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.
by dorraadmin | Feb 21, 2023 | Blog
Businesses in the United States are not limited only to one type of entity. There are several business structures to choose from, including a sole proprietorship, a C corporation, an S corporation, and a limited liability corporation (LLC).
Limited Liability Corporation: A Primer
More and more, LLCs are becoming popular when people erect a business entity. They have several benefits that many business owners find attractive:
- Your personal property is protected.
- They require minimal paperwork to start.
- They carry certain tax advantages.
- They offer a fair degree of flexibility to the owner.
The Need for Financing
Of course, just like any business, there are many situations when an infusion of working capital is needed, whether for growth into new niches, property acquisition, purchase of new equipment, or even debt reduction. Here are a few common forms of financing for LLCs:
Business Line of Credit
In this form of financing, a set amount is set aside by the lender and the LLC can use as little or as much of it as is needed.
An exquisite solution for those businesses that utilize invoices, this form of financing involves the outreach sale of invoices to a financing agent.
Loans guaranteed by the federal government can be taken out under the guidelines of the Small Business Association.
Non-SBA Term Loans
Often the first idea to be considered, loans are offed by banks, credit unions, and financial agencies.
Of course, there are many other forms of business financing, some of which may be particular to your LLC business model.
Seek Expert Assistance
Dorra Financial Group knows LLCs and can provide needed capital when they need it. They welcome your call. Get the financing you need today.
by dorraadmin | Feb 14, 2023 | Blog
The definition of a recession is “a substantial decrease in an economic activity affecting all aspects of the economy for more than a few months.” Research shows that approximately 81% of small business owners are expecting a recession as interest rates continue to rise to counteract inflation. Many small businesses will not survive this period.
The best way to ensure your business survives is to prepare ahead of time instead of waiting until it hits. In this blog, we’ll outline 10 things you can do to recession-proof your business.
Chances are that you’re spending more than you need to on business expenses such as payroll, marketing, rent, and utilities. Take some time to look at these expenses and make cuts where you can. Consider relocating to a more affordable space in another part of town or negotiate with your suppliers for discounts on inventory.
Don’t Neglect Marketing
When business owners often think about how to recession-proof businesses, they cut their marketing budget. However, you should continue to market your business even in a recession to promote awareness of your brand and build relationships. Even though people may not buy right away, they will likely keep you in mind in the future.
Evaluate Your Pricing Model
During a recession, your customers will be looking for ways to save money. Take some time to review your products/services to find ways that you can cut costs and then pass your savings to your customers. One way you can do this is by offering a subscription that gives customers more value and encourages retention. You may also want to consider offering perks such as free gift-wrapping or shipping.
Continue to Pay Your Bills & Collect Payments On Time
During a recession, it’s easy to be slow with vendor payments because you want to preserve cash flow. However, this gives you an inaccurate idea of how well you’re doing. The payments you owe will eventually need to be paid.
Additionally, make sure that you have a solid collections plan. Your contracts should be well-written, invoices sent promptly, and fees added for late payments. Standard payment terms are 30 to 60 days.
Cut off Problem Customers
Take some time to review your customer base. If you have customers that often complain, ask for extra, underpay, or make late payments, cut them off. However, review your contract terms so that you can safely end the contract without repercussions.
Build an Emergency Fund
Chances are you’ve heard about the importance of a personal emergency fund. A business emergency fund is just as important to recession-proof business. The size of your fund will depend on factors such as your expenses, risk tolerance, and the industry you’re in.
Assess Current and Proposed Projects
Your business likely has a list of projects and initiatives that need to be completed. Take some time to assess that list and determine if there are any that can be delayed or cut entirely. You don’t want to invest resources in a project that is not going to yield results for your business.
Consider Financing Options
During a recession, cash flow is a problem. One way to combat this problem and recession-proof business is with financing. Take some time to consider your options such as term loans, credit lines, merchant cash advances, equipment loans, and more to determine which would meet your needs.
Search for Opportunities
A recession allows you to search for and consider opportunities you may not have before. If your competitors are scaling back on their marketing efforts, it might be a good time to ramp up yours. If your business engages in repetitive manual tasks, consider automating them. You may also want to consider moving into new markets and/or finding new vendors.
Finally, one of the best ways to recession-proof business is by staying positive. Things will eventually get better. Keep in mind that your business is not the only one that is struggling. By implementing these tips, you can increase your chance of survival.
You Can Still Succeed Even in a Recession
Running a small business can be challenging- especially in the face of a recession. Still, there are things you can do to recession-proof your business and increase your chances of survival. If you need help with funding options, contact Dorra Financial Group today.
by dorraadmin | Feb 10, 2023 | Blog- Marketing
Social media marketing is now considered the norm, with more than four billion users. You can use social media to generate quality traffic, improve engagement, and drive sales no matter what niche your business operates in.
However, just being present on social media isn’t enough. You have to create a social media marketing strategy to help you get results.
Define Your Goals
What’s the point of marketing if you don’t have a target? You have to know why you are taking certain steps. Your goal is the driving force of your entire social media marketing strategy. Make sure you are specific, set realistic goals, and that they are measurable.
Know Your Target Audience
Once you have a goal, consider your audience. After all, if you don’t have the support of your audience, your entire strategy will be pointless.
Creating a social media strategy based on your audience is a must. Your target audience can help you figure everything out, including what social media platforms to be on and what type of content to create. Remember, your goal is to create messages that resonate with this audience. You have to know what they care about the most to do this.
Take time to define your audiences’ questions, problems, and concerns. Usually, one of the biggest challenges for businesses is connecting with the right audience. To find your target audience, you must determine your target demographic and what social platforms they are on.
Choose the Right Social Media Platforms
You don’t have to be present on all social media platforms. However, you want to impact the few you choose to be on. This is one of the best tips to follow when it comes to social media marketing.
It isn’t the quantity that makes a difference, and it’s the quality that counts. If you publish subpar content, it will make things harder in the long run. Take time to research and plan what you will show on social media and make sure it aligns with your goals while appealing to your target audience. Try to focus on the platforms that are preferred by your demographic.
Creating a social media marketing strategy is something that takes time and effort. While this is true, you can create a strategy that will help you achieve the desired results and meet your goals with the tips here. Just remember, you have to keep working to ensure your presence remains visible.
by dorraadmin | Feb 7, 2023 | Blog
When people often talk about starting their own business, they use the terms “entrepreneur” and “small business owner” interchangeably. However, a report from the Quarterly Journal of Economics indicates a difference between the two.
According to this study, the primary difference between an entrepreneur and a small business owner is the business’s legal structure.
In this blog, we will explore the difference between being an entrepreneur and a small business owner.
Entrepreneur vs. Small Business Owner
To understand the difference between these two, it’s essential to define each of them first.
The definition of an entrepreneur is: “an individual that organizes/operates a business, taking on a financial risk to do so”
Entrepreneurs can focus on independence and innovation. Many times, an entrepreneur can be found starting a new business based on ideas slightly outside of the norm.
Therefore, most of the time, an entrepreneur is just starting, which means they do not have access to resources like an established company. They often rely on business loans and other funding, which makes them apt to take significant risks.
The definition of a business owner is: “an individual/entity that owns a business to profit from the success of the said business.”
Typically, a business owner is more established in the industry and understands what they need to do to succeed. While business owner may start their own business, they are just as likely to take on a leadership role at an established company.
Their experience and expertise make them less apt to take risks. Most business owners prefer to stick with what works instead of stepping outside the box for a potential increase in revenue.
Are You an Entrepreneur or Small Business Owner?
The way you describe yourself impacts your success more than you might think. The term “self-employed” is not accurate for all business owners.
The terms “entrepreneur” and “small business owner” are not just two different titles- they have varying mindsets and behaviors. Your personality and the legal structure of your business will determine the status of you and your business.
Whether you are an entrepreneur or a small business owner, Dorra Financial Group can help you get the funding you need.
by dorraadmin | Jan 24, 2023 | Blog- Financial
From boosting productivity to increasing retention, the benefits of a good work environment are numerous. If you’re looking to improve your work environment, the following steps will help you do so.
Invest in Lighting
Lighting affects people’s moods and performance more than you might think. To improve a work environment, then, a good place to start is with an assessment of its lighting. Natural lighting is optimal. Otherwise, bulbs with cold tones are good for productivity areas, while warm tones can make break rooms more inviting. Avoid dim lighting or harsh fluorescent lights.
Boosting the quality of communication is one of the simplest ways to improve a work environment. Some good guidelines for proper communication include focusing on clarity, using repetition, and praising employees in public but saving criticism for private interactions.
Create the Right Mix of Employees
When you’re hiring, focus on finding employees that fit your business’s culture as much as finding people with the right skills. It only takes one bad hire to make a company’s work environment unpleasant. This also means you shouldn’t hesitate to cut the cord on an employee who is dragging others’ attitudes down.
Companies seeking to improve their work environment should also consider holding events. Especially if they’re held at an inclusive time and place — and at no cost to employees — events can be a great morale booster.
Gratitude is a positive force in any company, so another way to improve a work environment is by showing employees that you are grateful for their work. Ways to do this include financial bonuses for high performance and direct compliments.
Employees often have ideas on how to improve a work environment, especially through customizing their individual work areas. Giving them autonomy on decisions like furniture choices will them improve your company’s work areas for you.
Many financing options are available to help your business get to the next level. To learn about them, contact Dorra Financial Group today.