by speedadmin | Apr 11, 2023 | Blog
Buying a franchise is a popular way for an entrepreneur to realize his/her dream of owning a business. In fact, 26,000 new franchise owners joined the franchise industry in 2022, and 792,000 franchise establishments were then operating, according to the International Franchise Association. But one key requirement, (and frequent challenge,) is securing franchise financing.
The Advantages of Buying a Franchise
The advantages of buying a franchise include buying a business that has an established operating system and a proven business formula, having a business that has an established brand identity, getting a defined logo and trademarks, receiving ongoing training and support from the franchisor, getting access to marketing plans and methods, and receiving the purchasing power and buying assistance of the franchisor. Additionally, some franchised brands offer franchise financing assistance.
The Challenges of Buying a Franchise
The challenges of buying a franchise include that buying a franchise can be expensive, hiring can be difficult, both in getting the right talent and keeping talented employees, understanding that you are not buying a brand, but rather an operating system, and dealing with the possibility and risks of business failure. It is important to carefully plan for and obtain franchise financing and know that it may take some time to become profitable.
Franchise financing options include:
- Financing assistance from the franchisor. Some franchise entities will offer some financing direct from the franchisor, or they may partner with approved lenders who can provide loans.
- Commercial bank loans.
- Small Business Administration loans. These are loans made available through approved banks and backed by the SBA. They generally offer favorable interest rates and repayment terms, compared to bank loans.
- Loans provided by alternative lenders.
- Financing provided by lending specialists.
How to Qualify for Franchise Financing
To qualify for franchise financing it is important to have a solid business plan and to make sure your personal finances and credit history are in good condition.
Seek Expert Financing Assistance
Contact Speed Funding for a wide range of expert financing solutions to meet your business needs and achieve your goals.
by speedadmin | Apr 4, 2023 | Blog
Taking on too much personal debt is never a desirable position in which to find yourself. In fact, it can be a tough situation. Believe it or not, one way to begin getting out from under a mountain of debt is to take on an additional debt obligation: a debt consolidation loan.
How Does One Consolidate Debt
The idea behind debt consolidation is simple: Take multiple loans that you are trying to pay off and combine them into a new, single loan. In fact, you may be able to do this at a lower rate than with the loans you already have. Debt consolidation loans are offered by many financial institutions, including banks, credit unions, and lending agencies. You may get speedier service from a funding agent such as Speed Funding.
Points to Consider Regarding Debt Consolidation
As you might imagine, there are pros and cons to debt consolidation. On the positive side, you may be attracted to the following benefits:
- Your debt payments are simplified into one loan, with a single periodic payment rather than multiple installments.
- Your overall interest rate expenses may be reduced if the new loan has a relatively low interest rate.
- You may be able to climb out of debt faster than with more than one loan outstanding.
On the downside, realize that just the fact that you are consolidating does not get you out of debt instantly. Also, there may be fees incurred when you consolidate into a new loan structure.
Considering a Debt Consolidation Loan?
There are times when taking out a debt consolidation loan may be a very good idea. If you have evaluated your situation and come to this conclusion, then give Speed Funding a call.
by speedadmin | Mar 28, 2023 | Blog
Owning commercial properties can be quite useful in building wealth. Many wealthy people attest to that. Take it from the famous author Robert Kiyosaki, who said that real estate investing, even on a very small scale, remains a tried and true means of building an individual’s cash flow and wealth.
Benefits of Owning Commercial Real Estate
The principal benefits of investing in commercial real estate are the power it brings to your investment portfolio. In addition to high recurring income, these properties can be eventually sold for a tidy profit.
In addition, there are many tax benefits available for those who own commercial real estate. Here are a few of the most common ones:
- Depreciation. The depreciation value related to commercial real estate holdings can be deducted annually.
- Loan Interest Deductions. Interest on mortgages or other property loans may be deductible at tax time.
- Capital Gains Benefits. Upon the sale of real estate, any capital gains are taxed at a lower rate than ordinary income.
- Passive Income Rules. In some cases, income generated from commercial properties may fall into lower-taxed passive income rules.
Financing Your Real Estate Purchases
Real estate, and in particular commercial real estate, can be expensive to acquire. Most people take out some form of financing to get the property they desire.
Here are a few of the options available to you:
- CMBS loans.
- HUD and FHA lending.
- SBA 7a and 504 loans.
- Equity and mezzanine financing.
- International financing.
- Bridge and hard money loans.
Speed Funding Can Help
Speed Funding is an expert in commercial real estate financing. They offer the full spectrum of commercial real estate financing options mentioned above, whether you are a first-time buyer, rounding out your property portfolio, or somewhere in between. Give them a call today to learn more about your opportunities.
by speedadmin | Mar 21, 2023 | Blog
Business ownership can be challenging, so sometimes it makes sense to have business partners. Let’s explore some questions that all business owners should ask potential partners.
What Are Business Partnerships
A business partnership is a formal and legal arrangement between two or more people who will be involved in a business and share its profits. There are several types of business partnerships: general partnerships, limited partnerships, and limited liability partnerships, each with its own conditions.
Do You Need Business Partners
Before starting a serious search for business partners, it is important to consider whether you really need (or want) a business partner. There are pros and cons to having business partners.
The Pros:
- Business partners can add valuable knowledge and expertise as well as provide complementary skills.
- They can add new perspectives and insights and help you overcome blind spots.
- They can provide an infusion of critical cash, attract investors, or help raise capital for your business.
- They can help secure more business opportunities, perhaps with important personal connections.
- They can help you achieve better work/life balance by sharing a leadership workload.
The cons:
- Business partners share liabilities, so you share any backlash from the mistakes of a partner.
- You may lose some autonomy.
- There may be some emotional conflicts.
- There may be some future selling complications.
What Questions Should You Ask Potential Business Partners
Ask these questions of potential business partners to assure yourself of a good fit:
- What is his/her expectation of the time and skills required?
- What is their level of experience? Understand their skills and talents.
- Can the partner fully embrace your vision for the business? Will the partner’s commitment to the business be as strong as yours?
- What is the partner’s financial condition? You don’t want any major debts or red flags to cloud your relationship.
- What is the partner’s reputation?
- Is there anything in their personal life that would be problematic for you or the business?
Seek Expert Financing Assistance
Contact Speed Funding for a wide range of expert financing solutions to meet your business needs and achieve your goals.
by speedadmin | Mar 17, 2023 | Blog
As a passionate, conscientious business owner, you know the importance of a strong online presence. Your ideal customer must be able to find you easily and interact with you. As you consider your web design, you’re probably looking at several factors; the demographics of your audience, your unique branding, and the role of your website in the customer experience. Leading-edge trends are appropriate for some business websites. Read on for several.
1. Innovative Navigation
Yes, having navigation fully visible at the top of your site is the standard practice. But, depending on your audience, hiding the navigation (necessitating a scroll down) or putting it in an unexpected location (like a popup) leads to different customer behaviors than usual. The first example leads the visitor to consume information about your business first, and the second functions as a multi-choice call to action (CTA).
2. Scrollytelling
Speaking of scrolling, many innovative websites employ “scroll telling,” which opens up rich vistas of content that animate in compelling ways as the user scrolls down. For businesses that have an artistic element, this is a strategy that will fascinate and draw customers in.
3. Minimalism
Thinking about using a simple landing page with contact information and one CTA? You’re in good company. Brands that leverage mystique or do most of their business away from their websites use this approach to their advantage. If you decide to go in this direction, your brand needs to be instantly recognizable and irresistible.
4. Grid Layouts
There’s something about grid layouts that bring nostalgia for old-fashioned stores and other brick-and-mortar businesses. The regularity and symmetry of grids also are relaxing and reassuring. Most online storefronts use this layout, but it’s also effective to employ it on home pages and selected interior pages. Experiment to see what works best for your business.
5. Text-Based Designs
Want great SEO (search engine optimization)? Use text as the centerpiece of your web design. The layout, fonts, and content will be the focus, rather than the imagery. Search engines tend to prefer websites with high-quality text content. You don’t have to skimp on design. Select your fonts carefully, and format the design so that users can find what they need easily. Break up your paragraphs to prevent the dreaded “wall of text.”
Your web design possibilities open up when you consider out-of-the-box ideas. Keep these suggestions in mind as you plan your online strategy.
by speedadmin | Mar 14, 2023 | Blog
Businesses always find it highly desirable to achieve and maintain a strong credit score. A high score shows lenders and other firms that your company is financially stable. A strong credit profile will enable you to obtain financing at favorable rates should your business require it.
Business Credit Scores in a Nutshell
A credit score for businesses is a measure that provides a benchmark of the creditworthiness and overall financial strength of a business. In most cases, data from a business’s credit report is used to calculate a company’s credit score. This data can include information about the company, such as its number of employees, historical data, payment history, account information, owed amounts, and more. A business credit score can be looked up using credit reporting agencies such as Dun & Bradstreet, Equifax, and Experian.
Building Up your Business Credit Score
There are a number of ways that a business can improve its credit score. If you are looking to strengthen your business’s credit score, consider the following five points and determine if you can make any changes in your operations:
- Register your business and apply for an EIN (employer identification number) if you have not yet done so.
- Establish and utilize a business credit card regularly and responsibly.
- Monitor your business’s credit score.
- Pay back credit installments on time or early.
- Refrain from continuously maxing out your business’s credit limit.
Speed Funding Can Help
Some lenders tolerate lower credit scores when businesses need financing. Traditional banks in particular often demand stellar scores. If your business needs credit and has been denied financing elsewhere, seek out alternative funding sources.
Speed Funding is a lending agency that works with all types of businesses. They have a wide variety of financing options. Reach out to them and see what your business financing options are.
