4 Characteristics Every Entrepreneur Must Have!

There is no special formula that guarantees entrepreneurial success. But there are some characteristics that successful business owners share. These distinctive personality traits can definitely be learned, but many of us are born with them as well. Here are some common characteristics of successful entrepreneurs:

1. They Inspire Everyone Around Them

As a leader, they inspire their entire organization with their own dreams of a thriving, prosperous business and their employees want to emulate them.  Good entrepreneurs can see around the corner and will not allow any roadblock to stop them from achieving their goals. They communicate effectively and know how to develop and lead a great team to achieve results.

2. They Are Flexible

Owning your own business can sometime be a challenge. Fluctuations in the economy as well as politics may affect a business owner’s sales and overall cash flow. A good entrepreneur must be able to quickly adapt to new situations without losing sight of the ultimate goal – a prosperous business. Successful entrepreneurs also know how important it is to adjust to new information and changing market conditions.

3. They Don’t Fear New Technology

Successful entrepreneurs know how to utilize new technologies to their advantage. For instance, they are not afraid to use the new iPad or Galaxy to maintain their calendar or utilize hi-tech tracking systems for inventory. Technology is constantly changing and good entrepreneurs find ways to use it to their advantage, making their company even more successful.

4. They Are Passionate About Their Business

A good entrepreneur loves the challenge of starting a business and seeing it grow over months and years. This passion is exactly the motivation needed to continue in spite of temporary setbacks.

It can be very beneficial for entrepreneurs to study and observe the habits and personalities of other successful business owners. Not only do their lives serve as inspiration, but also provide the much needed determination to keep going no matter what.

La Mancha Sims is the Founding Partner and CEO of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in commercial finance, specializing in assisting start-ups and small businesses with their growth, expansion & development. You can reach La Mancha at 770-249-2357.

 

Posted in Business, Business News, Business Owners, Business Startups, Business Tips, Entrepreneurs, Entrepreneurship, Leadership, Small Business, Small Business Owners, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups, Veterans, Women | Tagged , , , , , , , , , , , | Leave a comment

4 Tips to Improve Your Business Credit

Business creditIt can be difficult for small business owners to get loans and lines of credit on favorable terms. Consequently, many opt to use personal credit. But it is important to keep personal credit separate from business credit in order to keep your credit history clean and clear of any business related debt. It is also important to build business credit to legitimize your company in order to attract potential lenders. And this is how you start:

1. Create a Legal Business Entity

The first step is to separate your business from its owner or owners. Consult a Certified Public Accountant to get advice on the type of legal structure that is best for your business. A corporation and a Limited Liability Company (LLC) are just two of the options. Your choice of entity can have a significant impact on your tax payments and the regulatory environment of your business, so choose wisely.

2. Get a Tax ID Number

Also known as an EIN (Employer Identification Number), it is just as important for a business as social security numbers are for people. You will apply for an EIN via the IRS website. Once you have this nine-digit number, you will be able to open up a bank account and create a credit profile for your business.

3. Open a Business Bank Account

Many banks will not approve your business for a loan unless your business bank account has been open for at least 2 years. So make sure to open a business bank account as soon as you obtain your EIN number. Your bank statement must show a cash flow that seems capable of handling a new business loan. The loan amount and the loan terms for which you are approved will depend largely on the average daily balance in your bank account.

4. Get Listed with a Business Credit Bureau and Tracking Agency

Experian, Equifax, Dun and Bradstreet, and Business Credit USA are the four most important business credit bureaus operating in the United States. When you apply for a credit card or loan on behalf of your business, your lender will ask for the credit file number at your Credit Bureau. Dun and Bradstreet and Experian are also the leading credit tracking companies. They make sure that all the transactions and payments undertaken by your company are truly reflected in your business credit report. This includes timely payments against on your business credit card.

Good business credit does take time to develop, but it is important to establish separate business credit to ensure that your business is well-equipped to face the challenges and growth opportunities that come its way in the future.

La Mancha Sims is the Founding Partner and CEO of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in commercial finance, specializing in assisting start-ups and small businesses with their growth, expansion & development. You can reach La Mancha at 770-249-2357.

Posted in Alternative Lenders, Alternative Lending, Business, Business Credit, Business Financing, Business Lines of Credit, Business Loans, Business Owners, Business Startups, Business Tips, Credit, Entrepreneurs, Entrepreneurship, Finance, Small Business, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups, Veterans, Women | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

Too Many Credit Inquiries Can Hurt Your Credit Score

Credit InquiryMany of our applicants are surprised when they realize that applying for credit from multiple lenders (such as department stores or auto dealerships) has negatively impacted their credit, and temporarily prevented them from qualifying for the business loans or lines of credit they need to fund their business.

They become frustrated that even though their overall credit may be good, multiple credit inquiries can have such a negative impact on their credit scores as well as their ability to access business funding. I hope the information below address some of these concerns.

What is a Credit Inquiry? Whenever you apply for credit from any lender, retailer, auto dealership, mortgage lender, etc., you are authorizing the lender to ask (or inquire) for a copy of your credit report from one or all of the credit bureaus. Later, you may notice these credit inquiries listed on your credit report. There may also be businesses or lenders listed on your credit report that you do not know or did not directly give permission to receive a copy of your credit report. However, the only credit inquiries that count toward your Fair Isaac Corporation (FICO) scores are the ones that result from your applications for new credit.

Are There Different Types of Credit Inquiries? Yes, there are two types of credit inquiries: hard and soft inquiries. A hard credit inquiry is when you are applying for new credit. A soft inquiry is when a lender pulls your FICO Score for marketing or other purposes, such as when a landlord or potential employer might pull your credit. Fortunately, soft credit inquiries have no impact on your FICO Score. Hard inquiries, on the other hand, only hurt your score if there are several in a short amount of time.

Why Does It Matter How Many Credit Inquiries I Have? To lenders, if you have applied for or opened several credit accounts in a short period of time, you may represent a greater credit risk and the lender may be less likely to extend you a loan or line of credit. They may assume that you will be unable to repay these credit accounts and will eventually default, or that you have some type of financial hardship, such as health problems or a job loss that will make it more difficult to repay the loan.

Will Only One Credit Inquiry Affect My Credit Score? The effect of applying for credit varies based on an applicant’s individual credit history. Typically, for most applicants, one credit inquiry will take less than five points off the applicant’s FICO score. Credit inquiries can have a greater impact if the applicant is a young person with a shorter credit history, or if the applicant simply does not have a lot of credit experience. Large numbers of credit inquiries, however, means greater risk for the lender. Some studies have shown that people with six or more credit inquiries on their credit reports are more likely to declare personal bankruptcy than people with no inquiries.

What is Rate-Shopping? InvestorWords defines rate-shopping as “The act of reviewing interest rates from various lenders and on various loan or credit products. Rate shopping allows a consumer to understand the costs of available products and the differences between lenders.” If rate-shopping is done within a short period of time, such as two weeks, it should have little impact on a person’s credit score.

What Can I Do to Limit the Impact of Credit Inquiries on My Credit Report? If you need a loan or line of credit, make sure you do your rate-shopping within a short period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. Also, do not give permission for a lender to obtain a copy of your credit report if you are not yet ready to make a purchase.

Credit inquiries are only a small measure of your overall creditworthiness, but still very important.  People with high FICO Scores regularly pay their bills on time, keep their credit utilization (debt-to-credit ratio) low on credit cards and other revolving credit lines and apply for (and open) new credit accounts only when needed.

La Mancha Sims is the Founding Partner and CEO of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in commercial finance, specializing in assisting start-ups and small businesses with their growth, expansion & development. You can reach La Mancha at 770-249-2357.

Posted in Business, Business Credit, Business Financing, Business Lines of Credit, Business Loans, Business Owners, Business Startups, Business Tips, Credit, Economics, Entrepreneurs, Entrepreneurship, Small Business, Small Business Owners, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups, Veterans, Women | Tagged , , , , , , , , , , , , , , , , , , , , , , , | 1 Comment

Our Top Small Business Picks for Entrepreneurs and Business Owners

Periodically, our team selects some of the most insightful small business articles from across the web. The best articles we found about entrepreneurship include:

7 Things You Can Do Today to Help Your Business Succeed.

Have you ever felt like you’re wasting your time in business? Many times, we sit down at our desk and simply go through the motions. But at the end of the day, when we push back from our desk and head home, we think, “What have I really accomplished today?” Read the article at Forbes.

5 Signs You Have What It Takes to Be an Entrepreneur5 Signs You Have What It Takes to Be an Entrepreneur.

You have an epic idea. Now what? The real challenge for any entrepreneur isn’t getting started. It’s staying in business. Yes, you can be successful as an entrepreneur but it won’t be easy. It has never been easy to start and run a successful company. Read the article at Enterpreneur.

4 Simple Lists to Determine New Business Start-up Costs4 Simple Lists to Determine New Business Start-Up Costs.

The key to growing a financially strong business is starting out on the right foot. Many of your priciest business expenses will come from the initial start-up costs, and your preparedness for handling those costs can set the pace for how well your business will unfold. Read the article at Inc.

Five Toughest Things About Owning Your Own Business.

Owning your own business may sound fun and exciting. At certain points, particularly after a lot of hard work, it is. The road to entrepreneurial success is usually paved with several common challenges. Read the article at Succeed as Your Own Boss.

La Mancha Sims is the Founding Partner and CEO of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in commercial finance, specializing in assisting start-ups and small businesses with their growth, expansion & development. You can reach La Mancha at 770-249-2357.

Let us know if there is a specific topic you would like to learn more about in our next post by sending us a message. We love to connect on Social Media.

Posted in Business, Business Ideas, Business News, Business Owners, Business Startups, Business Tips, Entrepreneurs, Entrepreneurship, Small Business, Small Business News, Small Business Owners, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups | Tagged , , , , , , , , , , , , , , , , | 20 Comments

4 Reasons Why Marketing is So Vital to Your Small Business

MarketingMarketing is a broad term that involves many activities, including advertising, promotions and public relations. The success of a small business depends on the business owner’s ability to market their products and services effectively. You may have a great product and stellar customer service, but if people don’t know your business exists, you are not going to have any sales. Your marketing efforts are important to keep your small business afloat. It gets the message out to potential clients and entices them to give your business a try.

Here are four ways marketing can help your business thrive:

1. Marketing Helps Enhance Company Prestige

Brand name recognition is enhanced after successful marketing efforts. Audiences can easily recall your products or services and develop expectations of high quality and excellent customer service from your company. As long as you manage to uphold these expectations, you will have a successful business. Communicate with your clients and customers regularly and listen to them to ensure your branding efforts are effective.

2. Marketing Lets the World Know About Your Products or Services

Nothing is more important for the success of your business than getting the word out. Specialized marketing efforts can help create awareness among potential clients. You may already be recognized in your community. In that case, you can use marketing as a way of communicating with your community to give them an in-depth understanding of how your business works, while also promoting brand loyalty among your existing clientele.

3. Marketing Allows You to Compete with Larger Competitors

Good marketing efforts allow small businesses the opportunity to compete with well-known, larger corporations and compete for their market share.  Smaller businesses often have an advantage over larger companies because of the greater amount of personal attention they can provide to each client. Often, good customer service and a real sense of value are more important to clients than the lower rates they may pay for the services or products of larger companies.

4. Marketing Helps Increase Sales

If you have done your marketing right, chances are that any potential clients will be able to instantly recognize your branding efforts, separating your company from your competitors and increasing the likelihood for them to become a future client or make a purchase. At this point, your clients can also become a part of your marketing campaign by writing positive comments about your company and its services or products on social media as well as recommending your company to friends, relatives and other business associates. You will see the sales increasing exponentially as word spreads.

Remember that good marketing leads to sales, which is the most important factor for your business to thrive.

La Mancha Sims is the Founding Partner and CEO of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in commercial finance, specializing in assisting start-ups and small businesses with their growth, expansion & development. You can reach La Mancha at 770-249-2357.

Let us know if there is a specific topic you would like to learn more about in our next post by sending us a message. We love to connect on Social Media.

Posted in Advertising, Business, Business Management, Business News, Business Owners, Business Startups, Business Tips, Entrepreneurs, Entrepreneurship, Marketing, Sales, Small Business, Small Business Marketing, Small Business News, Small Business Owners, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups | Tagged , , , , , , , , , , , , , , , , , , , | 13 Comments

The Best of 2015: Top Posts from Triton’s Blog

The Best of 2015At the end of the year, we like to compose a list of the most popular posts that were published on the Triton Financial Solutions Blog in 2015. It is a great way to look back on the information we shared with you this year, and an insightful view of which posts our readers liked most.

Some of our most popular posts in 2015 were:

  1. 4 Misconceptions about Small Business Financing
  2. Understanding Why Too Many Credit Inquiries Can Hurt Your Credit Score
  3. I Have Excellent Credit, but the Bank Still Denied My Loan Application
  4. 4 Tax Deductions for Small Business Owners

Please enjoy the look back at the past year, and we wish you a very happy 2016!

Below is a short excerpt from each blog post. If you wish to read the entire entry, please click the hyperlinked titles.

1. 4 Misconceptions about Small Business Financing

How much do you really know about small business financing? Businesses that have been around for years as well as start-ups have several misconceptions when it comes to obtaining business capital.

The reasons for these misconceptions vary, but many business owners think traditional banks are not doing a good enough job of explaining their financing options, the requirements necessary to qualify for different types of business financing, how business credit is calculated and how lenders use business credit to deny or approve loan applications.

2. Understanding Why Too Many Credit Inquiries Can Hurt Your Credit Score

Many of our applicants are surprised when they realize that applying for credit from multiple lenders (such as department stores or auto dealerships) has negatively impacted their credit, and temporarily prevented them from qualifying for the business loans or lines of credit they need to fund their business.

They become frustrated that even though their overall credit may be good, multiple credit inquiries can have such a negative impact on their credit scores as well as their ability to access business funding. I hope the information below address some of these concerns.

3. I Have Excellent Credit, but the Bank Still Denied My Loan Application

As the economy continues to improve, many small business owners are more optimistic about the future. Established businesses as well as successful startups, nonetheless, are often finding it harder and harder to obtain small business loans from traditional banks. According to some estimates, since 2008, overall small business lending from traditional banks has decreased across the board. Entrepreneurs with excellent credit and cash reserves in the bank are frequently being turned down due to the traditional banks reluctance to loan to smaller businesses instead of larger corporations.

4. 4 Tax Deductions for Small Business Owners

It is nearing that time of year when small business owners are gathering the paperwork necessary to prepare this year’s taxes. However, don’t overlook these tax deductions for 2015.

This list is only a small slice of all that Triton has to offer. We thank you for supporting our Blog over the past year, and plan to bring even more informative posts to you in 2016!  Please feel free to contact me via email at lsims@tritonfinance.com or call 770-249-2357 and ask for La Mancha Sims.

La Mancha Sims is the Founding Partner and CEO of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. You can reach La Mancha at 770-249-2357.

 

Posted in Business, Business Financing, Business Ideas, Business Loans, Business Management, Business News, Business Owners, Business Startups, Business Tips, Entrepreneurs, Entrepreneurship, Finance, New Year, Small Business, Small Business News, Small Business Owners, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups | Tagged , , , , , , , , , , , , , , , , , , , , , | 19 Comments

I Have Excellent Credit, but the Bank Still Denied My Loan Application

As the economy continues to improve, many small business owners are more optimistic about the future. Established businesses as well as successful startups, nonetheless, are often finding it harder and harder to obtain small business loans from traditional banks. According to some estimates, since 2008, overall small business lending from traditional banks has decreased across the board. Entrepreneurs with excellent credit and cash reserves in the bank are frequently being turned down due to the traditional banks reluctance to loan to smaller businesses instead of larger corporations.

Small business loans started to become harder to obtain after the recession in 2009. Banks, anxious after losses suffered during the economic downturn, increased requirements for small business loans, making it harder than ever for startups without years of history and lots of capital. As recently as October 2012, traditional banks only approved 14.8% of all small business applications.

Businesses seeking loans for less than $100,000 have been particularly hard hit, an amount typically needed to grow a business in its early stages. Entrepreneurs (many with excellent credit scores) describe being turned down by numerous banks before ultimately giving up or turning to alternative lenders. Discouraged, many small business owners don’t even bother submitting an application to traditional banks for fear of being declined.

Some small business owners turn to the Small Business Administration (SBA) for assistance, but have misconceptions about what the SBA actually can accomplish for them. The SBA does not lend money, but guarantees small business loans made by SBA lenders like traditional banks. In recent years, SBA-backed loans have become even more difficult to obtain.

Another surprise occurs for many small business owners who assume that because they have good credit and money in the bank they will easily be approved. Most lenders look for excellent personal credit in addition to a strong history of business credit before approving loans. Other factors like debt-to-credit ratio, gross income and the number of loan inquiries can also impact an entrepreneur’s likelihood of obtaining a business loan.

If you’ve been turned down for a small business loan or you have questions about your eligibility, contact us at 770-249-2357.  Alternative lenders can bridge the gap between a small business’ need for capital and a lack of traditional funding options. Many who have been turned down by traditional banks can more easily obtain financing through non-traditional (or alternative) lenders.

La Mancha Sims is the Founding Partner and CEO of Triton Financial Solutions, a business funding consulting firm located in Decatur, Georgia. You can reach La Mancha at 770-249-2357.

Posted in Alternative Lenders, Alternative Lending, Business, Business Credit, Business Financing, Business Lines of Credit, Business Loans, Business News, Business Owners, Business Startups, Business Tips, Credit, Economics, Entrepreneurs, Entrepreneurship, Finance, Small Business, Small Business News, Small Business Owners, Small Business Tips, Start-ups, Startups, Success, Tips for Entrepreneurs, Tips for Startups | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , | 14 Comments