by My Commercial Capital | Dec 20, 2022 | Blog
Your website is one of the most common avenues where you connect with your customers. Investing the time and energy into building and maintaining it is bound to pay off. Here are a few key web design best practices that you need to pay attention to if you want your business to thrive.
Cut Down on Text
In this day and age, visually engaging information is prioritized. Don’t overwhelm your webpage with a lot of text, lengthy paragraphs, and long text. Keep everything short, sweet, and to the point.
Use Images
Conveying your products and services with images instead of words is proven to be far more effective. If you want to gain your target audience’s trust and attention, make sure that you are using relevant visuals.
Boost Your Brand Awareness With Color
Because your audience is strongly attracted to visuals, having a cohesive, clear color scheme creates brand awareness. This palette can be used throughout your web design.
Improve Your Navigation
The last thing a potential customer wants to do is get lost in a rabbit hole on our website. Make sure that your website uses web design best practices and make your navigation as simple and navigable as possible. Nothing that a visitor is looking for should be more than two or three clicks away.
Different Device Navigation
One of the biggest mistakes that small business owners make with their websites is only testing on one type of device. Today’s customers use computers, smartphones, and tablets to navigate online content. Your website should be optimized for any type of device that a visitor could be using. Keep in mind that you should be testing whenever you make any changes to your website.
Clarify Call to Action
Oftentimes websites have call-to-action buttons and opportunities sprinkled throughout; however, they are unclear and therefore irrelevant. If you want your customers to engage with your online content, make sure that you clarify your call-to-action items, create consistency on different pages and make each call-to-action item clear to an unfamiliar visitor.
Upgrade Your Search Engine Optimization and Load Time
While you may be focusing on the front end of your website, the back end is just as important. Improving your search engine optimization with a sitemap, better usability, keywords, working links, and improving your website’s load time can improve the backend. Not to mention that this can help get traffic to your website.
If you want your website to perform optimally, you need to invest in web design best practices. Let your website boost your business performance and truly get the ultimate bang for your buck with these changes.
Seek Expert Assistance
Creating and maintaining a top-tier website doesn’t have to cost an excessive amount. My Commercial Capital offers a variety of packages to meet your company’s needs. Even small businesses can get beautifully made sites that draw customers in. To learn what our experts can do for you, give us a call today.
by My Commercial Capital | Dec 16, 2022 | Blog
If you want to start a business and do not have the cash reserves to do so, you will need some sort of financing. There are many options, including:
- Bank loans
- Alternative loans
- Factoring
- Crowdfunding
- Venture capital
With all of these options, it can be hard to choose the best one.
First of all, you need to understand that there are two broad categories:
- Debt financing
- Equity financing
The best way to determine which is best is by learning more about what they are and weighing the advantages and disadvantages of each.
Defining Debt Financing
If you’re like most people, you’re familiar with how a loan works. Debt financing is basically the same thing. You accept funds from an outside source and make a promise to pay the principal plus interest. This is the “cost” of the loan.
The borrower puts up collateral as an assurance to the lender and makes monthly payments toward the loan. Collateral may be accounts receivable, inventory, insurance policies, real estate, and more. If the borrower defaults, the lender take possession of the collateral.
Common Types of Debt Financing
The most common types of debt financing are:
- Conventional bank loans
- SBA loans
- Merchant cash advances
- Lines of credit
- Business credit cards
Advantages & Disadvantages of Debt Financing
There are several advantages and disadvantages associated with debt financing. The top advantages are:
- Clear, finite terms
- Lender is not involved in company operations
- Interest payments are tax-deductible
The top disadvantages are:
- High repayment/interest fees
- Repayments start immediately
- Potential loss of collateral
Defining Equity Financing
Equity financing, on the other hand, involved selling a stake in your company to investors who will share in your future profits. There are several ways that you can obtain equity financing. If you choose this route, you don’t have to make regular installments and you don’t have to deal with high-interest rates. Instead, the investor will be part owner of your business, meaning they have a right to a portion of your profits and possibly a spot on the board.
Common Types of Equity Financing
The most common types of equity financing are:
- Angel investors
- Venture capitalists
- Equity crowdfunding
Typically, angel investors and venture capitalists are experienced and discerning. They do not back just any project. In order to convince them to consider funding your business, you must have a pro forma with solid financials, a prototype of your product/service, and a management team. If they are not already in your network, it can be hard to find them.
While you do not have to make interest payments, the overall cost of equity financing is often higher. Equity holders want to be compensated, which typically means paying dividends or ensuring equity price appreciation.
Advantages and Disadvantages of Equity Financing
There are several advantages and disadvantages associated with equity financing. The top advantages are:
- Ideal for start-ups in industries that are growing rapidly
- Allows for rapid scaling
- No repayment until company profits
The top disadvantages of equity financing are:
- Difficult to obtain
- The investor is involved with company operations
Which is best for your business? In order to decide which is best for your business, you must consider the type of business you have and if the advantages outweigh the disadvantages. Research what type of funding your competitors are using. Most companies use a combination of the two. If you need help determining the best financial solution for your business, contact My Commercial Capital right a
by My Commercial Capital | Dec 9, 2022 | Blog
Asset-based lending is a type of business loan that is backed by collateral instead of based on the borrower’s credit score. In this article, we’ll explain what you need to know about asset-based lending.
What is asset-based lending?
Asset-based lending is based on the value of the asset that is put up as collateral to guarantee the loan. Approval depends on the asset instead of the creditworthiness of the borrower. If the borrower does not pay the loan, the lender can seize the collateral. An asset-based loan is typically secured by accounts receivable, inventory, real estate, or equipment.
How does it work?
Asset-based lending is based on the asset or assets put up as collateral. Once the asset is put up as collateral, a loan in the amount of an agreed-upon percentage is offered. Lenders prefer to work with larger asset-based loans because it costs them the same to monitor it no matter what the size.
In order to understand asset-based lending, let’s look at the most common type of asset-based loan: a mortgage. Typically, mortgages have an interest rate and a term that are used to determine your monthly payments. If you default on the loan, you put your property in danger of being repossessed.
In some cases, an asset-based loan may be structured as revolving credit. In this case, the lender determines the accounts receivable and inventory to create borrowing capacity.
Which assets can be used?
Businesses have many assets that could be used as collateral for a loan. Here’s a list of the assets that can be used:
- Accounts receivable
- Real estate/property
- Equipment
- Inventory
Obviously putting your business assets up as collateral gives you incentive to make sure the loan is paid. For example, if you were to lose your property, it could shut your business down. Before taking any loan, make sure that you have a plan to pay it back.
Advantages and Disadvantages of Asset-Based Loans
As with any other type of funding, there are advantages and disadvantages associated with asset-based loans:
Advantages
- Easier to qualify for
- Approved/funded quickly
Disadvantages
- Puts an asset at stake
- Risks your credit score/history
- May be viewed negatively by future lenders
- Has additional fees
Conclusion
Asset-based lending can be helpful when your business needs funding. However, in order to obtain this type of funding, you must be willing to put up one or more assets, which the lender can seize if you default. If you’re ready to move forward with an asset-based loan, contact My Commercial Capital today.
by My Commercial Capital | Nov 28, 2022 | Blog
If you’re a business owner, you know that today’s consumers demand more from brands than ever before. With the ease of access to information and the scrutiny of the public, businesses that don’t take the time to establish a strong online reputation run the risk of losing their customers to competitors who do. Reputation management is the process of improving the public’s perception of your business so customers keep coming back for more. Here are some steps you can take to strengthen your business’s online reputation.
Be Consistent
A consistent online presence shows search engines that you’re serious about growing your business and staying online. The more active you are, the more likely people will see your business. Consistency isn’t a matter of making automatic posts that offer no value: Everything you put out online should be engaging and make people want to hear more from you. You could even create a series of posts that cover an ongoing narrative.
Communicate with Customers
It’s important to communicate with your customers. When customers contact you, make sure you respond promptly. When people leave reviews, reach out and let them know how much you appreciate the feedback. Customers want to feel good about their purchases, and they want to be able to contact you if they have any questions or need help. Make sure you have a company phone number and email address that customers can use if they have questions. Let customers know how long they can expect to wait for something and keep them updated. If you’re waiting on an item from a supplier, for example, let your customers know.
Treat Employees Fairly
Your staff is one of your most valuable resources. You can build a better team by making sure that everyone involved is treated fairly. This means paying your staff an equitable wage, offering reasonable benefits, setting up a safe work environment, and so on. When you treat your team right, the word is more likely to get out that you’re running a fair and ethical company.
Reputation management is an essential part of running any business. It’s important to keep track of what people are saying about your company and make the right adjustments. You may not be able to satisfy everyone, but your goal should be to make most of your target audience happy to work with you. By following the right steps, you can make an impact.
Seek Expert Assistance
Some advertising companies try to impress you with a bunch of tech jargon and big words that don’t mean a thing. At My Commercial Capital, we prefer to let the results speak for themselves. Like other small businesses, our main concern is to make our clients happy. We work hard, give you high-quality content, and produce digital marketing that has a great effect on your company’s online reputation.
by My Commercial Capital | Nov 23, 2022 | Blog
If you have a low credit score as a result of past financial problems, or you don’t have much credit history, there are some steps you can take to boost your credit.
1. Use Your Credit
While it may seem counterintuitive, as long as you are doing so responsibly, it is better to use your credit. This allows you to build up a credit history which will show potential lenders that you are responsible for the funding you are given.
2. Make Your Payments On Time
One of the easiest ways to improve your credit is to simply make your monthly payments on time. This applies to any credit cards you have as well as other types of payments. If you can, paying your bills early can be more beneficial than paying them on the exact date they are due.
3. Open a New Credit Account
If you have had trouble with debt, it might seem like a bad idea to open another account. However, increasing the amount of credit you have available will lower your debt-to-credit ratio. Having a low ratio will improve your business credit score. If you decide to use this method, be sure not to use up all of your credit as that will get you right back where you started.
4. Set Up Credit With Your Vendors
Some vendors may report your payments to the credit bureaus. If you tend to work with the same suppliers regularly, then it might be in your best interest to set up a line of credit with them. Not only will this help improve your credit, but it can also make it easier for you to get the supplies, products, and services that you need consistently.
5. Regularly Check Your Credit Reports
In some cases, a decreasing credit score may not be your fault. If someone else is using your credit or someone has made a mistake, this could affect your score. Look over your credit reports at least once or twice a year to make sure that everything is correct. If you notice any problems, report them right away.
Because your business credit score can affect your ability to get loans and additional financing when you need it, you should do what you can to improve it as much as possible. Taking these simple steps will help.
Seek Expert Assistance
At My Commercial Capital, we can provide your business with the working capital you need to grow. Contact us today to get started!
by My Commercial Capital | Nov 17, 2022 | Blog
Investing in commercial real estate can be incredibly lucrative. From flipping houses to creating rental spaces, investment properties can be a significant source of revenue. Real estate does require a lot of capital, though, and not everyone has sufficient savings to cover the start-up costs. That’s where financing comes in. If you’re stepping into the real estate investment business, you’ll need to prepare these five things to land a good loan.
1. Your Investment Property Type
The financing available to you is dependent on what type of commercial real estate you’re investing in and how you plan on using it. For example, there are different loans for businesses that want to flip properties than for those that are planning on turning a space into a rental property. There may even be additional distinctions between renting as a retail space versus a residential space.
2. A Budget
Once you know what you’re planning to buy, you can start figuring out what sorts of terms you could expect. Typically, terms will last between 5 and 20 years. However, if you’re flipping properties, your terms will be even shorter. You’ll have to factor in time, interest rates, and your anticipated profit into your calculations before asking for a loan.
3. A Down Payment
A down payment is often necessary for securing a commercial real estate loan. Some fix-and-flip loans use the property itself as collateral, but that can depend on your lender. Be prepared to set a down payment or use your liquid assets as collateral.
4. A Good Credit Score
Your credit score is very important in this business. Due to the high-risk nature of the real estate, lenders want to know that you are financially responsible. Both your personal and your business credit scores will help lenders determine your eligibility and your interest rates.
5. Business Plan
Investing is a business, and any lender will want to see that you have a plan. You’ll have to explain your business operations, management, and, most importantly, your financial plans. Cash flow is something lenders look at first. In addition, they will want to see that you show exactly how a loan will help your endeavors, including how you plan on paying it back. Don’t just ask for a loan that covers the price of the property. You have to consider the cost of renovations, including materials and manpower, while also leaving a little room for emergencies.
Financing is a necessary step for investing in commercial real estate. Make sure you’re prepared for every step so that you can make the best case for yourself.
