How to Start a Successful Delivery Business
Lendio
by Grant Olsen
1M ago
This guide will walk you through the key steps to start a delivery business. There are no universal road maps for this process, so it’s important to connect with a trusted mentor who can help you navigate the inevitable challenges and surprises that arise. Contact your local SCORE office if you don’t already have a mentor. 1. Start with a solid business plan. It’s impossible to reach a milestone that has never been identified, so to set your delivery business up for success, you need to chart the road ahead. The best way to get your business plan started is to answer key questions about what y ..read more
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21 Places to Find Freelance Gigs
Lendio
by Derek Miller
1M ago
Freelancers. Contractors. Sole proprietors. Solo-entrepreneurs. Participants in the gig economy. There are several names for what you do, but they all reflect one idea: you work for yourself, find your own clients, and are responsible for your success.  While others may find this idea terrifying, you navigate your career with confidence, always looking for new ways to grow your income—and you’re not alone.  According to a 2023 report by Upwork, 38% of workers in the US have some sort of gig arrangement. The range goes from gig work as a sole source of income (like a solo entrepreneur ..read more
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6 Tips for Creating a Customer Base From Scratch
Lendio
by Grant Olsen
1M ago
Starting a business is an exhilarating endeavor, but building a solid, loyal customer base is a crucial endeavor that can often feel like scaling a mountain—exciting yet daunting.  From the early days of the business to years after a business’s birth, it’s essential to continue growing and retaining a customer base to survive. Navigating the landscape of building and retaining a customer base requires a blend of intuition, strategy, and sometimes, a bit of luck. However, the foundation of this endeavor rests on understanding your audience deeply and engaging with them in ways that resonat ..read more
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29 Minority Small Business Grants
Lendio
by Barry Eitel
1M ago
Starting and growing a small business is no easy feat, especially for minority entrepreneurs who often face additional barriers. Thankfully, a wealth of grant opportunities are designed specifically to support minority-owned businesses. Here are 29 grants that can provide the funding you need to take your business to the next level. 1. Grants.gov Grants.gov is the go-to portal for information on federal grants offered by various agencies. With over 1,000 grants from 26 agencies, this platform provides a comprehensive database tailored to small businesses, including those owned by minorities. T ..read more
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How to Craft a Business Pitch
Lendio
by Katherine O'Malley
1M ago
Ah, the pitch. It’s the proverbial softball throw used to score your business a home run. It’s the conversation that opens the door to a customer believing you can solve their problems and lets you close the deal. Let’s talk about creating the perfect pitch to hit the ball out of the park every single time. Types of business pitches. Pitches come in all flavors and sizes, and your first step is to identify why you are pitching. Are you trying to introduce your business? Plant the seed for a future conversation? Win immediate business? Pitches typically are 1 of 3 types: Cold pitch The elevator ..read more
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How to Start Building a Cash Reserve for Your Small Business
Lendio
by Derek Miller
1M ago
Every business will face an emergency at some point. Building a cash reserve will help your small business to weather the storm.  What is a cash reserve? Cash reserves are funds set aside to cover unexpected expenses or financial emergencies. It serves as a crucial safety net for small businesses. How much money should go into a cash reserve? Step one for building a cash reserve for your business is understanding how much money you need. Look at your finances and determine your average monthly cash outlay. Based on your business’s needs, set a goal to save enough cash to withstand whateve ..read more
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Understanding the SBA Guarantee Fee: A Guide for Small Business Owners
Lendio
by Lendio
2M ago
One key aspect that small business owners encounter when applying for Small Business Administration (SBA) loans is the SBA guarantee fee. This fee is a critical component of the loan process, yet it can cause confusion and questions among entrepreneurs. In this guide, we’ll explain everything you need to know about it, including its implications, to help you make informed financial decisions for your business. What is the SBA guarantee fee? Unlike origination fees that are usually charged on traditional business loans through banks, a guarantee fee is charged to cover the costs if a business d ..read more
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The 3 Cs of Commercial Credit
Lendio
by Lendio Editorial Team
2M ago
The 3 Cs – character, collateral, capacity – summarize the elements that a financier uses to underwrite a loan. This technique of assessing the client comprises both qualitative and quantitative measures. Character Character refers to the borrower’s reputation. The shareholders who are going to guarantee the loan and the management of the business will all come under scrutiny to determine if they are reliable and will repay the funds. The lender will usually look at the credit history of the business owner to gauge honesty and reliability. Considerations may include: Whether or not they pay b ..read more
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8 Leadership Qualities to Develop to Be a Better Leader
Lendio
by Marisa Smith
3M ago
Being a good leader comes naturally to some, while for others, it is a learned skill. But no matter who you are or which category you fit into, there’s always room for improvement. If you want to improve your leadership skills, here are 8 ways you can start. 1. Be accountable Everyone makes mistakes from time to time, from the top all the way down, but it’s how these mistakes are handled that matters. If you as the leader make a mistake but are full of excuses or try to blame it on someone or something else, what does that say to your employees? Remember, you are the leader and  ..read more
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Bookkeeping 101: What are Liabilities?
Lendio
by Derek Miller
3M ago
Balance sheets make up the core of bookkeeping. These financial records track every credit or debit for your business, noting them under assets and liabilities. Assets refer to anything that is useful or has value to the business (like cash on hand or inventory). Conversely, liabilities refer to anything that will cost the business money in the long or short term. Tracking liabilities is important for any business that wants a clear picture of its cash flow and company value. This guide will discuss what liabilities are in greater detail and how you can record them.  What’s the difference ..read more
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