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How To Use The New Year’s Fresh Start Effect To Make Your Business More Profitable

Posted by Rick Nischalke on December 29, 2016

Anyone who owns a business, whether it’s a small side business or a big and growing business, obviously wants it to be profitable.

Maybe you’ve been dragging your feet when it comes to implementing new models and strategies that could improve your business and make it more profitable.

Chances are, come the New Year, you’ll be changing all that. Here’s why:

The Fresh Start Effect

The “fresh start effect” was studied by Psychologists who found that turning points in life that mark a new beginning (such as a New Year) can empower business owners (and just people in general) to improve their habits and get their act together.

If you’re a business owner (whether you’re a blogger, a vlogger, a t-shirt designer or a jewelry-maker) you’ll notice a surge in your motivation to succeed when the New Year approaches, and that’s what the “fresh start effect” is all about.

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Topics: Small Business, Working Capital, Business Loans

How to Become a Successful Entrepreneur

Posted by Rick Nischalke on December 19, 2016

If you have a great idea for a new product or service, you’re probably dreaming about all the potential money you could earn as an entrepreneur. However, creating a new business or inventing a new product isn’t as easy as it might seem. That’s why we’ve compiled six top tips to put you on the right track to becoming a successful entrepreneur:

  1. Start With Baby Steps

Risk is an integral part of entrepreneurship, but the reward can be worth it. Instead of quitting a current position or investing all your money into a new business idea, take smaller risks by working in the evenings and making small worthwhile investments. By taking smaller risks in the beginning of this process, you’ll be making better judgments and investments early on which can save you time and money later.

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Topics: working capital loans, merchant cash advance

3 Tips for Building Strong Business Credit

Posted by Rick Nischalke on October 28, 2016

If you have a great business idea and you're thinking of applying for a small business loan from a bank, you might want to think again. As reported Bloomberg: “Getting a small business bank loan is never easy, and it’s been especially difficult since the financial crash of 2008 and the lingering credit crunch…it is still virtually impossible to get a loan to open a new business.”

Bloomberg is right! Without a long history of business and a great business credit score, bank loans are nearly impossible to get these days. So how can you get a small business loan when you need it most?

Starting out by building strong business credit will not only help you get a loan, but it will also help you get more favorable terms with vendors and suppliers, pay lower interest in business-issued credit cards, and may even lower your insurance rates and other costs of doing business. Here are 3 tips to help point your business in the right direction:

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Topics: Business Loans

Is Inventory Financing Right for Your Small Business?

Posted by David Leibowitz on October 17, 2016

As you research various small business loan options, you’ve come across – or will inevitably encounter – the idea of inventory financing. However, as with many possibilities in the business lending world, there are a few layers and aspects that you need to know before pursuing or rejecting this option.

What is Inventory Financing?

If you assumed that inventory financing is, as the term suggests, capital that you use to purchase inventory, then you’re right on the right track but there’s more to the story.

Inventory Financing: What You Need to Know

The most important thing to know about inventory financing is that it’s only designed to purchase inventory (hence the name). As such, businesses that exclusively provide services will not qualify for inventory financing – since they don’t stock inventory in the first place.

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Topics: Small Business

Business Funding Advice from the Experts

Posted by Rick Nischalke on October 5, 2016

At some point in their business career, most business owners are forced to use their personal assets (credit cards, savings, investments, home equity loan, etc.) to provide working capital to fund their business. If you've been in business for any length of time, you can probably relate.

If you've ever found yourself needing access to additional capital quickly for your business, you probably know that there’s plenty of  business funding advice available on the web. However, there are times that it can be difficult to determine the difference between misleading information that can harm your business and insightful and accurate information that can help your business.

So whether you're in need of a quick infusion of capital now or just want to be prepared for a future need, here’s a rundown of the key factors we share with business owners that ask us for expert business funding advice:

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Topics: Working Capital, Business Loans, business funding, alternative business funding, working capital loans

The Critical Election Issue That Will Impact Millions of Small Businesses

Posted by Mulligan Funding Blog Team on October 4, 2016

While best practices come and go, there are three topics that – for good reason – remain out-of-bounds for most business conversations and communications: politics, religion and sports. (For those of you scratching your head about the last one: obviously you’ve never made a Cubs, Red Sox, Cowboys or Lakers joke to the wrong sports fan at the wrong time – things can get ugly in a hurry!)

However, just this once, we’re going to breach this wise, time-honored etiquette by highlighting a critical 2016 election issue what will impact millions of small businesses in the years ahead – possibly including yours, your suppliers, and/or your customers.

What we’re talking about here is access to capital, which Yodle.com, a popular marketing advice for small business website, has listed among its top five 2016 election issues that will impact small businesses. The other issues that could impact small businesses include income equality, taxes, regulation, and healthcare.

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Topics: Small Business

The Future of Small Business Lending

Posted by Rick Nischalke on August 16, 2016

Obtaining funding for both small and medium-sized businesses is a major concern these days. Maintaining adequate cash flow for your business has never been more important. But qualifying for working capital funding is easier said than done, as banks and other traditional lenders are resistant to supporting anything but large corporations with perfect credit.

At some point in their business career, most business owners are forced to use their personal assets (credit cards, savings, investments, home equity loan, etc.) to provide working capital for their business. If you've been in business for any length of time, you can probably relate.

Mulligan Funding exists to solve the single greatest problem plaguing businesses in the lending industry today, providing easy access to working capital loans, merchant cash advances and business lines of credit to companies across the US.

Our CEO David Leibowitz, was recently featured in Inc. Magazine. In the article he describes how and why our company helps business owners and shares his views about the future of the lending industry.

Read the full interview at Inc. Magazine

 

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Topics: Small Business

How to Make the Most of Business Networking Events

Posted by Rick Nischalke on July 15, 2016

Are you in a position or profession that requires you to attend networking events? Some of us look at these events as an opportunity, while many of us see it as a “necessary evil” to accomplish a goal. In either case, here are some ideas about how to make the most of a networking opportunity, while simultaneously increasing your comfort level and effectiveness.

First, when possible, prepare a plan of attack before you arrive. Find out who will be attending and target your best prospects. Find out a bit about the individual or their company to show your interest in developing a relationship with them and or suggesting how you may be a good fit for each other. For example, when I am looking for businesses who might find a loan useful, I can look at their business model to determine whether a working capital loan or a merchant cash advance would be best. In situations where you aren't able to determine who will be your best prospects before a networking event, just start with the steps below.

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Topics: Small Business

How to Obtain Working Capital for Small Business Financing

Posted by David Leibowitz on April 20, 2016

As a small business owner, you know the critical importance of timely and adequate small business financing. However, you may also know from personal experience that banks are not answer to your working capital needs!

That’s because banks are extremely reluctant when it comes to approving small business loans. There are a couple of reasons for this – one that is fairly well known, and one that most people don’t know (because the banks want to keep it a secret!).

The more well-known reason that banks are against providing working capital for small business financing, is that they don’t want to assume any risk. Despite the fact that the Great Recession was engineered in large part because banks were loaning money to virtually anything with a pulse (actually, a cardboard cut-out or fern probably could have received a line of credit back in 2006), today they’re extremely risk averse – to a fault.

The less well-known reason is that it costs banks about the same amount of money to underwrite a small business loan for $50,000, as it does to underwrite a large enterprise loan for $3 million. And so banks get more bang for their buck by serving larger clients. 

So, now that you know why banks aren’t the answer for obtaining working capital for small business financing, the big question is: where can you turn? The answer so that is simple: Mulligan Funding!

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Topics: Small Business

4 Questions to Ask Before Applying for Loans for Working Capital

Posted by David Leibowitz on April 13, 2016

The lending marketplace is more diverse now today than ever before, and this is a very welcome change from a time when banks and credit unions ruled the industry. Clients have more choice, more leverage, and more freedom – and all of these are big steps in the right direction! 

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Topics: Working Capital, Business Loans