Tag Archives: small business loan

A Commercial Address Required For Some Business Licenses

Small Office
Starting Your New Business

To run your business legally, there are certain federal and state licenses and permits you will need to obtain in order to conduct your operation.

Virtually every business needs some form of license or permit to operate legally. However, licensing and permit requirements vary depending on the type of business you are operating, where it’s located, and what government rules apply.

You can expect to secure the maximum amount of credit available if you set up your business in a commercial office location. A physical location that is zoned for business speaks volumes for your company and its operation.

If you’re determined about having a commercial address but renting office space is out of the question then you may want to consider the following 3 alternatives:

  • Commercial Address – There are many leasing companies liken Van Nuys Offices that offer you the ability to have a qualified commercial address for your business for the purpose of only receiving mail and packages.
  • Virtual Office – A good way of saving money and at the same time still maintaining a professional image is to have a virtual office.  A virtual office will give you the right impression at a fraction of the cost of having your own office. With a virtual office you have the ability to run your business out of your own home and at the same time building a professional image for your business.
  • Dedicated Office – You can obtain a complete turn-key office operation which includes a private office with your own phone, fax, internet, full furnishings, meeting room and much more. Some turn-key offices give you the privacy, security and professionalism of a workplace that is not in an open environment or room-share. You will have your own suite number, own mailbox, and your own phone line. You may choose from one single private office or several offices with many options.
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    Small is the way to start

    Small Office for Lease
    Small office in Van Nuys

    There are many opportunities for people that want to start their own business now than there was years ago.  During this economic stress landlords that didn’t consider pursuing smaller tenants are now looking to expand their business and are willing to take small tenants.

    Large spaces that have now been divided into smaller ones are helping out those people who have thought of starting a new business but were afraid of the commitment to a large space.  The number of small spaces tenants can consider in their searches has increased.

    Many people think that when you start a business, leasing office space is not a really important thing because you have that extra room in home you can now use as an office.  Yes, having your business run from your home can save you some money.  But is it really saving you money.

    Many customers or clients seem to feel that a business with a permanent address other than someone’s home is less likely to be a flaky business, and more likely to be able to deliver on guarantees.  Which means some potential clients can change their mind about doing business with you.

    Another consideration that you may want to think about, particularly if your business is mature, is that businesses with outside locations tend to be easier to sell and to bring higher prices. For one thing, the new owner doesn’t have to scout out a new location and go to the expense of moving; for another, customers and clients are already accustomed to visiting a particular office and can continue to patronize it despite the new ownership.

    A Virtual Office

    Virtual Offices in Van Nuys
    Virtual Office

    Is your business on a standstill? Do you feel that if your business had a commercial office your client list can have a chance to grow?  Are you in extreme need of an office space—but not quite prepared for the financial commitment of a full-time office lease? We know that companies sometimes get caught mid-step when growing to the next level. That’s why we developed a new space solution for overcoming this common situation.

    Virtual office is gaining immense popularity because of the long list of benefits that come attached with it. With no leasing or building fees, security expenses to be incurred, virtual offices can be really cost-effective. As mentioned earlier, your business can get a prestigious address in one of the major cities across the globe, without the need for you to leave your current location. This can be a great benefit for businesses with a small-budget. A virtual office gives an organization more flexibility and efficiency in its operations. Your business can work with employees spread across the globe. What’s more, you do not have to supervise them.

    The best time to go for virtual offices is now. A business that can do without a traditional office space should immediately opt for a virtual office. If you are interested in a virtual office then give us a call and one of our representative will be happy to go over the details of a virtual office http://www.vannuysoffices.com.

    A Commercial Address

    You can expect to secure the maximum amount of credit available if you set up your business in a commercial office location.

    A physical location that is zoned for business speaks volumes for your company and its operation.

    When you apply for a loan there are certain things lenders look for to determine your business fundability. Banks always want to check if you are in compliance. Compliance basically means that you are doing everything in your power to make your business as credit worthy and prove your business fundability by complying with all aspects important to a lender. Everything in a lender’s list of requirements is geared to make sure your business has the ability, now or in theory, to repay a loan and the disposition to do so. A part of being compliant is geared toward proving your business actually exists and enjoys a good reputation as well.

    Van Nuys Virtual Offices

    To present a solid appearance, your address should be an actual street address not just a P.O. Box, and you should have a listed phone number. It is better to have a landline telephone even if you use a cell phone for most of your communication, however if you use cell service exclusively make sure it is a contract phone that will have your business name associated.

    The amount of credit your business will qualify for is determined by these types of factors including company size. If you use your home office as your business address it can limit the amount of credit your company can obtain. Creditors believe it is unlikely that you can run a major corporation out of your home office.
    Whereas if you have a commercial address it puts your business in a different light compared to a home based business. You can expect to secure the maximum amount of credit available if you set up your business in a commercial office location.

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    If you’re adamant about having a commercial address but renting office space is out of the question then you may want to consider renting a virtual office from Van Nuys Virtual Offices. Van Nuys Virtual Offices can provide you with all the benefits a traditional office gives you at a fraction of the cost.

    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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