraw you loan repayment from your primary bank account monthly. I like the ease and convenience of this service – one less thing to remember and do!

 

Kabbage Loans for Salons and Professionals. Visit us now at Kabbage.com

 

Kabbage Loan Reviews: Right for Your Business?

 

 

Kabbage Loans FAQ: Your Loan Questions Answered

Average Interest Rate APR for Small Business Loans 2018

 

The post Best Business Loans for Beauty Salon Owners appeared first on Best4Businesses.com.



99designs Pricing – Logo Design Prices and Packages

If you are looking to get a logo made for your company you want to know about pricing for logo design at top crowdsource contest websites. I will review and compare logo pricing packages for top sites 99designs, CrowdSpring and DesignCrowd. One of the reasons I recommend 99 designs is their generous 100% money back […] The post 99designs Pricing – Logo Design Prices and Packages appeared first on...

examples of logos from 99 logosIf you are looking to get a logo made for your company you want to know about pricing for logo design at top crowdsource contest websites. I will review and compare logo pricing packages for top sites 99designs, CrowdSpring and DesignCrowd.

One of the reasons I recommend 99 designs is their generous 100% money back guarantee – thus launching a logo design contest is risk-free.

Another reason that I recommend 99designs to start up companies is because of the high-quality logo designs for affordable prices.

See these professionally designed by 99designs.com logos for dental clinics, exercise fitness studio logos, and restaurants logos.

99Designs Pricing Packages – Book Covers, Web Sites and More

One aspect of the pricing packages that can be confusing is that although they have the same names bronze, silver, gold, and platinum, contests for other types of designs such as book covers, websites, clothing, t-shirts, social media etc have different price points.

 

99designs Package Prices by Design Type - Fixed Price Contests

These packages have fixed prices as opposed to 1-on-1 designer projects which are charged by the hour. Most entrepreneurs are best served with a fixed price contest to contain costs which can quickly go over budget with hourly fees.
Graphic DesignBronzeSilverGold PlatinumLinks
Logo Designs$299$499$799$1,299
Web Page$599$899$1,599$2,499
Social Media Page$79$129$199$299
Book Covers$299$499$799$1,199
T-shirt$199$299$499$799
Product Packaging$449$749$1,199$1,699

There are lots of different types of fixed price graphic design contests from 3D to WordPress theme design including:

 

99designs Logo Pricing:

Logo design packages prices start at $299 Bronze for those who want a creative design on a budget. For greater variety, you could upgrade to the Silver package for $499 or to the Gold at $799, which works only with mid-2 top level, logo designers or go for the best Platinum package that is only top-level designers and includes prioritize support and a dedicated account manager.

Note this package is for logo design only – if you are a new company a better value is the brand identity package which combines logo design, stationery and social media branding. 

Brand Identity Package from 99Designs from $599

See the packages and prices below screenshot:

 

99designs logo pricing 2018

99designs Gold vs Platinum Pricing Packages

For logo design, the price difference between the gold ($499)and platinum ($1199) packages is $700.

Here are the four questions to ask yourself to decide which upper price tiers packages of 99designs are best for you and worth the money in your particular situation.

  1. Do you have experience working with graphic designers, both communicating your desires and giving feedback? If you are inexperienced with how to work with designers the platinum package comes with a dedicated Account Manager who will work closely with you and manage your project to its successful conclusion.
  2. How much variety and design quality do you need? The more expensive packages attract better designers and more of them, so you will get a wider breadth of logo idea submissions of a higher quality with gold and platinum packages vs the entry level bronze.
  3. What is your budget? If you are a lean startup then the bronze or gold package is the best for you. It offers a good combination of value with lower prices with good designers.
  4. Do you want many different designers submitting logo designs? To get the maximum number of 99 logos designers participating in your contest select the gold or platinum package and consider adding additional prizes. Artists look for these contests and will put the most effort into the designs they submit.

Read from the community about their comments on the more expensive design packages at 99designs here

 

 

How 99designs Works

The site is a crowdsourcing site, which means that “the crowd”, a million graphic artists from around the world, are your vendor source to create logos, website design, and app designs. The majority of clients choose to launch design contests to get the maximum number of logo ideas.

Once you submit your logo brief, which is easy and fun, within a day you will begin to get logo design ideas submitted for your consideration. First, you will create a shortlist of the best and send feedback to the artists so they can improve the logos to better suit your needs. Finally, you select your favorite design as your new logo.

You can also select a designer and work 1-on-1 instead of ordering a logo contest.

Come along and watch this video playlist of my 99designs logo design process from ordering to final logo selection.

 

 

Logo Packages and Prices

 

99designs vs Crowd Spring Pricing

Crowd spring offers different packaging prices starting at $299 for Silver, Gold for $499, and Platinum at $1199. Each package has slightly different options as shown in the screenshot below.

The company recommends the following when considering which logo pricing package to buy “Silver projects are great for small companies that don’t require privacy or collaboration (some of these are available as a la carte options in Silver projects). Gold projects are perfect for slightly more established companies that need additional privacy and control. Elite projects are perfect for companies of any size who want to work with a small group of our very best designers. Platinum projects are great for companies that need maximum privacy and control over their projects. When you post a Platinum project, you’ll work solely with our best creatives. These projects include ALL features and are perfect for agencies, funded startups, and established companies.”

 

prices logo design at crowdspring

 

Design Crowd Pricing

This site is difficult to use and the pricing structure is confusing. Instead of the clearly defined pricing packages of both 99 designs and Crowd Spring this company almost hides its prices. There is no pricing page, nor any detailed information that I could find. After searching for over 10 minutes.

Why are they hiding their pricing? This makes me very suspicious of the company that won’t tell me their price before they want me to buy. Additionally, you cannot even begin to request pricing without supplying your email address so they can market to me directly. It feels a bit dishonest and more than a bit tricky.

But I vowed to write a complete review of pricing and I soldiered on and found this limited information about pricing below and the screenshot of the confusing pricing structure:

  1. Posting fee of $59 – Nonrefundable
  2. Your design budget – You state your desired budget, which starts at $150 for low-end logo designs.
  3. Design Crowd fee – 20%

 

fees for design crowd logo designs

 

 

 

 

I hope that I have provided valuable business information for your logo purchasing decision.

Some people arrive at this page when looking for:

99designs pricing

99designs.com/pricing

 

I got a great new logo for my website – read my review of 99designs

Visit our home page to read the latest articles, reviews, and business tips

 

Great Dental Logo Designs: Ideas & Inspiration – Smiles, Teeth, Tooth, Grin, Toothbrush

 

Physical Fitness Logo Inspiration:Logo Design Ideas from 99designs

 

The post 99designs Pricing – Logo Design Prices and Packages appeared first on Best4Businesses.com.



Should You Become an 99designs designer? Good or Bad Idea?

Are you considering starting your own freelance design business and becoming a 99designs designer? If so read on my fellow entrepreneur to learn about how much 99 designers make, the process of signing up and how to enter logo design contests and win more often plus other online graphic design freelance sites you can make […] The post Should You Become an 99designs designer? Good or Bad Idea? appeared first on...

logos designed at 99 logos by graphic artists designersAre you considering starting your own freelance design business and becoming a 99designs designer? If so read on my fellow entrepreneur to learn about how much 99 designers make, the process of signing up and how to enter logo design contests and win more often plus other online graphic design freelance sites you can make freelance money.

The average day for a 99designs designer is composed of, client communication on ongoing projects, browsing the thousands of available design contests and designing and uploading submissions and answering customer inquiries based on their designer profile from prospective clients.

Fire Up Your Freelance Career at 99Designs.com

 

 

>>Compare design marketplace sites – 99designs vs Fiverr & 99designs vs DesignCrowd

 

Top 5 Benefits of Becoming a 99 Logos Designer

There are many reasons to consider becoming a 99 logos designer such as these:

  1. Make income on your terms, either full-time part-time, to fit within your schedule, and at the location of your choice at home or on the beach even!
  2. Only work on projects that excite or interest – no more suffering super boring design assignments
  3. Connect with new customers online from around the world that go on to become your long-term clients and friends
  4. Level the playing field and get an opportunity to win design contests and graphics jobs independent of your degrees, training, age, nationality or level of industry experience.
  5. Sharpen your skills, both graphics and client communication,  while you are earning money to both improve your chances of winning contests and growing your client base.

Get Tips to Grow Your Freelance Design Career @ 99designs Designer Blog
Filled with helpful advice on how to build an amazing graphic design portfolio, how time tracking can solve your freelancing productivity problems and more every week!


What It’s Like to Be a  99designs Freelancer

The life of a freelance graphic artist can be both exciting and terrifying.

In the past graphics designer’s options were limited by geography, art degrees, industry experience, agency affiliations and industry contacts.

However today, thanks to online graphic design marketplaces like 99designs.com, and other graphics sites such as DesignCrowd and Fiverr, talented graphic designers can build their careers and business that are both lucrative and enjoyable.
Fire Up Your Freelance Career at 99Designs.com

 

How Much 99Designs Pays Their Designers

99designs examples of logo designs, what designers get paid at 99 logosThe 99designs pay package is set up in such a way that you pay the company a portion of your earnings only after your client pays. This is much better for you since you don’t have to pay upfront costs with the risk of non-client payment.

This fee supports the website, online marketing, and advertising costs which allow you as a freelance designer to get exposure to millions of clients worldwide looking to hire graphic artists.

While some graphic design contests charge a percentage of the designer’s fee the 99designs fee structure is that they charge the client an upfront fee upon launching a  design contest or placing 1 on 1 design order.

Here’s an example if client orders a logo design contest bronze package costing $299 the bulk of that fee, $200 goes to you the designer and only $99 goes to the company to support their administrative costs.

Clients can also choose to give tips and bonuses to winning designers using the one on one projects feature. This feature allows designers to receive 95% of all fees which the most generous fee arrangement online.

Freelance designers appreciate the lucrative payments on 99designs as compared to other online marketplaces such as Fiverr, which can be profitable if treated strategically as a business instead of a graphics job board.  While the pay of logo design contests can be generous it is not consistent nor guaranteed as other forms of graphics assignments can be.

Speaking of the word – Guarantee – you need to understand the details of this word usage on 99designs.com because it is used twice and in a different way each time.

Definition of Guaranteed Logo Design Contest – The first use of the word guarantee is for clients to guarantee a design contest. What this means is that the client is agreeing to select a winning design and pay that winning designer for their logo submissions. Thus this means that one designer will be paid – but it could or could not be you.

Definition of Money Back Guarantee – The other use of the word guarantee at 99 designs.com is for the clients purchase protection. The customer is guaranteed of their satisfaction of using the platform for logo design contest. The guarantee is one of the most generous in the industry at 60 days after purchase to receive a full refund. Read more about the money back guarantee at 99designs here.

Fire Up Your Freelance Career at 99Designs.com

 

How to Get Started as a 99 Logos Designer

It is easy to get started on 99designs as a freelance designer. The first thing to do is to create your profile and then to search for design contests that interest you and make submissions.

Setting up your profile should take some time because this is your online storefront to potential clients. It is your only chance to impress them to hire you.

Include your name and an interesting avatar image, because remember every visual part of this profile will either impress or repel your potential new customer.

Write an overview of yourself as if you were speaking to a client in person tell them “why they should hire you”.

Include lots of portfolio items from different industries and various types of graphics jobs. Remember these designs do not need to be actual purchased projects they can be your creations and inspirations based on other well-known brands or fictionalized companies.

Once you have your profile set up you are ready to start browsing designs contest and submitting your own logo submissions. Here are some tips to help you win more design contests and make more money on 99designs.

Here are some of my best tips on how to win more logo design contests.

Fire Up Your Freelance Career at 99Designs.com

 

How to Set up Your 99designs Profile and Portfolio

The first step to your success and a designer on 99designs is to create a great online portfolio of your graphic design work on your profile account.  It is the important first impression you show to prospective new clients.

Here are the sections of our 99designs designer profile that you can customize to make the most compelling and profitable account:

 

Profile Cover

The best spot to show your design style and talents is this large horizontal area on the top of the page. Coordinate its design with your avatar to make the most powerful imagery.

set up designer profile 99designs

 

Avatar

Here’s is where you can add your personality and essential “meet” your new clients virtually online. The best two options are either a professional photo, showing your face or a logo or branded illustration.

how to be 99designs designer

Portfolio

Your portfolio on 99designs is the place to show off your best work in a well organized and curated manner to attract the most graphic design clients.  Make it your best salesperson by keeping it consistent in images (size, lighting, backgrounds, and colors), cropped well and a versatile selection from different industries and uses (logos, websites, brochures)

99designs portfolio set up tips designers

 

 

Other Online Options for Freelance Graphic Work

While I recommend 99designs as your best choice for flexibility and long-term earnings there are other sites for you to explore build your design career.

 

  • Crowdsourcing Sites – If you like the crowdsourcing design contest you could explore DesignCrowd or Crowd Spring to see if these are more suited to your liking.
  • Direct Hire Sites – Other sites where you work directly with clients on specific projects which are more like one-on-one client jobs are Upwork and TopTal.
  • Service Package Gig Site – You could also set up a business selling your services as packages, called gigs, on such sites as Fiverr.  Don’t be fooled thinking that these are only low-priced scams, many businesses have first connected with artists on Fiverr and become long-term customers. I met one of my best graphics team members on Fiverr!

99designs Competitors: 60+ Alternatives for Logo Designs

The post Should You Become an 99designs designer? Good or Bad Idea? appeared first on Best4Businesses.com.



How to Write a Hair Salon Business Plan – Beautifully

As an aspiring salon owner, you need to create a good, realistic and workable hair salon business plan both to launch and grow your business smoothly and successfully.   What is a hair salon business plan? In its simplest form, it is a written document that details your plans for opening and running your new […] The post How to Write a Hair Salon Business Plan – Beautifully appeared first on...

As an aspiring salon owner, you need to create a good, realistic and workable hair salon business plan both to launch and grow your business smoothly and successfully.

 

What is a hair salon business plan?

In its simplest form, it is a written document that details your plans for opening and running your new beauty salon. As such it should contain an executive summary, business overview, branding and marketing messages, location specifics, financial statements and sales projections. Now continue reading to learn how to write your own hair salon business plan. Read my review of the best business plan software Live Plan

business plan software review

Why you need to create a business plan

Often you’ll be asked to write a business plan to present to lenders and investors who are considering financing your salon venture. Also, entrepreneurial assistance programs and SBA business counselors will ask you to prepare and present your business plan.

Lenders will focus on your the sections with your financial statements and projected sales to determine if they believe your enterprise is viable and likely to succeed before they grant your loan application. They want to be assured of repayment of their funds.

In contrast, business counselors and other entrepreneur organizations want to get to know your business model and help you to think through your plans on paper before you launch your salon, which saves time, money and your sanity.

In fact, I think the most valuable aspect of writing a hair salon business plan is to force you the aspiring entrepreneur to thoroughly think through each aspect of your new venture.

Many times while writing my business plan for a new venture I intend to launch, I have discovered major strategies and tactics that needed to be modified. I was glad to have discovered them on paper instead of in real life because I saved time money and frustration and avoided risking business failure – and embarrassment too!

Set your salon up for success with an LLC – Limited Liability Company for 10% discount at Legalzoom with promo code BEST4B18


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What does the business plan need to contain?

Here are the items every hair salon business plan should contain:

  1. Executive summary
  2. Branding statement
  3. Marketing plan
  4. Advertising campaigns
  5. Financial statements including details on startup costs, sources of funding and sales projections.
  6. Contingency plans
  7. Competitive analysis

10 Items Your Business Plan May be Missing

How to write a business plan

Here are the steps on how to write a business plan for your hair salon. Your plan will contain your business goals, how you plan to reach these goals and demonstrate how you understand hair salon industry and intend to make your salon be competitive in your market area.

Business plan summary

Sometimes called the executive summary this first section of your plan should include in a concise few paragraphs your intention and goals for your first five years in business. Be sure to add information about your location, overall costs, projected sales revenue and branding message.

Business description

Here’s where you will provide information about the hair salon specifics such as your menu of services, retail products for sale and your point of difference that sets you apart from the competition and is also in demand in your market area. Include details about why you have chosen this specific location and your target customer demographics such as age, income level and buying motivation.

Mission vision statement

A good business plan includes a mission statement that is a summary of the purpose of your salon so that readers will be able to understand why you want to open your hair salon. The statement will also act as a guidepost as you grow your business to be sure that you’re aligning with your core purpose. Additionally, many entrepreneurs find that reading their vision statement regularly is both motivating and empowering.

Market research and competitor analysis

This is the section that details your target audience and why they will become your salon clients instead of your competition’s. Included in this section a detailed competitive analysis of other salons in your area, their strengths and weaknesses, pricing and locations and compare to your proposed new salon location.

Gap analysis is a marketing term that refers to studying the existing businesses and determining the gap that you will intend to fill with your new business.

Marketing plan

Now that you’ve shown in the above market research and competitive analysis section why your salon is needed and how you will separate yourself from your competition,  this is the detailed actions you will take to gain new customers and market shares such as advertising, events, publicity and online activities.

Make a list of the client benefits that you will target in your advertising and marketing both online and offline. Your list may include statements such as; salon with day care services provided free, hair replacement services for cancer patients, dedicated men’s only space and other.

Detail your marketing activities and tactics such as website development, search engine marketing to be found when local searches, online advertising and social media, sales events and print advertising. You can also include details on your exterior and interior signage and decor since this is an important part of the salon experience.

Financial plans

Provide financial information including your estimated budget of sales and expenses, financial projections for your first five years, anticipated liabilities of loans and leases, profit margin estimates and a schedule of your break-even date. That is the date when you have paid off your set up costs and your sales have increased to the level that you can begin to make profits.

Best New Business Ideas in the Beauty Industry

 

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Kabbage Loan Calculators – APR, Repayment and ROI

Kabbage loan calculators are great for small business owners, like me, that get easily confused with all the figures, calculations, fees and need help in determining the cost of their business loans. Luckily many top lenders, including my recommendation Kabbage, have created multiple and interactive online calculators to help you better understand the financials of […] The post Kabbage Loan Calculators – APR, Repayment and ROI appeared first on...

Kabbage loan calculators are great for small business owners, like me, that get easily confused with all the figures, calculations, fees and need help in determining the cost of their business loans.

Luckily many top lenders, including my recommendation Kabbage, have created multiple and interactive online calculators to help you better understand the financials of your loan such as percentage rates, APR, fees, agreement, repayment amounts, and terms.

In fact, there are three distinct loan calculators for you to view all aspects of your capital cost, even down to the cost per dollar and run projections on how investing your loan into our business pays off in return on investment.

These are the different loan calculators available at Kabbage. Keep reading for further details including examples of loan calculated with these tools.

  1. Business Loan Calculator – calculates your principal, interest and payment amount and schedule based on your total loan amount.
  2. ROI Loan Calculator – Demonstrates your ROI (return on investment) from your loan proceeds invested into your business for specific needs such as inventory, equipment, marketing, and hiring.
  3. SMART Box – this capital comparison tool is a detailed listing of many metrics including your loan, rates, agreement, repayment amount and schedule which will be sent to you customized for your loan package.

 

Loan Calculator

This interactive, easy-to-use tool will help you quickly estimate your monthly payments on your Kabbage loan or line of credit. Just slide the bar to your desired loan amount you instantly you will see the fees (usually zero), payments, and even ways you can to save with early payments.

Note that this Loan Calculator uses sample fee rates, yours may differ depending upon your length of time in business, profitability, and credit scores.  However, know that Kabbage does not require a minimum credit score to qualify for your business line of credit.

The Kabbage Loan Calculator helps you estimate the monthly payments of a Kabbage loan based on sample fee rates. Visit us now at Kabbage.com

calculate your loan payments at Kabbage

ROI Calculator

This is the best Loan Calculator at Kabbage that I recommend my small business clients use because it is the most helpful for business decision making. It demonstrates the real world example of how your business is built by utilizing your working capital loan.

While knowing your loan rate, fees, and APR is important, and which you can find on the other loan calculators and your SMART Box statement (which is explained in detail next) it does not help you make the decision whether the cost of capital is a good business decision and “worth it”.

I find it more beneficial to use this ROI calculator to make projections of the value of the loan to my business in terms of return on percentage. It’s great because it has four different types of business investments dependent upon your particular situation and industry. Choices include; inventory for retailers both online and offline, equipment for manufacturers, restaurants and beauty salons, marketing for trade shows and advertising campaigns, and hiring for new locations and expansion.

Calculate Sample Inventory ROI! Visit us now at Kabbage.com

Using the calculator is simple and straightforward. As an example, I chose the inventory section and I only needed to enter three bits of information; cost per unit, number of units, sales price per unit. Since you probably sell a variety of items with different costs and price points use an average of your merchandise lines.

In the calculator I entered, $25 for cost per unit, 1,000 units sales price $55 per unit and got a calculation of $27,000 ROI with a 96.43%!

What this means is that by investing the $28,000 loan (total cost including interest and fees) in this manner I would both pay off the loan and make an additional $27,000 or almost hundred percent return on my investment. Nice. 🙂

Now you can see why this is a much better decision-making tool for business people because you can essentially walk through the process of calculating the loan amount you need, estimating your investment cost and get projection figures for ROI return on investment in minutes. I remember taking hours crunching numbers to calculate ROI – wish I had this calculator instead! Try it for yourself

calculator for kabbage loans roi

Best Retail Loans for Retailers Brick and Mortar Stores

 

SMART Box – The capital comparison tool

This new tool was developed to allow borrowers to clearly see all fees, loan rates payments and agreements in an easily understandable and simple format and thus be able to better compare loan options. The initiative was spearheaded in 2016 by the trade association Innovative Lending Platform Association, including members such as Kabbage, OnDeck and CAN capital.

There are different versions of the SMART box tool for term loans, lines of credit and merchant cash advances. Each particular version accounts for the differences between the finance options but retains the common metrics and calculations.

This industry-first pricing disclosure was developed to empower small businesses to better understand their financing options and their related costs.  The company said, “The ultimate goal was to enable business owners to have an apples to apples comparison of different financial options”.

smart box capital comparison tool for business loansThe name SMART box stands for Straightforward Metrics Around Rate and Total cost.  This report is meant to increase transparency in a confusing the marketplace of small business loans.

However, some industry experts have criticized their inclusion of annual percentage rate APR. This is because the APR metric is an unreliable and misleading figure. Recently Forbes published an article where bankers discussed why using APR for comparison is not recommended since it often overstates the total cost of loans to the borrower which could discourage some small businesses from applying for credit that is actually cheaper than they think.

Additionally, APR has been shown by recent studies to be misunderstood by the majority of small businesses in America.

 

Best Loans for Online Businesses, Ebay, Amazon and Shopify Ecommerce

Your custom SMART smart box statement will include vital information about your business loan such as:

  • Example loan amount
  • Disbursement amount (minus fees withheld)
  • Repayment amount
  • Term (repaid monthly)
  • Total cost of capital – this is the total amount that you will pay in interest and loan fees for the loan.
  • Interest expense
  • Loan fees – origination fee and other fees
  • Annual percentage rate (APR) – this is the cost of the loan expressed as a percentage which takes into account the amount and timing of the loan you receive, your fees and your repayments. >Reminder APR is not recommended to be used for comparison purposes because it is not an actual interest rate or loan fee.
  • Average monthly payment – repayment amount divided by the number of months term six or 12 months
  • Specific monthly schedule of payment amount for months one through six and
    months seven through 12
  • Cents on the dollar  – this is the total amount of interest or loan fee paid per dollar borrowed on the loan it does not include fees.
  • Does prepayment of this loan result in any new fees or charges – No, see section 1.5 of the loan agreement
  • Does prepayment of this loan decrease the total interest or loans owed?
    Yes.  see section 1.5

Below is an example of a smart box statement.

 

smart box business loan report comparison tool

 

Kabbage Loans FAQ: Your Loan Questions Answered

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10 Items Your Business Plan May be Missing

You are ready to go and get funding for your startup idea. But the obstacle of writing a detailed business plan is slowing down your progress. Don’t be the entrepreneur who forges ahead without a plan to their startup companies eventual demise. A well-written business plan is often the difference between your entrepreneurial dream, staying […] The post 10 Items Your Business Plan May be Missing appeared first on...

You are ready to go and get funding for your startup idea. But the obstacle of writing a detailed business plan is slowing down your progress. Don’t be the entrepreneur who forges ahead without a plan to their startup companies eventual demise.

business plan software reviewA well-written business plan is often the difference between your entrepreneurial dream, staying just an idea in your head, and getting financed and making your startup business success.

The value of a business plan is not solely for your financing loans and investor pitch. The plan’s vital role in your companies success is the thought process you, the entrepreneur, go through as you compile the information and financial numbers. Here is where you set your goals, “crunch” your numbers to determine if your business idea is profitable. Your research will uncover information that will help you modify your marketing plans to your benefit.

Use free business plan software to write your best business plan

 

Our experts advise you to be sure to make your document is complete and not to forget these ten critical components of a winning business plan.

 

10 Most Forgotten Items in Business Plans

Executive Summary

This critical and most read section of your plan needs to be at the very front of your document. However, it should be the very last part that you write. It is to contain and summarize all the information in your complete business plan. Your readers should be able to quickly scan this summary and get a general understanding of your goals and why you will succeed. It should be no longer than one page, and preferably shorter. Answer these questions for a powerful and compelling executive summary:

  • Why your customers will care about your business?
  • What pain points you solve for these customers?
  • What sets your company apart in the industry?
  • Why your startup will succeed?

 

Competitive Review

It is surprising this is one of the most often missing components in submitted business plans. However, it is probably the most important. You cannot succeed by not considering, and strategically planning how to best your competition. Your prospective customers will certainly consider all their buying options before making a purchase.

  • Who are the companies that are in the marketplace now?
  • How do they sell their products?
  • Why is your product needed and wanted in the industry?
  • What is your value factor that makes you different?

Business Plan Software Review: Bplans & Live Plan

Originality and Innovation

Be sure to include the reasons why your company is unique. What is your point of difference? Today‘s highly competitive business environment demands that companies continually innovate to succeed. Decide how your firm will encourage creativity and improvement in all departments on an ongoing basis.

Cash Flow Analysis

The common mistake that beginning entrepreneurs make is being overly focused on profits and neglecting cash flow. Many businesses fail, while still technically profitable, by running out of money. Understanding, planning and managing cash flow is critical. Include a detailed cash flow analysis report in your completed business plan.

Business Goals

Your goal should be simple and crystal-clear, and most importantly measurable. Instead of saying “I want the best salon in town,” which is not a measurable goal; instead phrase your goal like this, “My hair salon is the best in town with 200 regular customers in 2017”. Once you convert your goal into a measurable target, you are more likely to hold yourself accountable and will be able to measure your progress against this specific number.

Emergency Plan

Plans are not reality. Be prepared for everything to go wrong. Remember Murphy’s Law. Detailing these plans will impress lenders and give you peace of mind to know what to do in the case of emergency.

  • How will your company survive disasters – both natural and marketplace?
  • How will you cope with a hurricane or flood?
  • What will you do it you do not achieve your sales goals?
  • What if your expenses and cost of goods are higher than expected?
  • What if you run into vendor delivery issues?

Use free business plan software to write your best business plan

Growth Strategy

Fast company growth is stressful for the entrepreneur and the startup firm. Again, this type of “what if,” long-range thinking will give both you and your investor’s confidence in your ability to manage a fast-growing company.

 

  • What are your plans if you get more orders than anticipated?
  • What if your website traffic increases 10X?
  • How will you increase production, fund growing capital needs and hire more staff?

 

Marketing Psychology

Most business plans include information about the target customer, their demographics, such as age, gender, income, and geographic location. Smart companies also write about their customer’s mindset and their emotional needs and problems that their proposed business product will solve.

 

Social Media Plan

Social media is a major part of all business promotion and needs to be addressed properly. A strategic and well planned social media program of how to build audiences and engage with customers is crucial to business success. The time to develop this plan is at startup.

Exit strategy

Having a well-researched exit plan will help you get venture capital investment. VC’s want to know how they can cash out of your startup. Most venture capitalists want to see a growth of 10X of the initial investment. These profits are most often realized when companies are sold or go public.

 

Spell Check

Do not depend on your computer spellcheck function to b. E sure that your document is free of typos. Instead, take the time to print your plan and read it very carefully backward. This assures that you will be more likely to find any mistakes in spelling, word usage or incorrect data. It can also be helpful to have a friend or business associate. Proofread your business plan. Also, do not forget to double check all your charts and graphs for typos and mistakes. The smallest typo can create a negative impression on your lender’s mind about the professionalism of you and your startup idea.

Sadly many a good business plan has been rejected due to grammatical errors that result in misunderstandings and negative impressions. Don’t let this happen to you, instead hire a professional proofreader to check your work. You will be confident knowing that your business plan is letter perfect.

Go out and pitch your business idea and get funded! Good luck.

Business Information

Fastest Growing & Best Industries for Starting a Business in 2018

The post 10 Items Your Business Plan May be Missing appeared first on Best4Businesses.com.



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