Like most entrepreneurs, you are probably looking for viable ways to finance your business via debt. After all, you don’t mind the interest payments as long as your business concern generates adequate revenue.
Banks and other similar institutions are always willing to lend you the funds you need. However, you have got to fulfill the stringent requirements such organizations lay down for obtaining this money. Many of these lenders may even go to the extent of offering you business credit cards.
Prominent financial experts say it is always prudent on your part to determine what type of loan you need. This makes it easier for your financier to up with a lending scheme you are looking for.
What types of loans can you consider as an Entrepreneur?Such professionals explain that you need to be aware of the type of loans you as an entrepreneur. They point out that such lending schemes fall under the following seven general categories:
1. Line-of-creditIf you are a business owner with limited resources, this loan should be useful to you. Actually, experts feel you should request your banker to make this facility available to you.
This lending scheme allows you to withdraw as much money as you need to overcome financial difficulties. This could be in the form of cash crunches or any emergency expenses you need to meet.
Generally, entrepreneurs open a line of credit with their bankers to meet their working capital needs.The facility is ideal for purchasing necessary inventory, clearing their suppliers’ dues, and paying their employees.
However, they cannot use it for buying the necessary machinery, real estate, equipment and other similar assets. This duration of this lending facility is generally one year. Fortunately, proprietors can easily renew it by paying an annual fee.
2. Instalment LoansIn this type of loans, you need to repay the interest and principal in monthly instalments. Experts say you can use this form of debt financing to meet any type of business needs.
On finalizing the contract with your banker, you get the total amount of money you need. This financier will also calculate the interest payable and determine the date on which you have to clear this loan.
If you are able to do this, you do not incur any penalties or additional interest charges. Its duration depends upon what purpose you intend to use this money. Generally, it ranges from 1 to 7 years. However, if you are going to use such funds to purchase real estate, the facility can extend to 21 years.
3. Letter of CreditIf your organization conducts its business activities in the overseas, you need this lending facility. It allows you to make secure payments to your suppliers in different countries.
You also do not face any problems in receiving payments from your international debtors. To obtain a letter of credit from your banker, you need to submit certain important documents.
These include the bill of lading identifying the merchandise, your commercial invoice, and the insurance policy. In some case, you may have to give a copy of the title documents of the goods you are dealing in.
4. Balloon LoansProminent professionals from reliable companies say that most people don’t know of such loans. You can receive the money you need under this lending scheme after signing the agreement with your banker.
You are liable to pay the interest charges on this loan over its entire term. However, you need not pay the principal amount until the date of maturity. Even then your financier will insist you make a lump sum or ‘balloon’ payment for this liability.
This makes this lending scheme different from most conventional loans available to business owners. Some banks even allow entrepreneurs to pay a such an amount for the principal and interest on the final day.
You could compare it to a mortgage people take to buy a home. It is useful for proprietors who are waiting for their clients to make large payments on a certain date.
5. Interim LoansBusiness owners use this lending facility to help them manage their business operations for a short period. After this period, such proprietors generally enter into a long-term financial arrangement with their bankers.
For instance, people operating a startup company may need money to conduct their activities for a few months. However, after launching the initial public offer (IPO), they start repaying this loan.
Again, an entrepreneur may take an interim loan from his/her banker to pay the contractors he/she engages for a project. However, as soon as he/she get a mortgage for the facility, the proprietor will begin repaying the interim loan.
Generally, banks have very stringent eligibility requirements for securing this form of debt finance. This is because the officials of such organizations need to certain of commitment of person repaying it. They will evaluate his/her ability to pay off such a loan before sanctioning it.
6. Unsecured LoansMost business owners are familiar with these loans. Bankers generally sanction them to such proprietors when they are certain of the financial viability of their establishment in the market.
They also scrutinize the ability of these borrowers to repay the sums they lend to them. Generally, these entrepreneurs can use such money for any business purpose. Moreover, they do not have to pledge an asset to obtain such modes of finance at a high rate of interest.
7. Secured LoansThese are similar to unsecured loans. However, entrepreneurs availing them need to mortgage one of their assets. This is why this lending scheme has a low rate of interest. In the case of a default on the part of such borrowers, the bankers can forfeit this asset.
Entrepreneurs can avail any of the above 7 seven loans to finance their business. However, such modes of debt financing are not cheap. They need to know what their requirements are and how much money they need.
Only then can they select the right one. However, when they have any doubts, they should not hesitate the consult their bankers. Such professionals can assist them in taking the right course of action.
Author BioMarina Thomas is a marketing and communication expert. She also serves as a content developer with many years of experience. She helps clients in long-term wealth plans. She has previously covered an extensive range of topics in her posts, including money saving, Budgeting, business debt consolidation, business and start-ups.
Related Topics Build an e-commerce Website Startup Sales and Marketing Tips Startup Business Plan How to design a Website Best Web Hosting Best WordPress Hosting Steps to Generate Publicity and Attract Investors to your Startup A Website is Crucial for Business Dedicated Server Hosting How to Start a BlogThe post Types of Loans Entrepreneurs can Consider for Business Growth appeared first on Nigeria Technology Guide.
Being a freelancer is amazing in many ways. You build your own schedule and can work from any place on Earth, where Wi-Fi is available. At the same time, there are some challenges connected with freelancing.
Most self-employed workers will agree that there is no bigger issue than finding customers and promoting yourself. If you are a beginner, then we are pretty sure that you don’t really know how to get clients and make your name stand out from the crowd.
This task is connected with certain difficulties and you need a plan to get started. Let’s discuss some strategies to help you on your way.
Your Potential Target Market & your GoalsFirst and foremost, you need to make a research and define your audience. Who are those people and what do they expect from you?
It is much easier to build a CV and promote yourself when you know what type of customers will cooperate with your and what exactly you want to do. Yes, there are two crucial aspects here: your interest and the clients you would like to work with.
As for your goals, you need to be strict here. It’s okay to have ambitions and high aspirations, but make sure that you break a large plan into smaller steps. When you break a large task into manageable pieces, everything seems to be achievable (and it is). Just don’t forget that organization is everything and set the deadlines for yourself.
How to get hired? Your first customerIn the perfect scenario, clients find you, of course. However, this is not something that happens on the starting point, so you will have to do some work before your name starts to work for your benefit.
Remember, the first thing you should do is providing your potential clients with examples of your work to let them know your level and sphere of activity. Whether you are a professional writer, designer, or programmer, you need to have a public CV with samples or even a whole website where your best masterpieces are presented.
Of course, having a website is much better, because you can work on customer conversion a little and the process will move faster. Also, don’t be shy to tell everyone about your services. Let your friends, past colleagues, and family know that you are looking for a freelance job. The more people know about you and your offers, the faster you will find customers. Word of mouth is extremely efficient.
Next, you should browse the web carefully and find some firms and companies in need of a person like you. If there are any projects or websites produced by a particular company on the web, find them and see if you can bring any value.
Maybe you can create a better website, draw a more creative logo or compose a catchier text? Use this as an advantage when introducing yourself to the boss or an HR. Make sure to read everything about their business and requirements before you contact them.
When writing emails to a number of customers, make sure that you never make a mass mail-out. Of course, you can have the similar base, but you should write every message personally.
Call every potential client by his/her name and briefly introduce yourself. Then write that you are interested in cooperation and explain how exactly you can help.
Marketing ideas for your Freelance ActivitySelf-marketing can be challenging on any stage of your freelance career. Whether you are a beginner or already have years of experience behind your back, driving more traffic to your site and getting new customers is never easy.
If you know how to appeal to your audience and show that you have exactly what they are looking for, then you have already won half the battle. Let’s discuss some general marketing strategies for freelancers.
NetworkingYou need to make connections to get into the game. One of the most efficient ways to do so is attending specific events where you can meet people of your profession and clients. If you want to try finding a customer in person, make sure that you have a business card.
The other option is to do some work for a social or charity event. This way, you will have a good sample for your portfolio, get involved in the community, and gain some positive reputation.
Word of MouthAs we have already mentioned, word of mouth works. It’s great when somebody, be it your friend, relative or a former co-worker, recommends you as an expert personally. Make sure that everyone knows what are you doing and chances are that they will help you make some connections.
Cold-emailCold-emailing is something that can help you find clients from all over the world. Find potential customers, find out how can you make their business better, and contact them. Introduce yourself and highlight the point – tell them why are you writing this letter and how can you assist. Attach your portfolio or add a link to your personal site.
ReferralsIt’s great when someone recommends you as a professional to his or her friends/colleagues. Freelancers cannot live without referrals and you really need to get some. Good news: it’s not that complicated. When you perform a really good job, your customers will discuss you with others and will share your contacts.
Also, you can always ask for a feedback. When the project is done, you should ask your customers if they had a positive experience when working with you. Don’t forget to ask for some improvement advice, if they have any. There are special feedback forms you can attach to your emails, so customers will find it convenient to write a couple of words for you.
And the last one – don’t be shy to ask. Tell your clients that you would appreciate it if they could share your contacts with other people who might be in need of your services. Either they have such people or not, they will remember your name.
Be present everywhereYou should be visible, so create accounts on all social networks you know, produce and publish content online, and be everywhere to make your name out. This will bring more potential customers to your website.
Also, you need to spend some time to optimize your website for Google. Even if you are not very good at SEO, just make sure that you know the basic requirements. First, publish original and high-quality texts with related keywords. Second, try to get some back-links by publishing guest-posts. Third, make your website user-friendly and easy to read.
Keep workingYou cannot stop improving yourself and your marketing strategies. This is not something that you have done once and then you can have a rest on your sofa.
Remember, you have to work on your strategies all the time, making them better to attract new clients (and better ones). Also, don’t forget that self-marketing is not a matter of a day – you will have to wait for a while until it works. Be patient and motivated!
Finding customers can be daunting, but when you have a plan to follow, this task becomes achievable. Don’t be shy to contact customers to offer your services and make sure that you have a really amazing portfolio to show. We hope that this guide will help you get amazing customers with no hustle. Happy freelancing!
About the author:Jennifer Pauli graduated from Corvinus School of Management and finished the faculty of Journalism at the Corvinus University of Budapest. Currently, she is an editor, business writer, and copywriter, working with well-known companies, blogs, and personalities. Follow her on Twitter, G+ and read the personal blog
Related Topics How to Work from Home Online How to Blog Top 10 Online Jobs for Nigeria Top 20 Online Jobs Best Web HostingThe post How to Find Customers and Market Yourself? Top Tips for Freelancers appeared first on Nigeria Technology Guide.
The era of technology combined with reduced spare time has led to a growth in e-commerce business. The internet has made it easier for entrepreneurs to start a business with little investment and high returns. Hence, a lot of entrepreneurs can be seen jumping on the bandwagon.
Statistics show that e-commerce contributed $2.3 trillion sales in and this is expected to hit $4.5 trillion by the year 2021. In the US alone, e-commerce accounts for 10 percent of the retail sales and this is expected to grow by 15 percent each year.
In the past, developers insisted on responsive websites because people were shifting towards mobile. However, now it has become a necessity,and a mobile app just makes it easier for the users. Here are some more reasons why you should consider developing a mobile app for your customers:
1. Better User ExperienceIn e-commerce business, no matter how good your product is, but if the user experience is not good enough, then you are at the losing end. A survey by Akamai showed that half of the internet users expect a website page to load within 2 seconds and they tend to leave if it does not load within 3 seconds.
Moreover, 79 percent of them said that they will not return for a purchase if they encounter a problem with the website and 64 percent of them said that they will opt for another store.
When logging in with mobile, users expect faster results,and it takes around 22 seconds for a mobile page to completely load.
Imagine your potential customers turning away from your product just because the website did not load on time. An app, on the other hand, stores data on users’ phones, which minimizes load times and also it allows better interface.
2. Higher Conversion RatesBetter user experience will subsequently translate into better conversion rates. It is estimated that by 2021, mobile phones will command $152 billion or 24 percent of the total sales. Consumers are increasingly spending more time on apps because of speed, extra features,and better promotions.
In a survey conducted, 58 percent of the millennials said that they prefer to make purchases via apps. This is good news for businesses that have mobile apps because they have a higher conversion rate than any other medium.
A research conducted by Criteo shows that people view 4.2 times products per session on apps than on mobile websites. Also, they have 3 times high conversion rate compared to mobile sites and 1.5 times than desktop.
An app can also help you lower shopping cart abandonment rates. A study conducted in 2017 showed that the abandonmentrate for mobile was at 85 percent- the highest among the three medium. Hence, an app lowers down abandonment rate because it does not take a lot of time to load. Moreover, the simplicity of the app makes it easier to order things at one click. This is especially true for returning customers that are familiar with your app and its layout.
3. Higher EngagementAn app also allows for better engagement and marketing strategies. The simplest form of marketing that you can do with an app is through push notifications. Push notifications serve two purposes: reminds users that they have an app and inform them about any upcoming offers.
A study conducted to find the effectiveness of an app showed that when users were sent push notifications, they logged in 53 percent more times in a month than users who didn’t. Moreover, on an average 62 percent of the users returned to the app in the first month as compared to 27 percent who did not receive any notifications.
The study also showed that push notifications increase longevity rates, which mean that after three months 41 percent of the users were still using the app as compared to only 18 percent who did not get any.
An app also allows for better personalization and customization. Sending a random broadcast message will not be as effective as a personalized message. In fact, in 2017, 85 percent of the messages sent were personalized.
You can also drive engagement by giving out rewards. For example, Uber recently introduced Uber Rewards, a program that allows users to earn points whenever they use the service. The program has different levels such as blue, gold and platinum. A user can join at any level and start earning points. These points can be spent on both rides and Uber Eat.
Another great example of an app with high engagement rates is Boxed — a wholesale grocery app. The app allows customers to order bulk items from their comfort zones and without paying any wholesale club membership fee.
While the app’s primary function might not be entertaining in itself, the app engages customers by showing them curated lists and giving them ideas about various occasions such as a party or birthdays.
Moreover, its machine learning algorithm also predicts if a user might be low on a particular product and then its SMART Stockup feature sends a reminder for easy re-order. For a more rewarding experience, the app also allows users to search for deals and discounts in the ‘Stuff on sale’ section.
As far as the ecommerce mobile app development cost is concerned, it can cost between $1000 and $100,000, depending upon the features that you want. However, a mobile app can undoubtedly do way more than a mobile or desktop website. You can be quite creative with the app to entice customers.
Also, with an app, you can open up a two-way communication channel by asking for feedback from customers. This will let you know if your strategies are working and will also discourage customers from posting a negative review on app stores. You also need to track your efforts through analytics or predefined metrics to know what is working.
The best part about apps is that you can keep experimenting with new features. Regularly updating the app with new structures and personalized will keep customers engaged.
About the Author:
Alma Causey is a Freelance writer by day and sports fan by night. She writes about tech education and health related issues. Live simply, give generously, watch football and a technology lover.
Related Topics Best Web Hosting Best WordPress Hosting How to Build a Shopify Store Best eCommerce Software Online Stores in Nigeria
The post 3 Reasons to Opt for a Mobile App for your e-Eommerce Business appeared first on Nigeria Technology Guide.
Spotify is a popular and the biggest online music streaming service provider where users can explore songs, poetry, audio books, comedy, podcasts, novels and what not. Users can easily search for their favourite soundtracks and play as well as share it with their friends for free.
You can find instant access to the world of music, from classic old songs to the latest albums, and music of all genres will be in your hands. The Freemium version of Spotify will give you basic features with advertisements and the Premium version which is a paid version will give you additional features without any annoying ads or commercials.
Spotify Premium will work on almost any device including a computer, mobile phone, tablet, PlayStation, and smart TV. Spotify Premium subscription costs about $0.99 for the first three months and then afterward, you will have to pay $9.99 per month.
Features of Spotify: Download Music and Offline ListeningThe best thing about the Spotify APK is that users can download their entire playlist and listen to their favourite music when they are on the go. Even if you are travelling are or you are out of internet connection, Spotify playlist will continue to burn. Listening to music offline will also cut down your data consumption heavily.
Amazing Sound QualityUsers will find that the soundtracks are showcased in different sound qualities: Normal, High, and Extreme. All of this is available on non-rooted devices. The extreme quality is called the Premium wherein your music will be played at 320Kbps.
Play Any Sound TrackThe freemium version of Spotify will not allow you to skip tracks. However, users of Spotify Premium APK will get additional controls at their player. You can play your soundtracks anytime anywhere without any hassles.
Unlimited Music SkipsSpotify enables you to skip the current music anytime. You don’t have to wait for the song to end and for the next track to begin. You can skip the track at any moment and start listening to the next soundtrack on your playlist.
Zero interruptionThere is absolutely no interruption when the soundtracks are played. You can listen to music sans advertisements and commercials. There will be no visual adds in the player. So, you can enjoy your music without any annoying breaks or pauses.
Save Storage SpaceSince users can play a horde of soundtracks on the very server of Spotify, there is no need to save the songs on your phone and eat up its space. So, you have saved a significant amount of storage space on your Android device.
How to download and install the Spotify Premium App:The download process for installing Spotify Premium is very easy and users will be able to launch the app on their devices without any hassles.
Here is a complete step-by-step guide to follow when you start with the downloading and installation process of Spotify Premium APK on Android:
You can download Spotify Premium App from here. The downloaded file will be available in the zip format which may be needed to be unzipped or extracted using the inbuilt file manager or file explorer. Once you have extracted the file, tap on the apk file“com.spotify.music.apk” and start the installation process. Your Android phone will display a warning message announcing “For your security, your phone is not allowed to install unknown apps from this source.” To enable installation from this source, tap on the Settings button. A menu will be displayed showing the option of“Allow from this source”. Tap on the toggle switch right next to it to enable the installation. Now head back to the installation screen where a list of permissions required for running the app will be shown. Tap on the Install button. You will find “Installing…” window along with a progress bar and the process will be completed within two minutes. Once the app is successfully installed, you will see the App installed screen. Lastly, tap open and launch the Spotify Premium app. Conclusion:Spotify is a very powerful and easy-to-use music service which has lured millions of music lovers owing to its robust feature. You can now enjoy your favourite songs in any part of the world and share it with your friends and spread musical marvel.
Download the app using the simple process given above and explore its functionalities like never before! guest posting service
Read More:
Spotify Premium and Many more apk Netflix Streaming & Internet TV Service 5 Tips to get Faster Streaming ExperienceThe post Features of Spotify APK and How to Download appeared first on Nigeria Technology Guide.
