by speedadmin | Aug 31, 2022 | Blog
If you have watched television in the last 20 years, you have inevitably seen a show about flippers. You may even know someone involved in the fix and flip real estate investment industry. It is exciting to think that you can purchase a property below its market value, fix a few things inside, and sell it for a profit within a few months. If you are considering this type of investment, these are a few tips you may consider.
Evaluate What You Can Do
You should purchase a home with the thought that it will be a great learning opportunity. Every month you own the home, you have to pay the mortgage, and these carrying costs add up quickly. If you pay too much in carrying costs, you could lose money on the flip. Therefore, you need to understand your skills and what projects you need to hire someone else to do before you make your first purchase.
Build Key Business Relationships
Real estate investment success is heavily dependent on your investment team. For example, you should work closely with a real estate agent, attorney, and mortgage broker. Make an effort to get to know local inspectors as well. You should also have close relationships with at least one construction contractor. The quicker you can get through the purchase, renovation, and sales process, the more money you can make on your investment.
Set a Budget
You should budget your initial purchase price as well as what you expect to spend on the renovation. Work with your contractor to keep your costs down. Having an inspection can protect you from unexpected costs as well. When you purchase a flip, you shouldn’t expect to install the highest quality items. You are doing mostly cosmetic updates. If you are doing more in-depth renovations, be sure that you can get the money back out of the house.
Be Patient
Do your research on the home, neighborhood, and expected return. Pay special attention to your financial calculations. Search for the right house, one that you can complete quickly and make a high return on your investment. Do your due diligence so that you know everything that needs to be done to each home before you make offers. Don’t be afraid to walk away from a bad deal.
However, don’t expect to become rich overnight. It will take time to complete the renovations and sell the home. You may also experience delays, especially with inspections. You may make mistakes, but each flipping process should get easier, but it will take diligence and consistency to start earning a significant, regular income.
Take your time and learn what you can about the fix and flip process.
At Speed of Light Funding, we have a great reputation for helping our customers get the business loans they need as quickly as possible. We offer flexible loans that adapt to your company’s circumstances and are easy to qualify for. We’re friendly and knowledgeable, showing you the best commercial finance options for reaching your goals. With the right loan, your business can grow in amazing ways.
by speedadmin | Aug 24, 2022 | Blog
If you have a small business, you are probably always looking for ways to help it grow or become more efficient. Even if you are not looking at growing your business, some tips can help your business run more smoothly. It is essential to continue to educate yourself and connect with other business owners that can pass along knowledge and information to help you. Running a company can be challenging at times. However, with research and preparation, you can create a successful organization. Here are some small business tips to help your business be its best.
Have a Plan
Before you even start your organization, you need to have a plan. You should know how you intend to make money, how much you will charge, and how you plan to market your business. These are all essential points to be aware of when starting a small company. Other small business tips include choosing a location and conducting market research on what you plan to sell. Many businesses do not succeed because they do not have a plan. You can put yourself on the path to success by thinking ahead and mapping out what you need to do.
Find or Make An In-Demand Product
Another reason why businesses do not succeed is that they sell items no one wants. It is why market research is necessary before you start making the products. You may think that the product is excellent, but that does not mean people will buy it. Create personas, conduct surveys, and see what people’s feedback is.
You do not have to make your products. Instead, you can source them from a wholesaler or small boutique. It depends on what your niche is. However, ensure that your supplier has quality products before ordering. If the product is of poor quality, it will reflect poorly on your business.
Create a Marketing Plan
Of all the small business tips, creating a marketing plan is one essential one. If no one knows about your product, they will not buy it. You have many options when marketing, from digital ads to social media. Both of these options are cheaper than traditional advertising. It is why business owners use them. Plan your ads and social media posts, and decide what platforms to use.
Small businesses can be successful if they implement these tips. Owners have to work hard when they have a business. However, if small business owners research and have a marketing plan, they have a better chance of thriving.
At Speed of Light Funding, we have a great reputation for helping our customers get the business loans they need as quickly as possible. We offer flexible loans that adapt to your company’s circumstances and are easy to qualify for. We’re friendly and knowledgeable, showing you the best commercial finance options for reaching your goals. With the right loan, your business can grow in amazing ways.
by speedadmin | Aug 19, 2022 | Blog
Businesses need to take advantage of the increasing world of digital marketing to improve business growth. A successful marketing plan puts your product or service in front of the customer wherever that customer is located. Traditionally, that customer was in front of a television, radio, or newspaper. With evolving technology, opportunities to reach customers digitally are endless. Here are some benefits of building a digital marketing plan.
Build Brand Awareness
Digital technology is not always about finalizing the sale. Much of your content is designed to build customers’ comfort with your product. It is important to nurture your customer through and after the sale. This technique allows you to create a customer base that is more likely to provide repeat business. Don’t forget that you still need components to close the sale. You cannot expand your business by simply being an information resource.
Reach Customers Immediately
Handheld technology allows customers to make spur-of-the-moment decisions. Websites need to be mobile-friendly. Make sure your app recognizes when a user is in your physical store. Communicate with customers in your vicinity by using push technology.
Digital marketing allows you to take quick action if you predict an opportunity from which your business will benefit. You have a library of resources that can be modified and released before your competitors take action.
Approach Multiple Demographics
A frequent business growth strategy involves identifying a secondary market for your product or service. Using digital resources to reach that market is very cost-effective. Many existing components can be modified for the new market and rolled out quickly.
Scale Your Message
Most digital resources are low-cost compared to traditional advertising. Blog posts and testimonials posted on your website are inexpensive to create. Once your website is coded to allow you to post material, you have an endless opportunity to reach customers. Incorporate free resources into your strategy to help marketing dollars stretch farther.
Build Online Reputation
Most prospective customers examine reviews before making a purchasing decision. Encourage customers to submit product testimonials and place them on your website and social media. Monitor online review sites to ensure that your company is accurately represented. Responding to positive and negative reviews allows customers to see your commitment to customer service.
Staying aware of your market and seeing the potential in reaching other markets is an important strategy for business growth. Keeping an eye on the ever-changing opportunities that technology provides is critical for your business.
Business owners know that you get what you pay for. When it comes to digital advertising, this principle is essential for success. Don’t risk something as important as your company’s online reputation. Entrust your digital marketing to experts. At Speed of Light Funding, we’ve been providing state-of-the-art marketing services to business owners for a long time.
by speedadmin | Aug 17, 2022 | Blog
Running into a surprise financial setback or two tends to be a commonplace aspect of operating a business. Unfortunately, some hits to your budget have a way of causing more disruption than others. What’s worse, you may not always be expecting where these money troubles are originating. This is especially true if you find yourself in a position where your clients are not helping you with timely payments for services or products that you have provided. In this scenario, it can be a good idea to take a closer look at alternative financing options like factoring solutions.
How the Problem Impacts Your Business
Though your clients are directly responsible for your success in most respects, you never know when they will cause you stress. If a customer does not pay you on time for a service, it might not strike you as a huge issue right away. However, the problem can easily get out of control the longer the payments are delayed. Since you rely on this money to act as your working capital, a setback in this regard can easily cause you to fall behind on other more pressing aspects of your business.
How to Respond
A solution like factoring is a straightforward one to understand. Also referred to as accounts receivable financing, this is a service that is centered around using your unpaid invoices as collateral. The invoices are reviewed by a lender and qualifying receivables are purchased from you. The lender provides a percentage of the total value of the invoices as an advance, then assumes the responsibility of collecting the debt from your client. After you pay a fee and the debt is collected, you will be given the difference that you are owed.
How Your Benefits
Countless benefits come along with using a service like accounts receivable financing. When you find yourself in a position where your customers are not paying for services, you do not want to just sit around and hope for the best. By taking action and looking at solutions, you can stimulate cash flow without having to resort to desperate measures. Since this service is an advance, there is no need to worry about falling into extra debt. All you need to do is remain mindful of the fee you are required to pay for AR financing solutions.
When it comes to your budget, you always want to remain mindful of problems that can appear and cause you major headaches. Take time to look at the details surrounding factoring and see if it is a good fit for your needs.
At Speed of Light Funding, we have a great reputation for helping our customers get the business loans they need as quickly as possible. We offer flexible loans that adapt to your company’s circumstances and are easy to qualify for. We’re friendly and knowledgeable, showing you the best commercial finance options for reaching your goals. With the right loan, your business can grow in amazing ways.
by speedadmin | Aug 10, 2022 | Blog
Cash flow is key to the success of your business. Unfortunately, it is rarely easy for many business owners to guarantee the access to working capital that they require. Whether you are looking for funds to cover operational costs during a period of slow sales or you are interested in obtaining extra cash so that you can expand your services, you will benefit greatly by looking at all of the options available to you. One great fit for many is a merchant cash advance. Review this guide and gain more insight into your options.
What is an MCA?
First and foremost, you need to take a step back and gain some perspective on what this service can offer. Essentially, an MCA is a type of financing that is offered to business owners who need access to working capital. The service is based around a specific asset: your credit sales. The lender will take a look at your credit transactions and offer you an advance based on how much money your business tends to conduct via credit sales in a given period.
Paying for an MCA
Unlike a loan, a merchant cash advance is categorized as an advance on funds you are already anticipating in some capacity. A lender will figure out how much money your business sees each month via credit transactions, offer you a loan based on this number, then set the terms of your repayment. Traditionally, an MCA repayment is straightforward. The lender will take the funds directly from your future credit sales, making the entire process straightforward.
Considerations of an Advance
Though many perks come along with using an advance for your business, there are also plenty of obstacles of which you should keep aware. Specifically, you need to think about the repayment plan. While it might seem advantageous for the payments to come directly from your credit sales, this is only useful if the sales are strong during this period. Weak or slow sales can cause major problems and put you in a worse financial position than you began.
When it comes to the future of your business, you need to take time to consider the ins and outs of the services offered to you. From a financial perspective, a merchant cash advance could be the best fit. Look over the details and see how you can begin the application process and discover the right solution for the future of your business.
At Speed of Light Funding, we have a great reputation for helping our customers get the business loans they need as quickly as possible. We offer flexible loans that adapt to your company’s circumstances and are easy to qualify for. We’re friendly and knowledgeable, showing you the best commercial finance options for reaching your goals. With the right loan, your business can grow in amazing ways.
