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Akron Author Launches Business Funding Book at Book Signing Event 1

Posted on November 13, 2014 by Tiffany C. Wright

The Funding Is Out There! book cover

FOR IMMEDIATE RELEASE

Contact: Trevor Wright

404-642-0509

e-mail: media@theresourcefulceo.com

Local Author Launches Business Funding Book at Book Signing Event

Author of the new business financing how-to, The Funding Is Out There! Access the Cash You Need to Impact Your Business, is bringing her message to the greater Akron, Ohio community through an area book signing. Stop by to meet her and discuss business funding concerns.

Tallmadge, OH – Local business and finance writer and entrepreneur Tiffany C. Wright of Tallmadge will debut her book, The Funding Is Out There! Access the Cash You Need to Impact Your Business, as part of a multi-author book signing event at Barnes and Noble in Akron at 4015 Medina Road on Saturday, November 22 from 1-4 pm.

Tiffany C. Wright, is the founder of The Resourceful CEO, which provides small and medium business owners with the productized services, training and tools they need to achieve higher business cash flow and profitability. In addition, she is a former business consultant and serial entrepreneur who has advised a number of businesses over the years. Tiffany has been featured on radio and podcasts and brings humor, passion, and creativity to her work.

Tiffany makes finance and financing easily understandable for the typical entrepreneur who focuses more on the actual product or service delivered, or on marketing and sales, and finds financing a necessary yet difficult evil. She has helped dozens of business owners who had difficulty locating and obtaining financing for their ventures find the solutions they needed to grow their businesses. According to Tiffany, “In, The Funding Is Out There! I discuss a number of business funding solutions that many business owners are not even aware exist…and how to obtain that funding. And I do this with a sense of fun and humor. Financing can be boring but when you think about what it can do for you, it becomes more exciting. This is what I convey.”

Tiffany continued, “I am excited to be launching The Funding Is Out There! at Barnes and Noble in Akron. I grew up in the Akron area so Akron will always be near and dear to my heart. I’d love for business owners and aspiring entrepreneurs to stop by and ask me any questions they may have regarding business funding. I love to help people achieve their dreams.” Tiffany will be available for book signings and questions from 1-4 pm on Saturday, November 22, at Barnes and Noble in Fairlawn.

Tiffany is available for interviews and appearances. For booking presentations, media appearances, interviews, and/or book-signings contact Trevor Wright at 404-642-0509 or media@theresourcefulceo.com .

The Give and Take of Receiving a Business Loan 0

Posted on September 17, 2013 by Tiffany C. Wright

 

Non-corporate accounting firms need 1099s, regardless of the firm's size.

Your firm needs to assess working capital needs to determine loan size.

While it would be wonderful if everyone had a private stockpile of cash for covering business expenses, for the average small business owner, this is simply not the case. Thus, most small businesses will need to take out a business loan at some point.

Some business people look at debt as a nasty, four-letter word, and see it as something to be avoided at all costs. But even very large, successful businesses have some level of debt.

As the old adage goes, “It takes money to make money.” Sometimes acquiring the cash flow necessary to make a business more successful means taking out a business loan.

This is not to say that the act of taking out a business loan, in and of itself, will magically make a business successful. Of course, there are both pros and cons to consider when taking out a business loan.

Advantages of Business Loans

As mentioned above, the chief factor that makes business loans attractive is the ready access to capital that they provide. However, there are other incentives to taking out business loans.

Low Cost Financing

While there is not one standard interest rate charged for all business loans, they typically cost less than other means of financing, such as business credit cards.

Credit Building Opportunity

If business loans are managed in a timely and prudent manner, they can go a long way in establishing a solid business credit rating. Companies like Dun & Bradstreet offer great tools to help businesses improve their credit scores. Care should be taken to make loan payments as early as possible, and to ensure that the payment history is being correctly reported on the business’s credit file, in order to maximize these benefits.

Flexibility

Standard business loans are widely utilized, but financial institutions may also be able to help business owners access other types of business loans. These include non-business loans that can be used for business expenses, and SBA-backed loans. Business owners would do well to consult their financial institution’s loan officers, who may be able to apprise them of alternate business loan options that they might not have considered.

Maintaining Control

For one thing, taking out a business loan leaves business owners fully in control of business decisions. Once the business loan is approved, there are no interested parties to consult on how the money should be spent, or how business should be conducted.

Further, once the loan is paid back, the obligation to the lender is fulfilled. This allows the business owner to acquire capital without needing to share profits with investors.

Potential Disadvantages of Business Loans

While business loans do give businesses access to much-needed capital, there are potential drawbacks to taking out a business loan.

Qualifying Can Be Challenging

This is not as much of a hurdle for large, established businesses with healthy balance sheets, but for small businesses, qualifying for business loans can be an uphill battle. Many lenders will not consider loans to new business entities without collateral (personal or business assets used to secure the loan), or a personal guarantorship (which extends the liability for loan to the guarantors).

Making the Payments

Every business owner knows that loans require repayment. However, if a business owner borrows more than they can handle, they could find themselves in an untenable position. Therefore, it is imperative that those taking out business loans resist the urge to take on more debt than they can realistically repay.

Potentially Negative Effect on Credit

This is the flip side of the credit building coin, but bears mentioning nonetheless. Even if business loan debt is kept at a manageable level, but isn’t managed responsibly, the effect on a business’s credit rating can be devastating. Again, make payments as early as possible, and never let them slip through the cracks.

Ramifications of Defaulting

If the business loan was borrowed solely by the business, then defaulting on the loan would ruin the business’s credit rating, and potentially forfeit the business’s assets. Additionally, many business loans require the principals of the business to sign as personal guarantors, or to put up collateral in order to secure the loan.

If this is the case, then the liability for the loan is not limited to business assets, and the personal wealth of all parties responsible could also be forfeited.

How to Start a Business with Minimal Capital 0

Posted on February 13, 2013 by Tiffany C. Wright

You can leverage limited resources by thinking creatively and bootstrapping.

I’ve actually spoken and written on this topic a number of times over the years. Even though my focus has been on obtaining business financing for existing businesses, some always asks me this question. So I’ve had to do research and stay on top of what’s going on so I don’t look like a complete boob! (The answer, “I’m sorry, I only help existing businesses”, doesn’t go over well!)

Bootstrapping

Starting a business with minimal  capital is called bootstrapping. To ensure you fully leverage whatever start-up capital you do have, create a plan. I don’t mean a full, drawn out document but something that helps you consider ALL you needs as you currently know them.  The best way to do that is to draft a three to five (3-5) page abbreviated business plan. The business plan writing process may help just as much as the actual completed plan. (Surprise, surprise!)

Market Niche

To leverage your start-up capital, you need to figure out your market or who you are targeting. You need to identify what products or services you will sell (this could change, of course, but you must start with something!). You need to know how you intend to reach your market and, when you do, how you will differentiate your company from your competitors. This last sentence essentially describes your marketing strategy.

Once your  plan of action is relatively clear (remember, everything doesn’t have to be perfect. You need to act!), you can determine what business financing and other resources you have available for starting a business. Think creatively. For example, if you wish to sell products to individuals in a retail environment, the most direct and most expensive way is to rent space and open a store.  Inexpensive options include opening a store on the web, renting a mall or other kiosk, or offering your products in an existing store.  An example of the latter is to offer jewelry for sale at a popular local clothing boutique.  Do you have a service you wish to provide to businesses? You can find other businesses that serve your market and offer to partner with them to help them provide  a well-rounded, full service offering to their existing customers.

Creative Approaches

More on creative approaches to start-up capital and bootstrapping. Do you need money to do marketing? Read one of the numerous  books out there that provide cheap marketing and public relation techniques and how-tos. Where do you think I get my ideas? I’m not a marketer but I do believe strongly in continuing education. Your local public library is such an amazing resource. Use it sometime! You have a Kindle or iPad? Your library offers downloadable ebooks so there are no excuses!

With the strengthening of telecom infrastructure and the rise of the Internet and web-based solutions starting a business is so much cheaper than it was years ago. Your bootstrapping dollars now go much further. Do you need assistance handling all the little things but don’t have the time? You can hire a virtual assistant through elance, odesk, craigslist or similar site. Do you need office space? You can use your home or apartment and contract with a flexible office space provider such as Corporate Suites to get access to a conference room when you need it.

Websites and Hosting

Do you need a functioning website but do not have the money to hire a web developer nor do you have the skills to build one from scratch? You can use a template-based solution via WordPress or Weebly to build your website cheaply. And you can host it cheaply at HostGator, GoDaddy,  JustHost or Yahoo. You can find reputable part-time bookkeepers online via oDesk or craigslist. (Yes, I am a BIG fan of craigslist!)  You can access business legal advice cheaply through Prepaid Legal or another subscription service, which you can sign up for online.

There are many, many ways to creatively access business financing and bootstrap your start-up. Just use your business plan to help you identify  what you need. Knowing specifically what you need will then aid you in obtaining creative solutions to those needs.

Financing Medium Sized Businesses: A Slideshare Powerpoint Presentation 0

Posted on May 11, 2011 by Tiffany C. Wright

Financing a Medium Sized Business” is a presentation I created that provides an overview on when to pursue business financing and what types of financing are available. It includes some helpful hints on how to view your business so that you, as a business owner or executive management team member, view your business from the same perspective that the financing or investing entity does. When you can empathize with whomever your pursuing business funding from, you can speak to their issues, concerns, and desires easily.

Financing a Medium Sized Business is hosted on Slideshare. I have other presentations there that you may wish to check out. In the next month I will add a presentation page to this site. Stay tuned.

Also, if you have any topics you’d like me to cover in a presentation or general blogpost, please let me know.

 

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