by dorraadmin | Jan 10, 2023 | Blog- Financial
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.
by dorraadmin | Jan 3, 2023 | Blog- Financial
In real estate investment, choosing the right property is crucial. The availability of multi-family properties should make it easy for any investor to meet their expectations. The success chances are higher by utilizing the right financing option. With multifamily mortgages as an option, achieving your long-term objectives is possible. Here is everything to know about multi-family property financing.
How Multifamily Mortgages Work
In commercial real estate, you can invest in multifamily housing, apartment buildings, and other construction projects. To achieve your investment objectives, you need financing tools that help address your immediate and long-term needs. This is where multi-family property financing becomes crucial. You get financial assistance from a lender to fund the multifamily project to completion.
Reasons to Consider Multifamily Mortgages
Easy Accessibility
Unlike other financing options, you easily get funded for any multifamily project with a mortgage. The lender considers the projected profits from the property to fund the project. As long as the project has a good return on investment, multi-family property financing remains the best option.
Flexibility
You can fund short and long-term projects using multifamily mortgages effectively. In most cases, lenders have restrictions on the projects they can fund. The case is different with multifamily mortgages, as you get the funds for short- and long-term projects.
Complements Other Financing Options
Commercial construction loans, bridge loans, and equity-backed capital are among the financing options you can consider for a multifamily project. Using multi-family property financing is beneficial as you get to complement other funding options and achieve your objectives easily.
Lower Interest Rates
In most cases, an investment with less equity, less experience, or higher risk will attract higher interest from the lender. With multi-family property financing, you enjoy lower interest rates for any property or project you want to fund. The lender assesses the property value before approving and applying flexible interest.
Deal Specific Terms
Repayment terms for commercial real estate loans are usually strict and hectic for property owners. With multifamily mortgages, the case differs as property owners get deal-specific terms. The lender and the borrower reach an agreement that allows for proper project funding for completion and facilitates ownership after repayment.
The availability of multi-family property financing should help meet your investment objectives. This also calls for proper learning platforms as an investor. At Dorra Financial Group, we commit to guiding you. Reach out to us today.
by dorraadmin | Dec 27, 2022 | Blog- Financial
While every business founder’s journey is unique, entrepreneurs often have skills in common that lend themselves to success. In this article, you’ll learn about some of the most important things to add to your entrepreneur skillset.
Networking
Given how important connections are for finding recommendations, funding, and advice, it’s hard to launch a business alone. If networking isn’t already in your entrepreneur skillset, put some effort into picking it up. The good news here is that there are several tried-and-true ways to find success networking.
Management Ability
When people think about an ideal entrepreneur skillset, management may not immediately come to mind, but as a business grows, this skill will become more and more important. As your venture expands, be ready to either manage employees or hire effective managers to do the job for you.
Ability to Persevere
Virtually every business will eventually suffer a setback. That’s why your entrepreneur skillset should also include the ability to persevere through challenges.
Ability to Research
Research ability is a key part of a complete entrepreneur skillset because industry knowledge can guide decisions and help you find advantages. Additionally, research is critical when it comes to areas like regulation compliance and determining ways to differentiate your business from competitors.
Risk Tolerance
In business, taking risks is sometimes the only way to gain an edge or pursue an opportunity. Risk tolerance is therefore a prominent part of successful entrepreneurship. You don’t need to blindly take risks, though: Carefully considering your risks through research and seeking advice can help you find success.
Versatility
While not a skill per se, versatility is important because it will let you shift between different parts of your entrepreneur skillset. To build versatility, consider picking up abilities in areas you haven’t previously studied. For instance, it never hurts for a product-development expert to brush up on the basics of how to market a product.
If you’re ready to make your business dreams a reality, the right funding partner can help. To explore what such a partner can do for you, contact Dorra Financial Group today.
by dorraadmin | Dec 20, 2022 | Blog- Financial
To finance short-term expenses, there are few better tools than business lines of credit. This article looks at how they work and what makes them so useful.
How Business Lines of Credit Work
When a business sets up a line of credit, the business receives access to a certain amount of money. The business is only on the hook for repaying what it withdraws to make purchases, in addition to interest on the withdrawn amount. For instance, a business that uses $3,500 of a $7,000 line of credit to finance short-term purchases will need to repay a principal amount of $3,500. As the business pays the money back, the amount of available funds will regenerate accordingly. The payments will be due on a set schedule, often monthly. After the business has paid back $3,500 (plus applicable interest), it will have access to the full $7,000 again.
Why Business Lines of Credit Are Advantageous
Business lines of credit shine in many situation, especially when the goal is to finance short-term expenses. One reason is speed: Rather than wading through a lengthy loan application before making a purchase, the business can immediately withdraw funds from its line of credit. Another reason is that business lines of credit usually have lower interest rates than credit cards.
How to Get a Business Line of Credit
Before you can use a line of credit to finance short-term business costs, you’ll need to gain one through an application process. One option is to do so through a traditional bank, but an alternative lender may offer a faster application process.
Lines of credit can come in secured and unsecured variants. Businesses with strong credit histories are more likely to be able to access an unsecured agreement, but either option can help a business with its short-term finance goals.
Interested in learning how to meet your business’s financing needs? You can do that by contacting Dorra Financial Group.
by dorraadmin | Dec 13, 2022 | Blog- Financial
As an entrepreneur, the odds are you’ve experienced financial feast and famine at the different business growth phases. At times, you’ll need a little money infusion when you have empty business accounts to keep moving forward. However, discovering where you’ll settle your financial problems is sometimes challenging. Below is a list of people and institutions you can approach to get money fast.
Close Relatives and Friends
Sometimes, you can reach out to your close friends and relatives to get money quickly. Luckily, a sibling, for example, can lend some cash with no interest. So if this poses an option to take, make no haste. They’re the best if relatives can fund your projects when you request them to.
Banking Institutions
Banks are traditional financial institutions known for offering different types of loans. The list ranges from lines of credit, personal loans, payday, home equity, debt consolidation, and mortgage loans. However, the common denominator is; each loan may pose as secured or unsecured. And since secured loans have fast approval, go for them when you need to get money fast during emergencies.
Online Lending Apps
Often, you’ll need to go to a traditional lender if you need a huge loan. However, online lending apps may be the best option if you need a modest loan amount. Due to technological advancement and competitive rates, online lending has become faster, more convenient, and more efficient. Hence, you can get money fast, an hour after contacting the lender for financing.
Private Money Lenders
Recently, private moneylenders have been rising to cater to entrepreneurs’ financial needs. Money lenders offer safe and secure loans when you need to get money instantly. They charge considerable interest rates on both secured and unsecured loans. Further, if you already have a strong relationship from past borrowing, you stand a better chance of getting instant cash in an emergency.
From the above list, you can reach out for financial support to attain your goals from the most favorable financial lender. Always remember, each choice has its benefits and a few drawbacks. Therefore, if you’re looking forward to taking an instant loan, Dorra Financial Group is your best match. Don’t hesitate to call our esteemed team today!
by dorraadmin | Dec 9, 2022 | Blog- Marketing
For some running a business may seem like a straightforward process. For others, it may seem challenging, especially if they are having issues with their marketing strategies. While it might not always feel easy, the upside is that there are things you can do to help strengthen your marketing strategies.
Get Engaged With Social Media
One way to help ensure that you always have engaged customers is to stay active on social media. Increasingly, businesses are finding that it is easier to reach customers on social media. Not only is it often easier to reach customers, but it is also easier to engage with them in a meaningful way. By responding to your audience’s comments and asking them questions, you can get to know your audience better, and also generate a connection with them. The more that your audience can connect with you, the more likely it is that they will become engaged customers.
Have the Best Customer Service
Another simple and straightforward way to help make sure that you have engaged customers is to always offer the best customer service possible. Quality customer service is essential for multiple reasons, but one of them is that it is now easier than ever for customers to share their opinions about your business online. If they have good things to say, then this can be highly beneficial. However, if they don’t have positive things to say, then this can have a negative impact on your company.
The good news is that while it is essential for you to have good customer service, it doesn’t have to be difficult. A good way to ensure that you are taking proper care of your customers is by addressing all of their concerns in a quick manner. The faster that you can address your customer’s issues, the more valued they will feel, and the more that they will be inclined to stay loyal to your business.
Something else that makes a difference is making sure that you are always friendly when you are handling customer complaints. By keeping a calm and kind demeanor, you can make sure that you are showing your customers the kind of respect that will keep them coming back.
Some Last Considerations
Running a business can be difficult, but that doesn’t mean that you need to struggle when it comes to having more engaged customers. By doing things like connecting with them on social media and offering great customer service, you can help improve your marketing strategies in a meaningful way.
by dorraadmin | Dec 6, 2022 | Blog- Financial
Franchising is an excellent option for entrepreneurs looking to start a new business. Franchisees gain from a proven product or service, lower overhead, and a built-out supply chain and support system. When choosing a franchise, here are valuable tips to get the most fulfilling and profitable one.
Assess Your Skills and Interests
With franchises available in almost any industry, from fast food restaurants to retail, tutoring, and health and wellness, pick an interesting field that helps attain your professional goals and utilizes your skills and experience. For instance, if you are a music teacher passionate about kids, a franchise providing music classes for toddlers can be a great choice.
Additionally, consider your preferred work environment and working hours. Would you like standard working hours or weekends, working from home, office, or store, working alone or with a big team? Also, take into account travel requirements.
Identify Your Budget
Like any business opportunity, franchising requires an initial investment. The amount depends on several factors, including industry type and business model, and ranges from tens of thousands to millions of dollars.
For example, you can expect the upfront fees for a food franchise to be significantly higher than a home-based franchise. The former requires more equipment and inventory than the latter. Ensure you have enough capital for business expenses and personal living expenses.
Evaluate Franchise Opportunities
It is best practice to look for an established franchise approved by a reputable industry body. Do not settle for the first franchise you come across; compare several options. In each franchising option, assess its investment potential, support system, business approach, professionalism, and online reviews.
Talking to current franchisees is a good way to learn about a potential franchisee. They can shed light on the franchisor’s working relationship, values, ethics, and support system. In addition, franchisees offer valuable insights into the franchise’s pros, cons, and costs.
Choosing a franchise is a big decision with long-term financial and non-financial implications. Settle for franchising that aligns with your goals, passions, and budget and a reputable franchisor who will partner with you for mutual benefit. Once you select a suitable franchise, contact Dorra Financial Group for help financing it.
by dorraadmin | Nov 29, 2022 | Blog
Many owners of small businesses believe that they are less vulnerable to attack than larger corporations. However, criminals often go after smaller companies because they are not as well protected. Here are some strategies that can help you prevent this by increasing your business security.
Case Your Building
Before you start work and after you finish, check your building. This will allow you not only to find possible business security hazards, but also detect maintenance and repair issues. Let your employees know that they should also be constantly on the alert for anything suspicious.
Reinforce Entry Points
To prevent break-ins, invest in commercial-grade locks and reinforced doors. Keep doors and windows locked whenever the affected areas are not in use.
Restrict Ingress
To protect equipment and data, regulate who has access to these valuable items. Give keys to sensitive areas only to those who absolutely need them, and have employees return the keys when they exit the building. If these keys are lost, change the locks.
Safely Dispose of Documents
To prevent the possibility of sensitive information leaving your company, always shred your documents before you recycle the paper. Otherwise, anyone could go through dumpsters and access your communications, invoices, and client information.
Prevent Cyber Attacks
Small business security should prioritize the prevention of cyber attacks. Precautions include antivirus software, firewall protection, intricate passwords, and strong data encryption. Limit the amount of personnel who can enter your network, and block access to former employees. Regularly back up important data, and lock company computer equipment in a secure area at night.
Prepare Protocols for Response
Have a response plan ready in case your business security is compromised. Your employees should know what to do in the event of a cyber breach or break-in.
For more advice on methods of business security, you can implement to protect your company, get in touch with Dorra Financial Group.
by dorraadmin | Nov 15, 2022 | Blog- Financial
When you’re launching a business, it’s never too soon to look for opportunities to save money. Entrepreneurs can improve their bottom line by adhering to the following money-saving tips.
Keep Utility Bills Down
Utility bills are an expense virtually every business faces. Luckily, there are many ways to reduce utility costs, including embracing LED bulbs and training your employees to shut down equipment and turn off lights when they’re not needed. An energy audit may reveal even more ways to save.
Use Free or Cheap Software
Before you buy software, do some brief research to determine if a free or lower-cost version will do the job. If the software is involved in a core business competency, then you may need to splurge to the top-of-the-line option, but otherwise, there’s likely a cheaper solution that will suffice.
Focus on Retention
While many money-saving tips prioritize getting rid of unnecessary expenditures, this one focuses on keeping an invaluable resource: your best employees. From the start, continually identify the employees who help your business thrive and do what you can to keep them happy and on board. Turnover is quite expensive, after all.
Look into Contracting
If your business has an occasional or one-time need for certain skillsets, contractors may be the way to go. For instance, if your fledgling company needs a marketing expert to launch its initial advertising push, hiring a skilled marketing contractor may deliver good results while limiting long-term expenses.
Prioritize Remote Work
No list of money-saving tips for startups would be complete without a mention of remote work, especially given soaring real estate prices. Letting as many employees as possible work remotely may allow you to lease a smaller, cheaper business space — or forgo one entirely.
Dorra Financial Group Is Eager to Talk
Even the most frugal entrepreneur can gain a lot by finding the right financial partner. To see if Dorra Financial Group’s services are a good fit for your business, drop us a line.
by dorraadmin | Nov 11, 2022 | Blog- Marketing
Content marketing is one of the smartest investments you can make in your business. While this is true, far too many businesses aren’t doing it right. The content becomes too salesy, or the creator ignores SEO best practices completely. Get to know the most common mistakes you should avoid with content marketing to ensure your efforts are successful.
Not Relying on Data to Create Your Content Marketing Strategy
Some companies create their editorial calendar by “brainstorming” a blog topic idea that they believe would be a good fit. This is the “see what sticks” method. People write down all the different topics they can think of and then add each one to the editorial calendar for the coming year. At this point, they begin publishing content. While some ideas may be great, others are going to flop. Because of this, it’s not a good strategy.
Instead, rely on data from knowing your audience and analyzing your competition. This information will help you create effective, quality blog posts.
Failing to Define Your Reader
Every blow you create should begin with a clear definition of who your target market is. When you answer these questions, you can better understand how to position the article. For example, if your article targets a C-suite executive, it won’t need as many in-depth details as one that’s written for a technical specialist.
Once you know who will benefit the most from the chosen topic and what you want to include in the article, make sure you circle back to ensure the reader provides value to your business.
Failing to Determine the Goal of Every Content Marketing Topic
Unless you sell packs of gum or any other item with a smaller price tag, most of your customers won’t be ready to hand you their wallet the first time they hear about what you offer. Customers will go through a process before they decide to buy anything. The process involves three stages, awareness, consideration, and decision. You have to decide what stage your content is targeted to when writing it. This is going to help you make it more effective and compelling.
Creating an effective content marketing strategy can be challenging; however, with the right plan, you can be successful. Use the tips and information above to help get the desired results with your content marketing efforts. Doing this will pay off and ensure you achieve the desired results.
