Category: Running a Business

Business Credit and Other Financing Options for High Risk Businesses

Business Credit and Other Financing Options for High Risk Businesses

Small business lenders, merchant processors and credit card companies often consider some types of businesses “high risk.” If your small business falls into one of those categories, you may find it more difficult to get financing or a merchant account. Here, we'll explain what can make a business high risk, what types of financing may be available to higher risk businesses, and how building strong business credit may help your business increase its financing options.  What Is Considered a High… Read More
NAICS Trends How and Where to Explore

NAICS Trends How and Where to Explore

As a small business owner, you may not have access to consultants, research reports and other data larger businesses often have. But you do have access to free government resources you may use to help create or update a business plan or conduct market research.  Here’s how to access and use NAICS trends.  What is the NAICS Code Methodology?  NAICS stands for North American Industrial Classification System. The NAICS methodology is a system for classifying businesses by the industry in… Read More
BOI Reporting: What Every Business Owner Needs to Know

BOI Reporting: What Every Business Owner Needs to Know

As of January 1, 2024, small businesses have a new government reporting requirement they need to meet. If reading those words made you break into a cold sweat, worry not. We’re going to break down everything you need to know about beneficial ownership (BOI) reporting, the new requirements, and how to breeze through compliance (yes, it’s possible).  What is BOI Reporting? BOI reporting provides the federal government with identifying information about individuals who directly or indirectly control a company. It… Read More
Business Lifecycle Stages – The Importance of Funding at Each Stage

Business Lifecycle Stages – The Importance of Funding at Each Stage

Entrepreneur Tara Bosch sold her company, Smart Sweets, in 2020 for $360 million. She worked hard in the early stages of her business to protect her ownership and equity.  “When I was launching Smart Sweets, I was kind of in that era where startups were raising huge amounts of money, and raising what in itself felt like something that was celebrated, and not the fact that the money itself was just a vehicle to the real accomplishment, which was executing… Read More
Common Mistakes That Hurt Your Business Credit and How to Avoid Them

Common Mistakes That Hurt Your Business Credit and How to Avoid Them

Key takeaways: Strong business credit can make it easier for businesses to qualify for certain types of financing.  Business owners who check their business credit reports may find mistakes on their reports.  Some errors can significantly impact creditworthiness and make it harder to get financing or other benefits.  Understanding what to do if you find mistakes on your credit reports is the first step toward fixing them.  You may know that checking your business credit reports is a smart idea.… Read More
Is an MBA Worth It in 2024?

Is an MBA Worth It in 2024?

When Camilla Jeffs went back to school to earn her MBA, she was 36 years old with five young children. “I had yearned for years to be in the corporate world and once my youngest turned three, I seized my opportunity,” she says. “I was one of the oldest in my cohort at BYU's full time MBA program and intentionally took 21 credits each semester. I wanted to learn everything!”  She started several businesses before she purchased KohlerHaus Remodeling Co,… Read More