Lilah Olsher – Page 5 – ONEBOX FUNDING

March 21, 2019

There are many different types of loans a person can take out, from many different types of lenders. For example, a college student can take a student loan from the government, from a private lender, or from the bank, whereas a new homeowner can take a mortgage out from a whole handful of different providers. Each type of loan and lender has very different payment terms, interest rates, and requirements for eligibility.

Taking out a loan for your business is no different. There are so many different types of business loans, it can be intimidating to know if you’re choosing the right one. In this series, we will talk about the 5 main loans you can take out for your business. Today we will cover one of the most attractive loans taken out by business owners: Merchant Cash Advance.

What Is a Merchant Cash Advance?

A Merchant Cash Advance is technically not considered to be a loan. Essentially a lump sum of cash that’s given immediately over to the lendee, in exchange for a promise of a cut of future daily credit/debit card sales, plus a fee decided upon by the lender.

Who is a Merchant Cash Advance Best For?

Although this is not a necessary criterion, businesses that make the majority of their revenue from credit or debit card sales are the best candidates for this type of loan. Retail stores and restaurants, for example, can expect that many of their customers will pay with credit.

The Benefits of a Merchant Cash Advance

One of the most attractive things about a Merchant Cash Advance is the speed. After a relatively quick application process, where you will need to present documents such as your driver’s license, bank statements, credit score (even low scores are usually accepted), and tax returns, you will immediately reap the benefits of a lump of cash, in hand. Another advantage is that, during your slower months, you will pay less money back to the lender, as they take a percentage of your credit sales each day. If you make less, you pay less. Also, a Merchant Cash Advance does not require collateral, so you do not need to put up your house, car, or equipment in order to get your funds.

The Cons of a Merchant Cash Advance

While it’s always a good thing to make a lot of revenue that month, you will end up paying more back to the cash advance, as they have taken a set percentage of your daily credit/debit card sales. Also, since there is no interest and rather a fixed rate of your daily credit card sales, there is no advantage to paying off your Merchant Cash Advance early. As with a regular loan that accrues interest, there will be no benefit to you if you pay it off earlier rather than over the entire term.

Does a Merchant Cash Advance sound like the right type of loan for you? Get more information here.

by Eli

March 18, 2019

In today’s world, many, if not most business owners have an online presence. Even if they are considered to be “brick-and-mortar” businesses, the majority of businesses have a least a simple website so they are locatable online. With more and more companies moving towards the direction of eCommerce, the importance of having an easy-to-use website is becoming something of a requirement.

If you don’t use your company’s website for more than just to exist on the internet, as long as it looks nice and has the information you want on there (essentially what you do and how to find you) you can get away with having a mediocre site. However, if you are making at least some portion of your money from online sales, you will need your website functioning at its utmost capacity. There are 3 main things to think about when it comes to your online shop.

1. What is the User Experience (UX) Like

When a user gets to your website, their experience needs to be excellent from entrance to purchase. If your website is the slightest bit confusing or unappealing, there is a good chance that the user will get frustrated and exit your site before he or she has the chance to buy. Can your users find the items they are searching for easily? Can they easily find their cart? Is the payment process simple and efficient? These are all questions to ask yourself when designing the UX of your website.

2. How is My Customer Service Center?

Often times, while doing online transactions, there are bumps in the road when it comes to your customers’ buying experiences. This is fine, and it’s even to be expected, but when an issue does come up, there needs to be a quick solution to your customer’s needs. You must make sure that there is someone available if a customer receives a damaged or incorrect item, or was charged the wrong price for it. Maybe he or she has questions about how to properly use the product. A good customer support section has multiple ways to get in contact with a representative (phone, email, live chat, etc.) and even an FAQ section providing answers when users have concerns, not during working hours.

3. Do I have a Reliable Host Site

You don’t need to be totally tech-savvy to know that it’s a bummer when your page loads slowly or drops out in the middle of a shopping experience. Having a reliable host company hosting your website is very important for the user experience and for your potential sales. If a user enters his or her credit card information, clicks “buy, and the page loads slowly and then drops out, they don’t know if their card was charged or not. This creates problems for everyone and is bad for business.

By checking these three things, you’ll be well on your way to a great online shopping experience for your users, and some nice sales numbers for your company as well.

Want to learn more about choosing the right small business loan for your business? Find out what Onebox Funding can do for you here.

by Eli

March 14, 2019

Creating your own business is one of the most difficult, yet extremely rewarding thing you could do in your working life. Although by now there have been more attempts are creating start-ups than we can even count, not all of them have been successful. In fact, according to a study done by Statistic Brain, the failure rate of all U.S. businesses after 5 years in action was 50+%. That number increased to 70+% after 10 years.

These numbers may seem discouraging, but it’s important to remember that not every business owner has the right tools to be successful. Here, we’ll talk about the 3 most effective habits of successful business owners so you won’t find yourself falling behind when it’s time to take your business to the next level.

1. Creating Strong Networks

It might be tempting to want to keep the entire workings of your business within your own control, especially for those who are strong-willed and don’t work well with others. However, the most successful business owners understand that no one person is excellent at everything. Therefore, they surround themselves with a “dream team” of intelligent people who are very skilled at the things they might not be as strong in. By having a strong network of people with a wealth of knowledge to help you, you will be much less likely to miss something important.

2. Seeing Problems as Potential Opportunities for Growth

It’s easy to get discouraged when your original business strategy isn’t going as planned. However, the most successful business owners understand that there will always be failures and mess-ups along the way. Instead of becoming angry or discouraged when an issue comes up, successful merchants are able to look at the situation from a well-rounded point of view. They see it, not as a problem, but instead as an opportunity to make their business even better and as a learning experience of what works and what doesn’t This positive attitude is absolutely vital for a successful business.

3. Taking a Well-Earned Break

This one might seem confusing to some. How can you continue to grow your business if you are off in the Bahamas ignoring it completely? The most successful business owners know that taking a complete vacation from your business is actually the best thing you can do for it (and for your own mental health). After such a long time of sleepless nights and the stress of running a new business, it’s only human that we start to experience burnout. When you’re burnt out, you’re much less able to make well-informed decisions when it comes to your company. Do yourself, and your business, a favor and take the time to keep yourself rested and at optimum health. Having a clear head will save you a lot of grief in the long run, even if it means a few days of rejuvenation.

Want to learn more about choosing the right small business loan for your business? Find out what Onebox Funding can do for you here.

by Eli

March 11, 2019

Taking out a small business loan is an excellent idea for new business owners who don’t have the cash on hand to their new company up and running, or to take it to the next level. With so many options of how to use your new funds efficiently, it might seem intimidating to choose the best use for your business. Here are the main uses of small business loans, and how they can help benefit you in your new business.

1. Equipment Financing

Almost every new business needs some sort of equipment, technology, or system put in place in order for it to get off the ground and start running. Whether you need a big brick oven for your pizza shop, a VOiP system for your call center, or even a new laptop to start your freelance writing career, you need cash to purchase these items. It’s no secret that a brand new 4×4 to carry all of your materials or a few tons of wood to begin your construction business will cost you a pretty penny. A loan for equipment financing gives you the money right there to buy the items needed to actually do your business.

2. Merchant Cash Advance

A merchant cash advance is not exactly a small business loan, but it does give you an advance of money that business owners can use for whatever business expenses they may run into. Like a loan, a lender will advance you the amount of funds you’ve requested, as a cash advance, however, the application and payment processes work a bit differently. There is no collateral needed to get an MCA, no matter your credit score. Also, the cash advance is paid back daily to the lender, as a percentage of your business’s daily sales, along with a fee.

3. Debt Consolidation

Maybe this isn’t your first go at starting up a new business, or maybe you’re being dragged down by loans from other business endeavors you’ve embarked on. Whatever the reason may be, many new business owners find themselves hesitant to try their projects again or to start something completely new because they are already weighed down by past loans they’ve taken out from different lenders. Most likely, these other loans have their own individual interest rates and fees, and the costs can get out of hand, quickly. Luckily, a small business loan for the purpose of debt consolidation is a great way to get all of your affairs organized. With this money, you can pay off all of your other loans, and then have only one to worry about, with one interest rate and one term of payment to one single lender.

Whatever your reason may be, taking a small business loan is a great way to get the cash you need, fast. Don’t let a lack of funds get in your way of creating your dream company. Take advantage of a small business loan today.

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

by Eli

March 7, 2019

Every new business endeavor you want to embark on needs money to get it started. Unless you happen to be sitting on a large pile of cash, you’re going to need a way to get your hands on some working capital, long before you begin profiting from your sales. More often than not, new business owners opt for taking out a small business loan to get those first few thousands of dollars needed to get their businesses up and running.

While it’s relatively easy to take out a small business loan, there are a lot of terms and phrases that are part of loan jargon which might be new, and a bit confusing, for new business owners. But before you become too intimidated by the new language, we’ve picked up a handful of some terminology that you may find confusing and explained them in more simple and easy-to-understand terms.

Payment Terms

The payment term of your loan is kind of like a rental agreement on an apartment, or the terms of service when you enter into a contract with someone. Just like the agreement you make with your landlord about how much to pay, when to pay it, and what happens if something goes wrong, the payment terms on your loan determine everything you need to know about it. These terms will tell you what type of interest rate you’ll have (we’ll get to this later), how high the interest rate will be, what your minimum payment will be (weekly, monthly, annually, etc.), and how long you have to pay off your loan in full.

Variably VS. Fixed Interest Rate

Unless you’ve borrowed money from a dear friend, most likely the institution lending you funds will charge you a fee for the duration of the time you are using their money. This is what an interest rate is. The rate will be done as a percentage and will be charged according to the terms of your loan (many times it accumulates monthly). If your lender gives you a fixed interest rate (let’s say of 3.5%), then you will pay 3.5% of your principal balance every time your interest is accrued, until you’ve completely paid back your small business loan. If you’ve been given a variable interest rate, that means that the percentage will fluctuate, according to the market benchmark that month. There are pros and cons to both types of interest rates, so you’ll want to do your research before choosing the best small loan for you.

APR

APR stands for Annual Percentage Rate, and it’s basically an overall figure of how much your loan will cost you for the year. This includes any fees the lender may charge and all of the interest compounded over the year. This snapshot will tell you if the loan is worth it, and how much money you’ll need to be able to pay it back in full.

Ready to apply for a business loan with a fantastic rate? Contact us here for a free quote.

by Eli

March 4, 2019

Imagine a world where you simply ask strangers online to give you money for whatever project you’d like to do. And, if they believe your idea is good enough, they’ll just give it to you. This sounds like something that’s too good to be true, right? Well, it is true. It’s called crowdfunding, and in the right circumstances, it could be a fantastic way to help fund your business to get it off the ground.

Crowdfunding started gaining popularity in 2009 when a website called Kickstarter launched an online platform. You simply create an account and describe the details of your campaign. How much money you will need, what type of project you’d like to get off the ground, and how your idea will make life better for your customers.

Of course, if your idea isn’t good enough for potential crowdfunders to see the value in putting money into it, you probably won’t see a cent. However, if you’ve managed to come up with a product that addresses unmet pain points of a large enough group, a crowdfunding campaign could be the answer to your lack of funds.

That all being said, creating a crowdfunding campaign to get yourself up and running might not be the best option for all business owners. Firstly, you do have to invest a bit of money in order to start the campaign (it’s not much, but if you have no money at all, there’s nothing really to do). Second, you do run the risk of putting lots of time and effort into your marketing campaign, and not seeing a cent.

The biggest danger with using crowdfunding as a way to start your business is that it no longer puts you in control, you become indebted to your funders. Because you give potential funders an initial timeline for your project to be finished before you begin your campaign, people giving you money will expect your finished product on the day you tell them it will be ready. This leaves no room for flexibility when it comes to meeting all of your proposed goals.

Another issue with crowdfunding is that it only works for businesses with a tangle product. People who will fund your idea are doing it because they want a piece of the pie. Unfortunately, putting money into something they won’t receive to their doorstep when promised is not as enticing.

If you don’t find that you qualify or want to get involved with crowdfunding, never fear. There are lots of ways to get the cash you need to start your business. Taking out a small business loan is an excellent way to have immediate working capital with a rate a payment term that you’ve worked out beforehand. For anything from equipment financing to debt consolidation, a small business loan could be your fastest way to start working on your dream business.

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

by Eli

February 27, 2019

When you think customer service, your head probably goes straight to sitting on the phone waiting for what feels like hours on hold for the “next representative to assist you”. While we’ve all experienced the nightmare of needing help with a product or service, we also know how much difference a helpful person with a great attitude can make.

No matter if you’re offering financial advising for debt consolidation, running tours of deserted islands, or selling homemade donuts at your coffee shop, the customer experience is almost completely determined by the service they experience while doing business with you.

Think of a time when you really needed help, and you contacted the company for assistance. Was your customer service representative helpful? Did he or she have a can-do attitude? Did he or she make you feel like you were his or her top priority, and helping to find you a solution to your problem was the only thing that mattered? If so, this probably not only made your problem seem less upsetting but, whether you know it or not, it made that company have a much better reputation in your mind.

Now think of another time when you needed help from an employee and you were left feeling much worse than when your problem started. Maybe that representative was in a bad mood that day, or was not competent and did not know enough about the product to help you find a solution. Assuming your problem did finally get solved, do you remember the feeling you were left with? Even if it’s not conscious, that representative left a bad taste in your mouth, which you associate with the entire company.

Business owners of all kinds must put the customer experience as one of their top priorities. Not only will it keep your customers happy, but a happy customer will eventually lead to more business and more successful sales in the long run.

For one thing, a customer who had a great experience working with you during his or her buying process is way more likely to tell his or her friends about you. Word of mouth is a great, personal way to spread the word about your business and let it grow.

Customer loyalty also relies heavily on the customer experience when it comes to doing business with you. If a customer feels special and feels that his or her needs were met in a timely fashion, there is a much bigger chance that the customer will stay loyal to you, and won’t want to move to a competitor (even if his product is slightly better).

For these reasons alone and many others, it is so important to make customer service a necessity when running a business. Any business owner will profit greatly from treating his or her customers well and giving them a positive experience that stays with them throughout their time doing business with you.

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

by Eli

February 25, 2019

In this day and age, becoming an entrepreneur and owning your own business is becoming more and more enticing. And why wouldn’t it? Make your own hours, be your own boss. As tempting and rewarding as being a business owner might be, it also requires loads of hard work and excellent time management skills.

The truth of the matter is, not everyone is cut out to run his or her own business. If you really do want to make it on your own, then it’s important to be aware of these common mistakes unsuccessful business owners make which ultimately brings them to failure.

Mistake #1: Not asking the advice of successful business owners

Although it may be tempting to try and make it on your own, you would be doing yourself a huge disservice if you aren’t looking around to see where others have failed in their own businesses. Not everyone has access to a close friend who can mentor you in the art of starting a business, but there is an infinite number of resources you can look into for insight. Many business owners have published books and lectures on tips and tricks for running a business. Maybe you even have a few friends who are willing to talk with you about some of the things they wished they’d known before diving in. Either way, it’s always a good idea to look to others and try to learn from their mistakes.

Mistake #2: Not having a solid growth projection for the future

Sometimes it’s hard to see the big picture of a business, especially when you’re just starting out. However, if you don’t have at least an idea of your goals for the next few months, 5 years, decade, etc. you could be setting yourself up to stay small. A good entrepreneur has a timeline of small goals and big milestones. These not only help to propel the business forward, but they also keep everything organized in order to grow in a smart way.

Mistake #3: Not having the proper funds to do the job and do it well

Unsurprisingly, it’s impossible to get your business up and running without a chunk of cash. However, even if you don’t have a big sum of money to utilize for starting your business, there are ways to get funded. A small business loan can be your golden ticket to having the funds to get everything started. For example, equipment financing is an option for business owners who need to make a bulk purchase of materials and/or tools to get their project rolling.

While it may be a little scary to get started, being your own boss really does have its perks, and the feeling of pride and freedom that it gives you is second to none. Make sure to have a solid plan, be ready to work hard and learn a lot, and avoid the common mistakes listed above, and you’ll be well on your way!

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

by Eli

February 22, 2019

Anyone who has ever started a company knows that it is the most thrilling and terrifying thing in the world to take your business to the next level and grow it. However, not scaling your business responsibly, with the right knowledge and tools, can be detrimental to your business’s success and can land you in some pretty hot water.

When you’ve had some success for a while, you may decide that it’s time to take the next step with your business. This could mean opening up new branches, taking on more customers or projects, introducing new products, etc. No matter how you want to scale, it’s imperative to have a solid plan and the resources to handle any growing pains you might encounter. Here are some questions you’ll want to ask yourself to see if you are indeed in a good position to take your business to the next step.

1. Do I have the manpower to scale?

While you may not have had any trouble managing 20 of your customers by yourself, you might find yourself gasping for air when you take on 100 of them. Making sure that you have enough employees available to maintain the level of service while upping the number of customers you have is absolutely vital to a successful business. If your existing customers feel that they are no longer receiving the quality of service they were previously receiving because you have spread yourself too thin, they will most definitely begin dropping you.

2. Do I have the finances to scale?

Maybe you have thought about hiring a few more hands to help you, but do you have the financial backing to be able to pay them? Money is probably the most important factor to take into consideration when trying to scale your business up. Maybe you will need to purchase new equipment or install new technology. Or maybe you will need money to grow your marketing campaigns online. Whatever the reason, you will need cash and lots of it. Luckily, there are small business loans available that can help you with everything from equipment financing to debt consolidation. Just make sure that you understand the terms of the small business loan (interest rate, payment amount, payment period, etc.), and that you will be able to pay it back when the time comes.

3. Am I ready for a possible setback or failure?

No business owner wants to believe that his or her business will fail. Unfortunately, growing a business is a learning experience, and mistakes can happen. Most likely, any business owner will come across at least one or two unexpected setbacks while trying to expand. The important thing is to be ready for anything and to have the strength to get back up and keep going.

Scaling your business is not easy, but it can be very rewarding and profitable if you have a good attitude, a great work ethic, and a drive for success. All the while, it’s important to remember to take things as slowly and surely as you need to, and to enjoy the journey while it’s happening.

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

by Eli

February 20, 2019

Over the past decade, social media sites like Facebook, Twitter, Instagram, and Pinterest have become hugely popular among children and adults, alike. Social media networks open up a whole world of connecting with old friends, sharing photos, discovering new recipes and DIY projects, and much more. With so many ways to benefit from these websites, it’s little wonder that they’ve become so popular.

But did you know that social media sites are not just for when you’re surfing the web in your free time? In fact, these sites are an enormously helpful tool in promoting and growing your business.

With the days of business owners advertising themselves in the local newspaper long gone, merchants now have the opportunity (and obligation) to reach out to potential customers on a global scale, online. Creating a company website is a great place to start, but if you don’t get the word out to enough of an audience, all of that hard work could be for nothing.

Social media sites are a fantastic way to get yourself and your business out there and noticed by the masses, and to begin marketing your way to successful sales. Here are three useful ways to use social media networks in order to grow your business.

1. Create Customer Relationships

With so much of our daily lives being conducted online, it’s important for your business to have a lively and active online presence. A Facebook page dedicated to your company allows for back and forth engagement with your customers and potential consumers. You can post your latest products and news, and your followers can like, share, and even comment their opinions directly onto your posts. By creating discussions with and between your customers, you will gain insights into their specifics needs and pain points, letting you better customize their customer experience. A customer who feels heard is much more likely to stay loyal to your company.

2. Drive Traffic to Your Site

As we mentioned previously, it’s no use building a website for your company if nobody is visiting it. Using social media, you can post links to your website or blog with eye-catching imagery and enticing campaign captions which will draw people to click. This brings potential customers out of the social media network and right into your website.

3. Track The Competition

Unless you have a completely and totally unique product or service to offer (which is almost unheard of nowadays), you probably have at least one or two competitor companies competing for your customers. If they are any good at what they do, most likely they are already utilizing social media to market themselves. Following your competitors’ pages is a great way to keep tabs on them, and see if they are doing something that you might have missed.

There are so many benefits to using and understanding social media to help your business flourish, it’s really a great loss to not utilize them. Any business owner will benefit from making social media a part of his or her small business marketing strategy.

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

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