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Monthly Archives: July 2017

About Business Loan Strategies

This is usually especially difficult if there is no commercial real estate as collateral for buying a business opportunity. Commercial borrowers should anticipate that business financing choices will be substantially different in comparison to a business acquisition that can be financed with a commercial real estate loan when buying a business opportunity that does not involve commercial property.

The suggestions and advice in this commentary build upon commercial loan covenants that are commonly provided by commercial lenders willing to offer commercial financing throughout much of the United States for buying a business opportunity. There will often be various private financing scenarios in which the seller might be willing to wholly finance a business opportunity acquisition, and we will not attempt to discuss those commercial loan possibilities in this commentary.

Length of Business Loan to Expect When Buying a Business Opportunity

Business loan terms to buy a business will typically include a shorter amortization period than commercial real estate financing. A ten-year maximum term is common, and even that length of business financing is likely to require a commercial lease of at least ten years.

Likely Interest Rates to Buy a Business Opportunity

In the current business loan interest rate environment, the likely range for buying a business opportunity is 11 to 12 percent. To put this in perspective, it is not unusual for a commercial mortgage to be in the 10 to 11 percent range. The cost of business financing to buy a business is routinely higher than the cost of a commercial mortgage due to the lack of commercial property for lender collateral in a business opportunity transaction.

Down Payment Requirements for Buying a Business Opportunity

A typical down payment for business financing to buy a business opportunity is 20 to 25 percent depending on the type of business and other relevant issues. Some financing from the seller will be viewed as helpful by a commercial lender, and seller financing might also decrease the business opportunity down payment requirement.

Refinancing Alternatives After Buying a Business Opportunity

A critical commercial loan term to expect when acquiring a business opportunity is that refinancing business opportunity financing will routinely be more problematic than the acquisition business loan. There are presently a few business financing programs being developed that are likely to improve future business refinancing alternatives. It is of critical importance to arrange the best terms when buying the business and not rely upon business opportunity refinancing possibilities until these new commercial financing options are finalized.

Avoiding Problem Lenders When Buying a Business Opportunity

Most commercial borrowers are likely to consider the most important part of the commercial loan process for buying a business to be the choice of a business lender. Not to be overlooked is the importance of avoiding lenders that are not generally successful in finalizing business opportunity financing.

Commercial borrowers are likely to avoid many other commercial financing difficulties usually involved with buying a business opportunity by eliminating problem lenders from consideration. Eliminating problematic lenders will be critical to the immediate success of the business financing efforts as well as to the future financial condition of the business being purchased.

 

Customer Service Skills

Customer service can be defined as simply the ability to provide a product or service in the way promised, but it should be viewed by business owners and employees as so much more. Customer service should be viewed as customer care. Not only should you treat your customers the way you’d want to be treated, but you want to go above and beyond even that. Customer care should be viewed as one of the basic philosophies of your business. Without your customers, you wouldn’t have a business. They should be treated with respect at all times. Not only should you be providing the highest quality goods or service in your market, but you should be doing so with the right attitude, the highest amount of knowledge, technical support and doing so with a smile.

Customer service is a dying art form in most businesses today. It’s like they don’t care about their customers at all. Salespeople and store employees often display a complete lack of respect for the customers, no willingness to learn about the products or services they’re representing, and even the lack of a smile on their faces.

Lack of good customer care leads to disgruntled customers who complain to other potential customers about their bad experiences, loss of income and potentially even a complete shut-down.

Customer service skills shouldn’t be employed only when customers are complaining, nor should it be used only as a last resort by a manager who’s called over to deal with an escalating situation. Customer service should become one of the cornerstones of your organization. Every contact with your business should leave the customer feeling respected, cared about and content with the outcome.

Train your employees to think about angry/rude/impatient customer situations like this:
1. Am I doing something to elicit this response from the customer?
2. Do I deserve this behavior?
3. Why is the customer acting this way? What can I do to improve it?

Any representatives of your business should always answer any and all questions from your customers as promptly as possible, as politely as possible and with a smile.

When you utilize good customer service skills and truly value your customer’s place within your company, you will earn more business. They will refer friends and family to you for the same great service they received and they’ll keep coming back themselves. Let your customers know that they’re the backbone of your business and build relationships with them. Give them the “mom-and-pop” shop sentimentality, even if your company is more like a mega-mall.

 

How To Take Action ?

However, when you think about taking action, make yourself successful, doing the necessary sacrifices, or more precisely how can you turn yourself into the type of person who take action…

It is a fact that we can change our nature, by what we repeatedly do. Therefore it’s not enough with just a single act, you have to make it a habit.

Many people can share with you why certain traits or habits are important for them, it’s harder to explain why the same traits should be important to you. If you’re not motivated and have inspiration to do what you do, why do it at all?

You probably read and hear a lot of success stories of people making money from this and that. They all had to start from the beginning at one point.

Each and every one of them had to make the decision, “I want to be successful”,”I must take action”. Now, each and every person who want to get out of the rat race has to find the motivation and inspiration to do so.

I’m out of that race since many years, and when I sometimes feel down and lack inspiration to do my thing, well, for me it’s enough to think “what if I have to go back to the rat race?” Like a finger snap I get all the motivation in the world.

You need to get the motivation and inspiration to find and unleash your best small business ideas. The best way is to ask yourself questions…

When you want to start your own small business, identify what steps you need to take and get started. You need to realize that it won’t be enough think and dream about it. Change yourself and your behavior pattern by start to take actions.

Start in your day to day life, whit small ideas that comes to your mind, make it a habit to actually go through with your ideas.