Sales tax is among the biggest headaches for entrepreneurs. Unless your business only sells to customers in Alaska, Delaware, Montana, New Hampshire or Oregon, you must collect sales tax whenever a customer makes a purchase. Sales tax issues are extremely common because the rules vary from business to business and product to product. The amount […]
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You may have heard about the frighteningly high default rate for bank loans. This figure would probably be a lot lower if more previous borrowers understood that a business term loan might not have been the best option for their circumstances. While a business term loan is arguably the most advantageous type of business loan, […]
When you see an article about preparing your business for the holiday season, it’s almost always directed at retailers. The holiday season is traditionally the busiest time of the year for this industry. Their products are regularly purchased as gifts, and they are all the more special when purchased from a small business. For most […]
Every industry comes with its own set of risks. Combine these risks with individual circumstances like the business’s age or overall financial health, and you’ve got a frighteningly large list of routes to failure. For many beauty salons, managing cash flow is a perpetually uphill battle. The industry has become increasingly competitive as of late, […]
When a business owner dismisses the idea of small business loans altogether, it’s usually because of a myth about business financing. These myths don’t just pertain to small business loans. One says that any business with strong revenue or profits should therefore have no trouble maintaining strong cash flow. This suggests that when it comes […]
Prior to the emergence of alternative business financing, small business loans were nearly an impossibility for applicants with bad credit. A less than perfect score was a surefire recipe for rejection, even with strong sales. But these days are long gone, largely because it eventually became clear that bad credit was not an indication of […]
Competition has always been heavy between beauty or hair salons. They are held to a higher standard than other brick-and-mortar businesses, largely because appearance is such a major element of their success. Beauty salons must look pristine at all times, not letting a single day go by with outdated furniture or equipment. Employees must be top notch, because disappointed customers could simply give their business to the countless other salons in the area.
Your profit and loss schedules tell you things are good, but you never seem to have enough cash on hand. If this describes your situation – then you, my friend, have a cash flow problem.
A lot of small business owners conflate profit and cash flow. Having a profitable business doesn’t guarantee that you’re managing your cash flow well. It helps. But it’s no guarantee.
How frustrating! Here you are, trying to grow your spa business. But you’ve managed to get into credit trouble. And that bad credit is taking a big bite out of your growth plans. If only you had time for a massage, you could relieve some of the stress. But first, it’s time to take a good, hard look at ways you can still get small business loans for salons/spas to build your business. Even with bad credit.
It seems banks want to know everything about you. You have to send them business plans, projections, profit and loss statements, and the guest list to your 12th birthday party. But many lenders aren’t very good at sharing information with you. They’ll send you the denial, but they aren’t very forthcoming about why your small business loan was denied.