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  • June 21, 2018 03:04:48 AM
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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.

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    Average Interest Rate APR for Small Business Loans

    Since there are different types of small business loans there is not just one average interest rate, there is a range of rates. Interest rates vary depending upon the type of small business loan, installment or business lines of credit. Taking into account variances due to region, industry and credit ratings here are the average […] The post Average Interest Rate APR for Small Business Loans appeared first on...

    Since there are different types of small business loans there is not just one average interest rate, there is a range of rates. Interest rates vary depending upon the type of small business loan, installment or business lines of credit. Taking into account variances due to region, industry and credit ratings here are the average rates for small business loans in America:
    prime apr business loans kabbage line of credit

    1. Installment Business Loan – APR 5-9%, lower interest rates are for larger total loan amounts. SBA Small Business Administration loans range from 3.83% – 4.56%. The bank lender cannot charge more than the prime interest rate plus 2.25% for a loan due and payable in less than seven years.
    2. Business Line of Credit  – APR prime plus 1.75-9.75% on credit limits from $10,000 – $100,000 depending on the borrower’s credit history and score. Lower lines of credits from $5,000 – $50,000 interest rates range from Prime + 1.75 – 6.50%

    Get Cash now or have it available when you need it with Kabbage!

     

    Read my Kabbage review for small business lines of credit for working capital to grow your business

    Types of Small Business Loans & How They Work

    1. Installment Business Loan Installment – Similar to car loans and other types of personal loans. You borrow a set amount of money and pay monthly payments until you have repaid the loan principal amount, interest and bank fees. When the balance due is zero you have completed the loan and it is closed.
    2. Business Line of Credit – Is more like a credit card where your lender sets a limit of your credit and you borrow, or draw funds, from it as needed for working capital for your business. Monthly you pay back as you are able. When the balance is zero the line of credit does not close it remains open for you to borrow from again in the future as needed to keep cash flowing in your business.

    You can see that these are different types of banking relationships. Since traditionally installment loans are more secure for lenders the interest rates are lower than business lines of credit.

    Comparing the interest rates on installment business loans and lines of credit are not accurate. Business lines of credit are more flexible and are an ongoing access to capital thus they cost more in interest rates and fees.

    I reccomend Kabbage business lines of credits for quick cash infusions into your business at reasonable interest rates.

    Beware of Hidden Loan Fees

    You are a smart business owner who is shopping for small business credit wisely. You are asking the right questions: How much is the total cost of this small business loan? Is that a fair amount and within the range of average interest rates?

    Beware of hidden fees that some predatory lenders use to make their loans almost impossible to completely pay off.  Additional fees can radically change the value of a low-interest rate loan into one that is impossibly high.

    Fees to watch out for and clarify before you accept a business loan are:

    • Setup fees – $100 +
    • Processing fees – $10-$25 per month
    • Origination Fee – Percentage of the total principal you are borrowing
    • Application Fee – Costs for processing your application and appraising your property to be used as collateral
    • Guarantee Fee – SBA loans guarantees loans that banks lend businesses. Some lenders pass on the expense to borrowers
    • Late Payment Fee – For payments made after the due date
    • Check Processing Fee – If you pay by check, instead of direct debit from your checking account, some banks charge a fee to process your check payment
    • Underwriting Fee – The lender uses this fee to pay the underwriter who evaluated your business financials
    • Prepayment Penalty – If you pay your loan off too early some banks charge you a penalty

     

     

     

     

     

    The post Average Interest Rate APR for Small Business Loans appeared first on Best4Businesses.com.


    35+ New Business Ideas for Small Towns – That Thrive in Rural Areas

    Small towns can be big business. Don’t let your rural surroundings stop you from starting your own successful new business. Everywhere there are people there are business opportunities! Remember that America’s largest company, Walmart, built its fortune starting with stores only in small towns. Sam Walton knew that people want to buy goods and services near […] The post 35+ New Business Ideas for Small Towns – That Thrive in Rural Areas appeared first on...

    small town businesses that thrive in rural areas
    Small towns can be big business.

    Don’t let your rural surroundings stop you from starting your own successful new business.

    Everywhere there are people there are business opportunities!

    Remember that America’s largest company, Walmart, built its fortune starting with stores only in small towns. Sam Walton knew that people want to buy goods and services near their homes.

    Think about the basic human needs of food, clothing, and shelter as the building blocks of successful small-town businesses such as grocery stores, clothing boutiques and home builders as a start. This list of small-town business ideas that will work in your rural area or village because every small town needs these types of goods and services.

    Check your business name availability in seconds!

     

    Here are 35 ideas that have proven profitable in small towns just like yours along with the online classes to get you started:

    Coffee shops and bars – Small town folk love to gather together to meet and greet while sipping a delicious cup of joe.

    >> Get started at these digital classes:

    Masterclass: Start your Coffee Shop Business!

    Coffee Shop Business Plan Template with Example & Financials


    Clothing Stores – Everybody needs clothes. Small communities appreciate buying their outfits locally.

    >>Learn to earn – online!

    Easily to Open Own Retail Business and How to Grow

    How to bring more shoppers into your retail store.

    >Best online training – Master the Shopper Experience to build your retail business.


    Grocery Store – Amongst the best choices for small towns because the human need for food is an evergreen business. Learn how to build your store sales with excellent customer service. Customer Service – Retail

    Specialty Gourmet Foods – These days people have more sophisticated palettes and want to buy specialty cheeses, wines, and prepared take-out foods.

    Classes I recommend for food entrepreneurs:

    Home Made: How To Start A Home-Based Food Business – Learn how to legally operate a food business out of your home kitchen and the business ingredients necessary for success.

    How to start a “packaged food” business. – Learn from a food business owner, a step by step process from creating your recipe to getting it sold at grocery stores.




    Children’s Clothes
    – Lots of babies and toddlers to outfit with continually growing needs is good business.

     

    Home Contractor – Anywhere people live their homes need repair, renewal, and expansion. Build your business on home improvement.

    Selling Residential Solar for Contractors and Entrepreneurs – Designed for contractors, roofers, and entrepreneurs who want to expand into the $2B market for residential solar energy.

    The Closing Contractor – Win More Business – The trade secrets to quoting and maximizing each customer opportunity into even more leads to your construction business



    Garden and Lawn Care – Rural homes often have larger yards that need to be cut and planted by professionals.

    Toy Stores – The percentage of families with children is greater in the countryside. Thus the need of toy stores is great.

    Bookstores – Many townsfolk miss the friendly neighborhood bookseller. People like to take time browsing all the titles.

    Bakeries – Villages are the perfect place for good old-fashioned bakeries. You will have generations of loyal customers. Learn from this course that covers everything you need to know on how to put up and manage your own bakeshop business.

    Masterclass: How to Start your Bakeshop Business!


    Florists – For weddings, parties, gifts, and funerals floral needs are seemingly endless.

    Card & Gift Shops – America spends billions on greeting cards every year. Cash in on this need.

    Health Foods – The organic food trend is growing vigorously, and often small towns have no access to specialty foods.

    Restaurants – All places need good restaurants, and small towns are no exceptions.

    How to open a restaurant? A-Z practical guide on how to start a successful restaurant business.

    How to choose the right location & premise for a restaurant

    Masterclass: Start a Profitable Restaurant Business

    Sports Bars – The neighborhood watering hole with a sports theme

    Cleaners – Small towns have lots of dirty homes and offices that need cleaning services regularly

    How To Start Your Own Wildly Successful Cleaning Business – And get high paying clients within 30 days!

    How To Start Your Own Commercial Cleaning Business – This course is over 8 hours & covers everything you have to do to start or run a profitable commercial cleaning business

    Start & Operate Your Own Successful Office Cleaning Business – You Can Quickly Learn the Skills and Knowledge on How to Run Your Own Highly Successful Office Cleaning Business

    Massage Therapy – Some small towns have no massage services, and you can fill that void with your services.

     

    Business Bootcamp: 7 Weeks to Start Your Own Business – Launch your own business doing what you love. This step-by-step business guide will get you started in just 7 weeks.

    Micro Beer Brewery

    Bed and Breakfast and Inns – The natural beauty of rural settings make it perfect for vacationers from nearby cities who need accommodations.
    How to Open a Bed and Breakfast

    Electronics – Rural people use more technology than their suburban counterpoints because there are fewer activities nearby. Serve their tech needs.

     

    Tutor – A vital need for one-on-one instruction to children in various subjects such as math and grammar.

    The Complete Tutoring Business Course: Sell Your Knowledge

    Start a Profitable Tutoring Business – Steps to Success!

     

    Thrift Shop – Today’s frugal consumer, looks for good used items from clothing to baby equipment.

    Selling on eBay – Use eBay to Sell Used Clothing – How to Create a Real Business Selling Clothing from Thrift Stores and Garage Sales in Your Spare Time

    Handyman – Hamlets tend to have older people who need help around the house for odd jobs and the honey to do list.

    Main Street Barber – Every town needs a barber.

    Hair Salon – Ladies everywhere want to look great and have their hair cut, colored and permed regularly.

    Salon Business Plan – Template, Example, Sample & Financials

    Create your own Nail Salon from home

    Ice Cream Shoppe – Everyone screams for ice cream, for a treat or a birthday cake made from homemade ice cream.

    Gym Fitness Center – America’s aging baby boomers, want indoor exercise facilities near their homes.

    Start a Fitness Personal Trainer Business – Plan & Documents – Course provides a full business plan template and operating documents for starting a Fitness / Personal training business

    Steps to Become an In-Demand Fitness Professional

     

    Car Wash – Rural areas have more cars per person than cities, and they need to be cleaned.

     

    Furniture Repair and Upholstery – Country people have quality furnishings and want to maintain them properly.

    How to Work from Home Flipping Furniture – Complete guide from start to finish. See how you can work from home painting furniture. Buying, refinishing, & selling.

     

    Web Design – Be location independent by working on the internet designing websites for businesses internationally.

    Start and Run a Successful Web Design Business from Home-Start your own web design business this week by following this step-by-step action course and make your goal a reality.

    Starting, Running and Growing a Web Design Business – Roadmap for running a successful web design business from two entrepreneurs

     

     

    Pharmacy – Sadly we all get sick from time to time and require the expertise of a qualified pharmacist in our neighborhood.

     

    Farm – Use that fertile country soil and grow food and start an Agritourism farm.

    Starting a Farm

    How to Become a Farmer (Beginner’s Guide) Farming 101 Basics

    Auto Repair – More land means more cars and trucks to get around that will all need to be serviced and repaired locally.

     

    Dog Groomer and Trainer – Country people love their dogs, which will need to be groomed and also trained.

    Dog Training – Become A Dog Trainer – Dog Training Career– Turn dog training into an ideal career & become a professional dog trainer. Get the lifestyle you want & work with dogs

    Dog Walking Business Startup: Launch Your Own Canine Company


    Firewood Delivery – Many individuals who live in the country heat their homes with wood and will need a reliable supply delivered to their homes.

    new business ideas for small town startups

    Best Mobile Business Ideas to Launch in 2018

     

    Start A Pet Sitting Business- Great for Animal Lovers

     

     

    The post 35+ New Business Ideas for Small Towns – That Thrive in Rural Areas appeared first on Best4Businesses.com.


    Amazing Sales Secrets I Learned from Estee Lauder

    Back in 1978, I met a diminutive and remarkable woman who has turned out to be a sales powerhouse and one of America’s most successful entrepreneurs and has built the modern cosmetic beauty industry of today – Estee Lauder. This meeting happened at the launch of the perfume Cinnabar, which held at The Plaza Hotel in […] The post Amazing Sales Secrets I Learned from Estee Lauder appeared first on...

    best saleswomen entrepreneur estee lauderBack in 1978, I met a diminutive and remarkable woman who has turned out to be a sales powerhouse and one of America’s most successful entrepreneurs and has built the modern cosmetic beauty industry of today – Estee Lauder. This meeting happened at the launch of the perfume Cinnabar, which held at The Plaza Hotel in the big apple; New York City.

     

    At the time, I was a young new department store manager, just 21, having just completed my Executive Training course at Bloomingdale’s and she was showing us her newest fragrance creation, Cinnabar. Which coincidently has been relaunched last year much to the delight of many its many fans.


    When I finally got to meet her, she shook hands, looked deep into my eyes and told me I needed ‘Crème Pack’ – a facial mask!

     

    I was crushed. Obviously, I still had teenage acne.


    But I didn’t dwell on that for too long, I focused on learning from her, and I did learn quite a lot!

     

    Not just on that day but and during my years as an Estee Lauder department manager, I learned some great sales lessons from Estee Lauder.


    I have decided to share some sales and marketing tips I learned from Mrs. Estee Lauder herself which launched me as an entrepreneur to start my own business.

     

    Keep Selling
    LegalZoom_BIZ

    One thing I found out from Estee Lauder is she never stops thinking about selling products, not even when she met me; a young, eager employee, she pitched to get me to buy a product!


    My mind was opened to understand that everywhere, any meeting, any situation is an opportunity to sell. Never cease to take the chance to market your product and convert sales.

     

    Hold Their Hands
    Another sales secret I learned is “holding their hands.” When pitching a product sale, hold your buyer’s hands. For instance, when talking to them about products such as creams which we would apply to their hands.
    The Lauders also showed us how to give the potential buyer the product to hold in their hands, this way, they felt a sense of ownership and are compelled to purchase it.

     

    Give a Demonstration Right Away!
    When trying to convert sales, never say “can I help you?”
    This is one sure way to turn off a customer.  Instead lean in and apply some blush to their cheeks and say “doesn’t that make you look beautiful?”.
    Thus compelling a potential customer to become a certified buyer of the product.


    Give Freebies
    Estee Lauder pioneered the use of a gift, i.e., a collection of sample sized products that was a reward bonus when the customer bought a certain dollar amount of items.
    The freebie was worth about $5 but the sales generated were quite dramatic. We had long queues of ladies who wanted to buy lots of items to get the free $5.00 worth of samples. Now, this sales strategy is a standard for all department stores and cosmetic brands.

    Best Business Loans for Beauty Salon Owners


    Starting and Building Up the Brand

    Born Josephine Esther Mentzer, Estee Lauder was a young and determined salesperson who founded Estee Lauder Cosmetics back in 1946, in New York, a company which has grown over the years and currently controls over 45% of the cosmetics market in the United States.
    Estee Lauder Cos. has over 46,000 employees (June 2016 stat) recorded revenue of 11.26 billion in 2016.


    It is easy to assume that the cosmetics industry is an easy one to navigate and get success in, but nope, it is not!

     

    The general belief is that women are suckers for products, any product, that makes them look beautiful, younger and more attractive. However, selling cosmetics is quite tricky, primarily because you would be selling a product that your target market doesn’t need.
    And as such, Estee Lauder Cosmetics’ marketing performances are all the more much remarkable.


    LegalZoom_BIZ

    They have over the years managed to persuade women to spend, and keep spending on products that are virtually unnecessary.

     

    In the cosmetics market, you don’t only sell products; you sell a phenomenon, a compelling abstract art that attracts your target audience and converts sales.

     

     



    Reference: Wikipedia
    https://en.wikipedia.org/wiki/Est%C3%A9e_Lauder_(businesswoman)

     

     

    sales technique and tips estee lauder cosmetics

    Best New Business Ideas in the Beauty Industry

    Entrepreneurship 101: Know Thy Competitors

    The post Amazing Sales Secrets I Learned from Estee Lauder appeared first on Best4Businesses.com.


    Should Your Photography Business be an LLC?

    You started your own business as a photography firm because you love taking photos are really good at it.  Here’s all the reasons why your photography business should be an LLC to keep it and you safe. Every day is different. You get to express your creativity and capture special happy memories of family weddings […] The post Should Your Photography Business be an LLC? appeared first on...

    LegalZoom_BIZ
    You started your own business as a photography firm because you love taking photos are really good at it.  Here’s all the reasons why your photography business should be an LLC to keep it and you safe.

    Every day is different. You get to express your creativity and capture special happy memories of family weddings and babies. Or perhaps your clients are businesses that rely on your creative talents to sell their products and services to expand their companies, build the local economy and provide jobs.

    Whether you are a part-time wedding photographer or a commercial photography studio you need to protect both yourself, your personal assets and your company from the very real threats of lawsuits, taxes, and liabilities that you face in your profession.

    Sure being a photographer is exciting and fun, but if you want to make money and succeed you need to remember first and foremost it is a business. So be smart and treat it with the respect and diligence a real business deserves.

    photography business should be LLC

    Photography industry experts and business attorneys recommend setting up a simple LLC, Limited Liability Company, for both protection and tax advantages early in your company formation.

    44 photography logos worth framing

     

    Answers to your questions about photography LLC or sole proprietor:

     

    What an LLC is and What it Does to Help Your Photography Business

    An LLC, abbreviation for Limited Liability Company, is a legal business structure that is recognized in all states in America. LLC’s are the most popular way to make your business an entity that separates you, and your assets, from your business and its debts and liabilities -which is a good thing in the case of a lawsuit.

    These days as our society becomes more litigious, photographers are commonly getting sued for Breach of Contract, citing that the client understood your agreement differently than you. This can be substantive such as the number of photos and albums to the subjective such as not “capturing the mood of the wedding”.

    Another common claim in lawsuits involving wedding photographer is Misrepresentation. This means that you, the photo studio, can mean almost anything such as you claimed to be a member of the Chamber of Commerce and your dues lapsed and you were not an active member. Or maybe you exaggerated that you photographed certain celebrities and you actually did not. You could be sued for misrepresentation and lose not only the photo job income but many times that amount for general damages and pain and suffering.

    Protect yourself from those crazy Bridezillas who wrongly accuse you of misdoings and try to take your photography business, equipment, house, car, and savings accounts because she doesn’t look like a supermodel in the photos.  You know she isn’t beautiful so your camera could not change that fact.

    Set up an LLC in 10 minutes at our recommended source LegalZoom save 10% with promo code BEST4B19

    The easiest, most flexible way to launch your business.

    You commercial photographer don’t be fooled into thinking you are safe from damaging lawsuits. You may be an even greater risk since your clients are spending thousands on ads with your photos and may come back and accuse you of losing their money. Contract disputes are common in the advertising business. Many photographers have found out the hard, and expensive way, that clients get nasty when they think you did not perform and their sales suffered.

    Also, there is a myriad of issues including gender, same-sex marriage, privacy, model releases, and copyrights. All that that could get you in legal trouble without you even knowing why! Don’t take the risk when the solution to protection is so easy and cheap – set up an LLC. Read our reviews of Legalzoom LLC 


    LLC is right for photography startup

    How it Protects both You, the Photographer, from Common Lawsuits

    Think of your LLC, Limited Liability Company, as a thick wall or shield over your personal life and assets. It walls off your business, and its actions which could be the target of a lawsuit, and the person, you the photographer who did those actions. So if the unthinkable happens and a lawsuit wins a financial judgment against your firm that company can only collect assets from the business. Thus your car, savings account, IRA and 401K retirement funds and house are safe from collectors.

    Just as your accountant and the IRS demands that you separate your personal and business monies, this LLC separates you, the business person from you the actual person.

    Please be fooled into taking no action because you think a) you are safe because you only do small jobs on a part-time basis or b) don’t have a lot of assets, or they are in your spouse’s name. I promise you that many a photographer, who got sued regrets that type of thinking.

    Remember just because you only charged $500 for the job, it does not mean you can’t be involved in a lawsuit, and be held liable in a court of law for 10X that amount $50,000! It has happened to many an unlucky photographer who was sued for a million dollars!  Photographers even sue each other and these won a $750,000 verdict!  Ouch! Hope they had their LLC in place!  If their business was a sole proprietorship photography company they could lose their houses!

     

    Why you Must Set up an LLC at the Start and How much it costs

    LegalZoom_BIZ I strongly recommend that you set up your LLC at the onset of your firm – even if you are only part-time. Before you accept your first dollar for your photography services get yourself protected.

    The reason I say this is because you never know when you are at risk – that is the nature of chance.  Also, you are much more likely to remember to order your LLC setup when you are in the mindset of the startup. To form your LLC at the same time you are preparing your business launch such as opening a business checking account and choosing a name for your photo studio. Do it when you get a sales tax number, register your photography business and obtain your business license.

    It takes less than 10 minutes to set up the LLC that protects you all year long. Costs are low starting at $50, dependent upon which state your business is headquartered.

    If you wait until you are more established, or ready to go pro or full-time you are more likely to either forget to do it or postpone it and get caught in a risky legal situation with no personal protection.

    Additionally the boost in confidence that taking your photography business seriously that setting up an LLC creates will help you book more clients and succeed as a professional photographer.  Good luck and happy shooting!

     

    photography business llc formations

     

     

    How to Start Your Business Legally

     

     

    Why Businesses Fail and How To Succeed Instead

    The post Should Your Photography Business be an LLC? appeared first on Best4Businesses.com.


    How to Catch Someone Embezzling from Your Business

    No matter how a smart business owner you think you are, you are at risk of losing money to an embezzler – this person could be a trusted employee, family member or even your bookkeeper. As long as you own a business, you are not immune to embezzlement. Do not assume that your employees will […] The post How to Catch Someone Embezzling from Your Business appeared first on...

    No matter how a smart business owner you think you are, you are at risk of losing money to an embezzler – this person could be a trusted employee, family member or even your bookkeeper. As long as you own a business, you are not immune to embezzlement. Do not assume that your employees will not steal from you.


    Almost daily I hear stories about how employees managed to steal company funds without getting noticed. It’s common in almost all businesses, 77% of all business fraud is committed by employees, there are employees embezzling funds without a single suspicion. Utilizing professional grade accounting software such as Quickbooks Online can help you catch someone who is embezzling from you. This system has the ability to limit employee access while allowing you, the business owner, the capacity to monitor all employee activity in your finances.

     

    It’s true that even though it seems like embezzlers are always getting caught, many employees still embezzle assets from a business and end up without getting caught for years, draining small businesses of needed profits fraudulently.

     

    I highly advise you to get vigilant before you lose your assets. Luckily in this article, you will learn how embezzlers operate in your business, how to catch an embezzler, and how to prevent future employee theft.

     

    Before we get started, it’s important that we understand what embezzlement is. Simply put, embezzlement is a type of fraud that employees commit by abusing a position of trust or access to steal from their employers. Think of it as a fancy way to say insider stealing, as opposed to shoplifting which is theft from non-employees.

     

    As a matter of fact, the smart embezzlers are usually very active in a company and are often sadly your most dedicated employees. They can embezzle funds from a company for a long time without getting caught because of their valued contribution to your firm.

    QuickBooks Online – Manage your business! Start your free 30-day trial today!

     

    6 Most Common Embezzlement Schemes

     

    Here are some effective ways to spot the red flags that could indicate that an embezzlement scheme is looting your company.   

     

    1- Undercharging

     

    This is one of the most common ways of embezzlement. If you run a retail firm, its good you keep an eye on your record books on a daily basis. Cashiers in retail firms will undercharge friends and families for your merchandise effectively stealing your profits for their gain.

     

    2 – Ghost Supplier

     

    A fraudulent employee may set up a ghost supplier and create fake documents showing legit transactions with this fake business. He or she will make payments to the ghost supplier (that is himself/herself) then spend your hard-earned money however they choose to spend it.

     

    3 – Fake Refunds

     

    A fake refund is a refund that is issued to a customer who does not exist. The fraud employer will issue this refund only to get the money for themselves. E-commerce businesses often suffer from this type of theft.

     

    4 – Stealing Office Supplies

     

    A fraudulent employee will use the company’s postage stamps, equipment, and supplies for their personal reasons without getting noticed. They will even make long distance phone calls and charge the personal bill to the company.

     

    5 – Fictitious Bad Debt

     

    A sneaky accountant or bookkeeping will deposit a customer’s cheque in his or her bank account and record the receivable as a bad debt. Then they pretend that the customer never paid their bill and thus the debt had to be written off, meanwhile the thief is happily spending your cash.

     

    6 – Payroll Fraud

     

    An enterprise embezzler can sometimes add fictitious employees, often their relatives, to your company payroll and send them regular fake paychecks to themselves.

     

    Now that we have established some of the nefarious ways that an embezzler can steal assets from your company, let’s look at some of the warning signs of an embezzler.

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    Quickbooks Online: Best Accounting Software for Small Business

    Warning Signs Someone is Embezzling From Your Company

     

    As a company owner, you must be continuously aware of all activities taking place in your company. If you are not, then chances are you are already losing your property to some embezzlers. Look out for these warning signs of embezzlement:

     

    • An employee who does not want to go on vacation. Such an employee is usually trying to protect his or her sneaky ways of embezzling your property. They simply don’t want their replacement to detect their activities.
    • An employee who is more than willing to work overtime all the time. It is during the overtime, when managers are off duty,  that they complete their fraudulent activities. These people appear to be working extra hard as an act of generosity just so that you not suspect them of embezzlement.
    • An employee who starts to spend extravagantly. If your employee starts living a rich lifestyle, such as fancy new cards and exotic travel, that is way above their pay grade, then it’s time for you to take a closer look at your accounts and assets for signs of embezzlement. He or she could be selling your property or have found a way to spend your money under your nose.  
    • An employee with access to petty cash. If you realize that your petty cash is getting spent more quickly than it should, then there is usually someone stealing it.
    • An employee who are always spending lots of time with your vendors. If you realize that there is an employee spending a lot of time with your vendors, they could be running a scheme with those vendors that are draining your company’s cash flow.
    • An employee with responsibility for buying office supplies. If you notice disappearing office items and you are always buying new office equipment, there could be an employee who is taking your office items home for their own home-based business.

     

    Once you notice any of the above red flags, you will be in a better position to carry out your investigations as detailed below.

     

    How to Prevent Employee Embezzlement Theft

     

    For you to prevent employee theft, you must be familiar with most of the ways that an embezzler will use to steal from you. Here is a list of the best preventive measures that you can take to avoid embezzlement from your small business

     

    1. Deposit on a daily basis. Money sitting around in your office can be very tempting for some of your employees. Deposit any money that is not in immediate use into the bank and keep a tab of all your bank statements on a monthly basis.
    2. Divide financial duties. Do not assign all financial tasks to one employee. Divide the financial tasks to several employees to spread out your risk. If one decides to start stealing, you will easily spot it from their records to know which employee is the thief.
    3. Track your petty cash. Ensure that the petty cash in your company is well utilized by keeping a log of how the money is being spent. Also, make sure that two or more employees must sign before refilling the petty cash drawer.
    4. Manage by walking around your premises regularly. When you walk around keeping an eye on how things are running in your business, employees will know that you are always watching them. Don’t get into their personal privacy. Just be observe from a distance, especially on off hours which when most theft occurs.

     

    These preventive measures are general to all companies. Analyze your particular business operations from all angles and think like an embezzler, what ways could they use to embezzle your property?


    Communicate that employee honesty is paramount from day one with all new hires. Ensure that all your employees know that you require them to be honest. New employees will easily forget what you tell them. The best thing to do is create policies and procedure manual that they must sign as a condition of employment.

     

    Before you lose money from your company through embezzlement, you should talk to an employment attorney. This type of attorney knows all your local employment laws and how expertly handle and prosecute cases of embezzlement.

     

    Ensure that your attorney informs you of your employment rights and how to properly deal with any suspected or actual embezzlement in your company. Then if you suspect that an employee is embezzling from your company you call your attorney for their legal advice on how to handle the embezzling staff member.

    You will be in a better position to handle embezzlement cases in your company if you are aware of the necessary steps to take once you catch an embezzler.

    Profile of employee theft

     

    Read the latest articles on our home page.

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    The post How to Catch Someone Embezzling from Your Business appeared first on Best4Businesses.com.


    Reader Question: Does Kabbage Require a Personal Guarantee?

    Recently, my reader, Sylvia Davison from Omaha, Nebraska asked me this question about Kabbage loans: Does Kabbage require a personal guarantee for my business loans? Short Answer: Yes, as compared to many other lenders who also require collateral to secure your loan, Kabbage does not because their loans are unsecured which allows startups and growing […] The post Reader Question: Does Kabbage Require a Personal Guarantee? appeared first on...

    Recently, my reader, Sylvia Davison from Omaha, Nebraska asked me this question about Kabbage loans:

    Does Kabbage require a personal guarantee for my business loans?


    Short Answer:



    Yes, as compared to many other lenders who also require collateral to secure your loan, Kabbage does not because their loans are unsecured which allows startups and growing small businesses to qualify. Kabbage does require that you sign a personal guarantee. This is one of the reasons that I recommend these loans and business lines of credit for your small business working capital needs. Read my review of Kabbage business line of credit loans here.

     

    Another good option for your small business financing is invoice factoring by Fundbox. Read my review 

    Further Explanation about Personal Guarantees on Business Loans:

     

    What is a Personal Guarantee on a Business Loan?

    A personal guarantee is your promise, as executed by signing a legally binding document, to agree to be personally liable for the debts of your business. If you take an unsecured business loan this personal guarantee is not tied to a specific asset, such as is done with secured business loans.

    Be aware this means that your creditors can pursue both your business and personal assets if you fail to repay the loan. Read more FAQ about what happens when you default on a loan.

    This is different than a secured business loan, which uses collateral as security for the loan repayment. Learn more about secured loans and collateral by continuing to read this article.

     

    Should I Sign a Personal Guarantee on a Business Loan?

    • Yes, if you have carefully reviewed your balance sheets, profit and loss and sales to expenses projections and feel confident that your business can repay the loan.
    • No, if you are not part of the management team that can ensure business operations will continue to function profitably with the ability to repay the loan.

    Remember in some cases; lenders will require your spouse to also sign a personal guarantee. So discuss this in advance of applying for your business loan. Another reason I recommend Kabbage, family harmony 🙂 because they do not require you or your spouse to sign a personal guarantee.

    Also, when you sell your business be sure to get all personal guarantees released, otherwise you will be held responsible and liable if the new owners do not repay their business loans.

     

    Small Business Loans without Collateral – Unsecured

    One of the main reasons I recommend Kabbage so highly is that the majority of small business owners across America have a great need for working capital but are unable to secure loans by pledging assets because since are new companies and have not grown yet to a level of financial strength with readily available assets to pledge.

    Most SBA small business administration loans require borrowers to put up personal collateral, sometimes even their primary home! I don’t recommend this for most small business working capital needs.

    Your business should be able to generate enough profit to repay your working capital loans and still have enough for expenses salary and investment in continuing marketing and promotional activities to build your business.

    Kabbage Loans FAQ: Your Loan Questions Answered

    When Personal Guarantees are Required

    Most small business loans, including SBA loans, require all business owners with higher than a 20% ownership share to personally guarantee the repayment of the business loan. You will be required to sign a promise to pay back the loan, in full if your business defaults on its payment schedule and neglects to repay the loan.

     

    Why Personal Guarantees are Utilized



    Banks and other lenders take a more significant risk when they lend money to small businesses than individuals, that the loan will not be repaid because a business fails and defaults on its loan. Business loan defaults are more than double, at 5% for SBA loans than the average personal loan default rate of 2.3%. As such, lenders need to reduce their risk to avoid losing money.

    Your business creditors will pursue you if your company fails to repay their loans. This is different than collateral backed or secured loans. Continue reading to learn the important differences.

     

    Differences Between Personal Guarantee and Collateral

    A personal guarantee is not the same as collateral or security for a loan to “secure it.” It is a signed document where you agree to pay back your business loans if your business defaults.

    An example of collateral would be the assets, either business or personal property, that you pledge to secure or guarantee the lender of their financial compensation of your loan. Collateral is assets with a resale value such as real estate, stocks, jewelry, inventory, equipment and other valuables which are pledged as a backup source of financial re-compensation for the lender.

    Some lenders require both collaterals to secure the loan and a personal guarantee. However, my recommendation for your short-term business financing needs, Kabbage, does not require any collateral and is thus an unsecured business loan.

    Should You Sign a Personal Guarantee for a Business Loan?

    Types of Collateral for Secured Business Loans

    Many small business financing options require collateral such as real estate, stocks, bonds and other valuable assets to secure the loan. This means that you pledge those valuables to be held, not physically but legally, by the lender until the loan is fully repaid at which time your collateral is released from its obligation. Thus collateral is specific assets that you pledge as security for a loan if your business defaults.

    Traditionally physical assets such as real estate and equipment have been used to secure small business loans, now with the advent of online lenders such as Kabbage and Fundbox nonphysical assets such as your accounts receivable, unpaid customer invoices, can be used as collateral assets.

    This is how invoice financing works, you pledge the value of your unpaid customer invoices and receive funds based on your customer’s ability and history of repayment. Because your ability to get approved for this type of funding relies on your customer’s, usually higher, credit scores, it is ideal for new startups that have yet to establish their strong credit scores.

    If you want to consider invoice financing or factoring read my review of Fundbox, my recommendation for using your unpaid invoices and account receivables to finance your small business startup.

     

     

    Liens on Business Assets

    A lien is a banks method of legally being able to take your business access if you do not repay your loan. Many businesses have multiple loans and multiple UCC liens. Know that the first lien has the top priority in seizing your business assets.

    The lien is a legal claim against your business assets and property which includes real estate, equipment, inventory, supplies, cash, and tools.

    Each state has slightly different lien laws. However, most allow creditors to file a lien if a business fails to pay their debts as agreed upon in the signed loan agreement. This lien gives creditors a security interest in that business property until the lien is released by full loan repayment.

    Kabbage Loan Agreement: The Fine Print Explained

    Further Reading:

    Details on Kabbage personal guarantee

     

    FAQ Invoice Financing Factoring: What Is it? How Does it Work?

     

    The post Reader Question: Does Kabbage Require a Personal Guarantee? appeared first on Best4Businesses.com.


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