4 Misconceptions about Small Business Financing

How much do you really know about small business financing? Businesses that have been around for years as well as start-ups have several misconceptions when it comes to obtaining business capital.

The reasons for these misconceptions vary, but many business owners think traditional banks are not doing a good enough job of explaining their financing options, the requirements necessary to qualify for different types of business financing, how business credit is calculated and how lenders use business credit to deny or approve loan applications.

Four of the biggest misconceptions that we frequently hear from prospective clients are:

1. The Small Business Administration (SBA) is a Direct Lender.

The SBA does not make loans directly to small business owners. They do, however, make guaranteed loans through a variety of sources including banks and credit unions. The SBA guarantees a portion of the loan to reduce the risk to lenders, making lenders more…

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The Best of 2015: Top Posts from Triton’s Blog

At the end of the year, we like to compose a list of the most popular posts that were published on the Triton Financial Solutions Blog in 2015. It is a great way to look back on the information we shared with you this year, and an insightful view of which posts our readers liked most.

Some of our most popular posts in 2015 were:

1. 4 Misconceptions about Small Business Financing
2. Understanding Why Too Many Credit Inquiries Can Hurt Your Credit Score
3. I Have Excellent Credit, but the Bank Still Denied My Loan Application
4. 4 Tax Deductions for Small Business Owners

Please enjoy the look back at the past year, and we wish you a very happy 2016!

Below is a short excerpt from each blog post. If you wish to read the entire entry, please click the hyperlinked titles.

1. 4 Misconceptions about Small Business Financing

How much do…

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4 Reasons Why Marketing is So Vital for Your Small Business

Marketing is a broad term that involves many activities, including advertising, promotions and public relations. The success of a small business depends on the business owner’s ability to market their products and services effectively. You may have a great product and stellar customer service, but if people don’t know your business exists, you are not going to have any sales. Your marketing efforts are important to keep your small business afloat. It gets the message out to potential clients and entices them to give your business a try.

Here are four ways marketing can help your business thrive:

1. Marketing Helps Enhance Company Prestige

Brand name recognition is enhanced after successful marketing efforts. Audiences can easily recall your products or services and develop expectations of high quality and excellent customer service from your company. As long as you manage to uphold these expectations, you will have a successful business. Communicate…

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Our Top Small Business Picks for Entrepreneurs and Business Owners

Periodically, our team selects some of the most insightful small business articles from across the web. The best articles we found about entrepreneurship include:

7 Things You Can Do Today to Help Your Business Succeed.

Have you ever felt like you’re wasting your time in business? Many times, we sit down at our desk and simply go through the motions. But at the end of the day, when we push back from our desk and head home, we think, “What have I really accomplished today?” Read the article at Forbes.

5 Signs You Have What It Takes to Be an Entrepreneur.

You have an epic idea. Now what? The real challenge for any entrepreneur isn’t getting started. It’s staying in business. Yes, you can be successful as an entrepreneur but it won’t be easy. It has never been easy to start and run a successful company. Read the article at…

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Small Business Financing Tips

“It is often said that small business people have difficultly borrowing money. This is not necessarily true. Banks make money by lending money. However, the inexperience of many small business owners in financial matters often prompts banks to deny loan requests. Requesting a loan when you are not properly prepared sends a signal to your lender. That message is: High Risk! To be successful in obtaining a loan, you must be prepared and organized. You must know exactly how much money you need, why you need it, and how you will pay it back. You must be able to convince your lender that you are a good credit risk.”

This is a direct quote from the SBA (Small Business Administration). Business owners must understand the bottom line: poor planning and lack of knowledge are the key reasons so many fail to get funding. Another common reason is that business owners…

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Is Fear Preventing You from Becoming an Entrepreneur?

Whether you currently work for someone else or you are seeking employment, most of us have dreamed of being our own boss.  However, is there a difference between those of us who take that risk, and others who decide to stay (for various reasons) employed by someone else?

One of the major obstacles preventing many from starting a business is fear:  fear of unforeseen consequences, fear of economic insecurity, fear of failure, etc.

So what differentiates these individuals from others who never take the risk?  The realization that failure is only fleeting and can be easily overcome with diligence and hard work, especially when you have the right tools and information to guide you.

I advise all of my clients to look at failure as a learning tool and a temporary setback, nothing more.  We all have career disappointments as well as things we wish we could have done better…

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Where Can Women-Owned Businesses Find Financing?

You may be surprised to learn exactly how many small businesses in this country are owned and operated by women. According to the most recent study conducted by the National Women’s Business Council, the US has over 7.8 million women-owned businesses and growing. The rapid rise in this sector is great news for female entrepreneurs and the economy, but how can you become one of the 7.8 million and really kick start your small business?

If you are a woman looking for business funding, you are already one step ahead of the curve. There are dozens of non-government resources dedicated to helping women find a way to make their professional goals a reality and odds are there is a solution available that is right for your specific business.  Many of the organizations serving this segment have local chapters and groups that meet in person or online; over time you…

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Small Business Loans vs. Lines of Credit: Which is Right for You?

At some point most companies face a choice over how to fund their business. Two of the most common ways to obtain business funding are through small business loans and business lines of credit. Alternative lenders like Triton Financial Solutions specialize in helping you determine which type of funding is right for your new or expanding business; below we take a look at which solution may be right for you.

What are the Specifics of a Business Loan?

Business loans are typically a one-time transfer of funds from a lender, paid back in increments over a set period of time. While both loans and lines of credit incur interest charges, the interest rates on small business loans are typically a bit higher. To offset higher interest rates, business loans usually operate via a fixed rate, meaning once you take out the loan your interest rate will remain stable. Additionally, business…

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4 Personality Traits Every Entrepreneur Must Have!

There is no special formula that guarantees entrepreneurial success. But there are some characteristics that successful business owners share. These distinctive personality traits can definitely be learned, but many of us are born with them as well. Here are some common traits of successful entrepreneurs:

1. They Inspire Everyone Around Them

As a leader, they inspire their entire organization with their own dreams of a thriving, prosperous business and their employees want to emulate them.  Good entrepreneurs can see around the corner and will not allow any roadblock to stop them from achieving their goals. They communicate effectively and know how to develop and lead a great team to achieve results.

2. They Are Flexible

Owning your own business can sometime be a challenge. Fluctuations in the economy as well as politics may affect a business owner’s sales and overall cash flow. A good entrepreneur must be able to quickly…

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Why Marketing is So Important for Your Small Business

Marketing is a broad term that involves many activities, including advertising, promotions and public relations. The success of a small business depends on the business owner’s ability to market their products and services effectively. You may have a great product and stellar customer service, but if people don’t know your business exists, you are not going to have any sales. Your marketing efforts are important to keep your small business afloat. It gets the message out to potential clients and entices them to give your business a try.

Here is how marketing can help your business thrive:

Marketing Helps Enhance Company Prestige

Brand name recognition is enhanced after successful marketing efforts. Audiences can easily recall your products or services and develop expectations of high quality and excellent customer service from your company. As long as you manage to uphold these expectations, you will have a successful business. Communicate with your…

View original post 336 more words