Small Business Tips

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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
Immigration Laws Proving Difficult for Business Owners

It’s not news that the U.S. is cracking down on illegal immigrants, though there is constant debate on how that should actually be done. It’s a focal issue among presidential candidates, and many people have a set opinion as to how this matter should be dealt with.

And it leaves very few people unaffected, especially business owners. In fact, the newest regulations have caused some new confusion. First, in August the Department of Homeland Security (DHS) announced the implementation of a new “no-match” letter program, which would be a formal letter informing an employer that the social security number provided for an employee does not match that employee’s name. In October, the Northern District Court of California put this new program on hold, but in November the court suspended the injunction, giving DHS until March of 2008 to rework the program.

Continue Reading: “Immigration Laws Proving Difficult for Business Owners”

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By Michelle Cramer
Wednesday, August 15th, 2018 @ 12:03 AM CDT

Business Law |

How to Improve Your Credit Score

We all know the importance of a good credit score. We know that, the higher our number on that scale from 340-800, the better chances we have of obtaining loans, buying a home or new car, or getting our business off and running.

While lenders may consider anyone for a loan/mortgage, individuals with credit scores of 700 or better are typically offered better interest rates and financing options. If your credit score is low, there are ways to improve it, but doing so first requires that you better understand how your credit score is calculated.

Your credit score is more or less calculated by the data of your credit history being punched into a program and that program coming up with a number. This is why your credit score may vary a bit between each of the three credit bureaus, since they don’t all use the same calculation program. While exact values are undetermined, the calculation of your credit score is broken down into these approximate values:

Continue Reading: “How to Improve Your Credit Score”

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By Michelle Cramer
Tuesday, August 14th, 2018 @ 12:05 AM CDT

Money |

Obtaining a Business Loan – How to Write a Business Plan : Part 8 of 8

Okay, so your Business Plan has been edited, revised, perfected and now you’ve got your final packet ready to go. You’re ready to march into the world and present your business to lenders in hopes of obtaining funds to get your business moving.

But not so fast.

Before you walk through the doors of any bank, you need to know what else they will be looking for outside of your Business Plan in order to approve a loan.

Credit History
What potential lenders will look at most are credit records for both the individual owners of the business (the credit report associated with your social security number) and the business itself (the credit report associated with the business’ EIN or tax identification number). So, before you take your fund request to a bank, request a copy of your credit report from all three agencies: Equifax, Experian and TransUnion. Examine each report for errors and resolve all discrepancies before applying for a business loan.

Continue Reading: “Obtaining a Business Loan – How to Write a Business Plan : Part 8 of 8”

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Funding Request & Financial Information – How to Write a Business Plan : Part 5 of 8
Executive Summary, Table of Contents and Appendix – How to Write a Business Plan : Part 6 of 8
Funding Options for Small Business
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Common Mistakes – How to Write a Business Plan : Part 7 of 8

By Michelle Cramer
Monday, August 13th, 2018 @ 12:02 AM CDT

Money, Operations |