As a small business looking for growth, getting an angel investor to join the ride is not easy. Angel investors are seasoned entrepreneurs themselves. They know what they want and they will easily see if you have done your homework during the pitch.

Here are five tips to impress the angel investors.

  1. Show figures

Of course, you have to show them that you have done a feasibility study. You need to prove that you have enough market to sell your goods or services. However, these are theoretical unless you have preorders too.

Preorder is the number of interested customers who want to purchase your goods. You can get them from your family, friends, and their other circle. You need to be confident enough to offer your goods around to get enough preorders.

  1. Make simple elevator speech

Don’t worry if you can’t say every strong point with your elevator speech. Elevator speech must be short yet interesting enough to keep investors hook for your actual presentation. Be clear and avoid too much body language to make sure that you put your points across.

  1. Prepare a short juicy Deck

When creating your PowerPoint Presentation, consider that your prospective investors may walk out right in the middle of your presentation. Don’t take it personally. Take note that investors are savvy entrepreneurs who have various things to attend to. This is why you need to arrange your priorities well.

  1. Accept suggestions

Since you are pitching to successful entrepreneurs, you might as well listen to their suggestion and answer their questions. The may be evaluating your business model based on their previous experiences. Show that you are willing to accept their suggestions.

  1. Thank your prospected investor

No matter their decisions, thank them for giving you time to present. They may not give you an immediate answer about your business proposal, but they might get back to you after a while. Showing humility is a good sign that you have a professional attitude.

Most of the times, entrepreneurs get a loan to start their business running. Unfortunately, there are micro businesses which can’t get approved for a business loan. This is because banks are stringent when it comes to their requirements.

Most banks only lend to existing businesses which have been thriving for a couple of years. An old adage says that banks only lend to those who do not need it. It’s a good thing that micro businesses and startups have more options now than in the past.

Now, private lenders can lend to new business owners. They offer unsecured flexible loans that new entrepreneurs can easily manage. Here are the ultimate must-know tips you should do to get your loan approved.

Licensed Lender

Looking for a cash lender is not hard at all. In fact, you can find them almost anywhere. But a legit lender is crucial for your personal and business finance. To know if you are dealing with a registered lender, look for a license number and get it verified. Take the time to go online and look for its online presence. Does it have a decent website? How does it deal with customers inquiries on its social platform? Look for the red signals that indicate a loan shark.

Complete Requirements

Once you are certain that your prospective lender is operation legally, you can then check if you are able to meet the requirements. Can you provide the paperwork? Can you show enough proof of income? Do you have proof of billing?

Loan Calculator

Using a loan calculator helps you apply for the right loan amount that you can handle. Most legit lenders will not approve a high loan limit if the borrowers can’t repay it on time. This means cash lenders avoid approving loan applications that have a high risk of default.

When getting an unsecured loan, you must be able to prove that you can be a responsible borrower. Once approved, settle your loan on time. This way, getting your nest loan will just be a breeze since you have started building a positive relationship with your lender.

Running a small business is a big challenge in a competitive industry. Financial problems will come every now and then. This is why you have to know how to prevent and solve them before your business operations get compromised.

  1. Low profits despite big sales

This is a financial problem even big companies get to experience. However, small businesses are more vulnerable. Take the time to gain visibility of your expenses. Though you are getting more sales, your expenses are also getting bigger. List down your production costs and overheads costs such as electricity, phone bills, and rent. Check your contracts and try to negotiate with your third-party partners.

  1. Unpaying customers

If you are offering services with monthly retainers, you will experience unpaying customers. This is a problem if you are running a small business since it can negatively impact your working capital.

To avoid unpaying customers, you have to check their creditworthiness. Ask for prompt payment from your new customers and give incentives in return.

  1. Low customer retention

Marketing to new customers is expensive. You can lower your costs if you will be able to retain your customers and keep them loyal to your brand. You can create a simple loyalty program. Keep your customers updated in social media and offer raffles every now and them.

  1. Low foot traffic

If customers are not coming into your store, they may not know where you are or if you actually exist. The simplest thing you can do is create social media accounts on Facebook, Twitter, and Instagram. Your target customers will be able to know your brand if you constantly show your presence. Posts tips, guides, quotes, and advisories.

  1. Underperforming staff

Staff who are not working the way you require them to do become liabilities instead of an asset. It may be hard to let them go but keeping them will only hurt your business more. Or you can reassess their skills and put them in the right position that they can best work at.

Keeping a positive credit score is crucial when you have a small business to take care of. When you need an unsecured loan for your small business, you can easily find a cash lender, however, getting approved is another story.

Here are the absolute ways to make sure that you always have a positive credit score.

New credit applications

Make sure that you time your new credit applications well. Every time you make a loan application the lender will make an inquiry to the credit bureau for your credit history. If too many inquiries have been done for your credit history, your credit score will take a plunge. What you can do is to make loan inquiries in two to three weeks. Inquiries made in this short time will be considered as just one hard inquiry.

Credit utilization

Have a couple of credit cards in your wallet? Credit use has a huge impact in credit score. Credit cards are handy after all when you want to make an immediate purchase without any cash. However, it is best to limit your credit use up to 30% of your credit limit. Higher usage can make a negative impact on your credit score.

Mix of various credit type

A credit card is just one type of credit. The more you use various types of credit such as a personal loan and mortgage from a licensed lender, the better it is for the credit score.

Paying on time

Always pay your loans and credit on time. This will make creditworthy worthy. Every time you pay on time, your payment behavior will be kept in your credit history.

Length of credit history

If you already have an old credit card, make sure to use it from time to time even with small purchases to keep it active. The longer the credit history, the more the credit bureau can keep records of your borrowing history.