Author: Rebecca Glover

New comment by jakubk in "Ask HN: Who is hiring? (April 2021)"

Pipedrive | Junior Engineers | Prague, Lisbon, Tallinn | ONSITE

Pipedrive is a SaaS visual sales tool for small to medium businesses. We’ve been backed with $90 million in funding since 2010 and are experiencing rapid growth. Our team is now located in five countries, building the sales tool used by over 85,000 companies.

I am very happy with the maturity of the process here and the autonomy our team is having. We are getting a lot of support from the company while still being able to innovate and fully own our part of the product.

I am looking for junior engineers to join my platform team. This is a unique opportunity to work in a highly technical team and solving some of the most challenging backend problems we have.

Our stack is mainly TypeScript, Node.js, React, Docker, MySQL, Elastic, … We expect some experience with that but the main thing is the cultural fit. We are looking for team players.

Please ping me an email at jakub.kadlubiec@pipedrive.com if you want me to refer you or if you want to learn more about the company. Please include the location where you’d like to work from (no remote). I am an engineering manager not a recruiter.

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10 Small Business Examples of the Best Instagram Bios

Instagram is extremely popular. The image-heavy platform is the fifth most-used social media network in the world, with over 1.2 billion users.

If you don’t have a presence on Instagram, you’re missing out on building an audience and increasing your sales.

To get the most out of Instagram, you should create a solid Instagram bio so users can get a clear, concise idea of who you are, what you’re about, and, most importantly, what you can offer them.

Here are ten of the best Instagram bios for small businesses and explain why they’re excellent. We’ll also include tips for crafting a strong bio and what must-haves to include on your company account.

10 of the Best Instagram Bios for Small Businesses

Here are several small-business Instagram bios that hit the mark and why. We’ve also included takeaways you can use for your own company.

1. Ellevest

best Instagram bios - ellevest instagram page bio

Ellevest is a digital investing platform. CEO Sallie Lee Krawcheck co-founded the company to empower women to take greater control over their financial future.

Why This Instagram Bio Is Great

The Ellevest Instagram bio works because it clearly states who the business is for (by women, for women), the industry it’s in (financial services), and the type of business model it uses (membership-based). This gives the reader a good idea of the target audience and what they’ll achieve through the service.

The company also includes a Linktree link in its bio, a platform allowing you to showcase additional links to content you want to share with your followers. This link points users to multiple brand blog posts and membership webpages.

You can borrow this for your own small business. After all, a Linktree link isn’t just a content-sharing opportunity: You can walk people directly to your landing pages via Instagram, cutting through the noise so they can more easily buy from you.

2. Pura Vida Bracelets

best instagram bios - pure vida

Pura Vida, which translates to “Pure Life,” is more than just a bracelet retailer. The company has a community of over 800 artisans in countries such as Costa Rica, El Salvador, and India who earn money crafting homemade jewelry.

Why This Instagram Bio Is Great

First off, the Pura Vida Bracelets Instagram bio is structured with various emojis, which saves space and gives off a fun vibe. “Fun” works here because the company features tons of colorful images of smiling people modeling the products—it’s on-brand.

Second, the emojis-as-bullet-points help clearly state the bio’s main areas of focus, particularly “FREE SHIPPING.” This is good for small businesses to highlight, especially if your main competitors don’t offer it.

Lastly, the branded hashtag, #PuraVidaBracelets, is a nice touch. Small-business retailers should consider implementing a personalized hashtag as a way to social-listen and reshare UGC across social while getting their brands’ names out there.

3. The Freckled Hen Farmhouse

best instagram bios - the freckled hen farmhouse

Created by lifestyle blogger Natalie Freeman and her husband Luke, The Freckled Hen Farmhouse is both a brick-and-mortar and online shopping destination. This general store has everything from home goods to local products to garden supplies.

Why This Instagram Bio Is Great

The Freckled Hen Farmhouse Instagram bio doesn’t cater to one audience over the other. Instead, it caters to both in-person and online shoppers.

The bio includes its store hours, local delivery options, and phone number. Additionally, the company plugs its rental cottage in the bio, adding more opportunities for loyal customers to spend money on the brand. Finally, it includes a Linktree link leading to its store website, newsletter sign-up page, and seasonal and year-round category pages.

If you’re a small business with an online and offline space, it’s a smart idea to speak to all your customers in your Instagram bio.

4. Lush Cosmetics

best instagram bios - lushcosmetics

Lush is a values-driven brand. Founded in London, the cosmetics company prides itself on fresh products, no unnecessary ingredients, and cruelty-free testing.

Why This Instagram Bio Is Great

Unlike our other examples, the Lush Cosmetics Instagram bio keeps it short and sweet, saying, “We’re creating a cosmetics revolution to save the planet,” followed by two emojis, its branded hashtag, and a Linktree link.

The message is direct, and words and phrases like “revolution” and “save the planet” feel bold and exciting coming from a makeup brand. Similarly, small brands can, and should, experiment with how they describe their company, as long as it feels relevant—otherwise, it will come off as confusing, or worse, inauthentic.

This bio is a good reminder, too, that just because you have more space doesn’t mean you need to use it. That in itself is a departure from jam-packed bios and even a bit surprising. Our brains like novelty, so don’t be afraid to do things a little differently for your business.

5. Later

best Instagram bios - later instagram page bio

Later is a leading Instagram marketing platform. The company boasts millions of users, and social media professionals, brands, and influencers can use the tool to manage content across Instagram, Pinterest, and even TikTok.

Why This Instagram Bio Is Great

There are a lot of things working for the Later Instagram bio. First, the company does a great job expanding the copy beyond its name to better reach users on the platform who may be looking for this type of service (social marketing platform).

By improving its Instagram SEO with relevant keywords, the brand increases its chances of being found. Plus, “Later” is a common word, so it’s good to add more context for searchers.

Next, the company states it’s the “#1 Marketing Platform for Instagram.” Piggy-backing off SEO, this is good to market to potential users.

Small businesses can optimize their bios with applicable keywords and feature brag-worthy accomplishments to get readers’ attention.

6. ALOHA

best Instagram bios - aloha instagram page bio

ALOHA produces USDA organic, vegan, and gluten-free protein powders, drinks, and foods. The brand shares plenty of recipes and UGC on its site and social media platforms.

Why This Instagram Bio Is Great

Taking a page out of Later’s book, the ALOHA Instagram bio asserts the company as its industry’s leader. While the brand keeps the copy to a minimum, it focuses on the keywords its customers care about, like “organic” and “plant-based.”

ALOHA also changed its profile picture to showcase it was named a Certified B Corporation. These companies must meet strict social and environmental standards, among others. If your small business has a prestigious distinction or won a big award, it’s worth highlighting it in this space.

7. Lokal

best Instagram bios - lokal hotel instagram page bio

A husband-and-wife duo created the Lokal Hotel after dreaming up ways they could improve the Airbnbs where they’d stayed and the hospitality experience in general. This home-away-from-home brand offers hyper-local lodging in the Philadelphia and Southern New Jersey regions.

Why This Instagram Bio Is Great

The Lokal Hotel Instagram bio covers a lot of ground. It includes a specific category, “boutique hotels | cabins” instead of just “hotel,” so those seeking this particular experience can find it, and expands on this with “apartment suites & homes.”

On top of the location and branded hashtag, the bio points out the Linktree where guests can book their stay, sign up for its newsletter, and more.

Other small businesses, especially those in this space, can take a few cues from this bio. By keeping all this information centralized, you could keep potential guests engaged and on your page longer.

8. GOODEE

best Instagram bios - goodee instagram page bio

GOODEE is a top online marketplace. Designers and entrepreneurs Byron and Dexter Peart founded the company to curate brands that not only looked good but sparked good too. As such, they only work with artisans who prioritize positive environmental or social impact.

Why This Instagram Bio Is Great

The GOODEE Instagram bio lays out what the business is (a curated marketplace) and its focus (good design meets good purpose). Like ALOHA, pointing to the company’s B Corp designation and 1% for the Planet certification aligns with its mission and signals to consumers what’s important to the business.

This is both sincere and savvy: 72 percent of U.S. consumers believe it’s important “to buy from companies that reflect their values,” according to Retail TouchPoints.

So, if your small business is values-driven, don’t shy away from including that in your marketing and messaging. After all, the customers you seek are also seeking you.

9. Rumpl

best Instagram bios - rumpl instagram page bio

Rumpl operates in the outdoor-industry space and helps keep campers and adventurers warm. After a successful Kickstarter launch, the company continues to grow and expand its inventory.

Why This Instagram Bio Is Great

There’s beauty in the simplicity of the Rumpl Instagram bio. It mentions its best-known item—blankets— and gives a brief, relatable description of the materials in them. The company also mentions its “Shark Tank” appearance and includes a branded hashtag and link to a current giveaway.

Instagram contests are popular and can help accelerate your brand growth. This is especially true if you partner with another company and can leverage each other’s audiences. It’s something your small business should consider (and then promote in your Instagram bio, of course!).

10. Letterfolk

best Instagram bios - letterfolk instagram page bio

This home-decor biz produces letter boards, tile sets, paper goods, and more. A married couple founded Letterfolk, and the company has developed a big following thanks to its thoughtfully designed products and national press hits.

Why This Instagram Bio Is Great

Instead of using the company’s Instagram bio to direct followers to use certain hashtags, Letterfolk invites its followers to check them out, saying, “See LF products in the wild,” followed by relevant hashtags. Using this hashtag, consumers can view how other people use and display their products. By making this tweak, it feels more community-oriented right away.

Another notable distinction: It’s stated in the bio that Joanna and Johnny are not only a husband-and-wife team but also a small business.

Since some shoppers specifically look to buy from smaller companies, this is an excellent way to get in front of potential shoppers. If you don’t call-out your small-biz standing in your bio, consider adding it and see if there’s an increase in engagement.

5 Tips for Creating the Best Instagram Bio for Your Small Business

Now that you’ve seen examples of some of the best Instagram bios for businesses, let’s recap the top ways to make yours stand out.

1. Use Creative Elements

Some brands add emojis to the mix in their Instagram bios. Aside from highlighting your brand’s personality, these icons can help influence readability. This could help your messaging stand out. So, you might want to try cutting back on copy and increasing white space by including emojis.

Brands can also change up font styles in their Instagram bios. This adds variety. However, be careful to make sure the script is readable, and don’t overuse it.

2. Show Your Brand’s Personality

You want to capture your brand’s personality in your Instagram bio. Experiment with copy, emojis, and other creative ways to show it off.

Don’t be afraid to play around a bit and have fun with your followers, either. Drizly’s Instagram bio comes to mind:

best Instagram bios - drizly instagram page bio

Be careful not to mistake “social media” as an excuse to depart from your familiar brand voice, though. For example, a hospital using laughing emojis in its bio wouldn’t be a fit—and might even make patients nervous! Alternatively, seeing emojis on the BarkBox Instagram bio feels completely in-line with the company’s fun reputation.

Bottom line: Know your brand and know your audience.

3. Share User-Generated Content

You don’t need to develop a campaign to create a hashtag—though it doesn’t hurt. Creating a hashtag unique to your small business is a good way to create brand awareness and help build your community.

Craft a hashtag that includes your company name or captures your ethos. For instance, if you think #JustDoIt, chances are, your brain goes to Nike.

From there, you can encourage your customers to include your hashtag in their social posts and reshare that user-generated content (UGC) on your channels.

You can also repurpose UGC for stories and other content. Incentivize users to share posts with your hashtag for discounts, contests, or just the opportunity of possibly featuring them on your platforms.

4. Clearly State Your Brand’s Purpose

You only have so many characters to work with in your Instagram bio. Use this space to clearly state what your small company does and be direct in your ask. For example:

  • Do you want to build a community? Include your branded hashtag and ask followers to use it.
  • Are you looking for newsletter subscribers? Include a link in your bio.
  • Are you looking to increase sales? Add a Linktree pointing to multiple product pages so users can find what they’re looking for.

Whatever your goal, be clear about it.

5. Include Links, Hashtags, and More

You have a hard stop when it comes to characters within the bio itself. However, there are options to expand on more details about your business and even cross-promote your other companies or personal pages. Consider including the following:

  • intentional calls to action (CTAs)
  • Instagram handles for your other related brands
  • your location and hours of operation if you own a physical store
  • your contact information
  • your branded hashtag
  • links to current promotions or contests
  • a Linktree (or similar) link leading readers to other content

Conclusion

The best Instagram bios authentically match your brand and serves your users.

Checking out the bios of the pages we’ve listed can help you get a feel for what’s working across the board. Also, see what your competitors are doing, and don’t be afraid to experiment with different formats.

Social media is an important aspect of digital marketing. Our agency can help if you are having trouble developing a social media strategy. We also offer assistance with content marketing and SEO.

Once you’ve polished your page, Instagram can be a powerful marketing tool for your business. So don’t skimp on putting the work into it.

What do you like about your favorite brands’ Instagram bios?

New comment by jonas1212 in "Ask HN: Who is hiring? (August 2020)"

B42 | b-42.com | React Native Developer | Remote (Germany) | Full-Time B42 has started to make amateur football better. We take our athletes to a new level of performance and offer professional rehab support in case of a sports injury. We understand football as a social force, for example by taking a clear stand …

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Get a Merchant Cash Advance Bad Credit No Problem

Are you looking for a merchant cash advance bad credit notwithstanding? A merchant cash advance is a way to get money for your business quickly. You do so by borrowing against your future credit card sales. Because your personal credit score does not matter, you really can get a merchant cash advance bad credit or any kind of credit.

What is the Best Way to Get a Merchant Cash Advance Bad Credit or Not?

One thing about a merchant cash advance bad credit is that it is probably not going to be helpful during an economic downturn. They may even be impossible to get during a recession. But in a better economy, they are a proven way to fund a business and keep your doors open.

How Do These Loans Work?

These loans use your past and current credit card history to determine how much financing you can get approval for.

Money is advanced to you. The amount has a basis in how much you process each month in credit card transactions.

How Do You Pay a Merchant Cash Advance Bad Credit Back?

A small portion of each future credit card sale goes towards paying back the merchant advance loan. It does not interfere with your cash and check receipts.

There are no fixed repayment amounts or terms for merchant cash and capital. So this gives flexibility to your business if you are having a slow month.

One of the best benefits of merchant advances is you can get money in your bank account. So you can get it as soon as 24 hours after approval.

Why is a Merchant Cash Advance Bad Credit So Great?

The chief benefit of a merchant cash advance bad credit is you do not have to have good credit to qualify.  These loans leverage your positive credit card processing history to get you approval, not your credit scores.

There are some credit score restrictions, but in most cases, you can get approval with even below average personal credit scores.

And there is no personal guarantee necessary. Plus, no collateral is necessary.

Demolish your funding problems with 27 killer ways to get cash for your business.

How Much Can You Get from a Merchant Cash Advance Bad Credit or Not?

You can get merchant loans for up to $150,000.  How much you process in credit card transactions each month will determine how much you will get approval for.

So, every business has its strengths and weaknesses.

Do you use credit cards as a payment source for your clients? If so, then a merchant advance can be the perfect way for you to get a lot of money in a short period of time.

These loans are available for businesses that process as low as $3,500 monthly in credit card transactions.  So the more you process, the higher advance loan you will get approval for.

What Are the Fees for a Merchant Cash Advance Bad Credit?

So there are no application fees and there are no out of pocket costs for merchant cash advance relief.

And you can use the funds for payroll, marketing, or to increase business inventory. Get a loan to pay taxes, pay rent, or for advertising. So, try a loan to order supplies and equipment. Or you can expand your business and open an additional location. Or you can use the funds for working capital.

An Alternative to a Merchant Cash Advance Bad Credit or Not – Building Business Credit

Company credit is credit in a small business’s name. It doesn’t link to an entrepreneur’s personal credit, not even if the owner is a sole proprietor and the only employee of the company.

As a result, an entrepreneur’s business and personal credit scores can be quite different.

The Benefits

Because small business credit is distinct from consumer, it helps to protect a business owner’s personal assets, in the event of litigation or business bankruptcy.

Also, with two distinct credit scores, a business owner can get two different cards from the same vendor. This effectively doubles buying power.

Another benefit is that even startup businesses can do this. Visiting a bank for a business loan can be a recipe for frustration. But building company credit, when done right, is a plan for success.

Consumer credit scores depend upon payments but also additional considerations like credit usage percentages.

But for business credit, the scores actually merely hinge on if a company pays its debts on time.

The Process

Establishing small business credit is a process. It does not happen automatically. A business needs to proactively work to establish small business credit.

Yet, it can be done readily and quickly, and it is much speedier than developing consumer credit scores.

Merchants are a big component of this process.

Doing the steps out of order leads to repetitive rejections. No one can start at the top with small business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Demolish your funding problems with 27 killer ways to get cash for your business.

Company Fundability

A small business needs to be fundable to loan providers and vendors.

That’s why, a business needs a professional-looking website and e-mail address. And it needs to have site hosting bought from a vendor like GoDaddy.

Also, business phone and fax numbers need to have a listing on 411. You can do that here: http://www.listyourself.net.

In addition, the business telephone number should be toll-free (800 exchange or comparable).

A business also needs a bank account devoted solely to it, and it must have all of the licenses necessary for operating.

Licenses

These licenses all have to be in the perfect, appropriate name of the business. And they must have the same small business address and phone numbers.

So note, that this means not just state licenses, but potentially also city licenses.

The IRS

Visit the IRS web site and get an EIN for the business. They’re free of charge. Pick a business entity like corporation, LLC, etc.

A business may begin as a sole proprietor. But they absolutely need to switch to a sort of corporation or an LLC.

This is to minimize risk. And it will make best use of tax benefits.

A business entity matters when it concerns taxes and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and taxes. No one else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

Setting off the Business Credit Reporting Process

Begin at the D&B website and get a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a company into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s sites for the small business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

In this way, Experian and Equifax have activity to report on.

Starter Vendor Credit

First you should build tradelines that report. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start to get credit for numerous purposes, and from all sorts of places.

These sorts of accounts have the tendency to be for things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are generally Net 30, rather than revolving.

Hence, if you get an approval for $1,000 in vendor credit and use all of it, you must pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts need to be paid in full within 30 days. 60 accounts need to be paid fully within 60 days. In comparison with revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.

To kick off your business credit profile the proper way, you ought to get approval for vendor accounts that report to the business credit reporting bureaus. When that’s done, you can then use the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Helps

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with a minimum of effort. You also need them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. This is to continue to confirm you are trustworthy and pay on time. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Store Credit

Store credit comes from a variety of retail businesses.

You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

Fleet Credit

Fleet credit is from service providers where you can purchase fuel, and repair and take care of vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the company’s EIN.

Cash Credit

These are companies such as Visa and MasterCard. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are typically MasterCard credit cards.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and address any mistakes as soon as possible. Get in the habit of taking a look at credit reports. Dig into the specifics, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Demolish your funding problems with 27 killer ways to get cash for your business.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any inaccuracies in your records. Mistakes in your credit report(s) can be corrected. But the CRAs usually want you to dispute in a particular way.

Disputes

Disputing credit report inaccuracies usually means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the original copies. Always mail copies and retain the original copies.

Fixing credit report errors also means you precisely spell out any charges you challenge. Make your dispute letter as understandable as possible. Be specific about the problems with your report. Use certified mail to have proof that you sent in your dispute.

A Word about Building Business Credit versus Merchant Cash Advances

Always use credit smartly! Never borrow beyond what you can pay off. Monitor balances and deadlines for repayments. Paying on time and in full does more to raise business credit scores than pretty much anything else.

Establishing company credit pays. Great business credit scores help a company get loans. Your lender knows the business can pay its debts. They know the small business is authentic.

The business’s EIN connects to high scores and loan providers won’t feel the need to demand a personal guarantee.

Takeaways for Getting a Merchant Cash Advance Bad Credit No Problem

Merchant cash advances are a creative way to leverage future sales. They can help your business get past a financial hurdle. And don’t forget about building company credit! Because even when business cash advances are hard to get, you can build business credit. And your merchant cash advance bad credit could even be enhanced by business credit.

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Fake News, The CIA And A Fictional Plot To Disrupt The Global Economy

These are the issues at the heart of the new spy novel by Washington Post columnist David Ignatius.

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Top 5 Gym Podcasts in 2019 For Gym Business Owners

Top 5 Gym Podcasts

Gym Podcasts

1. Gym Secrets Podcast

Carrollton, Texas, United States About Podcast Welcome to The Gym Secrets Podcast where you can listen in on the Top 1% of Gym Owners to hear the secrets of what they are doing differently to get more customers, make more profit per customer, keep them longer, and do it all without sacrificing their personal lives. We’ve got roll up your sleeves kind of hustle with a little bit of cleverness and a lot of heart. We are 1% of gym owners and this is our podcast. Hosted by Alex Hormozi.
Frequency 1 episode / week
Since Jun 2017
Podcast gymlaunch.libsyn.com
Instagram Followers 3.4K ⋅ Domain Authority 12

2. WTF Gym Talk

WTF Gym Talk Charlotte, North Carolina, United States About Podcast WTF Gym Talk is a no BS resource for owners looking to own an actual business instead of just the gym. The rise of CrossFit gave way to a surge of entrepreneurs who wanted to open their own micro gym. However, opening a business and staying in business are two completely different things.
Frequency 3 episodes / week
Since Aug 2017
Podcast anchor.fm/wtfgymtalk
Social Engagement 3 ⋅ Domain Authority 73

3. Seven Figure Box

Seven Figure Box About Podcast Strategies and tools for running a better and more profitable affiliate gym. Whether you want to create a gym with seven figures of annual revenue or just your dream gym that you love showing up to each day, we can help.
Frequency 1 episode / week
Since Jul 2018
Podcast anchor.fm/seven-figure-box
Domain Authority 73

4. Fitness Business University With Vince Gabriele

Fitness Business University With Vince Gabriele About Podcast This podcast is for gym owners, by a gym owner, who has been there and done that. 18 Year Fitness Industry Veteran, Vince Gabriele, is finally sharing his business and money-making wisdom with the fitness world. The podcast is specifically designed for gym owners who are looking to grow their business and need help getting more clients, making more money, and having more free time to do what they love. If you’re a stressed out and struggling gym owner, this podcast teaches the hard knocks lessons you need to know to breakthrough.  
Frequency 1 episode / week
Podcast vincegabriele.com/category/p..
Twitter followers 173 ⋅ Domain Authority 10

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How to Set Up a New Business in New Hampshire

Starting a Business in New Hampshire

A new business in New Hampshire can be yours. So have you been wondering: how do I start a business in New Hampshire? And more importantly, can I do so no matter what the economic conditions are? Can I start a new business in New Hampshire during a recession?

A New Business in New Hampshire: Pros and Cons

New Hampshire is in the second highest set of ten states to start a new business in, per a 2016 article by Business Insider. But the state does have a poor startup activity score.

Still, the state does well with its business tax climate and the quality of possible employees.  In a recent GOBankingRates.com study, New Hampshire was the best state for families to live a richer life. This is also important when considering where people want to live.

Given its size and favorable location, New Hampshire business owners can hire people in Vermont, Massachusetts, and Maine. Plus a vital New Hampshire business resource comes from having no sales or income taxes. Corporate tax rates are also relatively low.

Recent Massive Surge

According to a 2018 article by Fit Small Business, New Hampshire clocks in at number one! But keep in mind, Fit Small Business and Business Insider are using different methodologies.

Why the change? According to Fit Small Business, it had the best labor market and the best small startup costs – for the entire country. It also had some of the best quality of life metrics and very good rankings in the tax category.

A New Business in New Hampshire: Initiatives

New Hampshire’s Business Finance Authority provides access to finance programs. These programs are meant to expand credit availability to small businesses. The authority’s Capital Access Program also helps banks to offer loans to startup companies.

R&D Credit Program

New Hampshire’s Research and Development (R&D) Credit program offers tax credits to businesses which conduct manufacturing R&D. This credit is based on wages paid to New Hampshire employees doing R&D.

There is up to a 10% credit to offset a company’s state taxes. However, this credit is capped at $50,000 per business in a fiscal year.

Community Development Investment Program

The state’s Community Development Investment Program is meant to encourage companies to support community development projects. Tax credits of up to 75% of a company’s donation can also be granted. This lets businesses invest property, cash, or securities into programs to improve their communities.

Working Capital Line of Credit

The state’s Working Capital Line of Credit Guarantee program provides banks offering lines of credit. These are for New Hampshire companies with a guarantee of up to 75%.

Guarantee Asset Program

Another New Hampshire business resource is the state’s Guarantee Asset Program. It guarantees up to 90% of a line of credit. The line of credit is from a participating New Hampshire bank to a qualified local company.

Start a New Business in New Hampshire – New Hampshire Top Industries

The biggest industries in New Hampshire include retail trade. Smart business owners can find new opportunities. Work with the bigger industries in the area. Offer goods or services such as trucking for any industry.

Here is how to start a new business in New Hampshire.

Start a New Business in New Hampshire – New Hampshire New Business Secretary of State Requirements

Register a Business Name

Perform a business name look up on the New Hampshire Secretary of State’s website.

Business Permits and Licenses

All professional and business licenses are at the New Hampshire Government online services page.

Local Permits and Licenses

Check with your local municipality, city or county office or website. There may be any local licensing or permit requirements.

For example, in Nashua, go to the Licenses & Permits page on the city of Nashua website.

Start a New Business in New Hampshire – Business Registration

The Secretary of State of New Hampshire offers an easy online registration system. Forms are also available.

Tax Registration

Be sure to visit the New Hampshire Department of Revenue.

Start a New Business in New Hampshire – Virtual Offices

Alliance offers New Hampshire virtual business office space in Bedford and Portsmouth.

Also, try Regus for New Hampshire virtual business offices in Concord or Manchester. Go to DaVinci for New Hampshire virtual offices in Manchester.

For Franconia and other parts of the state, ask local business owners. Or try computer user groups for possible help in this area.

More options may be to look for virtual business office space in neighboring states. They are Maine, Massachusetts, and also Vermont.

Start a New Business in New Hampshire – Establish Business Credit

Company credit is credit in a company’s name. It doesn’t link to a business owner’s personal credit, not even if the owner is a sole proprietor and the only employee of the business.

Consequently, an entrepreneur’s business and individual credit scores can be very different.

The Advantages

Considering that small business credit is distinct from personal, it helps to safeguard an entrepreneur’s personal assets, in case of a lawsuit or business insolvency.

Also, with two distinct credit scores, a small business owner can get two different cards from the same vendor. This effectively doubles purchasing power.

Another advantage is that even startup ventures can do this. Heading to a bank for a business loan can be a recipe for frustration. But building company credit, when done right, is a plan for success.

Individual credit scores are dependent on payments but also other considerations like credit utilization percentages.

But for company credit, the scores actually only depend on whether a small business pays its debts timely.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

The Process

Building company credit is a process, and it does not happen without effort. A business needs to actively work to develop company credit.

That being said, it can be done easily and quickly, and it is much quicker than building personal credit scores.

Merchants are a big part of this process.

Performing the steps out of sequence will result in repetitive rejections. Nobody can start at the top with small business credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a rejection 100% of the time.

Start a New Business in New Hampshire – Small Business Fundability

A small business must be fundable to credit issuers and merchants.

That’s why, a business will need a professional-looking web site and email address. And it needs to have website hosting bought from a company such as GoDaddy.

Plus, business phone and fax numbers ought to have a listing on ListYourself.net.

Likewise, the company phone number should be toll-free (800 exchange or comparable).

A business will also need a bank account devoted solely to it, and it must have every one of the licenses necessary for operation.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Dealing with the Internal Revenue Service

Visit the Internal Revenue Service website and obtain an EIN for the small business. They’re totally free. Pick a business entity like corporation, LLC, etc.

A small business can get started as a sole proprietor. But they will most likely wish to change to a sort of corporation or an LLC.

This is in order to lessen risk. And it will maximize tax benefits.

A business entity will matter when it concerns tax obligations and liability in case of litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. Nobody else is responsible.

Sole Proprietors Take Note

If you run a small business as a sole proprietor, then at least be sure to file for a DBA. This is ‘doing business as’ status.

If you do not, then your personal name is the same as the company name. As a result, you can find yourself being directly accountable for all company debts.

Plus, according to the Internal Revenue Service, by having this arrangement there is a 1 in 7 chance of an IRS audit. There is a 1 in 50 possibility for corporations! Prevent confusion and substantially decrease the odds of an Internal Revenue Service audit as well.

Instigating the Business Credit Reporting Process

Start at the D&B web site and obtain a free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

By doing so, Experian and Equifax will have something to report on.

Vendor Credit Tier

First you need to build trade lines that report. This is also known as the vendor credit tier. Then you’ll have an established credit profile, and you’ll get a business credit score.

Start a New Business in New Hampshire Credit Suite

And with an established business credit profile and score you can begin to acquire credit in the retail and cash credit tiers.

These kinds of accounts often tend to be for the things bought all the time, like marketing materials, shipping boxes, outdoor work wear, ink and toner, and office furniture.

But first of all, what is trade credit? These trade lines are credit issuers who will give you starter credit when you have none now. Terms are in most cases Net 30, rather than revolving.

So, if you get an approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts need to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. In contrast to with revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To start your business credit profile properly, you need to get approval for vendor accounts that report to the business credit reporting bureaus. Once that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit Tier – It Helps

Not every vendor can help like true starter credit can. These are merchants that will grant an approval with very little effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

You want 5 to 8 of these to move onto the next step, which is the retail credit tier. But you may need to apply more than once to these vendors. So, this is to prove you are responsible and will pay on time.

Retail Credit Tier

Once there are 5 to 8 or more vendor trade accounts reporting to at least one of the CRAs, then progress to the retail credit tier. These are service providers which include Office Depot and Staples.

Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

One such example is Lowe’s. They report to D&B, Equifax and Business Experian. They need to see a D-U-N-S and a PAYDEX score of 78 or more.

Fleet Credit Tier

Are there 8 to 10 accounts reporting? Then move onto the fleet credit tier. These are companies such as BP and Conoco. Use this credit to purchase fuel, and to fix, and take care of vehicles. Just use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the small business’s EIN.

One such example is Shell. They report to D&B and Business Experian. They want to see a PAYDEX Score of 78 or more and a 411 company telephone listing.

Shell may claim they want a particular amount of time in business or profits. But if you already have enough vendor accounts, that won’t be necessary. And you can still get approval.

Learn more here and get started toward building business credit attached to your company’s EIN and not your SSN.

Cash Credit Tier

Have you been sensibly handling the credit you’ve gotten up to this point? Then move to the cash credit tier. These are businesses such as Visa and MasterCard. Only use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

One example is the Fuelman MasterCard. They report to D&B and Equifax Business. They need to see a PAYDEX Score of 78 or better. And they also want you to have 10 trade lines reporting on your D&B report.

Plus, they want to see a $10,000 high credit limit reporting on your D&B report (other account reporting).

Plus, they want you to have an established business.

These are companies such as Walmart and Dell, and also Home Depot, BP, and Racetrac. These are commonly MasterCard credit cards. If you have 14 trade accounts reporting, then these are doable.

Start a New Business in New Hampshire – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any mistakes as soon as possible. Get in the habit of checking credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs. See: www.creditsuite.com/monitoring.

Update Your Data

Update the relevant information if there are inaccuracies or the data is incomplete.

Fix Your Business Credit

So, what’s all this monitoring for? It’s to dispute any mistakes in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs often want you to dispute in a particular way.

Disputes

Disputing credit report errors usually means you send a paper letter with copies of any proofs of payment with it. These are documents like receipts and cancelled checks. Never mail the originals. Always send copies and retain the originals.

Fixing credit report inaccuracies also means you specifically spell out any charges you challenge. Make your dispute letter as crystal clear as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you sent in your dispute.

A Word about Building Business Credit

Always use credit sensibly! Don’t borrow more than what you can pay back. Keep track of balances and deadlines for payments. Paying in a timely manner and fully will do more to raise business credit scores than virtually anything else.

Growing business credit pays. Good business credit scores help a business get loans. Your lending institution knows the small business can pay its debts. They understand the company is authentic.

The small business’s EIN links to high scores and credit issuers won’t feel the need to ask for a personal guarantee.

Business credit is an asset which can help your small business in years to come.

Learn more here and get started toward opening a new business in New Hampshire.

Want to start a new business someplace else in America? Then check out our handy guide to starting a business in any state in the country.

 

The post How to Set Up a New Business in New Hampshire appeared first on Credit Suite.

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