Browsing Tag
Finance
214 posts
Do These 8 Things to Save Your Startup Money
Startup entrepreneurs face some of the toughest odds when it comes to achieving success. With 90% of startups failing — more than half by Year 3 — there’s seemingly little hope for those looking to start their own company. Yet, small business owners are vital to the U.S. economy. These mom-and-pop shops make up for...
Business Credit Vs. Personal Credit Reports: Why You Need Both
Personal credit is something you should be familiar with as a business owner. Having good credit, or being "creditworthy," makes getting financing easier when you need it. But do you know what your business credit report is and how it works? Business credit is like personal credit in many ways. But they are not exactly...
6 Finance Books to Help You Make Better Business Decisions
Just when you thought that successful business owners don’t have the time to curl up in bed to read a book, you’d be surprised to know that average entrepreneurs read at least one book a week. Even someone as successful as Bill Gates, the founder of Microsoft, squeezes in 50 books a year to get...
Simple Ways to Establish Business Credit
It's practical to learn how to establish credit for your business. However, before you start applying for loans, weigh the costs as well as the impact on your business. Once you are approved for a loan, there is no turning back. Planning is crucial when it comes to operating with loans. You should consider how...
How Soft and Hard Credit Pulls Affect Your Credit
If you want to apply for the best credit cards on the market, you must have a decent credit score. This means understanding how credit inquiries work. Different inquiries affect your credit score in different ways. But since they play a part in predicting the risk you pose to potential creditors, it pays to know...
Why Startups Make a Mess of Financial Planning (and 4 Tips for Making Things Right)
It doesn’t matter how great your idea for a product or service might be — if you don’t use financial planning to run your business, you will fail. In fact, in an analysis by CB Insights of more than 110 startup failures, running out of cash was the top-cited reason, contributing to 38% of startup...
Award-Winning Finance Expert Shares 5 Financial Musts Before Jumping Into Entrepreneurship
So, you want to start your own business — in which you are your own boss and you’re in control of your professional destiny. You’re mentally ready to become an entrepreneur, but the question is: Are you financially ready? Making the leap from side hustler to full-time entrepreneur is a big move. Yes, you gain freedom...
Tax Challenges You Need to Know Before Starting a Business Abroad
America is called the land of opportunity, but some entrepreneurial ventures are better suited to other countries. Digital nomads around the world have proven the viability of starting a business from your laptop and running your company from anywhere in the world. Even if you don’t start your company abroad, you might want to expand...
How Federal Interest Rate Hikes Will Impact Your Startup
Starting a new business comes with the day-to-day tasks of keeping up with payroll, managing the books, acquiring customers, ensuring positive cash flow and so on. On top of that, you have to keep an eye on macroeconomic changes that may affect your business. If you are a startup and navigating your way through the...
Blockchain Applications for Startups and Entrepreneurs
There are so many stock phrases thrown out by bitcoin fans that it’s hard to know where to begin. One of the more interesting ones is “It’s the blockchain that’s really valuable, you know.” And that is probably true. It’s also much easier to explain than bitcoin. Essentially, blockchain is a sort of record of...
Stop Doing These 4 Things if You Want Your Business to Last
We’ve all seen the statistics on how many businesses fail within the first few years of operation, and the current pandemic may accelerate that struggle for some startups. After fielding literally thousands of questions from small business owners during the past few months at Nav, we’ve identified four ways businesses are setting themselves up to...
Mistakes This Entrepreneur Made With Her Startup’s Finances (and How to Learn From Them)
Business owners are dealing with unprecedented times right now. Many entrepreneurs are struggling to keep their businesses afloat, with financial struggles as their main priority. Prior to this crisis, I began thinking about my own company's finances. I considered myself adequately adept at managing this aspect of my business, but after taking on a new...
Want to Launch a Business? Here’s a Step-by-Step Startup Checklist
If you’re starting a business, you’re probably focused on the product or service you’ll sell, but there are other essential tasks you’ll need to tackle, too. Not only do these tasks help establish your business as legitimate and professional, but they can also help your business as it grows and seeks investment capital or small...
4 Ways Business Owners Unknowingly Drain Their Monthly Budget
As an entrepreneur, you likely have a set monthly budget that consists of all of the overhead costs needed to keep your enterprise running smoothly. For example, your budget may include payroll for employees and freelancers, payments for Internet service and cloud-based project management software, rent for an office space, etc. It is paramount that...
Foundational Finance Considerations You Can’t Overlook When Launching Your Startup
There are few moments in the life of a business as consequential as Launch Day, the moment you finally get to lift the veil on the project you’ve been working on. It’s a heady time, one that is a mix of excitement (“Holy cow, we’re finally doing this!”) and anxiety (Holy cow, we’re actually doing...
5 ‘Boring’ Startup Responsibilities You Can’t Afford to Ignore
Starting a business is thrilling. You’re finally taking your business idea and turning it into a reality. And to do that, you have to check some exciting tasks off your list, like thinking of a name and decorating your office space. Unfortunately, not all tasks are going to be “fun” ones. There are a number...
Unnecessary Expenses That Startups Should Avoid
Starting a business can be an exciting time, and the idea of being your own boss and doing what you love is alluring to many. However, with startups being so young, they’ll have additional deficits from their initial costs. While there are essential costs every business needs to pay for its day-to-day functions, it’s easy...
How Venture Capitalist Diane Yoo Chooses Her Startup Investments
With so many entrepreneurs and startup ventures seeking investment opportunities, it’s crucial that venture capitalists (VCs) create a list of criteria they want their potential investments to meet. Of course, every VC dreams of investing in a business that can grow into a billion-dollar unicorn company, but these instances are few and far between. As...
5 Essential People to Have in Your Network as You Begin Your Entrepreneurial Journey
Succeeding as a new entrepreneur might seem more challenging now than ever before. According to the Bureau of Labor Statistics, 20 percent of new businesses don’t survive for more than a year, and nearly half survive only five years. Looking through the lens of COVID-19, recent reports show that millions of businesses could close in...
Don’t Fall For This Small Business Loan Scam
A business owner looking for a deposit for a building he wanted to purchase says he wound up losing $1,200 to a loan scammer, according to a complaint filed on the Better Business Bureau website. He’s not the only entrepreneur who has reported being ripped off while trying to find financing. The “BBB Scam Tracker is...