How to Prepare for a Merchant Cash Advance

Feb 13, 2018

Know Exactly Why You Need the Money

As a successful business owner, you know when your business is ready to grow. You’ve thought of the ways to expand and grow, and how much money it would take to make the additions and changes you desire. When approaching the application process for a Merchant Cash Advance, think about how best to properly explain those needs to another person. Be prepared to elaborate on how those funds will help serve the purpose of growth and long-term expansion- from as practical as needing an additional oven for your restaurant, to as in-depth as dreaming about opening a second location. Your prospective funder will want to know the details, so be ready to explain them well.

Prepare All the Necessary Documents

Alternative funders, like Platinum Rapid Funding Group, ask business owners to provide specific documentation when applying for a Merchant Cash Advance. Initially, be prepared to provide business bank statements. Throughout the process there will be more paperwork to verify your business and your business ownership so you’ll need: a photo ID, voided check, business license, proof of ownership, and tax returns are all required. Know where all of these documents are and have them ready so this part of the process can progress smoothly.

Be Prepared to Prove Your Business Whether through photos, an on-site visit or a site inspection, merchant funding companies like to validate your business’ operation and will ask to see your working facility. You will be well-informed before this part of the process takes place.

Landlord Verification

If you’re renting your business location, or even if you own, be prepared to provide the necessary documents to prove ownership through a mortgage statement, or by providing the contact information of your landlord. It’s helpful to give your landlord a heads up that the merchant lender will be calling for a quick verification.

For more information and help regarding getting your business organized for funding, call Platinum Rapid Funding Group: 866-905-5444.

Small Business Expos and Trade Shows You Need to Attend in 2018

Feb 1, 2018

Attending the right conferences and expos can mean drastically expanding your connections, gaining support for your business, or getting ideas from others and running with them. It’s important to attend at least one conference a year as a small business owner, and here's why!

1. Spread the word about your business.

2. Educate yourself on the latest management tools, and industry technology to help you better your business.

3. Make industry connections with others business owners.

There’s an entire world out there of leaders and owners, so get connected! The following is a list of small business conferences happening all over the United States and how they might be worth your time.

The Small Business Expo

What it is: It is America’s BIGGEST business-to-business trade show, conference & networking event of the year. Small business owners, start-ups and entrepreneurs can take their business to the next level by networking and showcasing themselves. If you’re looking to drive your business forward and take the next step to success, it could definitely be beneficial to attend one of the 15 Small Business Expo locations taking place in major cities across the country. You have access to over 25 business-critical workshops, seminars and presentations from top industry experts, along with speed-networking opportunities, industry-leading exhibitors with innovative products/services to help your business, a business card exchange & much more. Plus, there’s definitely one in your area, so how can you not go? Check out https://www.thesmallbusinessexpo.com/ for details on the expo nearest you.

Miami – Wednesday February 14th

Philadelphia – Thursday April 12th

Washington DC – Friday April 20th

New York City – Thursday May 3rd

Boston – Thursday May 17th

Chicago – Thursday May 24th

Denver – Thursday June 7th

San Francisco – Thursday August 16th

Los Angeles – Thursday October 18th

San Diego – Thursday October 25th

Phoenix – Wednesday October 31st

Atlanta – Thursday November 15th

Austin – Thursday December 6th

Houston – Thursday December 13th

America’s Small Business Summit

What it is: The Summit features a 3-day, conference experience including mainstage keynotes and panels, interactive master classes, “TED Talk”-style breakouts, one-on-one mentoring sessions, peer-to-peer networking opportunities, and D.C. excursions. This year it will take place in June 2018, date TBA in Washington D.C. Expect to see hundreds of powerful and insightful small businesses joined together to learn, collaborate, and be inspired. Every year there is an outstanding lineup of entrepreneurs, innovators, strategists, and business leaders from the nation’s top brands and companies that you may never have the chance to be in the same room with again. https://www.smallbusinessseries.com/

Dreamforce

What it is: Hosted by popular cloud software solution Salesforce- Dreamforce attracts major names in business, politics, and entertainment. Many refer to it as the “half rock concert and half industry show,” so it is the coolest business conference in history- or so we’ve heard. This year it’s been announced to take place September 25-28th 2018 in San Francisco. Though the lineup hasn’t been announced yet, you can expect an impressive list. In 2017 they featured Hillary Rodham Clinton, Tony Robbins, and Bruno Mars, so keep checking https://www.salesforce.com/dreamforce/ for the 2018 announcement!

Launch Festival

What it is: The Launch Festival is specifically designed to help startups and small businesses introduce their ideas to gain support. Take this opportunity to rub elbows with an array of investors that will see and hear about your business. Held in San Francisco (Date is TBD).The Launch Festival allows entrepreneurs to present their ideas to an audience of investors and fellow professionals. Presenters compete for prizes such as Best Design, Best Technology, and Best Overall. It’s a rare chance to be seen, get worthwhile feedback, and maybe gain an investor or two. https://www.launchfestival.com/

Ways to use a Merchant Cash Advance to Prepare your Business for The New Year

Dec 29, 2017

Now that the holiday festivities of 2017 have settled down, and we’ve rung in the new year, it’s time to start thinking about how we want to best approach this fresh start in 2018. If you’re a business owner, it may mean you’re ready to do what’s necessary to grow your business. The holidays may have brought you an influx of customers, a higher demand for your products, services, time and your goods, and just that little bit of exposure needed to enhance good word-of-mouth about your services. You’re feeling good, you believe in the future of your business, so you just need a few ideas. Here are a few great reasons why a Merchant Cash Advance can benefit your goals in 2018:

• Increase inventory and stock in preparation for sales influx, depending on the kind of business you run, with spring ahead of us, there may be opportunities ahead of you. More inventory equals potential revenue!

• Repair or add any necessary company vehicles to your business that will help support current and future business.

• In specialized industries, like home improvement or custom furniture, use the funds for good marketing ventures and advertisements since many homeowners start thinking about those much-needed home improvement projects come springtime.

• Own a restaurant? Add tables in anticipation for more customers and increase your revenue, or think about adding outdoor tables to that sidewalk space or empty patio in the back.

• Have a shop? Add attractive shelves or displays to your store and stock up. Adding ways to increase sales in any means appropriate is a good way to apply your receivables.

• Upgrade your registers, computer or payment systems. Making improvements or modernizing the way your customers interact and do business with you can set you apart from your competition. Whether you simply upgrade or add capabilities, this is a good way to ensure customers have a good experience, and so do you.

Own a Restaurant? Ways to Boost Your Nightly Revenue

Dec 29, 2017

As a business owner it can be hard to visualize what additional items or improvement to your shop will directly increase revenue. When it comes to the restaurant business, your potential increase in revenue comes in the form of many customer experience-related changes, and this even can include the increased seating at your restaurant.

By improving your seating options and atmosphere by rearranging seating arrangements, updating décor and optimizing comfort, you can drastically change the volume of patrons you receive daily and nightly. Let’s say you add two tables of four to your restaurant. Take into consideration the average cost per seat during dinner service, and figure that during prime hours that seat turns over 2-3 customers a night. You’ve just increased your monthly revenue without a huge overhead cost. As long as you’re sure your staff can handle the extra volume, it’s a good idea.

Once you’re sure that the additional volume won’t negatively affect your quality of service, buying the tables, arranging the space, re-thinking any outdated decor and seating the customers is only half the game. The restaurant’s profitability is not only conducive to great food and service, but is heavily reliant on table turnover (especially when food and service has already been perfected). But how can you be sure that customers make optimal and timely use of your tables while still enjoying their time and not feeling rushed? You want that turnover, but you’d never want a customer to be reluctant to return.

Steve NiCastro of Nerd Wallet (nerdwallet.com) elaborates quite well on this point in his article titled: 6 Ways Your Restaurant Can Maximize Table Turnover and Boost Revenue You can click here to read his article:

https://www.nerdwallet.com/blog/small-business/6-ways-restaurant-maximize-table-turnover-boost-revenue/

Ways to Show Appreciation for Your Employees Around the Holidays

Dec 14, 2017

Move the office party home.

Maybe you didn’t book the holiday party early enough and now there’s no good venues available, or maybe the employees are tired of the go-to place and would love a change. Consider moving the annual holiday office party to your house, if you can. There’s something deeply moving and gratifying about having someone open their home to you, and your employees will feel more like family when they celebrate in your home.

Give small, meaningful indulgences.

Whether a gift card, theater tickets, spa card, a gym membership or a dinner out, giving your employees a bonus gift around the holidays will make them feel especially appreciated. Try to get as personalized as possible when it comes to what you know each person will like.

Offer extra time off.

Give employees a “day-off certificate” that they can redeem any time in the coming year. Everyone appreciates an indulgence like that.

Sweeten their mornings.

Bring in a different breakfast treat each day or provide a full breakfast for the office before the holiday.

Treat employees to a manicure or massage.

No need to close the office while everyone heads to the salon together. Hire a manicurist or masseuse to visit the office on a slower afternoon- everyone loves a little pampering, especially when it's a gift.

Say it, mean it and make it personal.

Never overlook the need to verbalize your gratitude for the hard work of your employees. Stop by each employee’s work space and offer your personal thanks for his or her service, reference times when their efforts benefited the whole company, and point out the skills and strengths that make them a valuable part of your team. That is above all, always appreciated.

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