Icetruck.tv News Blog

Entrepreneur

Business

3 Different Types of Business Loans Every Entrepreneur Needs to Know

3 Different Types of Business Loans Every Entrepreneur Needs to


3 Different Types of Business Loans Every Entrepreneur Needs to Know

Were you aware that there are several types of business loans?

A loan can be a powerful tool for any business that wants to get ahead. A loan is when you borrow something (money, in most cases) and return it over time. Many people take out loans daily, whether it’s for school or personal use, and businesses can also take out loans.

Understanding your business loan options will help you figure out which one to go for because each type of loan typically has a purpose. For example, student loans are designed for school. The same concept applies to certain business loans.

Read on to learn everything you need to know about business loans.

SBA Loan

An SBA loan is a loan that comes from the Small Business Administration. SBA loans are great for both startup businesses and preexisting businesses looking to purchase major assets. There are several different SBA loan types, such as microloans, SBA 7(a) and CDC/504 loans. 

What makes getting an SBA loan beneficial to the business is the ability to get low-interest rates and long repayment terms. When you’re approved, you can expect to repay the loan over several years. Depending on how much you borrow, you could end up paying over a couple of decades.

Term Loan

A term loan is one of the most common small business loan types because it can be used for anything. You don’t need to provide the lender with collateral, and you can borrow up to $500k. The only downside to getting a term loan is that their repayment period is typically between 5 years.

Typical business term loans can also come with high-interest rates depending on how much you’re borrowing and who it’s from. However, they’re much easier to get than most loans because you could get approved within a few days. Providing that you have good credit, you won’t need to offer collateral.

Line of Credit

Most people are familiar with lines of credit because they use credit cards. A business line of credit is essentially a credit card for businesses that can be acquired with low credit ratings. With business credit, you can continuously borrow money providing that you pay back your debt.

For example, you can borrow $5000, pay that, then borrow $5000 again. This revolving debt allows anyone to kickstart their business. The repayment terms are much shorter than most business loans, usually maxing out at 1 year, but the terms will vary depending on your revenue and credit.

Decide Which Types of Business Loans Would Benefit You

A business can benefit from a loan in a variety of ways, but you must examine the various types of business loans and determine which one you should get. Depending on your revenue and how much you need to borrow, there will be a loan that’s better than the rest.

Anyone that’s looking to borrow several hundred thousand should go for an SBA loan whereas anyone that wants to buy small things for the business can get a line of credit. If you want to borrow money for a variety of things, you could benefit from getting a term loan.

Browse our articles to learn more about business-related topics.

Business

Top 5 Business Payment Systems Every First-Time Entrepreneur Should Consider

Top 5 Business Payment Systems Every First-Time Entrepreneur Should Consider


Top 5 Business Payment Systems Every First-Time Entrepreneur Should Consider

They say time is money. And if you’re one of the 30.2 million small businesses in the United States, you know that very well. 

That’s why finding ways to simplify how you do business can help you maximize time and run and grow a successful shop.

Discover how business payment systems can help ensure you get paid and focus on what you do best.

Business Payment Systems: What Are They?

Business payment solutions offer an easy way for you to receive payment and for customers to pay you. These systems can take care of all the various steps involved when you process customer payments. That includes swiping credit cards and safely storing credit card information.

Whether you have a brick-and-mortar store or an exclusively web-based business, online payment processing can streamline how you process and receive payments.

Online Payment Systems for Small Businesses

Your small business payment processing needs may depend on several factors—including the size of your business, your average customer, and whether you want an all-in-one POS (point of service) and payment processing system.

Here are five online payment systems to consider for your small business.

Authorize.net

If you’d like your customers to be able to make payments directly on your website, Authorize.net will help you accomplish that. Instead of redirecting visitors to your website to a third-party payment platform, shoppers can pay directly on your site.

Using this payment gateway service allows you to accept all major credit cards as well as digital payments through platforms like Apple Pay and PayPal.

PayPal

PayPal is another popular platform for accepting business payments. In addition to receiving online payments, you can accept in-person credit card payments through a mobile app and card reader. You can also create and keep track of invoices directly in your online account.

Square

Square not only offers payment processing, but it also provides POS systems as well. With Square you can process credit card payments without incurring fees through the use of a free card reader.

Other bonuses include fraud protection and payments transferred to your bank account in as little as one day. Plus there are no monthly or set-up charges.

QuickBooks Payments

If you want a system that integrates with QuickBooks accounting software, this tool will let you do that. You can choose either a web or computer-based program as well as a pay-as-you-go or monthly payment structure.

Striker Payments

Striker Payments is a merchant account payment processing company that offers an innovative POS system that is easily accessible through an iPad interface. They also offer easy online payment processing for a range of business types and sizes.

Whether you own a small retail shop or an eCommerce or mobile business, Striker Payments has a solution and platform for streamlined payments processing.

Get More Small Business Tips

Have you found this information on business payment systems helpful? Do you want more advice about simplifying your small and growing business? Keep browsing our blog for tips on everything from eCommerce solutions to ideas for growing your brand.

Business

10 Digital Marketing Terms Every Successful Entrepreneur Knows

10 Digital Marketing Terms Every Successful Entrepreneur Knows


10 Digital Marketing Terms Every Successful Entrepreneur Knows

There are a million digital marketing terms, acronyms, and lingoes that get thrown around all over the web. These can become so commonplace that it’s almost embarrassing to ask what they are at this point. 

Don’t worry, pretty much everyone is unsure about at least one of these terms, and there’s nothing wrong with missing out on one or two. 

We’re here to give you 10 must know terms so you’re up-to-date.

10 Digital Marketing Terms You Need to Know

Some of these terms are absolutely essential, so you may already know them. That said, we’ll have to cover them just in case. 

1. SEO

Search engine optimization is one of the most important elements of digital marketing. It’s the process of making your site look good in the eyes of a search engine so that you can rank highly in the results. 

Many of the terms in this article will be related to SEO.

2. Keywords

You probably know the general term “keyword.” In terms of optimization, though, it relates to the words that users put into search engines. 

You should research the most popular keywords in your niche (we’ll cover that term next), and create your content with those keywords laced throughout your writing. 

3. Niche

This term is another one that has meaning outside of digital marketing. Generally, a niche is an area of content. 

So, your niche will generally pertain to the kind of content you have on your site and the other sites that also create that sort of content. You should look to the successful sites in your niche for inspiration on how to market your own site. 

4. Backlinking

Backlinks are links to your site from another site. If search engines were like a democratic election, backlinks would serve as votes in your favor. Links from high-power sites have more influence than those from unpopular ones. 

Further, sites in your niche will give more valuable backlinks.

5. Search Engine Algorithms

The search engine algorithm is the formula that search engines like Google use in order to select the most relevant sites for their search results. 

These are very complicated formulas, but SEO is ultimately the process of trying to understand them and using what we learn to make our sites fit better into the algorithm to rank higher. 

6. PPC

PPC stands for “pay-per-click” advertising. This is a form of advertising that can be used in a number of different spaces. Social media and search engines are just two of the primary places where PPC is used. 

The great value of PPC comes from the fact that the platforms it’s used on are highly specific when it comes to placement, and you only have to pay when your advertisement is clicked.

That way, you know that each advertising dollar you put in is one that went toward visibility for your site. When thinking about the platform to employ your PPC dollar into, you should think about doing some customer research. 

Some niches have users that frequent different social media sites or search engines. You should also consider your end goal before you start to put money into PPC. Users who frequent Pinterest, for example, are more inclined to make purchases as they browse through the site. 

People using Facebook, on the other hand, are more likely to make downloads and provide social shares. Depending on your marketing goal, you would want to choose one site or the other. 

7. Conversions

A conversion is an instance where one user follows your marketing platform down to the point where it’s time to make a download or finalize a sale, and it actually goes through. 

A conversion can ultimately be thought of as a success. They can come in different forms, as different businesses have different goals for their users. Maybe you want to sell a product, maybe you want to get a download, whatever your goal is, a conversion is when it becomes realized. 

Follow the link if you want to learn more about how to use SEO and PPC to lead conversions. 

8. Long and Short Tail Keywords

Not all keywords are made the same. Short tail keywords are those that have only one or two words. Long tail keywords are those that would be more considered to be phrases. 

So, “football cleats” could be considered a short tail keyword. “Pink football cleats for youth athletes” would be considered a long tail keyword. When it comes to ranking for these words in the results pages, you’re typically going to have more luck when it comes to the long tail phrases. 

These are more specific and less likely to have a lot of competition. If you were to search “buy trucks,” you’d probably find that the results were bogged down by industry leaders. 

It’s difficult to compete with companies that have millions of dollars for marketing at their disposal, so you’ll want to be more specific. “Buy super cool trucks with disco balls installed” would be a keyword with less competition that you could likely rank for. 

9. CTR

The CTR, short for “click-through rate,” is a measure of the number of clicks that a particular ad or post gets. This is a relatively simple term, in that it simply shows you how many clicks your item has gotten. 

That said, the acronym “CTR” is very commonly used in blogs and articles relating to digital marketing.

10. SERPS

SERPS stands for “search engine results pages.” This is another one that seems really common and intuitive, but it’s crucial that you know what the acronym means. 

This is exactly what it sounds like. SERPS are the pages that come up when a user types in specific keywords and generates a response page. Ranking highly in the SERPS is one direct path to online success for a business. 

Want to Know More About Digital Marketing?

Digital marketing terms are just the doorway to a huge industry. It’s essential that you understand a little bit about the ins and outs of digital marketing if you’re trying to find success online. 

Visit our site for more information about how to start making moves in SEO, PPC, and ranking highly in the SERPS. 

Business

9 Local Lead Generation Tips Every Entrepreneur Needs

9 Local Lead Generation Tips Every Entrepreneur Needs


9 Local Lead Generation Tips Every Entrepreneur Needs

Are you located in a city with tons of viable consumers, yet barely any of them have purchased from you?

Sounds like you need to develop your local lead generation. Local marketing strategies online and in person can make a world of difference in building your local leads and sales.

Luckily, it doesn’t take a genius to implement marketing strategies for local businesses. It’s relatively simple to learn and seriously impacts your business.

Ready to get started? Keep reading to find out the 9 best local lead generation tips you need to know.

1. Updated Information Online

Google My Business is an incredibly useful tool you should be taking advantage of. Create your business’s page and ensure all the info is up to date.

Include your current address, phone number, store hours, photos of your store space, and a link to your website.

When customers do “near me” searches, they are almost always looking for a local business. Having a completed and updated Google My Business page will enable you to show up in near-me search results.

2. Collect Reviews

In addition to creating your business page on Google, you need to start encouraging customers to leave positive reviews.

When potential customers find your business in the search results, seeing lots of positive reviews and testimonies from past clients will make them feel safer with you. Positive reviews make your business seem reliable, trustworthy, and welcoming.

To encourage customers to leave a 5-star review, you could offer a 10% off discount to each customer who leaves one. That incentivizes them to leave a review and to become a return customer.

3. Local Website Content

Your website needs to have a blog section when you can utilize city-specific keywords in your content.

Use the Google Keyword Planner to see what people are searching for in your niche and in your city. Then, incorporate those keywords into your blog posts, page titles, URLs, and meta-descriptions.

It’s smart to use phrases that people specifically in your city use. For example, rather than calling Toronto by its name, occasionally call it the GTA or the 6ix in your content because that’s what local Torontonians call their city.

Add a promotional video to your content as well. Video marketing is quickly becoming more popular with consumers because of its entertainment value and lack of effort required from the viewer.

4. Mobile Optimization

Did you know that nearly 60% of searches are done from a mobile phone?

If your website isn’t optimized to be viewed from a mobile phone then you are going to miss out on a lot of potential customers.

Consider using a responsive configuration on your website so that regardless of what device it’s being looked at from, it will automatically adjust to the viewer’s screen.

Also, check that your mobile page load time is fast enough. People searching on their phone are not going to wait more than a couple seconds for your website to load before going back to the results and choosing your competitor.

5. Voice Optimization

With the creation of Google Home and Amazon’s Alexa, more and more households are using these devices for local searches.

Busy parents who don’t have time to hop on the computer might ask Alexa, “What is the best kid-friendly restaurant in Cincinnati?”. If you have a kid-friendly restaurant in Cincinnati, you better be optimizing your website to show up in those voice results.

Since people use full question queries in their voice searches, include full answers on your website. An FAQ page is a great place to answer these common voice search questions.

6. Referrals from Other Local Websites

Getting exposure on other local websites is an excellent way to build awareness and tap into that website’s followers.

Consider advertising in the local newspaper or joining local organizations and the chamber of commerce. You should also join local Facebook groups in your niche to capture interest online.

7. Social Media

You should have a page for your business on all the main social media platforms. Instagram, Twitter, Facebook, and Google+ are the main ones to consider.

Ensure your information on each page is accurate and a link to your website is given. Then, create posts that provide value to your local customers.

You could even offer a promo code or discount for subscribers and followers only, providing an incentive for them to follow you and shop with you.

When using hashtags, always include 1-2 city-specific ones that people in your city might use. For example, if you run a bar downtown use the hashtag “#ManhattanBarHopping” to attract people that will want to try out your bar in your area.

If you’re a newbie to social media marketing, this website can help you get started.

8. Run Facebook Ads

One great reason to pay for Facebook ads is that you can not only target your specific location, but you can narrow it down further to only include locals in a specific demographic and with interests that align with your business.

It’s an awesome way to attract your ideal customers from the pool.

Facebook ads are one of the lead generation tools that can also increase your website’s traffic if the ad links back to your site. You could use this link to take customers to a promotions page.

9. Local Influencers

Seek out local bloggers, YouTubers, and social media influencers that are in your industry or can benefit from your products/services.

To garner their audience’s interest, consider paying the influencer for a review of your products/services, or offer them an affiliate link. You could also give them a promo code that gives their followers a discount at your store.

If you can build a relationship with relevant influencers, you could potentially advertise and be endorsed by all their followers.

Interested in Learning More About Local Lead Generation?

Marketing to your local customer base is an integral part of growing your business. Leaving local lead generation out of your marketing strategy is a mistake.

If you’re interested in learning more about digital marketing, check out our online business blog section.