If you want your small business to succeed, a crucial step is to establish business credit. Good business credit will benefit your business in several ways, including:
The following are eight steps you need to take to establish business credit.
At some point, it's probably inevitable that your small business will need financing in order to grow. One option is to investigate the Small Business Administration (SBA) programs, including the 504 Loan Program. Whether you need startup funding or capital to run and grow your already established business, this program might be just what you need.
Business sales involve risks. It’s natural for both buyers and sellers to have hopes and apprehensions about a merger or sale. A business purchase negotiation requires trust between a buyer and seller as they work to come to an agreement.
A Letter of Intent (LOI) is a crucial part of a successful business sale. An LOI acts as an informal way to kick off a negotiation between a buyer and seller in a business purchase transaction.
Your Letter of Intent essentially “sets the stage” for your business purchase. The LOI terms will clarify the expectations of both sides going into the purchase. Whether you're the buyer or the seller in the sale, both parties benefit from drafting an LOI early on in the process.
So many people want to start a business, but are afraid of how much it might cost. Make no mistake, you can't start a business without any money. That being said, there are some businesses that can be started with very little money and in this video, I talk about typical sources of where people get money to start a business. I'd make sure to have a thorough business plan in place, so you know exactly what funding you need.
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.