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Incident Injury Report Form on Laptop | ValueOneBusiness owners are usually familiar with the need for basic insurance coverage such as commercial property insurance, commercial auto insurance, and general liability insurance. Each of these covers a small business in case of an unexpected incident, accident, or legal claim. 

However, many owners may not realize the need for workers' comp insurance for small business. They may be unfamiliar with this type of insurance or may think that they don’t need it because they only have a few employees. 

Here is an overview of the basics of workers’ compensation insurance and why it is important to your small business.  

What You Need to Know About Workers’ Compensation Insurance for Small Business 

What is Workers’ Compensation Insurance? 

If you own a small business, it has hopefully grown to a point where you can hire employees to help with operations. These are the workers who handle production at your manufacturing business, help customers at your retail store, or cook food in the kitchen at your restaurant. Your employees work every day to earn a living contributing to your entrepreneurial dream.  

But what happens when one of your employees is injured on the job? What happens when a worker at your manufacturing plant is accidently hurt while operating a piece of machinery or a cook at your restaurant is injured in the kitchen?  

For starters, your business is without a team member and their responsibilities have to be assumed by someone else. This can have a significant impact on your small business and its ability to serve customers. 

But it also means that your employee will be unable to earn wages and will need medical treatment. Workers’ compensation insurance enables your small business to care for injured employees by providing wage replacement and medical care. 

Why Do Small Businesses Need Workers’ Comp Insurance? 

Without workers’ compensation insurance, your small business could be held liable for the injury sustained by your employee. They could make a claim to recover lost wages and medical expenses that result from being hurt while working for your small business. In the event your small business is held liable, you might face costly financial penalties that could drain your resources. 

Worker’s compensation insurance covers your business no matter which party is at fault and limits the right of employees to sue the employer for damages related to their injury. 

Is Workers’ Compensation Insurance Required for Small Businesses? 

Workers’ compensation is regulated by state governments. Therefore, local laws determine which businesses are required to carry coverage as well as what kind of injuries and medical conditions are covered. Most states require a business to have workers’ compensation insurance once they employ a certain number of workers. Some states require certain types of businesses to carry workers’ comp insurance while others exclude certain types of workers.  

Check with your state labor agency to determine if your business is required to have workers’ compensation insurance. 

How to Find Workers’ Compensation Insurance for Your Small Business 

Where Do I Get Workers’ Comp Insurance for My Small Business? 

Workers’ compensation insurance must be obtained separately from other insurance policies you may have in place. Look for an insurance agency with advisors who are knowledgeable about workers’ compensation insurance and how to handle claims. 

Can My Small Business Afford Workers’ Comp Insurance? 

The cost for workers’ compensation insurance for a small business depends on a number of factors. These include the type of business, the number of employees, and the risks associated with the type of work employees perform on a daily basis. Location and trends in your industry may also factor into the cost of coverage.  

Check with an experienced commercial insurance agency to find out about the availability of affordable workers’ compensation insurance for your small business. 

ValueOne is dedicated to meeting the needs of small business owners. Contact us or call 855 200-0850 today to find the specific insurance coverage you need to cover your employees and protect your business. 

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5 Key Questions About Workers' Compensation Insurance for Small Business Answered

Incident Injury Report Form on Laptop | ValueOneBusiness owners are usually familiar with the need for basic insurance coverage such as commercial property insurance, commercial auto insurance, and general liability insurance. Each of these covers a small business in case of an unexpected incident, accident, or legal claim. 

However, many owners may not realize the need for workers’ comp insurance for small business. They may be unfamiliar with this type of insurance or may think that they don’t need it because they only have a few employees. 

Here is an overview of the basics of workers’ compensation insurance and why it is important to your small business.  

What You Need to Know About Workers’ Compensation Insurance for Small Business 

What is Workers’ Compensation Insurance? 

If you own a small business, it has hopefully grown to a point where you can hire employees to help with operations. These are the workers who handle production at your manufacturing business, help customers at your retail store, or cook food in the kitchen at your restaurant. Your employees work every day to earn a living contributing to your entrepreneurial dream.  

But what happens when one of your employees is injured on the job? What happens when a worker at your manufacturing plant is accidently hurt while operating a piece of machinery or a cook at your restaurant is injured in the kitchen?  

For starters, your business is without a team member and their responsibilities have to be assumed by someone else. This can have a significant impact on your small business and its ability to serve customers. 

But it also means that your employee will be unable to earn wages and will need medical treatment. Workers’ compensation insurance enables your small business to care for injured employees by providing wage replacement and medical care. 

Why Do Small Businesses Need Workers’ Comp Insurance? 

Without workers’ compensation insurance, your small business could be held liable for the injury sustained by your employee. They could make a claim to recover lost wages and medical expenses that result from being hurt while working for your small business. In the event your small business is held liable, you might face costly financial penalties that could drain your resources. 

Worker’s compensation insurance covers your business no matter which party is at fault and limits the right of employees to sue the employer for damages related to their injury. 

Is Workers’ Compensation Insurance Required for Small Businesses? 

Workers’ compensation is regulated by state governments. Therefore, local laws determine which businesses are required to carry coverage as well as what kind of injuries and medical conditions are covered. Most states require a business to have workers’ compensation insurance once they employ a certain number of workers. Some states require certain types of businesses to carry workers’ comp insurance while others exclude certain types of workers.  

Check with your state labor agency to determine if your business is required to have workers’ compensation insurance. 

How to Find Workers’ Compensation Insurance for Your Small Business 

Where Do I Get Workers’ Comp Insurance for My Small Business? 

Workers’ compensation insurance must be obtained separately from other insurance policies you may have in place. Look for an insurance agency with advisors who are knowledgeable about workers’ compensation insurance and how to handle claims. 

Can My Small Business Afford Workers’ Comp Insurance? 

The cost for workers’ compensation insurance for a small business depends on a number of factors. These include the type of business, the number of employees, and the risks associated with the type of work employees perform on a daily basis. Location and trends in your industry may also factor into the cost of coverage.  

Check with an experienced commercial insurance agency to find out about the availability of affordable workers’ compensation insurance for your small business. 

ValueOne is dedicated to meeting the needs of small business owners. Contact us or call 855 200-0850 today to find the specific insurance coverage you need to cover your employees and protect your business. 

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Delivery man with Van Commercial Auto Insurance | ValueOneDespite what people commonly think, commercial vehicle insurance covers more than just freight companies or big rigs. What constitutes a commercial vehicle can include anything from cars to pickup trucks to SUVs to any vehicle outfitted with work equipment.  

When differentiating between commercial and personal auto insurance, it’s not where you drive, but why. Commuting to work in your personal vehicle is covered by personal auto insurance, but using your car to meet and potentially transport clients carries a high liability risk, which can only be protected with a commercial auto insurance policy.  

Local service businesses often use vehicles to meet the needs of their customers. If you or one of your employees has to get behind the wheel in the course of conducting business, commercial vehicle insurance protects your business in the event of an on-the-road incident. You may need commercial auto coverage if you use your vehicle to transport people or goods in exchange for a fee, or use your vehicle to conduct a service.  

Commercial Auto Insurance Coverage for Local Service Businesses  

The following are examples of local services businesses that would benefit from a commercial auto insurance policy:  

Retail Stores 

If your store offers delivery of your retail goods, company vehicles used in delivery should be covered by a commercial auto policy. The policy also protects you as you travel for business — to acquire new products and materials, meet with clients, run errands, and more.  

Food Service 

Caterers and restaurants that offer delivery need a commercial auto policy, because deliveries made to customers in exchange for a fee means the vehicle isn’t covered by personal car insurance. This protects catering vans that transport food between locations. 

Hospitality 

Many hotels, motels, and B&Bs offer some form of transportation available to guests, which calls for commercial vehicle insurance to protect vans, shuttles, buses, and more.  

Local Service Businesses That Need Commercial Auto Insurance 

Professional Service Providers 

Consultants, lawyers, and accountants who use their vehicle for business purposes need commercial auto insurance. Business purposes could include going to court, meeting clients outside the office, attending conferences, and more.  

Real Estate Firms 

Real estate agents and brokers stay on the go, meeting or transporting clients at a wide variety of locations to view houses and apartments. Without commercial vehicle insurance, the firm could be held liable for traffic accidents. 

Contractors 

Contractors use vehicles regularly to travel to project sites and transport supplies. Commercial auto insurance provides the needed coverage to protect contractors wherever their work takes them.  

In some cases, the need for commercial vehicle insurance seems obvious, but there are instances where there’s a fine line between the need for commercial and personal car insurance. Contact one of the insurance experts at ValueOne or call 855 200-0850, and we’ll help you determine what coverage you need to protect you, your employees, and your business, no matter where the road takes you.

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Which Local Service Businesses Need Commercial Auto Insurance?

Delivery man with Van Commercial Auto Insurance | ValueOneDespite what people commonly think, commercial vehicle insurance covers more than just freight companies or big rigs. What constitutes a commercial vehicle can include anything from cars to pickup trucks to SUVs to any vehicle outfitted with work equipment.  

When differentiating between commercial and personal auto insurance, it’s not where you drive, but why. Commuting to work in your personal vehicle is covered by personal auto insurance, but using your car to meet and potentially transport clients carries a high liability risk, which can only be protected with a commercial auto insurance policy.  

Local service businesses often use vehicles to meet the needs of their customers. If you or one of your employees has to get behind the wheel in the course of conducting business, commercial vehicle insurance protects your business in the event of an on-the-road incident. You may need commercial auto coverage if you use your vehicle to transport people or goods in exchange for a fee, or use your vehicle to conduct a service.  

Commercial Auto Insurance Coverage for Local Service Businesses  

The following are examples of local services businesses that would benefit from a commercial auto insurance policy:  

Retail Stores 

If your store offers delivery of your retail goods, company vehicles used in delivery should be covered by a commercial auto policy. The policy also protects you as you travel for business — to acquire new products and materials, meet with clients, run errands, and more.  

Food Service 

Caterers and restaurants that offer delivery need a commercial auto policy, because deliveries made to customers in exchange for a fee means the vehicle isn’t covered by personal car insurance. This protects catering vans that transport food between locations. 

Hospitality 

Many hotels, motels, and B&Bs offer some form of transportation available to guests, which calls for commercial vehicle insurance to protect vans, shuttles, buses, and more.  

Local Service Businesses That Need Commercial Auto Insurance 

Professional Service Providers 

Consultants, lawyers, and accountants who use their vehicle for business purposes need commercial auto insurance. Business purposes could include going to court, meeting clients outside the office, attending conferences, and more.  

Real Estate Firms 

Real estate agents and brokers stay on the go, meeting or transporting clients at a wide variety of locations to view houses and apartments. Without commercial vehicle insurance, the firm could be held liable for traffic accidents. 

Contractors 

Contractors use vehicles regularly to travel to project sites and transport supplies. Commercial auto insurance provides the needed coverage to protect contractors wherever their work takes them.  

In some cases, the need for commercial vehicle insurance seems obvious, but there are instances where there’s a fine line between the need for commercial and personal car insurance. Contact one of the insurance experts at ValueOne or call 855 200-0850, and we’ll help you determine what coverage you need to protect you, your employees, and your business, no matter where the road takes you.

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E and O Insurance for Consultants | ValueOneAs a business owner, you work hard to provide consistent, reputable service to your customers or clients. Despite you or your employee’s best efforts, however, a customer could feel mistreated or misguided by the advice you provided.  

Companies that provide professional service, consulting or recommendations to clients are vulnerable to claims of negligence. That’s where errors and omissions insurance comes in, which covers you for errors that you’ve made or that the client perceives you’ve made. If an error or omission on your part results in a financial loss for your client, errors and omissions policies cover judgments settlements and defense costs. Without a proper errors and omissions policy in place, a negligence claim can significantly impact your company’s bottom line, even resulting in bankruptcy in some cases.  

Does My Professional Services Business Need E&O Insurance? 

Professional service providers that typically purchase errors and omissions policies include attorneys, consultants, accountants, and contractors, but that’s not to suggest that those are the only professions needing E&O coverage.  

Errors and omissions policies cover two significant business risks: 

  • A client’s financial loss as a result of your product failing to perform as intended or expected 
  • A client’s financial loss as a result of an act, error, or omission committed in the course of your professional services 

Simply stated, if you provide a service or product to a client for a fee, you have errors and omissions exposure. That means anyone providing professional advice, solutions, or products to clients — from technology firms to realtors to contractors to non-profit organizations — should strongly consider errors and omissions insurance.  

How Does E&O Insurance Protect My Professional Services Business? 

What happens if the service you provide isn’t implemented on time or correctly, and it costs the client money or hurts their reputation? Even if your company is ultimately found not liable, the court costs are considerable, and an E&O policy keeps you financially covered so you can continue to run your business.  

Errors and omissions insurance is never one-size-fits-all, and affords a broad range of coverage options, depending on your company’s specific needs. Some protections provided by E&O insurance include: 

  • Claims of critical oversight  
  • Claims of bad judgment 
  • Negligence claims 

It’s important to recognize that general liability insurance only protects you in the event of property damage. Without errors and omissions insurance, your business isn’t protected in the event of financial injury.  

Even if you have every confidence in your products, services, or employees, there’s always a chance that a client or customer may bring a claim against you. Contact the insurance experts at ValueOne or call 855 200-0850, and protect your business from the unexpected with an errors and omissions policy.

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What Professional Services Need Errors and Omissions Insurance?

E and O Insurance for Consultants | ValueOneAs a business owner, you work hard to provide consistent, reputable service to your customers or clients. Despite you or your employee’s best efforts, however, a customer could feel mistreated or misguided by the advice you provided.  

Companies that provide professional service, consulting or recommendations to clients are vulnerable to claims of negligence. That’s where errors and omissions insurance comes in, which covers you for errors that you’ve made or that the client perceives you’ve made. If an error or omission on your part results in a financial loss for your client, errors and omissions policies cover judgments settlements and defense costs. Without a proper errors and omissions policy in place, a negligence claim can significantly impact your company’s bottom line, even resulting in bankruptcy in some cases.  

Does My Professional Services Business Need E&O Insurance? 

Professional service providers that typically purchase errors and omissions policies include attorneys, consultants, accountants, and contractors, but that’s not to suggest that those are the only professions needing E&O coverage.  

Errors and omissions policies cover two significant business risks: 

  • A client’s financial loss as a result of your product failing to perform as intended or expected 
  • A client’s financial loss as a result of an act, error, or omission committed in the course of your professional services 

Simply stated, if you provide a service or product to a client for a fee, you have errors and omissions exposure. That means anyone providing professional advice, solutions, or products to clients — from technology firms to realtors to contractors to non-profit organizations — should strongly consider errors and omissions insurance.  

How Does E&O Insurance Protect My Professional Services Business? 

What happens if the service you provide isn’t implemented on time or correctly, and it costs the client money or hurts their reputation? Even if your company is ultimately found not liable, the court costs are considerable, and an E&O policy keeps you financially covered so you can continue to run your business.  

Errors and omissions insurance is never one-size-fits-all, and affords a broad range of coverage options, depending on your company’s specific needs. Some protections provided by E&O insurance include: 

  • Claims of critical oversight  
  • Claims of bad judgment 
  • Negligence claims 

It’s important to recognize that general liability insurance only protects you in the event of property damage. Without errors and omissions insurance, your business isn’t protected in the event of financial injury.  

Even if you have every confidence in your products, services, or employees, there’s always a chance that a client or customer may bring a claim against you. Contact the insurance experts at ValueOne or call 855 200-0850, and protect your business from the unexpected with an errors and omissions policy.

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Black Woman Smiling Business Owner | ValueOneWomen entrepreneurs have a lot to celebrate this month. As October is National Women’s Small Business Month, it’s a perfect time to take a look back at everything that the many powerful women in business have accomplished over the last several decades.  

This month is all about celebrating the successes and legacies of the all the enterprising women around you as well as those who are working to make a difference for all women in the private sector.   

Bolstered by small business services for women-owned companies, female entrepreneurs are not only accomplishing the dream of owning their own businesses, but they are also employing thousands of people, give back to their communities, and help move the American economy forward at large. 

Here are 3 big milestones every successful woman small business owner has reached on the entrepreneurial journey. 

Dreaming the Big Idea 

No matter the specific business or industry, women entrepreneurs have taken the American economy by storm. From technology to clothing, interior design to construction, healthcare to education, women have forged their own pathway to achieving their dreams. The statistics speak for themselves: 

  • More than a third of all women-owned companies are run by women of color. In 1997, that number was only 17%.  
  • Of all the privately owned businesses in America, those owned by women account for a total of 31%  
  • As of 2014 there were 9.1 million women-owned businesses employing over 7.9 million people, generating over 1.4 trillion dollars in national revenue  
  • Over the last 20 years, the number of women-owned businesses has increased by 59% 

This kind of success starts with dreaming up a big idea that fills the needs of a segment of the consumer market or provides a valuable service to a target audience. With this idea in mind, you can start researching your concept and testing the idea before formalizing an action plan. 

Putting Your Dreams into Action with a Business Plan 

Now that you have a good idea for a small business, it’s time to put your dream into action. By creating a business plan, you are mapping out what your dream is and what you need to achieve success. You can use your business plan to show lenders that your concept is solid and a good candidate for funding. 

There are several important pieces to a successful business plan, so whether you need help putting together a proposal or you need assistance with some specific questions, there are multiple organizations that exist for the purpose of giving women in business access to the support and advice they need. 

The Small Business Association, the National Association of Women Business Owners, and the U.S. Women’s Chamber of Commerce are just a few of the organizations that make it a priority to give women the guidance and practical help they need to craft a winning business plan.  

Using Your Plan to Secure Small Business Funding  

Getting small business funding is one of the most challenging aspects of being a woman in the private sector. While there are not yet many small business loans specifically offered to women, the SBA is one of a few institutions dedicated to helping women get the financing they need.  

From micro-loans to general small business loans to multi-million dollar real estate and equipment loans, there are numerous options available from the SBA depending on what you need for your business. In addition to guaranteeing loans, the SBA, offers women guidance on how to be a successful business owner.  

Whether you are a seasoned entrepreneur or just starting out, October is the month to celebrate all the women who have helped to carve out your space in the business world. ValueOne is committed to helping women entrepreneurs get access to the business services and financing they need to thrive. It’s the perfect time to start moving your dream forward, so contact the ValueOne team today at 855 258-2571.

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Celebrate National Women's Small Business Month with These 3 Achievements

Black Woman Smiling Business Owner | ValueOneWomen entrepreneurs have a lot to celebrate this month. As October is National Women’s Small Business Month, it’s a perfect time to take a look back at everything that the many powerful women in business have accomplished over the last several decades.  

This month is all about celebrating the successes and legacies of the all the enterprising women around you as well as those who are working to make a difference for all women in the private sector.   

Bolstered by small business services for women-owned companies, female entrepreneurs are not only accomplishing the dream of owning their own businesses, but they are also employing thousands of people, give back to their communities, and help move the American economy forward at large. 

Here are 3 big milestones every successful woman small business owner has reached on the entrepreneurial journey. 

Dreaming the Big Idea 

No matter the specific business or industry, women entrepreneurs have taken the American economy by storm. From technology to clothing, interior design to construction, healthcare to education, women have forged their own pathway to achieving their dreams. The statistics speak for themselves: 

  • More than a third of all women-owned companies are run by women of color. In 1997, that number was only 17%.  
  • Of all the privately owned businesses in America, those owned by women account for a total of 31%  
  • As of 2014 there were 9.1 million women-owned businesses employing over 7.9 million people, generating over 1.4 trillion dollars in national revenue  
  • Over the last 20 years, the number of women-owned businesses has increased by 59% 

This kind of success starts with dreaming up a big idea that fills the needs of a segment of the consumer market or provides a valuable service to a target audience. With this idea in mind, you can start researching your concept and testing the idea before formalizing an action plan. 

Putting Your Dreams into Action with a Business Plan 

Now that you have a good idea for a small business, it’s time to put your dream into action. By creating a business plan, you are mapping out what your dream is and what you need to achieve success. You can use your business plan to show lenders that your concept is solid and a good candidate for funding. 

There are several important pieces to a successful business plan, so whether you need help putting together a proposal or you need assistance with some specific questions, there are multiple organizations that exist for the purpose of giving women in business access to the support and advice they need. 

The Small Business Association, the National Association of Women Business Owners, and the U.S. Women’s Chamber of Commerce are just a few of the organizations that make it a priority to give women the guidance and practical help they need to craft a winning business plan.  

Using Your Plan to Secure Small Business Funding  

Getting small business funding is one of the most challenging aspects of being a woman in the private sector. While there are not yet many small business loans specifically offered to women, the SBA is one of a few institutions dedicated to helping women get the financing they need.  

From micro-loans to general small business loans to multi-million dollar real estate and equipment loans, there are numerous options available from the SBA depending on what you need for your business. In addition to guaranteeing loans, the SBA, offers women guidance on how to be a successful business owner.  

Whether you are a seasoned entrepreneur or just starting out, October is the month to celebrate all the women who have helped to carve out your space in the business world. ValueOne is committed to helping women entrepreneurs get access to the business services and financing they need to thrive. It’s the perfect time to start moving your dream forward, so contact the ValueOne team today at 855 258-2571.

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Excellent Credit Score Report | ValueOneWhen you own your own business, you never know when you might need quick access to additional small business funding. You also might not know that your personal credit score can be a significant factor for a lender deciding whether to approve you for the funding you need.  

Credit scores can range anywhere from 300 to 850. If your number falls below 600, though, you will likely face some difficulty when applying for a loan. While building your credit rating quickly is a difficult task, there are a few ways you can bring it up in a matter of weeks in order to be considered eligible for the loan you need.  

If you anticipate needing to secure funding for your small business in the near future, but your credit score is lower than you would like it to be, then this is for you.  

Understanding Your Credit Score  

Your credit score is a number that indicates to a lender whether or not they can trust you to repay the loan that they give you. It measures your responsibility and reliability with your financial obligations and suggests to a lender whether or not you are a good risk. 

It is also important to understand how the three primary reporting bureaus, Transunion, Equifax, and Experian, each calculate your credit score. There are a number of factors that they use to assess your credit worthiness, such as: 

  • Credit utilization (how much of your credit is available for use) 
  • The number and variety of credit accounts you have 
  • The overall age (length of time since opening) of those accounts 
  • Your payment history 
  • Hard inquiries on your credit 
  • The total amount of debt you currently have 

Each of these factors, in addition to a few others, carries a different weight on your final credit score number. For example, a few hard inquiries on your account may drop your score by 5-10 points per inquiry, but just one or two missed payments can impact your score by more than 90 points, even if your payment history is otherwise perfect. That’s why it is critical to frequently monitor your credit score.  

Consistently Keep Track of Your Credit Report 

One of the most beneficial things you can do for your credit score is to keep a watchful eye on it. In order to better your rating in a short period of time, you need to be aware of any changes that occur, and also understand what categories are having a negative impact on your score.  

If you have a high amount of credit utilization (creditors generally prefer to see you under the 30% range of total utilization), then begin working out a plan to pay down some of your debts and keep your credit usage under control. Or if you frequently forget to pay your bills on time, you can set up an automatic payment draft from your account that will deduct the amount for your payment each month – and you’ll never pay another bill late again.  

Additionally, it’s crucial to scrutinize your credit report for errors and to dispute them with your credit agency. Studies have shown that 1 in 5 credit reports contain errors, and when properly disputed and removed, those scores increased. Paying attention and keeping track of your accounts can help really your rating go up.  

Building your credit in a short amount of time isn’t an easy process, but it is worth it. Whether you need an immediate loan for an equipment purchase or a line of revolving credit to maintain more inventory, being able to access the funds you need in a short amount of time can be critical to your success as a small business owner.  

At ValueOne, we help small business owners connect to financial specialists who are dedicated to meeting their needs quickly and efficiently. To find out how our team can help you build your business, contact ValueOne at 855 258-2571. 

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Build Your Credit Quickly

Excellent Credit Score Report | ValueOneWhen you own your own business, you never know when you might need quick access to additional small business funding. You also might not know that your personal credit score can be a significant factor for a lender deciding whether to approve you for the funding you need.  

Credit scores can range anywhere from 300 to 850. If your number falls below 600, though, you will likely face some difficulty when applying for a loan. While building your credit rating quickly is a difficult task, there are a few ways you can bring it up in a matter of weeks in order to be considered eligible for the loan you need.  

If you anticipate needing to secure funding for your small business in the near future, but your credit score is lower than you would like it to be, then this is for you.  

Understanding Your Credit Score  

Your credit score is a number that indicates to a lender whether or not they can trust you to repay the loan that they give you. It measures your responsibility and reliability with your financial obligations and suggests to a lender whether or not you are a good risk. 

It is also important to understand how the three primary reporting bureaus, Transunion, Equifax, and Experian, each calculate your credit score. There are a number of factors that they use to assess your credit worthiness, such as: 

  • Credit utilization (how much of your credit is available for use) 
  • The number and variety of credit accounts you have 
  • The overall age (length of time since opening) of those accounts 
  • Your payment history 
  • Hard inquiries on your credit 
  • The total amount of debt you currently have 

Each of these factors, in addition to a few others, carries a different weight on your final credit score number. For example, a few hard inquiries on your account may drop your score by 5-10 points per inquiry, but just one or two missed payments can impact your score by more than 90 points, even if your payment history is otherwise perfect. That’s why it is critical to frequently monitor your credit score.  

Consistently Keep Track of Your Credit Report 

One of the most beneficial things you can do for your credit score is to keep a watchful eye on it. In order to better your rating in a short period of time, you need to be aware of any changes that occur, and also understand what categories are having a negative impact on your score.  

If you have a high amount of credit utilization (creditors generally prefer to see you under the 30% range of total utilization), then begin working out a plan to pay down some of your debts and keep your credit usage under control. Or if you frequently forget to pay your bills on time, you can set up an automatic payment draft from your account that will deduct the amount for your payment each month – and you’ll never pay another bill late again.  

Additionally, it’s crucial to scrutinize your credit report for errors and to dispute them with your credit agency. Studies have shown that 1 in 5 credit reports contain errors, and when properly disputed and removed, those scores increased. Paying attention and keeping track of your accounts can help really your rating go up.  

Building your credit in a short amount of time isn’t an easy process, but it is worth it. Whether you need an immediate loan for an equipment purchase or a line of revolving credit to maintain more inventory, being able to access the funds you need in a short amount of time can be critical to your success as a small business owner.  

At ValueOne, we help small business owners connect to financial specialists who are dedicated to meeting their needs quickly and efficiently. To find out how our team can help you build your business, contact ValueOne at 855 258-2571. 

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Store and Money in Protecting Hands | ValueOneIdeally, businesses and organizations of all stripes should endeavor to make sure that their insurance policies afford them adequate protection—not only enough coverage but also the right kind of coverage. For nonprofit entities, however, this is particularly important. 

Because they tend to operate on very lean budgets, nonprofit organizations are especially vulnerable to unexpected adversities. If a nonprofit isn’t properly protected, the costs involved with facing just one lawsuit could threaten its financial stability and long-term viability. With such a wide variety of insurance policies to choose from, nonprofits can ensure that their organizations are sufficiently protected from unforeseen challenges by taking advantage of small business consulting services that include insurance planning.

Five Types of Insurance that Nonprofit Businesses Should Consider

General Liability Insurance for Nonprofit Organizations 

Just like traditional businesses, a nonprofit organization may be held liable for injuries sustained by visitors while on its premises. Between legal defense fees and any damages owed to a successful plaintiff, a single slip-and-fall claim could cost an underinsured organization dearly. 

The best way for a nonprofit to protect itself from personal injury claims is having a robust general liability insurance policy. Also referred to as “commercial general liability,” this policy safeguards nonprofit organizations by covering the costs associated with personal injury claims, should one ever be filed against them. 

Property Insurance for Nonprofit Organizations 

For many nonprofit organizations, their assets include not only a commercial property but an extensive inventory of equipment and supplies. Whether a nonprofit owns or rents the space that serves as its base of operations, having the right property insurance policy is vital for protecting the value of the structure as well as its contents. 

When shopping for property insurance, it’s important to choose a policy that covers the cost of replacing the damaged property, not merely reimbursing the market value that the property held at the time it was damaged. Not all policies cover losses caused by events such as fire, vandalism, or storm damage. And in many cases, coverage for losses due to flood or theft requires a supplemental policy. Knowing what kinds of damage-inducing events are included can help keep unpleasant surprises to a minimum. 

Commercial Auto Insurance for Nonprofit Organizations 

For nonprofit organizations whose activities require staff or volunteers to operate a motor vehicle, having an auto insurance policy is a necessity.  

In many states, nonprofits are legally obligated to have at least a minimum amount of auto accident coverage. Some states also require nonprofits to carry uninsured motorist coverage, as well as personal injury protection. 

These measures financially safeguard nonprofits in the event that any of their personnel happen to damage property or injure other people, either accidentally or intentionally, while operating a vehicle on behalf of the organization. 

Product Liability Insurance for Nonprofit Businesses 

One of the primary ways that many nonprofit organizations raise funds is through selling or auctioning off goods for charity. But if any of those products turn out to be defective or unsafe for the purchasing donors, it can result in legal and financial trouble for the nonprofit that benefited from the sale. 

For example, if a donor purchases a cake at a charity bake sale and later files a claim accusing the benefiting organization of food poisoning, product liability insurance can help protect the nonprofit in question by covering legal fees and rendering compensation if the plaintiff is ultimately awarded a settlement. 

Directors and Officers Insurance for Nonprofit Boards 

Unfortunately, nonprofits sometimes find themselves involved in unpleasant legal battles that can personally affect the organization’s directors and officers. One way to protect these organizational members is through directors and officers insurance. 

For instance, a board member who mismanages organizational assets with a poor investment could not only subject the nonprofit to a lawsuit but also cause the directors and officers to be named in the dispute as well. 

However, directors and officers insurance can provide any nonprofit members involved in the lawsuit with the funds for their legal defense. This kind of policy can also cover any monetary damages a claim of this nature may require. 

The experienced insurance advisors at ValueOne can explain the extent of coverage afforded by different policies, as well as the kind of deductible an organization will be required to pay before the insurance company begins reimbursing for losses. 

To learn more about the types of insurance coverage your nonprofit organization may need, contact ValueOne or call 855 200-0850 today.

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Types of Insurance a Nonprofit Business Should Buy

Store and Money in Protecting Hands | ValueOneIdeally, businesses and organizations of all stripes should endeavor to make sure that their insurance policies afford them adequate protection—not only enough coverage but also the right kind of coverage. For nonprofit entities, however, this is particularly important. 

Because they tend to operate on very lean budgets, nonprofit organizations are especially vulnerable to unexpected adversities. If a nonprofit isn’t properly protected, the costs involved with facing just one lawsuit could threaten its financial stability and long-term viability. With such a wide variety of insurance policies to choose from, nonprofits can ensure that their organizations are sufficiently protected from unforeseen challenges by taking advantage of small business consulting services that include insurance planning.

Five Types of Insurance that Nonprofit Businesses Should Consider

General Liability Insurance for Nonprofit Organizations 

Just like traditional businesses, a nonprofit organization may be held liable for injuries sustained by visitors while on its premises. Between legal defense fees and any damages owed to a successful plaintiff, a single slip-and-fall claim could cost an underinsured organization dearly. 

The best way for a nonprofit to protect itself from personal injury claims is having a robust general liability insurance policy. Also referred to as “commercial general liability,” this policy safeguards nonprofit organizations by covering the costs associated with personal injury claims, should one ever be filed against them. 

Property Insurance for Nonprofit Organizations 

For many nonprofit organizations, their assets include not only a commercial property but an extensive inventory of equipment and supplies. Whether a nonprofit owns or rents the space that serves as its base of operations, having the right property insurance policy is vital for protecting the value of the structure as well as its contents. 

When shopping for property insurance, it’s important to choose a policy that covers the cost of replacing the damaged property, not merely reimbursing the market value that the property held at the time it was damaged. Not all policies cover losses caused by events such as fire, vandalism, or storm damage. And in many cases, coverage for losses due to flood or theft requires a supplemental policy. Knowing what kinds of damage-inducing events are included can help keep unpleasant surprises to a minimum. 

Commercial Auto Insurance for Nonprofit Organizations 

For nonprofit organizations whose activities require staff or volunteers to operate a motor vehicle, having an auto insurance policy is a necessity.  

In many states, nonprofits are legally obligated to have at least a minimum amount of auto accident coverage. Some states also require nonprofits to carry uninsured motorist coverage, as well as personal injury protection. 

These measures financially safeguard nonprofits in the event that any of their personnel happen to damage property or injure other people, either accidentally or intentionally, while operating a vehicle on behalf of the organization. 

Product Liability Insurance for Nonprofit Businesses 

One of the primary ways that many nonprofit organizations raise funds is through selling or auctioning off goods for charity. But if any of those products turn out to be defective or unsafe for the purchasing donors, it can result in legal and financial trouble for the nonprofit that benefited from the sale. 

For example, if a donor purchases a cake at a charity bake sale and later files a claim accusing the benefiting organization of food poisoning, product liability insurance can help protect the nonprofit in question by covering legal fees and rendering compensation if the plaintiff is ultimately awarded a settlement. 

Directors and Officers Insurance for Nonprofit Boards 

Unfortunately, nonprofits sometimes find themselves involved in unpleasant legal battles that can personally affect the organization’s directors and officers. One way to protect these organizational members is through directors and officers insurance. 

For instance, a board member who mismanages organizational assets with a poor investment could not only subject the nonprofit to a lawsuit but also cause the directors and officers to be named in the dispute as well. 

However, directors and officers insurance can provide any nonprofit members involved in the lawsuit with the funds for their legal defense. This kind of policy can also cover any monetary damages a claim of this nature may require. 

The experienced insurance advisors at ValueOne can explain the extent of coverage afforded by different policies, as well as the kind of deductible an organization will be required to pay before the insurance company begins reimbursing for losses. 

To learn more about the types of insurance coverage your nonprofit organization may need, contact ValueOne or call 855 200-0850 today.

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Business Insurance Written on Chalkboard | ValueOneEvery business owner knows that they have to protect their company from risk, loss, and liability with commercial insurance coverage. Risk seems to lurk at every corner, and one disaster without proper protection can undo all your hard work and wipe out your profits.  

There are many types of insurance for small business owners out there, making finding the right coverage an often time-consuming project. While larger businesses have to purchase insurance policies individually, small business owners have a unique coverage option called a Business Owner’s Policy, or a BOP.  

If your business has less than 100 employees and no more than $1 million in revenue, the convenience of an all-in-one Business Owners Policy could be a beneficial option for your insurance needs.  

What Is a Business Owners Policy? 

BOPs are designed specifically to help small business owners protect their important assets while alleviating the cost of having to buy individual insurance policies for a variety of coverage needs. Business Owner’s Policies can be customized to serve the unique needs of almost any small business, so you get comprehensive protection at a lower premium. By bundling your insurance needs, you ensure that there are no gaps or gray areas in your company’s protection. 

Business Owner’s Policies should be obtained in addition to commercial auto insurance and legally required workers’ compensation insurance. All BOPs offer broad commercial property and business liability coverage to protect against property damage, theft, or personal injury.  

Business property insurance protects your company’s physical assets, including the building, outside structure, and contents inside. Liability insurance protects you from lawsuits by your employees, customers, and vendors. 

Advantages of a BOP for Small Business Owners 

By protecting your company with a Business Owner’s Policy, you’ll be able to customize your coverage options to fit your business’s unique needs.  

Customizable BOP add-on coverages include: 

Medical payments coverage

Cover third-party medical expenses resulting from a liability claim 

Business income coverage

If your business operation is interrupted or shut down due to a covered loss, a BOP will cover lost income and financial obligations like rent and payroll. 

Equipment breakdown coverage

If a piece of equipment, like a computer or fax machine, breaks down as a result of a covered loss, the cost to repair or replace the equipment is covered. 

Employment Practices Liability Insurance

Protects your business from employment-related claims, such as allegations of wrongful termination, discrimination, law violations, and more.  

Data breach coverage 

Protects your company and client’s confidential online data from hackers and other covered losses. 

Small business owners already have their hands full managing day-to-day business operations while keeping their eye on future growth. A BOP is a cost-effective and time-saving insurance solution, ensuring you have just the right amount of coverage for your small business.  

For more information on how to protect your business with a BOP, contact ValueOne or call 855 200-0850 today.

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Benefits of a Business Owners Policy

Business Insurance Written on Chalkboard | ValueOneEvery business owner knows that they have to protect their company from risk, loss, and liability with commercial insurance coverage. Risk seems to lurk at every corner, and one disaster without proper protection can undo all your hard work and wipe out your profits.  

There are many types of insurance for small business owners out there, making finding the right coverage an often time-consuming project. While larger businesses have to purchase insurance policies individually, small business owners have a unique coverage option called a Business Owner’s Policy, or a BOP.  

If your business has less than 100 employees and no more than $1 million in revenue, the convenience of an all-in-one Business Owners Policy could be a beneficial option for your insurance needs.  

What Is a Business Owners Policy? 

BOPs are designed specifically to help small business owners protect their important assets while alleviating the cost of having to buy individual insurance policies for a variety of coverage needs. Business Owner’s Policies can be customized to serve the unique needs of almost any small business, so you get comprehensive protection at a lower premium. By bundling your insurance needs, you ensure that there are no gaps or gray areas in your company’s protection. 

Business Owner’s Policies should be obtained in addition to commercial auto insurance and legally required workers’ compensation insurance. All BOPs offer broad commercial property and business liability coverage to protect against property damage, theft, or personal injury.  

Business property insurance protects your company’s physical assets, including the building, outside structure, and contents inside. Liability insurance protects you from lawsuits by your employees, customers, and vendors. 

Advantages of a BOP for Small Business Owners 

By protecting your company with a Business Owner’s Policy, you’ll be able to customize your coverage options to fit your business’s unique needs.  

Customizable BOP add-on coverages include: 

Medical payments coverage

Cover third-party medical expenses resulting from a liability claim 

Business income coverage

If your business operation is interrupted or shut down due to a covered loss, a BOP will cover lost income and financial obligations like rent and payroll. 

Equipment breakdown coverage

If a piece of equipment, like a computer or fax machine, breaks down as a result of a covered loss, the cost to repair or replace the equipment is covered. 

Employment Practices Liability Insurance

Protects your business from employment-related claims, such as allegations of wrongful termination, discrimination, law violations, and more.  

Data breach coverage 

Protects your company and client’s confidential online data from hackers and other covered losses. 

Small business owners already have their hands full managing day-to-day business operations while keeping their eye on future growth. A BOP is a cost-effective and time-saving insurance solution, ensuring you have just the right amount of coverage for your small business.  

For more information on how to protect your business with a BOP, contact ValueOne or call 855 200-0850 today.

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Blue Credit Card Close Up Small Business Funding | ValueOneObserved every year on the third Thursday in October, National Get Smart About Credit Day was introduced in 2003 by The American Bankers Association Education Foundation as a way to educate people on the value of using credit wisely. 

National Get Smart About Credit Day underscores the importance of cultivating healthy credit behavior. Whether you’re applying for a mortgage, an auto loan, or small business funding, your credit score is the primary factor that determines your eligibility. 

If you’re thinking about becoming a small business owner, getting your credit score in top shape will give you an edge when it comes time to apply for financing. Implementing the following tips can help ensure that your application is approved. 

Avoid Carrying High Credit Card Balances 

Not only do high credit card balances cost you interest fees, they can also adversely affect your credit scores. In most cases, your debt-to-credit ratio is an essential factor in the calculation of your score. So the more available credit you have, the higher your score is likely to be. 

Consistently carrying a revolving balance equal to 30% or more of your total available credit can cause your credit scores to take a hit. In order to bolster your scores, aim to keep your credit utilization below 25%. 

And if you really want to maximize your chances, you can reach the coveted high-score range of 760-850 points (and thus increase your attractiveness to small business lenders) by maintaining your total available credit at 90% or more. 

Pay All Your Bills on Time, Every Time 

Although your debt-to-credit ratio plays a substantial role in determining your credit score, the single most influential factor is your repayment history. When it comes to paying off credit obligations, tardiness is usually penalized with lowered credit scores, especially when those payments are more than thirty days late. 

A single late payment may not result in a considerable drop in credit score, but a pattern of delinquent credit behavior can decrease your score significantly. Being consistently punctual in repaying all your financial obligations will work in your favor when you begin pursuing funding for your small business. 

Don’t Co-Sign for Another Person’s Loan 

While good intentions may compel you to co-sign on someone else’s loan agreement, there’s more than one reason why you should consider declining—particularly if you’re an aspiring entrepreneur. 

First, should the person for whom you’re co-signing fail to meet their financial obligations, you will be held legally liable for any remaining balance. Additionally, if payments are not made in a timely manner, this will be reflected on your credit report as well as that of the primary borrower. 

Not only does this put you at risk for experiencing a personal falling-out, it can lower your own credit score and jeopardize your financial security, as well as your prospects for obtaining small business funding in the future. 

Finally, even if the primary borrower makes every payment on time and ultimately repays the loan amount in full, your chances of securing your own financing may be negatively impacted in the interim. 

Since accounts you’re listed as a co-signer on are factored into your debt-to-income ratio, they will compound any personal debt you already carry, making you less attractive to small business lenders.  

Therefore, if you anticipate applying for commercial funding anytime soon, it would be in your best interest to avoid putting your name to any financial obligations other than your own. 

Monitor Your Credit Report Regularly  

In order to persuade lenders to invest in your small business concept, it’s vital to ensure that your credit is in good health. By monitoring both your credit report and credit score, you’ll be able to identify areas that need improvement and catch any errors that may be dragging your score down needlessly. 

Obtaining your free yearly credit report at www.annualcreditreport.com is a great way to celebrate National Get Smart About Credit Day. And while you’re getting a handle on your financial health, let the small business experts at ValueOne guide you through the process of securing funding for your entrepreneurial dreams.  

ValueOne is committed to supporting small business owners, from concept to grand opening and beyond. Whether you need the resources to make your dream a reality or the right insurance policies to protect it, we’re here to help you every step of the way. To learn more, contact ValueOne or call us today at 855 258-2571.

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National Get Smart About Credit Day: Avoiding Bad Behavior

Blue Credit Card Close Up Small Business Funding | ValueOneObserved every year on the third Thursday in October, National Get Smart About Credit Day was introduced in 2003 by The American Bankers Association Education Foundation as a way to educate people on the value of using credit wisely. 

National Get Smart About Credit Day underscores the importance of cultivating healthy credit behavior. Whether you’re applying for a mortgage, an auto loan, or small business funding, your credit score is the primary factor that determines your eligibility. 

If you’re thinking about becoming a small business owner, getting your credit score in top shape will give you an edge when it comes time to apply for financing. Implementing the following tips can help ensure that your application is approved. 

Avoid Carrying High Credit Card Balances 

Not only do high credit card balances cost you interest fees, they can also adversely affect your credit scores. In most cases, your debt-to-credit ratio is an essential factor in the calculation of your score. So the more available credit you have, the higher your score is likely to be. 

Consistently carrying a revolving balance equal to 30% or more of your total available credit can cause your credit scores to take a hit. In order to bolster your scores, aim to keep your credit utilization below 25%. 

And if you really want to maximize your chances, you can reach the coveted high-score range of 760-850 points (and thus increase your attractiveness to small business lenders) by maintaining your total available credit at 90% or more. 

Pay All Your Bills on Time, Every Time 

Although your debt-to-credit ratio plays a substantial role in determining your credit score, the single most influential factor is your repayment history. When it comes to paying off credit obligations, tardiness is usually penalized with lowered credit scores, especially when those payments are more than thirty days late. 

A single late payment may not result in a considerable drop in credit score, but a pattern of delinquent credit behavior can decrease your score significantly. Being consistently punctual in repaying all your financial obligations will work in your favor when you begin pursuing funding for your small business. 

Don’t Co-Sign for Another Person’s Loan 

While good intentions may compel you to co-sign on someone else’s loan agreement, there’s more than one reason why you should consider declining—particularly if you’re an aspiring entrepreneur. 

First, should the person for whom you’re co-signing fail to meet their financial obligations, you will be held legally liable for any remaining balance. Additionally, if payments are not made in a timely manner, this will be reflected on your credit report as well as that of the primary borrower. 

Not only does this put you at risk for experiencing a personal falling-out, it can lower your own credit score and jeopardize your financial security, as well as your prospects for obtaining small business funding in the future. 

Finally, even if the primary borrower makes every payment on time and ultimately repays the loan amount in full, your chances of securing your own financing may be negatively impacted in the interim. 

Since accounts you’re listed as a co-signer on are factored into your debt-to-income ratio, they will compound any personal debt you already carry, making you less attractive to small business lenders.  

Therefore, if you anticipate applying for commercial funding anytime soon, it would be in your best interest to avoid putting your name to any financial obligations other than your own. 

Monitor Your Credit Report Regularly  

In order to persuade lenders to invest in your small business concept, it’s vital to ensure that your credit is in good health. By monitoring both your credit report and credit score, you’ll be able to identify areas that need improvement and catch any errors that may be dragging your score down needlessly. 

Obtaining your free yearly credit report at www.annualcreditreport.com is a great way to celebrate National Get Smart About Credit Day. And while you’re getting a handle on your financial health, let the small business experts at ValueOne guide you through the process of securing funding for your entrepreneurial dreams.  

ValueOne is committed to supporting small business owners, from concept to grand opening and beyond. Whether you need the resources to make your dream a reality or the right insurance policies to protect it, we’re here to help you every step of the way. To learn more, contact ValueOne or call us today at 855 258-2571.

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Blue Sign Reading Risk | ValueOneThere’s no magic formula for starting a small business. You have to do your research, have a plan, analyze financing options, and be able to adjust that plan when necessary. While there is no one-size-fits-all solution for entrepreneurs, there are a few startup mistakes to avoid.  

Read below to find out more, and don’t underestimate the value of small business consulting, which can help identify individual business’s challenges while working to create solutions.  

Avoid These Mistakes When Starting a Small Business 

Not Having a Plan

An effective business plan goes beyond ideas jotted down on the back of a napkin! When starting a small business, you need to know your business model, how your startup will make money, and how long it’ll be before you hit your break-even point. A written, concise business plan is also necessary for securing startup funding.  

Not Monitoring Your Cash Flow

It can be tempting to let the spreadsheets fall to the wayside when you’re busy with the more exciting parts of your business, but ignoring your cash flow can be a costly mistake. If you’re not careful, you’ll quickly realize that there’s more cash flowing out than flowing in. Accounting programs like QuickBooks make it easy to create and maintain documents to stay on top of your startup business finances. 

Not Taking Care of Legal Matters

Deciding between the various legal business structures isn’t always easy, but it’s necessary and will affect almost every aspect of your business, including the taxes you’ll pay and the type of funding you’ll be eligible for. Be sure you register your business, and trademark your business name and logo to avoid losing all of your hard work when another company takes the brand you’ve worked to build.  

Don’t Make These Mistakes When You Start Your Small Business 

Underpricing Your Services

It may be tempting to lowball your service prices to get your first customers, but you’re setting yourself up for failure. It’s better to price yourself competitively to similar businesses while highlighting what sets your business apart — setting you up to be able to charge more over time.  

Not Hiring Help

While it may seem cost effective to try and do it all yourself, you’re setting yourself up for burnout. Minimize the all-nighters by delegating tasks where you’re able to afford it. If you’re not at a place where you can hire full employees just yet, you can take advantage of contractors, freelancers, or temp agency services.  

Not Listening to Advice

Sometimes, you have to ignore the naysayers to make your startup dreams come true. However, it’s important to listen to sources like potential customers, small business consultants, and lenders, who can offer valuable advice that will help you avoid disastrous startup mistakes.  

ValueOne understands the challenges startup business owners face every day, which is why we strive to empower entrepreneurs with resources and guidance to help them grow their companies. Contact us or call 855 258-2571 today to speak to one of our business experts about what we can do to move your startup forward.  

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Small Business Startup Mistakes to Avoid

Blue Sign Reading Risk | ValueOneThere’s no magic formula for starting a small business. You have to do your research, have a plan, analyze financing options, and be able to adjust that plan when necessary. While there is no one-size-fits-all solution for entrepreneurs, there are a few startup mistakes to avoid.  

Read below to find out more, and don’t underestimate the value of small business consulting, which can help identify individual business’s challenges while working to create solutions.  

Avoid These Mistakes When Starting a Small Business 

Not Having a Plan

An effective business plan goes beyond ideas jotted down on the back of a napkin! When starting a small business, you need to know your business model, how your startup will make money, and how long it’ll be before you hit your break-even point. A written, concise business plan is also necessary for securing startup funding.  

Not Monitoring Your Cash Flow

It can be tempting to let the spreadsheets fall to the wayside when you’re busy with the more exciting parts of your business, but ignoring your cash flow can be a costly mistake. If you’re not careful, you’ll quickly realize that there’s more cash flowing out than flowing in. Accounting programs like QuickBooks make it easy to create and maintain documents to stay on top of your startup business finances. 

Not Taking Care of Legal Matters

Deciding between the various legal business structures isn’t always easy, but it’s necessary and will affect almost every aspect of your business, including the taxes you’ll pay and the type of funding you’ll be eligible for. Be sure you register your business, and trademark your business name and logo to avoid losing all of your hard work when another company takes the brand you’ve worked to build.  

Don’t Make These Mistakes When You Start Your Small Business 

Underpricing Your Services

It may be tempting to lowball your service prices to get your first customers, but you’re setting yourself up for failure. It’s better to price yourself competitively to similar businesses while highlighting what sets your business apart — setting you up to be able to charge more over time.  

Not Hiring Help

While it may seem cost effective to try and do it all yourself, you’re setting yourself up for burnout. Minimize the all-nighters by delegating tasks where you’re able to afford it. If you’re not at a place where you can hire full employees just yet, you can take advantage of contractors, freelancers, or temp agency services.  

Not Listening to Advice

Sometimes, you have to ignore the naysayers to make your startup dreams come true. However, it’s important to listen to sources like potential customers, small business consultants, and lenders, who can offer valuable advice that will help you avoid disastrous startup mistakes.  

ValueOne understands the challenges startup business owners face every day, which is why we strive to empower entrepreneurs with resources and guidance to help them grow their companies. Contact us or call 855 258-2571 today to speak to one of our business experts about what we can do to move your startup forward.  

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Business Growth Represented by an Arrow Shaped Tree | ValueOneIt all started with a dream. Then you put that dream into action with a business plan, a name, and a strategy for success. If you’ve crossed your break-even point and you’re still bursting with ideas, you may be contemplating expanding your business.  

Here are a few key questions to ask yourself before taking the plunge. If you decide you’re ready to expand, be sure to take advantage of small business solutions to make your company’s next move as smooth as possible.  

Key Questions to Ask Before Expanding Your Small Business

Do You Have a Loyal Customer Base?

If you have a strong base of repeat customers, that’s a good sign that your business is moving in the right direction. It indicates that there’s a demand for the products or services you provide, and speaks to the quality of what you do or sell.  

Has Your Business Been Profitable?

It’s not wise to expand the minute you start turning a profit because it could be a temporary surge or a seasonal upswing. However, if you’ve been profitable for a while — think around three years — it’s a sign that your business model is working and could be successful expanding within your space or elsewhere to attract a new market of customers.  

Do You Have a Strong Team?

In order to expand, you have to be able to trust your team. In order to handle growth, your team of employees needs to be responsible, ready for additional work, and ready to rise to the challenge of expanding a business. If you know you have employees who are up to the task of taking charge of a new location, product line, or account, your chances of success improve.  

Are Your Operational Systems in Place?

Regardless of profitability, you can’t successfully expand if you’re managing your business on the fly. You need to have documented systems for things like hiring and training employees and replicating your products or services to ensure consistent quality after expanding.  

Do You Have More Business Than You Can Handle?

As long as it’s not due to a lack of effective management, having more business than you can handle is a strong indication that you may be ready to expand. If it seems like you’re working around the clock to satisfy orders or close leads, expanding and adding to the team could be just what you need. 

Do You Have the Funding to Expand Your Small Business? 

Capital is critical to support the success of expanding a successful business. You may need funding for new equipment, increased production, or to purchase land for additional physical space.  

That’s why, at ValueOne, we specialize in small business solutions that provide entrepreneurs with financing and business products and services that help get the job done. We’ll work with you to determine which funding solution is best for your small business.  

If it’s time for your business to expand, contact the experts at ValueOne or call 855 258-2571to get the resources you need to grow. 

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How to Know When It’s Time to Expand Your Business

Business Growth Represented by an Arrow Shaped Tree | ValueOneIt all started with a dream. Then you put that dream into action with a business plan, a name, and a strategy for success. If you’ve crossed your break-even point and you’re still bursting with ideas, you may be contemplating expanding your business.  

Here are a few key questions to ask yourself before taking the plunge. If you decide you’re ready to expand, be sure to take advantage of small business solutions to make your company’s next move as smooth as possible.  

Key Questions to Ask Before Expanding Your Small Business

Do You Have a Loyal Customer Base?

If you have a strong base of repeat customers, that’s a good sign that your business is moving in the right direction. It indicates that there’s a demand for the products or services you provide, and speaks to the quality of what you do or sell.  

Has Your Business Been Profitable?

It’s not wise to expand the minute you start turning a profit because it could be a temporary surge or a seasonal upswing. However, if you’ve been profitable for a while — think around three years — it’s a sign that your business model is working and could be successful expanding within your space or elsewhere to attract a new market of customers.  

Do You Have a Strong Team?

In order to expand, you have to be able to trust your team. In order to handle growth, your team of employees needs to be responsible, ready for additional work, and ready to rise to the challenge of expanding a business. If you know you have employees who are up to the task of taking charge of a new location, product line, or account, your chances of success improve.  

Are Your Operational Systems in Place?

Regardless of profitability, you can’t successfully expand if you’re managing your business on the fly. You need to have documented systems for things like hiring and training employees and replicating your products or services to ensure consistent quality after expanding.  

Do You Have More Business Than You Can Handle?

As long as it’s not due to a lack of effective management, having more business than you can handle is a strong indication that you may be ready to expand. If it seems like you’re working around the clock to satisfy orders or close leads, expanding and adding to the team could be just what you need. 

Do You Have the Funding to Expand Your Small Business? 

Capital is critical to support the success of expanding a successful business. You may need funding for new equipment, increased production, or to purchase land for additional physical space.  

That’s why, at ValueOne, we specialize in small business solutions that provide entrepreneurs with financing and business products and services that help get the job done. We’ll work with you to determine which funding solution is best for your small business.  

If it’s time for your business to expand, contact the experts at ValueOne or call 855 258-2571to get the resources you need to grow. 

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