Writing A Book As An Entrepreneur Can Have Positive Impacts On Your Business

Writing A Book As An Entrepreneur Can Have Positive Impacts On Your Business

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.

What To Expect When Flipping Houses

What To Expect When Flipping Houses

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.

Unpredictable Timelines

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

Helpful Teammates

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.

LLC Businesses Can Utilize These Loans To Finance Their Needs

LLC Businesses Can Utilize These Loans To Finance Their Needs

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.

Invoice Factoring

An exquisite solution for those businesses that utilize invoices, this form of financing involves the outreach sale of invoices to a financing agent.

SBA Loans

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. 

10 Steps to Recession-Proof Your Business

10 Steps to Recession-Proof Your Business

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.

Cut Expenses

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.

Stay Positive

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.

Tips to Improve Your Social Media Marketing Strategy

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.

What’s The Difference Between Being an Entrepreneur or a Small Business Owner

What’s The Difference Between Being an Entrepreneur or a Small Business Owner

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.

Entrepreneur

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.

Business Owner

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.

Improve Your Workplace With These 6 Steps

Improve Your Workplace With These 6 Steps

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.

Communicate

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.

Hold Events

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.

Show Gratitude

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.

Allow Customization

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.

What to Consider When Choosing a Cash Advanced or SBA Loan

What to Consider When Choosing a Cash Advanced or SBA Loan

When running a business, you take charge of your financial health, depending on your abilities. Whether you want to pay off existing debts, buy a business item, or purchase stock, all these activities may require cash you may not have. With this in mind, you must weigh cash advance vs. SBA loan options. If you need more enlightenment to settle on either, here are practical factors to consider beforehand.

The Urgency of Funding

How urgently do you need the money? Do you have enough time to wait? Merchant cash advances have instant approval and fast funding. You can access them online with just a click. On the other hand, SBA loans may take weeks before approval and receipt of the money into your business account. Therefore, it’s advisable to choose the best fit based on the available time and loan urgency.

Your Credit Score

Do you meet the lender’s requirements? How strong is your credit score? While borrowing, your credit history plays a vital role in defining the amount and terms of the funding. Lenders approve cash advances based on credit card transactions and past borrowing history, while SBA loans demand you to meet a specific credit score limit. Hence, choose between cash advance vs. SBA, depending on where you fall.

Loan Limits

It would help if you had a range of the amount you want to borrow. The two options, cash advance vs. SBA, have variant limits, with cash advances having lower limits than SBA loans. Therefore, make your choice depending on how massive your loan expectations are. For instance, if you want to fund one of the substantial business projects, go for SBA loans and vice versa.

Underwritten Interest Rates

Many people dive into taking loans without a second thought about the attached interest rates. Therefore, they incur more than they could if only they took a minute to read through the lending terms. Generally, cash advances impose higher interest rates on borrowers desperate for cash than SBA loans.

If you’re considering taking a cash advance or SBA loan, look no further. Contact us now at Dorra Financial Group to give you the loan type and the financial help you want.

Tips to Improve Your Lead Nurturing Campaign

Lead nurturing campaigns provide an effective way to guide your leads through every stage of the buyer journey while encouraging more conversions. However, to do this, you must provide readers with valuable, relevant content and meet their unique needs at every stage. If you have created and run a lead nurturing campaign, you understand they take time to set up and require planning. Remember, there are a lot of other people trying to get your audience’s attention. Use these tips to improve your efforts and achieve success with your lead nurturing campaign.

Create Campaigns for Every Stage of a Client’s Journey

Done properly, lead nurturing takes time, planning, and strategy. It must be well thought out before going live. One of the most important things you can do is to identify your target audience and define them using buyer personas. This is at the heart of any lead nurturing strategy since the interests and needs of prospects vary at each stage. Because of this, you must plan and create content for every stage of the journey.  

Set Goals

Before scheduling and sending content to prospects, be sure you have a goal for your campaigns. The content is the foundation of your lead nurturing strategy.

To determine the success of your plan, you have to set benchmarks about what you want to achieve with each campaign. After that, you can adjust your content, methods, and schedule as needed.

As you start developing a content map for the emails in your campaign, make sure you wait to send out the first email until you have a minimum of three ready to go behind it. Timing is critical, so make sure you get it right by having several pieces of content ready to go.

Have a Single Call-to-Action

All of your lead nurturing emails or touchpoints need a single call to action. This is going to help prevent confusion in your email. Also, if each email focuses on one subject, then your leads are much more likely to take the desired action. Figure out the main action you want people to take and make it the focal point of the CTA.

Lead nurturing can be tricky, but you can get it right with the right road map and foundation. Be sure to keep the information above in mind, as it will help you develop a strategy that works for your business and your potential clients. 

A Guide on How to Attain a Bank Loan for Your Small Business

A Guide on How to Attain a Bank Loan for Your Small Business

Small businesses need funds to sustain their operations and maintain proper cash flow. For startups or struggling businesses, taking a loan is an effective option. The availability of bank business loans makes it possible for small businesses to care for their needs. Here is how to obtain a bank business loan in simple steps.

Know the Loan’s Purpose

Unlike other types of loans, you need to explain the business loan’s purpose before approaching the bank or alternative lender. Expect the lender to ask about the loan’s purpose before approving your request. How you will use the bank business loan determines your approval chances.

Prepare Collateral

You need collateral to facilitate your bank business loan application. Contact the bank or the lender for small businesses to know what you can use as collateral before submitting your application. Some alternative lenders won’t need collateral as long as you strike a realistic agreement during your loan application.

Check Your Credit Score

Your credit history influences your business loan approval. Check personal and business credit scores and history before approaching the lender. Ensure you make positive alterations to your score by working with a financial advisor to increase success chances, especially as a small business.

Have a Business Plan

Besides helping you understand the loan’s purpose, a business plan helps the lender know your venture. With a business plan, you raise the lender’s confidence in your venture and its objective, making it easy to approve your bank business loan. Seek expert help to write a realistic business plan before approaching the lender for a loan.

Organize Your Financial Records

Organizing your financial records before applying for a bank business loan is vital, even for startups. The lender can assess your legibility with proper financial statements, making it easy to get approval. Your balance sheets, cash flow, and income statements should all be in good order before submitting your loan application.

Check Insurance Information

Every lender wants to work with a business that can mitigate risks in its operations and during service delivery. Some banks and alternative lenders will ask about insurance coverage for your venture’s assets and human resources before checking your application. It is crucial to provide a fine print of the insurance for your business before applying for a loan.

Securing a bank business loan is one way to maintain proper functionality in your venture. For small business owners, learning ways to obtain a loan is beneficial. Contact our experts at Dorra Financial Group today for professional guidance and effortlessly secure the business loan.