Tag Archives: getting a small business loan

Moving Your Home Business to an Office

Small offices, in van nuys

The decision to relocate has to be made with specific regard to the future of the business. It needs precise planning and research, the establishment needs to be faultless and the owner needs to be sure that relocating is the answer for his/her business future. Once you have made the decision to move your home business to an office, you have some planning to do.

The advantages of moving out of your home office comes down to increased professionalism, more space to work and unlimited growth potential. And less much less distraction. Renting a small office at a good price can be very meaningful.

The first decision you make when you have already decided to rent an office, should be your desired location. It’s usually a good idea to start looking at offices near your house to avoid a long commute. Of course, while this is the ideal option, it may not work out perfectly when you consider other details that greatly affect your business. You need to make sure the new location reaches your target audience, so do some research of the surrounding area to find out who lives near the building you are considering. Try giving Van Nuys Offices a call, they have small offices for short terms and for only $195 a month.

Second thing you should consider highly is making sure that all your office furniture, including desks, filing cabinets, and bookshelves, will fit into the new office space. Make sure you leave room for expansion, especially if you plan to hire a few employees soon. Also, consider where customers will sit when they come into the office. Draw a layout, measure your furniture and move your furniture around so that you can get an idea of how much square footage you will need.

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Last thing after you have found your perfect office, you signed a lease, and now you’re ready to start running your business from the office. DON’T FORGET to update your address on all your licenses, bank account, vendor accounts, post office, and all your stationary. If you regularly get inventory shipments, you need to let the distributor know your company’s new address ahead of time. This can prevent you from having to move merchandise shortly after it is dropped off at your house, so be sure to update your business address. You will have to do the same for your mail and any marketing materials that feature your current address.

Get Approved for a Small Business Loan

Launching a business requires capital. Even when a business is already up and running cash flow is important to keep things running smoothly and to allow expansion. Many businesses find there are enormous benefits from getting a small business loan.

There are a variety of financing programs that give emerging businesses the boost they need to expand and grow into a “bankable” enterprise that generates new jobs and strengthens the economy. Normally you have to have two to three years of solid financials before a money lender like a bank will even consider lending you money. Often you need to have a strong personal credit record to be eligible for a decent business loan from start-up.

There are other lenders that offer business loans specifically for start-ups so the process is easier now than it was a decade ago.

Such lenders can furnish you with a loan of the capital you require in order to get your business start-up running or to take your existing business to the next level. Getting approved for a business loan from a bank with a credit score of 650 or less can be extremely difficult. Before a lender approves your small business loan application, they will want to be certain that your business is capable of repaying the loan. This is why it’s so difficult for startups with unproven operating histories to obtain loans. In order for you to stand a chance in getting approved there are some steps you will need to take.

1. Check Your Credit History
It’s a good idea for business owners to check their credit histories before trying to get a loan. Correcting erroneous data or resolving any inconsistencies before applying for a loan will increase a business’s chances of getting one.

2. Research Potential Lending Institutions

Before you start applying for loans, you should gather some basic documentation about you and your business – such as a demonstrably good income record. The most important measure banks use in determining whether to loan money is the company’s ability to repay. Always try to approach a bank that is familiar with your industry and target market.

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3. Create a Cash Flow Statement

A cash flow statement is a familiar financial statement to the banker and provides the banker with an understanding for the current assets and liabilities of the company. Banks prefer more assets than liabilities. In order to create the projected cash flow statements, you will need a detailed business plan. This is also something a bank will want to see before they approve your loan. The plan should be part of your loan application. You should focus on the details within the plan that explain how you will use the loan proceeds.

4. Invest in the Business
Invest your own funds. Lenders like to see personal investment. It is a sign of commitment. Wait until you can afford to invest your own funds before requesting the help of a lender. In general, a lender will help you to subsidize your total funding need, but will be reluctant to provide you with the entire amount.

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