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What Small Businesses Can Do To Survive And Thrive During The Pandemic

YoungUpstarts

Maybe because they have often been called the backbone of the American economy, small businesses are among those with the heaviest burdens to bear. The sad reality is, some of these small businesses may never open their doors again. The odds were always difficult for small businesses even before the pandemic.

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10 Reasons You Don’t Qualify for an SBA Disaster Loan

Up and Running

Maintaining your business through the coronavirus crisis has likely led you to cut costs, revise your sales projections, and potentially seek out a loan to help you stay afloat. Your business is brand new. Most banks will not issue traditional SBA loans to brand new businesses. Poor cash flow.

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4 Reasons Small Businesses Fail

YoungUpstarts

Census Bureau showed the reality in hard terms – 400,000 small businesses opened and 470,000 SMBs closed their doors just last year. What separates new businesses that flourish from those that close in disappointment? Here are four of the top reasons small businesses fail within the first year: 1.

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9 Steps to Handle Business Loan Rejection

Up and Running

If you don’t already know who the loan manager is, then do some research and find out. For example, I ran into one case in which the loan manager blamed a rejection on a lack of monthly financial projections for the next 5-years. Measures a company’s ability to manage and allocate resources. Dig into why your loan was denied.

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The Latest Questions Small Businesses Are Asking

Up and Running

The local Small Business Development Center office is a resource that can assist with the venture feasibility process. What is meant by “company culture” and how is it important to my business? Company culture is defined as the shared values, beliefs and practices of company employees including management.

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You’ve Got Funding: 5 Things to Do With the Money Right Away

Up and Running

The details within those pages will remind you of the spending strategy you outlined to get your business off the ground. According to 2016 statistics published by the Small Business Administration (SBA) , only about 78 percent of small business startups survive the first year, and only half make it to the five year point.

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How To Start A Consulting Business

YoungUpstarts

Mandi Ellefson , a successful consultant helping small businesses to improve their growth and revenues, explains: We believe that good design is good business. First, you will need to choose the legal structure for your new consulting business. You absolutely have to elevate your brand. Sole proprietorship or LLC?