by dorraadmin | Mar 21, 2023 | Blog
Opening a franchise is an exciting step for established and new entrepreneurs alike. To help you decide if a franchising opportunity is right for you, this blog goes over some things you can expect.
Not All Franchises Are Equal
Opening a franchise is a big decision, so before diving into franchising, it will behoove you to research until you find a great fit. As you investigate different options, consider these questions:
- Do current franchisees speak positively of their experience with the franchise?
- Are there already competitors established in the area?
- How burdensome are the franchise’s fees?
- Is the parent company profitable?
Since franchise opportunities are available across hundreds of industries, there’s likely a good fit for you. Don’t rush the process of finding one.
Be Ready for Screening
Just as you’ll evaluate different franchisors, they’ll evaluate you, too. You’ll need to go through a franchising application process, during which the franchisor may delve into your motivations, finances, and background.
You’ll Have Ready-Made Branding
Branding is often challenging for businesses, but successful franchises have already figured that out. Through franchising, you can adopt branding practices that have already proven themselves.
You’ll Have Ready-Made Procedures
Another perk of franchising is that the parent company will likely already have procedures you can follow. While you may not be able to flex your creativity as much, you also won’t have to go through a trial-and-error process to figure out what works.
You’ll Have Financing Options
Franchisors often give their franchisees a leg up by providing funding. But if that isn’t available or isn’t enough to cover your franchising needs, you can also approach sources like alternative lenders for additional funds. Some financial products are specifically meant for franchisees, while others are all-purpose funding sources, like lines of credit, that are useful for any business type.
Do you need financing to write the next chapter in your business’s story? Dorra Financial Group would love to hear from you.
by dorraadmin | Mar 14, 2023 | Blog
It can be said that small business is the lifeblood of the American economy with more than 33 million small businesses currently operating, according to the Small Business Administration. The lifeblood of those businesses is certainly small business financing—the capital needed to operate, thrive, and grow. As reported by Bankrate, 43 percent of small businesses applied for a loan last year. Since a business can’t “nickel and dime its way to success,” the question often arises regarding a large loan such as, “how can I qualify for $500K financing?”
How Can I Qualify for $500K Financing?
Getting a loan isn’t necessarily easy, especially a large loan. It takes careful forethought, effort, and choosing the right financing source to qualify for $500K. Consider these tips:
First, carefully define what you need the funding for and how much you will need.
Second, gather documentation that will be required by most lenders including business financial statements, personal and business tax returns, and bank statements.
Third, find and compare lenders. Understand their lending limits, lending requirements, and financing terms.
Fourth, once you know a lender’s terms, find out if you are eligible for a loan.
Fifth, apply for a loan following the lender’s instructions and then remain actively engaged and responsive during the application process.
Sixth, once lending approval is secured, carefully review the loan documents to ensure that the loan amount, interest rate, and repayment terms are exactly as you understood them. Then sign and return the contract. The process to qualify for $500K financing takes effort.
Sources of a Large Loan for a Small Business
Sources to qualify for $500K financing include banks, credit unions, and alternative finance companies. Other financing means include purchase order financing, borrowing against receivables, unsecured lines of credit, merchant cash advances, and inventory financing.
Seek Expert Financing Assistance
Contact Dorra Financial Group, your trusted commercial lending partner in Atlanta, GA. We offer a wide array of business loans to meet the needs of new and established businesses.
by dorraadmin | Mar 10, 2023 | Blog- Marketing
Your online advertising is indeed better when you work with an experienced marketing company, but that doesn’t mean you shouldn’t have any say in it. The more you understand digital marketing and your goals for your online content, the better the finished results will be for your customers. It’s like hiring a catering business for a large corporate event; they prepare the food, but you choose the menu.
What Types of Marketing Are Included in Digital Advertising?
Digital marketing refers to all online advertising. It includes many different types of marketing for your business. Some of these methods are proactive, gathering leads you can follow up on. Email marketing, pay-per-click advertising and social media marketing are like that. Search engine optimization (SEO) helps your web content appear when people are looking for solutions online.
Others are passive, attracting potential clients to your website. Content marketing uses interesting content to get views online and position your business as a good source of information. You might say that people come for the blog articles and stay for your products. Website development is also essential for capturing the interest of visitors.
Why Is Investing Is Digital Marketing Important?
Imagine having a fully stocked store but no lettering outside your business, no sign or business name outside. How would people know about the amazing products you offer? Something similar happens when you want to attract customers online. Even if you have the best website, without digital advertising, no one will find it.
Online marketing is essential for e-commerce. It’s the way you make your business stand out from all the other businesses online. It shows why your brand is unique, what products you offer and how you can help your customers. Smart digital advertising makes an excellent first impression.
How Important Is Digital Advertising for Retail Businesses?
These days, you need online marketing for local customers as well. Whether people are shopping for shoes or groceries, they often go online to narrow down options before visiting the store. The better your digital marketing, the more customers you have and the better your reputation. Your company can get great reviews online and offline, which sends even more business your way.
What Type of Digital Advertising Is Best for Your Business?
You don’t need to choose just one method. Often, effective digital advertising is about using several avenues to reach the largest number of customers possible. Online marketing agencies should put together a customized package for your specific business.
by dorraadmin | Mar 7, 2023 | Blog
You love the excitement and creativity of being a business entrepreneur. As you continue creating, some of these ideas may evolve into a business idea. All successful businesses have the same origin: They start as an idea.
The Need For Businesses To Be Visible
As your idea becomes a reality and a new business is created, its success must be visible to new customers. There are many ways to promote a new business. These include word of mouth, Linkedin and other social media sites, an email campaign, and hiring a professional business promoter. Another good idea is to write a book about the path you took.
Why Not Write a Book?
Writing a short book, whether it’s an e-book or a paper copy, can have a positive effect on your business’s presence in the world. First and foremost, it helps in establishing you as an authority in your space. Here are a few other ways that it can be beneficial:
- Think of a book as a marketing tool, many others do just that.
- The book will be available for purchase, generating additional business income.
- If it is an e-book, the search engines with pick it up, adding a powerful boost to your business’s key words visibility online.
Turn to Dorra Financial Group
As your fledgling business becomes more visible to new potential customers, you may wish to expand into new product lines or market niches. This is great for your business. At that time you may need funding to ‘get over the hump.”
Contact Dorra Financial Group today. We have a full spectrum of financial solutions to help businesses achieve their new goals as they grow.
by dorraadmin | Feb 28, 2023 | Blog
If you’re new to flipping houses, it’s natural to wonder what’s in store. Below, you’ll find a rundown of several things you should expect.
Homes with Issues
Sometimes, flipping houses means you’ll run into homes with significant issues. Even one that looks like a dream deal from the outside may have plumbing, electrical, or structural issues on the inside. Therefore, it will behoove you to put some effort into securing a thorough inspection from a reliable professional before you buy a property. Also, set aside funds for potential extra costs during the renovation phase. That will keep you covered in case an issue that was impossible to spot before the purchase comes up.
Some things will be outside of your control when you’re flipping houses. One of those is how long your for-sale homes sit on the market. Keep that in mind while you’re evaluating properties to purchase: You’ll want to have room in your budget to cover costs like mortgage payments and utility bills until the house sells.
The Importance of Research
Flipping houses successfully relies on research. Among other pieces of information, you should know:
- How much a home is likely to sell for, given its size, condition, and location
- Which renovations will add the most value and which aren’t worth the effort
- What events, like a school opening or a business leaving, may affect the value of the home
Flipping houses is not a solo venture. For instance, along with a good inspector, you’ll also want to find a reliable realtor, a title and settlement company, and a real estate agent. Wholesalers (who scout houses) and contractors (for renovations) are invaluable as well. Also helpful are house stagers and people who can expedite permitting processes. Forbes has assembled a comprehensive rundown of what makes for a good house-flipping team, so check it out.
Looking to start or expand a business? Dorra Financial has funding solutions that can help. Get more info by reaching out today.