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Term loan duration small business lending
What Should the Duration of Your Term Loan be?
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If you’re ready to apply for a term loan for your small business, you want the terms of your loan to be as unique as your business. That said, one of the most important factors you should look at when taking on a term loan is…how long should your loan last? In the world of small businesses, the general impression has been that term loans offered by both banks and alternative lenders are typically short-term, usually with a maximum duration of 24 months. 

That has changed in recent years, however, as more banks and alternative lenders, such as Kapitus, have begun offering a new option to small business borrowers – term loans extending up to 60 months. In some cases, long-term loans may offer benefits for established small businesses such as a lower fixed payment. 

What Factors Should You Consider?

There are several factors to consider when determining what the duration of your loan should be. Additionally, the factors you should consider for a 60-month loan may be different than the ones you would consider for a loan that is 24 months or shorter. 

Josh Jones Kapitus small business lending

Josh Jones, Kapitus’ Chief Revenue Officer, said the duration of your term loan should be a major factor when deciding to get financing.

“If you’re able to get something approved outside of two years, you have a different decision as a business owner,” said Josh Jones, Kapitus’ Chief Revenue Officer. He added that when a small business owner is considering taking a loan of 24 months or shorter, they should examine what they are using the borrowed assets for and when they expect a return on those assets. 

For example, if your business is borrowing money to develop and market a new product that will be introduced to consumers in two years, then maybe a 24-month loan makes more sense for you. 

“For something 24 months or shorter, you have to look at your needs, and kind of do some liability matching to what the use of the capital is and whenever it is a return is going to happen,” said Jones.  

If you’re considering a 24-month loan, you should take into account the total amount that you would be paying back the lender over two years, and the fact that new debt will most likely be available to you, if needed, once you’ve paid off the loan. 

“Typically, debt payment coverage based on the use of the money is a big thing,” said Jones. “Or the fact that I know I have regular needs for capital. If I know my business can support that regular payment, I may not want anything longer than 24 months because I always want an available credit limit.”

Factors to Consider When Going Long

When considering taking a loan longer than 24 months, there are several factors that you need to consider the the total cost of the loan. If you apply for a term loan that will be paid back over 60 months, for example, the total interest will be higher on that loan because the lender is taking on longevity risk – the risk that your business may not still be around in five years. After all, the average lifespan of a small business in the US is 8½ years, according to NAV.

Are you, the borrower, willing to pay more for a five-year loan than a 24-month loan? The answer to this depends on your ability to consistently make payments, and what you are using the borrowed assets for. 

“With total cost, the shorter you go, the more the total cost goes down,” said Jones. “It is possible that the annual percentage rate (APR) of a 24-month loan will be more, but business owners should be more concerned about the total cost of financing, not just the APR. I’m borrowing this money, what is my total payback? If I can reduce the cost, if my business can support the payment, or my opportunity supports the payment of my debt, then that’s going to be the winning factor.”

With a longer-duration loan, you need to carefully consider:

  1. The amount you will be paying each month. Generally, the total cost of a 60-month loan will be greater than that of a 24-month loan (of the same amount). Therefore, if you need to borrow assets, and your cash flow only allows you to pay a limited amount of debt service coverage every month, a long-term loan may make more sense since the fixed payments will be lower than a short-term loan. 
  2. Prepay Options. If you take out a 60-month loan and you want to pay it back in full in 24 months, you may have a few options in terms of the total cost of capital. Some lenders will charge you a prepay penalty by charging you the interest you would have paid had the loan gone to term. Other lenders may give you a prepay discount – they’ll discount the amount of interest you would have owed had the loan gone to term. In either case, you should carefully examine which option would be cheaper for you when you set the terms of the loan. 

What Should I Use a 60-Month Loan For, and How Do I Qualify?

You can use the proceeds of a 60-month loan on anything you choose for your business, and the amount

term loan duration small business financing

Carefully consider the total cost of capital with a long-term vs. a short-term loan

taken out for a long-term loan is typically higher than a short-term one. 

Generally speaking, proceeds for a long-term loan are usually spent on permanent assets for your business, which could include the purchase of property, office equipment, office furniture, computers and company vehicles. Perhaps you need a long-term loan to acquire a well-established business to complement your own.

Be aware that the requirements and underwriting process for obtaining a loan beyond 24 months are more stringent than a standard two-year loan, mainly because the lender is taking on that longevity risk. 

“Even if you have a great credit score, it can be very difficult for a business to get a 60-month loan unless they have [many] years in business,” said Jones. “That’s because the likelihood of a business [that’s well established] making it another five years is much higher than a business that’s shorter. It’s not meant to be insulting to anyone’s good business, it’s just the way the stats play out.”

Talk to Your Financing Specialist

The duration of your term loan will depend on several different factors; but, like with most loans, your ability to pay the loan back will usually be the key. Examine your balance sheet and cash flow history, and talk to the financing specialist about whether lower payments over a longer time horizon may be a better option for your business.

Investing, small business, lending, small business owners, Kapitus
Should You Invest Your Business’ Surplus Cash? Absolutely
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If sales are booming and your small business is flush with cash, congratulations! While having a large surplus of cash is great for your small business, SMB owners also need to understand that the more surplus cash you have, the greater your chances are of losing money. 

How? Well, the rate of inflation reached a four-decade high of 7.9% in February, and the interest you’re collecting on your business savings account is almost certainly far less than that. Also, if you have any outstanding loans, the interest you’re paying on them is far greater than the interest from your savings account. You should also remember that we’re still going through “The Great Resignation,” so if you plan to increase your staff, current wage growth most likely is exceeding the interest that you’re getting from your business savings account.

How to Determine Timelines For Reinvesting Excess Cash

If you’re in the fortunate position of having a large cash surplus for your business, you have plenty of options to invest that cash in a way that you won’t lose money. Before you consider your options, however, you should first take the time to determine what you want to use that excess cash for. The first thing you want to do is assess what you want to spend it on, and what your time horizons may be for spending that cash. 

Kapitus, small business, investment, advisor, lending

A registered investment advisor can assist and educate you on your investment decisions.

You may want to seek advice from a financial advisor or a broker-dealer on how to invest your extra money. Take note that some financial advisors will only deal with you if you have a certain amount to invest and are generally more expensive than brokers, so choose carefully. If you feel you’re a sophisticated investor, you can always use online trading services such as Ameritrade, E*Trade or Robinhood. 

Short-Term Spending and Investing

If you have short-term plans to spend your surplus cash over the next year or less, such as expanding your business with additional staff; leasing a larger workspace; purchasing additional non-perishable inventory before inflation rises even further; or replacing old equipment crucial to your business in the next 12 months, there are investment instruments that can give you a much higher yield than your business savings account. 

You can also forgo investing by using your surplus cash to pay off any outstanding loans you may have, as many lenders do offer a pre-pay discount if you choose to pay off several types of loans before their terms expire.

If you are willing to go the investment route, there are plenty of asset management firms that offer a wide array of short-term investment options. As a business owner, you want these options to give you returns that are greater than your business savings account and are highly liquid. Some of these options include:

  • A money market account. This is an account that you can open at most large banks or by going through a broker and purchasing shares in a money market mutual funds. It will provide a higher yield than a savings account because it invests your money in short-term treasury bonds or commercial paper – a form of short-term financing typically used by large corporations. These types of accounts are considered very low risk and can be liquidated at a moment’s notice. 
  • A short-term treasury market mutual fund. Most investment managers do offer mutual funds designed for short-term investors. These funds tend to be low risk and typically invest in a mix of investment-grade and short-duration treasury bonds. Keep in mind, however, that mutual fund fees can be expensive, so shop around.
  • A certificate of deposit (CD). With the federal funds overnight rate set to rise, you may consider a CD. This is considered a low-risk account in which you can park your money and get a monthly fixed, compounding interest rate over a predetermined period that can be six months, a year or longer.  Most banks offer these types of vehicles, but you should shop around for ones that offer the best rate.
  • An exchange-traded fund (ETF).  ETFs are often cheaper than mutual funds because they don’t invest directly in securities like stocks and bonds, but rather, index futures. Put simply, they are funds that will typically generate the passive returns of whatever financial index you choose. Common indices include the S&P 500 Index (stocks) and the Bloomberg US Aggregate Bond Index (bonds). If your risk/return tolerance is high, you can invest in the stock market. Keep in mind that the average annual compounded return for the S&P 500 since its inception in the early 20th century is 10.5%, but the short-term volatility is high. 

How To Determine Your Business Short Term Spending vs. Long Term Investments

Are there long-term spending goals in your business plan, such as developing and offering a new product, or moving your headquarters to a larger space a few years down the road? The COVID-19 pandemic, which is now entering its third year, taught us that the economy can turn on a dime, so maybe you want to create an emergency cash reserve fund to keep your business afloat when the next recession hits. These are just a few examples of what you may have long-term spending plans for. 

If you have plans for your surplus cash that extend beyond a year, you can tolerate more risk, which means you have the potential to generate higher returns on your investments over the long haul. There are plenty of asset classes you can choose from that, despite having short-term volatility, have average annual returns that are much higher than anything you would see from a savings account or short-term bond investment. To put it simply, the longer your investment time horizon is, the greater your returns on capital can be. 

Your registered investment advisor (RIA) should educate you on the different asset classes and types of mutual funds that are best for long-term investing, as well as the basics such as risk management, modern portfolio theory, and portfolio optimization strategies. Depending on how much cash you have to invest, you may wish to invest in a basket of mutual funds for a diversified portfolio. Your RIA should also keep you informed on world events and how they may affect your portfolio.

Long-term Asset Classes

Some options you may consider for long-term investing include:

  1. An asset allocation mutual fund. If you want to invest in the long-term but don’t have the stomach for taking on excess investment risk, this may be the option for you. This type of mutual fund automatically allocates your assets among stocks, bonds and cash to optimize investment risk.
  2. Mutual funds that invest in equities (stocks). There are plenty of funds that invest in stocks. While these funds tend to be more expensive than low-risk bond funds – especially if they are actively managed – they tend to produce the highest returns over the long term. There are equity mutual funds that invest in everything from the S&P 500 Index to foreign stocks in emerging economies.
  3. Real Estate mutual funds. There are mutual funds that invest exclusively in various forms of real estate. Before you decide to invest, you should speak to your financial advisor and know that these types of mutual funds carry high management fees and high short-term volatility.
  4. Alternative investments. There are mutual funds that engage in exotic investment strategies, such as long/short, absolute return, and portable alpha strategies, and carry high management fees. These funds often seek to curb risk while delivering consistent returns. However, you need to make sure you get a solid understanding of these funds from your RIA before investing.

Don’t Lose Money!

Having surplus cash is a great thing for your small business, as it gives you many options for growing your business and surviving during a downturn. You must understand, however, that simply squirreling it away in your business savings account can cost you dearly. If you’re in such a fortunate position, speak with your accountant or an RIA to find out what your options are. 

 

What are the Different Business Lines of Credit, and Which One is Best for Your Business?
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Business lines of credit are incredibly valuable tools that offer flexible financing to help small business owners meet expenses and grow. Lines of credit, much like your personal credit card, have borrowing limits and make funds available to you when you need them. They also give you the option to pay down some or all the debt at various, pre-agreed upon intervals. You only pay interest on the amount that you’ve used, and most lines of credit will require you to bring your balance to zero at certain times. 

The benefits of having a line of credit are tremendous, and in some cases, businesses may not be able to survive without one. For example, seasonal businesses may use a line of credit to meet payroll during the off-season or to order inventory in advance of their busy seasons. Credit is also used in case your small business quickly needs emergency cash.

Before you apply for one, however, you should consider that a line of credit is not a one-size-fits-all product. There are different types of lines of credit that you should consider before deciding on which one is best for your business.  Some credit lines may offer higher lines of credit while others may require collateral..

Deciding on the right one for your business can be tricky, and it’s important to know the different types that are available to you, as well as the risks associated with each one:

#1 Secured Line of Credit

A secured business line of credit is one in which you, the borrower, take on a significant amount of risk. In these types of credit lines, you will have to put up collateral, such as your business assets, personal savings, or surplus business cash; or, if your business is a pass-through business, your personal assets such as your home. In the event you can’t pay off your balance, the lender reserves the right to seize those assets. 

That said, there are distinct advantages to a secured line of credit over an unsecured line. First, since you’ve put up collateral, there is a good chance that your line of credit will be bigger than it would be with an unsecured line of credit. Second, since you’re the one taking on much of the risk with a secured line, you most likely will pay less interest. Third, you don’t typically need as high of a credit score as you would with an unsecured line of credit.

#2 Unsecured Line of Credit

An unsecured business line of credit is the more popular option for small businesses since this option requires no collateral, and the lender takes on most of the risk. Applying for an unsecured line of credit is often simpler than a secured line, and approval may be quicker. 

An unsecured line of credit typically carries the same payment requirements as a secured line of credit, but in exchange for taking on much of the risk, the lender will usually require a strong credit score to obtain one. Since it is unsecured, the spending limit may not be as high as a secured line of credit, and the interest rate may be higher than a secured line of credit.

#3 Business Credit Card

If you need to pick up the tab for a business meal or must purchase new office equipment such as a laptop computer or printer at a moment’s notice, a business line of credit would not be convenient for you since it could take days to transfer money from your line of credit to your account. A business credit card, however, is a very handy tool to fulfill immediate cash needs for your business. 

A business credit card works pretty much the same as a personal credit card – it could offer perks such as travel miles and cashback rewards and will be there when you need it. Business credit cards usually have fewer requirements to obtain than a line of credit, and they won’t tie up your personal assets as they don’t require collateral. 

The drawbacks compared to a line of credit, however, is that business cards usually carry a higher interest rate than a line of credit, and many of them charge an annual fee.

#4 Real Estate Line of Credit

If you’re in the business of buying and selling properties, such as a home flipper, for example, then you should consider a real estate line of credit. A real estate line of credit is similar to a home equity line of credit, which is credit based on how much equity you have invested in a piece of real estate. 

Real estate lines of credit work in a similar way to any other lines of credit. They can be either secured or unsecured, depending on your FICO score, and they allow you to buy a piece of property before you sell your existing property.

Choose Carefully

Before you decide to take out a business line of credit over another form of financing, you should carefully consider the reason you need to borrow money in the first place. Lines of credit are probably not good for long-term business needs such as the purchase of expensive but crucial equipment or an office lease, and typically carry higher interest rates than other short term financing products. 

If you have immediate cash needs or want cash available in case there’s an emergency, such as your air conditioner breaking down or a leaky roof in your office, then a line of credit is probably the best solution for you.

heavy equipment financing
What Is Heavy Equipment Financing?
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KEY TAKEAWAYS

  • Whether you’re in construction, agriculture, or another industry that requires large equipment to operate, heavy equipment financing can provide a valuable tool to procure essential machinery without depleting your working capital.
  • Heavy equipment financing, like all financing, has both pros and cons. While it can offer tax benefits and flexible payment terms, it’s crucial to consider potential downsides such as lengthy repayment schedules which can impact future borrowing.
  • Applying for heavy equipment financing is streamlined and straightforward process which typically requires minimal documentation.

Technology is ever-changing and the equipment you’re using can quickly become obsolete. When this happens, your business may have to invest in new heavy equipment to keep itself going and remain competitive. However, large equipment purchases can put a dent in your cash flow, which could impact your operations.

Heavy equipment financing gives you the resources you need to purchase or lease much-needed heavy equipment without dipping into your cash reserves. But what exactly is heavy equipment financing? In this article, we’ll discuss its definition, the pros and cons of utilizing it, and the requirements for approval.

What Is Heavy Equipment Financing?

Heavy equipment financing is a business loan designed specifically for purchasing heavy-duty mowers, backhoes, bulldozers, and other heavy equipment. The loan is prevalent in manufacturing, agriculture, transportation, and even the food industry.

Lenders give you the working capital needed to secure the necessary equipment. You can get up to 100% financing to cover the cost of the equipment depending on several factors, like your credit rating, type of equipment, and the industry you’re in.

Pros of Heavy Equipment Financing

Securing financing for your new heavy equipment provides you with several benefits you won’t enjoy from other options.
One is that a business owner has the potential to claim a full deduction on the amount of the purchase from yearly income tax. Under Section 179 of the Internal Revenue Code, businesses that purchase new machinery this year may be able to claim tax deductions of up to $1.05 million. One of the key requirements, however, is that the equipment must be used in business operations in the tax year for which you’re claiming deductions in order to take advantage of this deduction.

Leasing offers a similar benefit, but you can only deduct the amount you’re paying every month from the lease. The deduction would be equal to the monthly amortization multiplied by 12 months. Leasing does guarantee yearly tax savings throughout the contract, but heavy equipment financing offers a higher lump-sum compensation immediately after purchasing the gear, aside from the annual deductions from the fees and interest incurred.

Another benefit of heavy equipment financing is flexibility. Armed with your financial statements, you have the opportunity to negotiate more comfortable terms. This means you can avoid breaking the bank and maintain good financial standing. You can also exert a degree of control over your cash flow and expenditures.

In all cases, financing is a method that helps businesses like yours build good credit records. You just need to make sure your lender reports your standing to business credit bureaus. It could be a pathway through which you get access to more business credit.

Cons of Heavy Equipment Financing

Like all available options for acquiring heavy equipment, financing also has its own set of disadvantages.
One disadvantage is that the significant amount of the loan and the extended terms can tie your finances down until it matures. It might be difficult for you to secure another loan when you need it, as some lenders are wary about granting loans when borrowers appear to be deep in debt already. This is beyond your control since lenders base decisions on your financial statements.

In addition, the ongoing loan could affect your financial health. Loan payments are accounted for as liabilities, so there’s a risk of your debt-to-asset ratio getting higher. In the eyes of creditors, a high ratio means that a borrower carries a high risk of not paying back a loan. As stated above, they may decline your application or, at the very least, attach high-interest rates to the money they will lend.

While this doesn’t happen often, another drawback is that the lender might require you to secure the loan using existing assets. Some creditors do not require any collateral, preferring instead to secure the loan with the equipment being purchased.

Unless expressly stated during the application process and in your contract, you can rest assured that your business and personal assets are safe even if you default on your obligation in heavy equipment financing.
Last but not least, an overly long repayment period could result in depreciation. In other words, your heavy equipment might become obsolete after it is fully paid off. Of course, this can be avoided by negotiating shorter yet still affordable repayment terms.

How to Apply for a Heavy Equipment Financing

The application process for heavy equipment financing is fast and straightforward. Many lenders, like Kapitus, offer an easy-to-use equipment financing application that should only take about five minutes to complete and requires minimal documentation.

One of the documents required is the vendor invoice. The invoice proves the value of the heavy equipment you’re looking to borrow money for. The lender needs this to know how much you need from them. Your vendor will send this invoice to you as part of your purchase agreement. You don’t have to pay for the invoice right away, which gives you more time to seek financing.

You also need to prepare your financial statements, which include documentation from your bank. It’s highly recommended to have at least six months’ worth of statements on hand when you are applying.
Once you’ve gathered all your documents, you just need to go to the issuer’s website and complete an application. The application covers information about your business, the type of equipment you’re looking to purchase, and some personal information.

Complete the application, attach the needed documents, and you’ve applied!. Make sure to free up some time because a consultant will call you to learn more about your business. After receiving confirmation of approval, you’ll also receive another call to discuss your payment terms just before the lender pays for the vendor invoice.
The payment and final delivery of the equipment then conclude the process. As mentioned earlier, all that’s left to do is to keep your end of the bargain by making payments as agreed upon.

Maximizing the Benefits of Heavy Equipment Financing

As a bonus, here are some tips that could help you maximize the benefits of a heavy equipment loan.
Many businesses choose to purchase new equipment as it’s less likely to break down from frequent use and is covered by warranty for the first few years. In other words, you can avoid expensive maintenance or repair fees that could affect your cash flow.

If you find yourself preferring used equipment, you should enlist a professional mechanic to inspect the equipment before you request an invoice. If there are defects, secure the seller’s commitment to fixing them before moving forward with a purchase. Again, the goal is to avoid spending money on repair and maintenance as much as possible.
Lastly, don’t be afraid to negotiate. There’s a reason why there are a couple of calls before you’re approved for your heavy equipment loan. This gives you time to understand your contract’s terms and allows you to discuss and negotiate those terms.

Your equipment is an integral and essential part of your business. You should not hesitate to invest in new equipment if the old ones in your inventory are way past their useful lives. Many creditors are ready to help you with this significant investment through heavy equipment financing.

Two cyber-faces in proximity.
How Businesses can Counter the Threat of Deepfakes
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The Internet age united the world with a universal language of twitters and pings. The benefits of our new interconnected society are too plentiful to count, but there is also a decrepit underworld of cybercriminals and cybervandals who use that interconnectedness to spread misinformation. Cyber criminals thrive in anonymity and often take their greatest pride when robbing people of their own. As the Internet becomes more intertwined with our way of life, it is becoming clear that digital attacks on a person’s character can be just as damaging as those done in the real world. Deepfakes are near-perfect digital recreations of faces, often manipulated into compromising positions or saying words the speaker never actually said. This type of mimicking technology has become increasingly convincing since its relatively recent inception. As a result, it is imperative that people and businesses targeted by deepfakes immediately act. Misinformation at the expense of your business can be costly and reputation-shattering if not properly quelled.

Types of Deepfakes and Preventions

The most popular deepfakes often put words in the mouth of celebrities or politicians, but those aren’t nearly as malicious or dangerous as fakes that target businesses. While celebrities have massive platforms to dismantle the slings and arrows of outrageous cyber ruffians, small businesses have to fight much harder to recover.

Social Engineering

Advanced deepfakes can mimic voices well enough that there are several documented cases of employees, or even executives, being fooled into sharing private information with cybercriminals. These types of fakes tend to happen over phone calls and don’t need the sophisticated face-replicating tech.  These attacks are called social engineering which is an umbrella term for any kind of manipulation done to gain personal or sensitive information. Social engineering  deepfakes take advantage of peoples’ inherent willingness to trust caller ID and the voices of people they know.

Preventions: Social engineering deepfake attacks are so successful because most people don’t expect them. Since social engineering attacks target employees or anyone who may hold sensitive information like passwords or routing numbers, the most effective way to snuff out these attacks is training. Teach your employees the telltale signs of social engineering: brief calls asking very specifically for those passwords or routing numbers.

Another tactic is to develop a failsafe or codeword system for private company information. Make a system where at least two employees must approve the sharing of private passwords or sensitive information. Social engineering attacks thrive on off-the-cuff conversation. If the target of a social engineering attack brings another employee into the conversation, it’s likely someone will realize something about the caller is off.

Viral Misinformation

Being that deepfakes are near-perfect imitations, those who may want to do your business harm or have a bit of fun at your expense may use your image or the image of someone close to your business to spread misinformation. This misinformation can come in the form of doctored video or audio clips posted to social media with the intent to harm your business’s reputation.

Preventions: While it is impossible to prevent cyber hooligans from creating deepfakes, it should be every business’s prerogative to create a quick-acting crisis response plan. Every second is precious when countering misinformation; it’s very common for the initial misinformation to overshadow delayed corrections from businesses. The objective of these deepfakes, beyond general chaos, is to sway public opinion. Sway favor back into your court by aggressively and poignantly dismantling the authenticity of the deepfake video or audio.

If the deepfake is a video impersonating one of your employees, make sure that employee is involved with these efforts. Tail the doctored video or audio relentlessly and post in its comments or adjacent pages proof of its falsehood, whether that be your own video debunking their claims or a written response. While deepfakes are near-perfect, the uncanny valley is still present: look for breaks in lighting or odd pixilation on or around the face. These little signs are common on cheaper deepfakes and can be their easy undoing in your business’s response.

Extortion

The most devious cyber hooligans may turn criminal and use their deepfake tools for criminal extortion of your business. Deepfake extortion generally entails cyber criminals creating a doctored video of a public figure, in this case, someone important to your business. Then, the cyber criminal will often send the video to you, the business, asking for ransom. If you don’t give in to their demands, they will post the video, often pornographic or displaying absurd violence, to the Internet.

Preventions and Containment: Giving into the criminal’s demands is not an option. Collapsing before extortion is especially dangerous, as it will likely mark your business as an easy target for future cyber criminals. First, notify the police. Extortion is a crime, and in several states, malicious deepfakes are too. As for protecting your business’s brand and image, be as transparent as possible about the nature of the extortion. Act quickly and develop a public statement about the deepfake extortion before the cyber criminal posts it if possible. Beating the post will do a major hit to its credibility.

If the salacious video ever goes live, address it directly. Ignoring the deepfake, however heinous, will only go to damage your business, as consumers who see the deepfake but don’t hear an adequate rebuttal from your business may believe that either you aren’t aware of it, or even worse: that it’s real.

 

Technology’s Climb and Integrity’s Tumble

The AI technology that manufactures deepfakes is strengthening every day. There is absolutely nothing we, or anyone, can do to slow their development, so it ought to be the prerogative of every business to learn the warning signs and develop a clear plan of response. Safeguards like multiple employee sign offs for money transfers or password releases is a good measure to implement already, but it can be equally critical to your company’s deepfake defense.

Beyond these steps, there is unfortunately little businesses can do to meaningfully prevent deepfake attacks. As time moves on, however, and deepfakes become even more common, we may see a silver lining. People will hopefully learn to ask themselves when watching something wildly out of character or too good to be true “is this a deepfake?” And at that point, businesses may be fighting less of an uphill battle when responding to defamatory deepfakes.

How to Survive Negative Cash Flow
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No matter how successful your small business is, you’re going to have periods in which sales may be down, customers may be slow to pay or orders aren’t getting fulfilled due to inventory problems, resulting in your monthly expenses being greater than your monthly revenue. These are just some of the scenarios that may lead to a negative cash flow.

If you are experiencing negative cash flow, how long can your business survive? Unfortunately, there isn’t a one-size-fits-all answer to this, because a negative cash flow may be the result of several factors. 

Why are you in the Red?

The first question you need to answer is why exactly your business is in the red. Once you’ve identified the reason, you can consider different solutions to help you get back to being cash flow positive. 

Some of the reasons your small business may be in the red include:

  • You’re waiting for invoices to be paid – You may have a strong accounts receivable portfolio, but that won’t do you much good until customers settle the bills that they owe you. 
  • You have too much inventory – You may have over-anticipated demand for certain products and as a result, bought more inventory than you can afford.
  • Sales are slow – Your gross revenue may not be where you want it to be, perhaps due to supply shortages and the continued rippling effects of the COVID-19 pandemic.
  • You’re waiting to launch a new product – You may have invested heavily in the research and marketing for a new product or service that you haven’t begun to sell yet.
  • Your overhead/operating expenses are too high – Your overhead/operating expenses include payroll, rent and utility payments, internet access bills, etc. There may be areas in your overhead for which you are paying too much and need to reexamine. 
  • You’re carrying too much debt – Financing is crucial to the growth of many small businesses and there are many lending options out there, but those regular installment payments of that debt may have gotten the best of you

Figure Out a Timeline

When your business is in the red, it’s going to be a stressful and time-sensitive situation. First, how long can you afford to stay there? 

You can figure this out by using a very simple equation – take the amount you have in cash reserves and credit, and divide that by how much money you are losing every month. For example, if you owe $6,000 every month and you have a total of $60,000 in reserves, credit and borrowings from friends or family, then you can afford to operate for 10 more months. 

If you have a bright spot on the horizon, such as a due date for a big invoice or the launch of a new product, then you may have multiple solutions available to you. Additionally, if you’re in the red because sales are slow, then you would have 10 months to figure out how to make your business profitable again by adjusting your prices or figuring out ways to cut overhead. 

Re-examine Your Products/Prices

If you’re struggling with a negative cash flow because of weak sales, then you may have to take a hard look at the prices of your products or services It could be that your sales margin – the price of your product minus the cost of producing your product – may be too low, thus indicating a need to adjust the price of your product.

Perhaps you need to come up with a plan to reinvent your business. Think about the way you’re promoting your product or service and whether you are reaching the right market. For example, an expensive, gourmet restaurant probably won’t succeed in a middle- or low-income neighborhood no matter how good the food is. Does your product or service represent the same mismatch with the market you’re trying to sell to?

Perhaps you’re not sufficiently engaging your market with tools such as digital advertising or email marketing. It also could be that you aren’t advertising your products or services as well as you should be, be it on social media, through your website or otherwise on the internet. Are you targeting the correct market with the right product? If not, you may consider changing your products or services or marketing approach. 

Reduce Overhead

Just like you need to be careful not to live above your means when it comes to your personal finances, you need to make sure your business expenses are not more than you can afford. Closely examine what you are spending money on every month and eliminate non-vital expenses. 

For example, you may want to switch to another office if your rent is too high, or you may have to perform the unpleasant task of furloughing or letting go of employees to reduce costs. Hiring freelancers instead of full-time employees and cutting down on the amount of office supplies will also reduce operating costs.

Work With Creditors

If your business is carrying too much debt and the monthly payments are causing your business to experience a negative cash flow, then you should work with your creditors to reduce monthly payments. 

If you are using outside vendors for services such as marketing, public relations or accounting services, you may want to put your relationships with them on hold for the time being.

Borrowing may be an Option

If your cash flow is negative because you need to pay your vendors or if customers are slow to pay their invoices, certain forms of business financing such as purchase order financing or invoice factoring may help you get to the end of that timeline. Both forms of financing may put the funds in your hands, not add to your liabilities and keep you from going under.

If your company has a history of strong revenue streams but is currently experiencing a negative cash flow because you’ve poured money into the research, development and marketing of a new product and you are waiting for the product to be launched, then revenue-based financing may be an option you want to consider.

Don’t Declare Bankruptcy Just Yet

Bankruptcy is a painful and legally complex solution that you should generally try to  avoid. If you find yourself with a negative cash flow, don’t panic just yet, because it probably isn’t going to last forever. Closely examine the reasons your business is in the red and come up with solutions on how to fix them. 

Be cost-efficient with your overhead expenses, rethink your products and prices and determine if there are financing solutions for you. Doing so can give your business a consistently strong cash flow moving forward and put it in a position to be more successful in the future. 

Can I Get Approved for the 7a Loan Program
Can I Get Approved for the SBA 7(a) Loan Program
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Any small business owner who spends time searching for small business loans–both through banks and online–has likely come across the SBA 7(a) loan program. It’s one of the more popular small business lending options out there. With that, many small business owners look to the Small Business Administration (SBA) to help with financing.

One way the SBA helps small business owners is through their Loan Guarantee Program. Here, you’ll learn what you need to know about the SBA 7(a) loan program and the requirements for approval.

What is the SBA loan program?

SBA loans don’t actually go through the government. Instead, the SBA offers guarantees to participating lenders, including traditional banks, credit unions, online lenders and private lenders.

The goal is to make small business loans less risky for these lenders. This means that more business owners can secure funding to help grow their businesses.

Guarantees typically cover anywhere from 50 to 85 percent of the total loan amount, depending on the loan. The SBA has a variety of loan options, including the 7(a) program, the 504 program, microloans and disaster loans.

However, the SBA 7(a) program is the focus here.

What is a 7a loan?

SBA 7(a) loans are some of the most popular options available for small business owners. In the 2019 fiscal year, over $23 billion in loans saw approval. An average loan was for just under $450,000.

The flexibility of the 7(a) loan program makes it popular among small business owners. 7(a) loans are guaranteed up to $5 million. For loans up to $150,000, the SBA guarantees 85 percent. The SBA guarantees 75 percent for loans over $150,000, up to $3.75 million on the $5 million maximum loan amount.

If you default, the SBA will pay out the guaranteed amount. It’s one way the administration removes some of the default risks from lenders. This allows them to offer more attractive repayment terms.

Many small business owners would likely struggle to secure financing from traditional financial institutions without the SBA Loan Guarantee Program.

What are the SBA 7a loan terms and interest rates?

SBA loan terms are set with the long-term goals of small business owners in mind. Repayment terms are often based on your particular financial situation. However, most of these are paid back via monthly installments.

The set terms are as follows:

  • Real estate: up to 25 years
  • Equipment: up to 10 years
  • Working capital and inventory: up to 10 years

Another benefit of an SBA loan is that it sets a maximum with lenders on interest rates. Base rates are tied to Prime Rates, benchmark interest rates and additional spread rates.

The spread rate varies depending on the loan amount and the term. Typically, higher loan amounts with shorter terms have slightly lower spread rates.

The SBA has specific spread rates they use. But, the rates can change as the market rates do over time.

Are there fees involved with the SBA 7(a) loan program?

While you typically won’t find origination, application and processing fees with SBA loans, there still are fees to consider.

These fees can include:

  • SBA loan guarantee fees (which vary depending on the size of the loan; but they only apply to the guaranteed amount)
  • Credit authorization fees
  • Packaging fees and closing costs
  • Appraisal fees for real estate related loans
  • Late payment penalties
  • Prepayment penalties which apply to loans longer than 15 years that are prepaid within the first three years

The guarantee fee is the highest of all associated SBA loan fees. Keep these fees in mind as you figure your total payment amount.

The basics of qualifying for SBA 7(a) loans

The SBA has several eligibility requirements you must meet to qualify for any of their loans, including the 7(a). Since these are popular loans, you should understand the different requirements before you apply.

First, your business must be for-profit and based within the United States or its territories. Also, the SBA has size standards they use to ensure that the definition of small business gets met–since it varies across industries. This standard is generally a combination of employee size and annual average receipts.

Second, the SBA wants you, as the small business owner, to have a stake too. So, they require that you invest your own time and money into your small business. Also, eligibility rules state that you need to have been in business for a sufficient amount of time, typically a few years.

Finally, your business must be eligible for a loan. Some are not including real estate investment firms, rare coin dealers, companies involved in speculative activities, and companies where gambling is the primary activity, among others.

What are the SBA 7(a) loan program requirements?

Your job isn’t over yet, even once your business is eligible for a loan application. You need to meet the loan requirements, too. The SBA requires you to submit information on your “personal background and character”. This includes criminal history (if any), your citizenship status, work history in the form of a resume, past addresses, and other items as well.

You also need to provide a business plan. A solidified business plan goes a long way towards showcasing the strength of your business and your plans for the future. Don’t forget to include detailed information on how you’ll use your loan.

Other documents required are your business financial statements. You need to show your revenue and profitability. The SBA typically approves businesses with at least $100,000 in revenue each year. You should also provide a listing of any debts and your debt schedule, which can help highlight your expected cash flow.

Your personal credit score is important. The SBA and lenders will typically look for a FICO credit score above 650.

Finally, there is some personal risk involved with 7(a) loans too. The SBA requires anyone who owns over 20 percent of the business signs a personal guarantee on the loan.

While each lender is different and requirements vary depending on your situation, keep these requirements in mind as you move through the process.

Types of loans in the 7(a) program

Within the 7(a) loan program, there are different loan options beyond the 7(a) standard loan you can explore.

The 7(a) Small Loan program has all the requirements of the standard 7(a) loan with one significant difference: it offers a maximum loan amount of $350,000.

SBA Express loans are designed with quick turnarounds in mind. They have a maximum loan limit of $350,000. Note that the SBA guarantees 50 percent of the loan amount.

SBA Export Express loans are directed at exporters for lines of credit up to $500,000. The SBA guarantees 90 percent for loans up to $350,000 and 75 percent for amounts beyond that. It’s yet another option with quick turnaround times.

An Export Working Capital loan is for a revolving line of credit up to $5 million with a 90 percent SBA guarantee. This loan often has short terms of up to 12 months.

International Trade loans are set to meet the long-term financing needs of export businesses. The maximum amount is for $5 million, with the SBA guaranteeing 90 percent of the loan.

How can you use a 7(a) loan?

The SBA sets guidelines for both the general loan terms and how funds get used.

These include:

  • Expansion and or renovation needs
  • New construction
  • Purchasing land or buildings
  • Purchasing equipment, fixtures, or lease-hold improvements
  • Working capital
  • Refinancing debt (the SBA cites it must be for “compelling reasons”)
  • Seasonal lines of credit
  • Inventory costs
  • Business startup costs

Understandably so, it’s essential to know this information before you apply. Otherwise, you could lose your funding if you’re using it for unapproved reasons.

The Bottom Line

It’s easy to see why SBA 7(a) loans are so popular with small business owners. They provide funding with flexibility and attractive terms. If you meet the qualifications and requirements for an SBA loan, it just could be what you and your small business need to achieve your long-term goals. To learn more about SBA loans, click here.

The Benefits of Business Lines of Credit 
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For small business owners that have ongoing business expenses and uneven cash flows, a business line of credit may be the most convenient and useful financing method in your toolbox. 

Too often, however, small business owners confuse a business line of credit and a business credit card and end up paying a higher interest rate on revolving debt as a result.

What is a Business Line of Credit?

A business line of credit is typically an unsecured line of credit that can be granted to a small business by either a bank or an alternative lender. The line of credit has a predetermined limit set by the lender (and it’s typically higher than a business credit card) based on the risk you present as a borrower, and like a business credit card, can be used to address any expense that arises for your business. 

Unlike other types of typical small business loans, with a business line of credit, there is no lump-sum disbursement of funds that requires a subsequent monthly payment, and you don’t have to specify to the lender exactly what you intend to use the funds for. 

Also, similar to a credit card, your debt will be revolving, and interest will be accrued only on the amount that you have borrowed. The line of credit typically is subject to a periodic review and renewal, often annually..

Business Line of Credit vs. Business Credit Card 

While both a business line of credit and a business credit card are forms of revolving debt that are typically used for short-term funding needs, the main differences between them are the interest rate and what they generally are used for. 

A business credit card can charge more than 20% APR for purchases, and an even higher rate for cash advances. The rate for a business line of credit usually ranges between 10% to 15%, and the rate will still be the same when you use the line of credit for cash. 

What are Each Used for?

A business line of credit and a credit card may also be used for different reasons. Lines of credit are sometimes used by seasonal small businesses that need funds to cover operating expenses during slow periods of the year, such as payroll; or when it has an unexpected expense. Small businesses can also use their lines of credit to gain access to funds without having the hassle or expense of applying for a loan, and the repayment terms are often more flexible than with business credit cards. 

On the other hand, a small business credit card will come in handy for smaller purchases that you typically wouldn’t use your line of credit for, such as when you have to pick up the tab for a business meal or need to buy a new inkjet printer for the office and don’t wish to make a trip to the bank to withdraw the funds. A credit card also often offers perks such as cash back offers or travel miles that a line of credit would not.

Once again, be warned that business credit cards typically offer a lower credit limit than a business line of credit and are more expensive.

What is a Secured vs. Unsecured Line of Credit?

An unsecured line of credit is not guaranteed by collateral. Typically, it will carry a higher interest rate than a secured line of credit because the lender is taking on greater risk than with a secured line of credit. It is usually granted to businesses that have been in operation for several years and have consistently strong annual revenues. 

With a secured line of credit, you will usually be granted a large business line of credit with a higher spending limit because it is guaranteed by physical assets, which lenders prefer. Some banks, however, may ask that your personal assets be used to secure your line of credit, while alternative lenders typically just ask for your business assets. A lender may also require that you secure your line of credit if you require a limit of more than $100,000.

How Do You Qualify for a Line of Credit?

Business lines of credit are generally more difficult to obtain than business credit cards. Typically, small business owners that have a FICO score of at least 650 and have been in business for at least two years with annual revenue of at least $180,000 will qualify for a business line of credit, but those terms will vary depending on which lender you are doing business with. Alternative lenders often will have less stringent requirements.

Small businesses that don’t qualify for a business line of credit because they don’t have a long history in business or a profit margin that’s too low may find a business credit card to be useful, and there are plenty of them out there that offer perks and cashback rewards. 

In general, however, a business line of credit can be a great reward for small business owners that have worked hard to establish their businesses over time.

Two sit in foreground while one lurks in the background.
How to Transfer Ownership in an Existing Business
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While small business owners are well known for their attention to detail when crafting their initial business plans, almost no business is built with plans for transferring ownership. While the steps to building a strong business are often intuitive to an owner, transferring that ownership to new custodians isn’t nearly as cut-and-dry. No matter if for retirement or new horizons, transferring your business must be handled as deftly as when it was first acquired or created. There are several nuances to business ownership transfer that may not be immediately apparent even to the savviest business owner; but if missed, this could spell catastrophe later. The most effective transfers are seamless and well-managed. Follow this guide to learn the types of business transfers and the steps between first meetings and passing on the keys.

Types of Business Transfers

 

Outright Sale

An outright sale is as simple as business transfers can be. An outright sale means that an interested party and a business owner make an agreement to fully transfer ownership of the business after a signed agreement and often an exchange of capital or stock. Importantly, outright sales traditionally mean that the former business owner then has absolutely no influence on the future of the business; for this reason, outright sales are often a great choice for retirees or underperforming businesses of which the owners would like to wash their hands.

Gradual Sale

A gradual sale is a financing agreement between a business owner and an interested party where daily operations of the business in question are transferred over to the new party while the owner receives some income from their former business for a predetermined amount of time. Gradual sales agreements often have far less capital or stock exchange on the actual day of sale but tend to pay out more to the former owner than lump sums from outright sales. Gradual sales are great options for would-be buyers who don’t have the liquid for an outright sale but see promise in the business they are acquiring.

Lease Agreement

In business lease agreements, the former business owner still owns their business while the signing party runs day to day operations and makes regular payments to that owner. Lease agreements are great for business owners that cannot run daily operations but aren’t certain if they want to sell their business outright. Unlike a gradual sale which ends with the original owner no longer owning the business, that isn’t necessarily the case with lease agreements. Depending on the terms of a lease agreement, former owners may petition to reinstate their ownership if they are unhappy with the new custodians.

Transfer by Bequest or Gift

Business owners can name someone to receive their business in their will or before they die as a gift. For businesses transferred by bequest, all business assets beyond $5 million are subject to tax. There are tax implications with transfers and bequests – and the Biden administration is aiming for significant changes to exemption limits and tax rates so be sure to fully research and understand the tax consequences of passing along your business as a gift.   

Transfer Checklist

 

Consult an Attorney

Before talking numbers with any potential buyers, or moving forward with gifting your business, it is highly recommended that business owners talk to an attorney regarding their succession plan. A company transfer is as much a legal process as a business process. Attorneys are acutely aware of regulatory requirements for business transfers (which can vary wildly between states) and can be a lifesaver when drafting your agreements.

Seek a Business Valuation

Seek out a 3rd party valuation firm before talking to any buyers. Even if you do not go through with a sale, having a relevant valuation of your business can be supremely helpful for future financing or structure changes.

Beyond the valuation itself, be sure to consider the full extent of your business’s “Goodwill” which includes the value of your assets, your current customer base, as well as your existing reputation. These figures ought to all be included when determining an asking price for your business.

Prepare Your Purchase Agreement

Your Purchase Agreement is a legally binding contract that includes all elements of your impending sale. It is essential that if you have not already spoken to an attorney that you do at this point. Be certain that your Purchase Agreement touches on these concepts:

Description of Your Business: It may sound superfluous, but superfluous-ness is unavoidable in legal documents. You must state in certain terms what your business wholly is. Your business includes its location, products or services rendered, management structure, target customers, distribution strategies, financial history, as well as certification that you have the legal authority to sell your business, i.e., notarized deed or articles of incorporation.

Details of the Sale: This section will specify if the business transfer is via outright sale, gradual sale, lease, or potentially gift or bequest. Beyond the basic terms of the sale, this section should also list in concrete terms exactly what assets, like machinery, real estate, and staff, will be transferred in addition to the business itself.

Covenants: Depending on the type of agreement you strike with potential buyers, you, the business owner, may be responsible for certain financial obligations like existing loans, outstanding tax requirements, or any employee-related financial duties like benefits or salaries. Covenants also include any non-compete clauses, non-disclosure agreements, or indemnification agreements made alongside your transfer.

Inform Vendors, Customers, Employees, and the IRS

It is a well-respected professional courtesy to notify all of your contacting businesses and even customers about your impending change of ownership. While it is simply a kind gesture of thanks to your former customers and welcoming the new ownership, contacting vendors and suppliers is likely more important, as existing contracts will need to be amended to reflect your business’s new ownership.

It is essential, however, that you fully brief your employees and the IRS about your business transfer. Any existing contracts with vendors or suppliers will very likely need to be amended because of your business’s new ownership, so be certain to send electronic or postal notices to those relevant businesses before you finalize the transfer. As for the IRS, be certain your EIN (Employee Identification Number) is properly terminated at the time of your business transfer. Even if the new owners plan to keep the name of your business the same, they must apply for a new one or use their existing EIN to operate.

Saying Goodbye to Your Business

Regardless of the reason for your exit, transferring ownership of your business is a monumental step, often signifying a new life chapter. Like the owners who run them, every business transfer is unique. While this general guide tunes into the key, universal steps in the transfer process, almost every industry has their own caveats. When wading your way through regulatory legalese, it never hurts to have an extra set of eyes overlooking your transfer. Keep trusted employees and close mentors in the loop of your transfer and you are much more likely to walk away with a satisfactory contract and deal.

Dentist office
The Cost of Opening a Dental Office
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Congratulations on successfully graduating dental school and earning your DDS or DMD. Statistics indicate that you are going to have a fulfilling and lucrative career, as US News and World Report’s 2021 Best Jobs Report lists being a dentist as the 9th best job in the country. 

The American Dental Association estimates that 77% of dental practitioners own their own practice, and according to the Bureau of Labor Statistics, the average annual salary of a general dental practitioner is $180,830. 

Before you set up shop, however, you’re going to have to learn about financing, administration and managing an office. You’re also going to need to become very cognizant about managing your own credit score. According to the ADA, starting a new dental office can cost between $350,000 to $550,000, depending on where you want to be located. Additionally, the cost of acquiring an existing dental practice can range from $500,000 to $750,000, according to Wells Fargo’s health care lending unit. 

That, combined with the fact that you probably have student debt piled up, means you will have to take the necessary steps to line up financing if you’re looking to start a new practice or purchase an existing one. 

Practice First

Before you think about starting out on your own, you may want to try to join a dental practice first. Doing so for a time will have many benefits when you seek to borrow money: it will allow you to establish your name as a dentist – something that a lender would look favorably upon. It will also give you a salary and allow you to start paying off your student debt (regular payments also help when seeking financing), and it will give you practical experience in the business side of running a dental office (i.e. like understanding the complexities of patient management and insurance). 

Additionally, if you’re just starting out, practicing with another dental office gives you the opportunity to be mentored by more experienced dentists who can offer you career and business advice. You also need to become a member of the ADA – something that lending institutions often require when you’re seeking financing. 

How Do You Assess Costs of a New Dental Practice?

Many new dentists may tend to overspend when starting a practice, so it’s important to itemize what you will need:

  • Choose a location. This may be the most important decision you make. Your location will largely determine the cost of leasing an office. Real estate in both urban and densely populated suburban areas will obviously be more expensive than a rural area, but you must also factor in your need for patients, so it’s important to heavily research the area in which you want to open shop. What is the location in which you are likely to get the most business for the cheapest office space? What is the competition in that area? Is this a neighborhood in which you want to live or perhaps raise a family?
  • Price out dental equipment. You’re obviously going to need a dental chair with a spit sink, which can cost up to $15,000, a dental x-ray machine which, according to the type of machine you buy, can cost up to $20,000, and other equipment. Like with any business, you want to find a supplier that you are comfortable negotiating with and that can accommodate your needs at the lowest possible price. Price out each item you will need.
  • Assess costs of office equipment and software. You’re going to need furniture such as desks, couches and tables for the waiting room, office chairs and most importantly, a computer system. You will also need electronic health records software specifically made for dentists, which range in cost. If you are planning to be a family dentist, you may need to consider turning part of your waiting area into a children’s play area complete with a variety of  toys appropriate for kids of all ages. 
  • Create a Website. Every small business needs an optimized website, including dental practices, because the internet is the first place people will turn to when looking for a dentist. Creating a website for your business may be a lengthy but worthwhile process. 
  • Get dental malpractice insurance. Malpractice insurance for any medical practice, including dental offices, is required in almost every state.
  • Hire Personnel. You are also going to need:
  1. An office manager to keep track of appointments, insurance issues and to greet patients, among other things. According to Salary.com, the median wage for a dental office manager is $37 per hour.  
  2. A dental hygienist to handle teeth cleanings, give patients information and help keep track of electronic health records. The average annual salary of a dental hygienist varies from state to state, according to ZipRecruiter. Washington state is the one in which dental hygienists make the most – the average annual salary is $84,957.
  3. A dental assistant to prep patients, sterilize equipment, organize dental tools and assist during dental procedures. According to ZipRecruiter, the average annual salary for a dental assistant ranges from $35,000 to $40,000 per year, depending on which state you are practicing in. 
  4. An attorney to assist you with establishing your business as a limited liability company (LLC) or other type of establishment and to obtain business licenses in your particular state and community.
  5. Outside vendors to assist you with tasks that you may not be an expert in, including marketing and public relations, IT and optimizing your website. 
  6. A financial consultant to give you advice on how to stay invested in your business and manage your money. Believe it or not, there are actually advisors out there that specialize in working with dental practices such as Dental Advisors.  

Create a Business Plan

Like any other small business, in order to get financing, you’re going to need a business plan. You many want to get expert advice on how to create a plan, but these plans generally include:

  • An executive summary of your business and description on why you believe your practice will be successful.
  • A brief description of your services, be it a family practice or a dental office that specializes in root canals or other types of oral surgery.
  • A summary of your practice’s management structure. This is especially important if you are opening a new dental office with another dentist. 
  • An analysis of your competition and marketing strategy. This is a brief description of who you will be competing with in your area and how you plan to attract new patients, and
  • A financial plan. This is the most important element of your business plan when you go to seek financing, and you may want to consider consulting with an accountant on this. The financial plan will give cash flow estimates; your personal financial information and a detailed description on how  you will spend your startup money, among other things. 

Getting Financing 

Seeing the total cost of starting a dental practice may hurt more than a root canal, but you do have plenty of options for financing. Plus, you have a unique advantage in that most dental practices usually end up being lucrative, and therefore, lending institutions tend to look favorably on them. 

Many banks actually have lending programs specifically tailored to funding new dental offices, including Bank of America and Wells Fargo. This is different than with most small businesses that often need years in business and a strong cash flow history in order to secure a loan.

Practice loans often range from five to 12 years, and the rate depends on a number of factors, such as your personal credit score, location, and business plan.

While lending institutions are often eager to finance dental practices, however, getting financing isn’t guaranteed. In addition to a strong business plan, banks will look favorably upon you if you have some experience as a practicing dentist. 

They want to see a strong personal credit score, so it’s important to make sure that you are up to date on student loan payments, car or mortgage payments and other bills, and have a strong payment history for any revolving credit cards you may have. If your student debt is overwhelming, you may even consider refinancing it to a lower monthly payment. 

Remember – You’re not Just a Dentist!

Like any other doctor or medical specialist, as a dentist your first priority will always be taking care of your patients – as it should be. However, it is important to remember that your job isn’t just filling in cavities and performing root canals. If you are looking to open your own practice, your business savvy is just as important as your dentistry skills, and combining both will allow your practice to thrive. 

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