If you are running a small business, and want to get your first small business, here are three steps that you can take before you apply for your first small business loan to improve your chance of getting approved.
Show A Manageable Debt Load
First, you need to show that you can manage the debt that you have right now. You need to show that you have been able to make all of your payments on time and that you can handle making the additional loan payments that getting approved for a small business loan would put on you.
If you take your children shopping for school supplies, clothing, and toys, you are helping to support them financially in addition to giving their custodial parent child support. If this sounds like you and you are in the military, you may want to consider establishing a trust fund for your children so they are able to continue to get additional financial support from you while you deploy overseas, go on TDY, or when you have a PCS.
Many individuals who leave their place of employment must also decide what to do with their account balance in a company-sponsored 401(k) retirement plan. A former worker who also experiences a drop in income for the year may be able to roll over their 401(k) funds to a Roth IRA with a current tax outcome similar to rolling it over to a traditional IRA.
Funds rolled over from a 401(k) to a traditional IRA generally maintain their tax-deferred status.
You may have spent years steadily building your business into a stable and profitable company, but there can be a number of reasons why you may be considering selling it. However, selling a company is a task that many business owners have no experience doing, and this can cause them to be very misinformed about the process. More precisely, there are two common myths about selling businesses that you may assume are true.
When it comes to investing, many people feel overwhelmed with all the options available to them. It can be especially overwhelming to try and figure out how to make your money work for you when you inherit a large sum. If you want to preserve your inheritance and reap the financial benefits sound investing can provide, it may be beneficial to work with a private wealth manager.
Here are three things you should be looking for when hiring a private wealth manager to help you invest your new fortune.