New York Virtual Offices? Making Your Business Look Bigger!

It’s no secret that small business operators often try to make themselves look bigger. It’s a matter of survival really. Corporate clients are often reluctant to deal with a one person business, particularly one that appears to be run from home or purely online.

Many online and home based business operators have only a post office box at best – and this can raise doubt as to their credibility – no one works out of a box. Prospective clients who find your business online will often first look to see if you have a street address. If you don’t, it raises the concern in their mind that if you don’t do the right thing by them, you can ignore their communications and they have no means of getting hold of you. It’s enough to make them leave your site and search for competitors who do have a street address.

There’s no doubt about it – having a street address gives your business credibility.

Likewise, corporate folk can be reluctant to deal with a one-person business because there’s a perception that if you were successful, surely you’d be bigger!

If you don’t want to work from a professional office address or you simply can’t justify the expense of renting city office space, but you need the credibility of having an office address then a virtual office in a major city can be the perfect answer.

A New York virtual office from VH International Business Solutions can give you the appearance and credibility of a larger business at a cost of less than a month. And you can still work from home, wherever that may be! Your virtual office will forward mail and telephone messages to you.

If your business is based in the country – or even overseas – and you already have a street address, you can give your business a boost by adding a New York City office address.

When the cost of a New York virtual office from VH International Business Solutions for an entire month is about the same as one good meal, and it could improve your business turnover, it’s difficult to come up with a reason not to give it a go!

Give Your Home Based Business a Boost with a Virtual Office

Having a successful home based business is a truly wonderful experience and most home based business operators have no desire to move into office space at all – but the fact is that having an office address can give your business greater credibility and the illusion of being a more professional operation, and boost your turnover. Most home business operators could use a little of that!

The good news is that you can have it all. For less than a month you can have a virtual office from VH International Business Solutions at a fabulous street address that you’ll never have to go to. For a little extra you can have a New York telephone number that will divert to the comfort of your home or a message service from which you can collect your messages when it suits you.

Imagine having a prestigious office address, a New York “presence” for your home based business – and still being able to slide out of bed just when you like, eat a leisurely breakfast then stroll into your home office dressed just as casually as you like. You’ll check for messages from your virtual office, then get to work!

You’ll be able to use your virtual office business address from VH International Business Solutions on your cards and website, giving prospective clients an excellent impression.

If you have prospective clients in New York you can even arrange to meet them at your office address! Simply book an office for the nominated time and set yourself up comfortably in there – your clients will be greeted at our reception area and escorted to your office. When you’re done, it’s back home to the casual clothes and flexible time schedule you’ve come to love!

Seriously, who’d want to work in an office full time when you can have a home based business and a New York virtual office from VH International Business Solutions?

Best Blackberry Apps for business users

I think that even Blackberry owners would have to admit that the apps available for Blackberry mobile phones are far outstripped in choice, quality and price by those available for the i-phone. Nonetheless, there are some great apps out there for Blackberry business mobile phone owners and here are our pick of the best.

Evernote is a multimedia capable electronic notebook. You can take text notes, ideas, and the results from your company brainstorms, you can also store audio files, photos, such as snapshots of your whiteboard following business meetings or in many of the modern style gastro pubs you can take a shot of the big blackboard menu and take it back to your table for everyone to have a look at. As well as this you can record audio from interviews and talks or presentations. You can take these files from either your desktop or your phone, you can then search through them later.

ExpenseLog Pro is a relatively cost-effective system for businesses who need to manage their expenses on the go. It is easy to set up and you can use for your team within minutes.Great for businesses where your team all have Blackberry smartphones.

Voice on the Go helps to increase the amount of time that you can spend communicating on your Blackberry mobile phone, this can increase productivity. You can email, search contacts, listen to appointments and reply by voice while driving safely.

The Copy2Contact application by Anagram Technologies can take information from calls, emails and text messages and copy that information to your contacts. This means that you can work faster and harder by doing more on the move and having more information easily at your disposal. This application takes all of the information and transforms it into a new or updates an existing contact. If an appointment time and place are discussed at a meeting then this Blackberry business app can transfer that information to your BlackBerry calendar.

Telenav is the Blackberry’s best (we feel) GPS Navigator™. You get very clear and simple voice and onscreen driving and walking directions with automatic rerouting and full-color 3D moving maps that display your current location.

WiFi File Transfer App WiFi File Transfer App helps workers to instantly send files from BlackBerry to computer, computer to BlackBerry, or BlackBerry to printer. So, print the emailed directions while leaving the room, bring an unfinished document or list of phone numbers, you can fill out and print a contract over a WiFi network at your client’s office. Impatica Impatica allows you to deliver graphically rich, animated Microsoft® PowerPoint® presentations to your colleagues and external clients through BlackBerry smartphones.

Call time tracker is designed to improve the efficiency of client relationships. it allows you to log the amount of time that you spend on each of your clientsthe app pops up between calls and emails and asks the user to allocate which client and project their calls relate to. It will even assist with emails sent from the mobile phone; tracking time spent writing to clients. With the monthly report generated and sent via email, this is great for at least understanding which clients you spend your time on so you can then quickly interpret where you need to re-focus your time.

Google Maps A great free app that is perfect for finding your way to meetings and to social engagements of for helping explain to others how to get to you familar destinations through quickly saving and sending a map from your Blackberry mobile.

One thing that has been interesting about Blackberry Apps for business is the number of vertical specific ones – take a browse through to see what is available for the industry that you work in.

Of course there are thousands more apps for Blackberry mobile phones that will save you and your business time and money. To browse all go to Blackberry App World. Problem is, if you are just wanting to browse and do not own a Blackberry mobile phone then you are going to find it difficult getting in. This link will get you in the backdoor to the business mobile phone apps for Blackberry app world.

What is an SBA Backed Business Line of Credit?

There is a very big misconception about the purpose of the SBA (Small Business Administration). Many new entrepreneurs think that the SBA acts as an arm of the government to provide loans for startup and small businesses. This is not true. The SBA acts as a guarantor of business LOC and loans provided by banks enrolled in the SBA program. In the event that you default on a credit facility, the US Federal Government will reimburse an enrolled bank or financial institution. Essentially, Uncle Sam acts as your cosigner on a business line of credit or business loan.

As of 2010, in the event of default, the Federal Government will provide a bank with a reimbursement of up to 85% of the loaned amount depending on the SBA program that you enrolled in when you applied for a credit facility. The requirements for applying for an SBA Business LOC are pretty straightforward. Foremost, you must be a US citizen of good moral character (you cannot be a convicted felon and apply for a SBA program). The second important characteristic of an SBA backed business line of credit or business loan is that you must have the appropriate collateral and credit to support the debt obligation that you are undertaking. If you do not possess these requirements then you may want to seek alternative methods of financing discussed in our previous business articles.

Once you have been accepted into your specified SBA program, you can go to a number of banks to determine which financial institution will give you the best terms for a business LOC. When evaluating proposals from a bank or finance company, you should look at the interest rates, loan covenants, and repayment that is required of the specific company offering you the loan. Again, your CPA will be an invaluable resource during this time as they can assist you in determining which line of credit is most appropriate for you while concurrently assisting you in the negotiation process.

Comparing Offers from Banks for Business Lines of Credit

If you have a well developed business plan, strong credit, and reasonable collateral then it should not be unrealistic for you to obtain a business line of credit or revolving credit facility. Once you have been accepted by a number of banks or finance companies for a business LOC then it is time to determine which company has offered you the best terms. Foremost, you should look at the interest rate offered by the financial institution. It is a fixed rate credit line or will the interest rate increase/decrease with changes in the general economy.

Other considerations to factor into your decision regard the covenants regarding the credit line. Is the business LOC unsecured or is it secured by a piece of property that you have put up as collateral? Will you be required to personally guarantee the credit line? Additionally, many banks/financing companies require that your business (or your income) maintain a certain minimum level during the time that you are granted access to the revolving credit facility.

One of the other considerations that you must take into account is the nature of the credit line itself. If you draw down the line, what will be the repayment term? Will the business line of credit convert to a normal loan after the terms of the credit facility has expired?

One of the final considerations that you should take into account is if the business credit line of credit secured by your personal guarantee – how will the use of the credit facility impact your personal credit score? This is especially important if you have ongoing personal credit needs (such as property loans, credit cards, or car loans).

Once accepted for a business LOC, these are all questions that you must carefully consider when entertaining offers from a bank or finance company. If you have having difficulty making the proper determination based on the offers that you have received then it may be in the best interest for you to bring the proposals to your accountant who can assist you in making the best determination for both you and your business.

Secured Vs. Unsecured Business Line of Credit

The primary difference between a secured and an unsecured business LOC is that a secured credit facility has underlying collateral of which a bank or finance company can claim if you default on your credit line. As we have seen in previous articles, the collateral that can be used to secure a line of credit can vary greatly. Collateral can include but is not limited to:

Property owned by your business or personally
Equipment owned by the business
Accounts receivables
The general cash flow of your company (although this is semi-secured).

With an unsecured line of credit, there is no collateral involved. Again, this type of business LOC is highly akin to a credit card. Your income and your personal/business credit are the factors considered when applying for this type of credit line.

The primary benefit of using a secured line of credit is that the interest rate is typically far lower than that of an unsecured credit facility. Again, in the event of default, a secured line provides the bank/finance company with a great deal of security as you have pledged a tangible (and saleable) asset that the bank can use to recoup their debt investment. With an unsecured business line of credit, the granting financial institution has far less flexibility when attempting to require the funds that they originally lent to you.

As such, and if it is possible, you should try to obtain a secured business LOC. This will ensure that should something go wrong with your business – you have spelled out exactly what you stand to lose to the bank. However, it should be noted that if the collateral that you have pledged depreciates in value during the duration of the revolving credit facility then you will still owe the balance of what was recouped versus what was borrowed.

It should be noted that while obtaining an unsecured credit line is certainly possible, the current lending environment has caused almost all banks to now require substantial collateral for obtaining a business line of credit.

The Repayment of a Business LOC

In past discussions, we have focused heavily on obtaining a business line of credit, securing the credit facility, and the pros and cons of using this type of financial instrument. In this article, we will focus on how the terms of revolving credit facilities are often structured. As we have discussed earlier, the mechanics behind the usage of a business line of credit are pretty straightforward. Much like a credit card, a business LOC allows you the flexibility of drawing down a principal balance, paying the interest owned on a monthly basis, and the ability to payback the principal and use it again at a later time. Primarily, this article will focus on what happens when a credit line comes to the end of its term. Again, the typical time frame for a business line of credit can range anywhere from three to ten years (with the average line having a lifetime of five to ten years).

When the credit line is about to expire, one of three things can happen. First, you can apply to have the credit line’s life extended. If your business is doing well and if you are producing enough positive cash flow then more likely than not you financial institution will extend the credit facility for an additional number of years. Again, it is important to remember that banks are in the business of lending money, and if you have developed a solid history of responsible usage of your business LOC then there is very little reason for a bank to discontinue the line.

The second thing that can happen is that the line closes. This scenario will trigger one of two events. The first scenario is that any outstanding principal balance will be converted into a normal business loan, and will is to repaid over a specified period of time. This arrangement is typically within the business line of credit contract that you received when you initially applied and were accepted for the credit facility.

The more unlikely event is that any outstanding principal balance will be due immediately upon the closing of the credit line. Again, this will be discussed and placed within your borrowing contract at the onset of the credit facility. If this is the case then you should plan accordingly for when this day comes as any drawn down principal will need to be repaid immediately.

Although it sounds like we are now beating a dead horse, your accountant should be involved with the management of your cash flow. They will assist in ensuring that any of the three scenarios will be handled appropriately and will have minimal if no impact on your business.

The Importance of Personal Credit When Obtaining a Business LOC

Unlike a business investment from a private investor, obtaining a business LOC requires that you have a good personal credit score. If you do not have a great personal credit score then it is still possible to obtain a business line of credit, but it will be more difficult. In the event that you credit is not “up-to-par” then there are a number of lenders available that can provide you with alternative forms of debt financing that are not wholly dependant on personal credit. However, these lines of credit often have very difficult terms and high interest rates.

As any good accountant will tell you, it is imperative that you have a good credit before applying for a business line of credit, business LOC, or any other type of credit facility. Contrary to popular belief, your credit score is not directly tied to your income. Your credit score is based on the number of accounts that you have open, your outstanding balances, and your history of making payments to your creditors in a timely manner. As such, any bank or finance company that may be providing you with a credit facility will want to know this type of information. If you have large outstanding balances, delinquencies, or if the amount of debt you owe is far above normal than a bank or finance company will be less inclined to provide you with a business LOC.

As was discussed in our of our main articles, it is important that you are well aware of your credit profile among the three major credit bureaus that monitor personal credit profiles (Experian, Equifax, and Trans Union). Each of these companies can provide you with a full credit report that showcases your entire credit history over the past seven years. If there are any errors on your credit report, you have the right to have them fixed or reviewed by the credit bureau. Additionally, you have the right to obtain a free credit report once a year.

Securing a Business Line of Credit

In most instances, you will be required to put up significant collateral in order to obtain a business loc. This is because banks, finance companies, and private lenders do not want to take the risk of losing money. In the event that you do not repay the credit facility, the lender can take the collateral and sell it in order to recoup their investment. This is almost identical to the recoupment principles of taking out a mortgage.

If you are a startup business, you can acquire a business loc by using property that you already own to secure the credit line. This would be similar to a home equity line of credit. In many startup situations, the primary residence is used as the securing collateral. The alternative to this is method is if you have substantial assets or credit. In this case you can apply for an unsecured business loc. Again, you will need substantial assets and an extensive credit history to acquire an unsecured credit line.

In the event that you are an established small or medium sized business, you can use the assets held by the business to secure the credit facility. These assets can include accounts receivable, owned real estate, equipment, or the predictable income from your credit card acceptances. In lieu of tangible assets, you can use the highly predictable cash flows generated by your business to secure a business loc. However, in order to accomplish this – you must have an extensive business history that shows continued profitability and a positive cash flow over a number of years (usually the minimum is three years for this type of credit line).

Unique Business Line of Credit Types

As an alternative to obtaining a traditional business line of credit, there are two types of facilities that use your future earnings or current receivables. A credit card receivables LOC is linked to your merchant account. This type of lender typically refers to this type of credit facility as a “credit card receivables advance.” Typically, this lender provides an advance of up to 2 months of income based on your merchant account usage history. Each time a sale is made, a certain percentage of the sale is deducted from your balance owed to the lender. However, this type of lending is very expense. The interest rates for this type of business loc can range anywhere from 15% to 29% depending on the state’s lending laws.

An accounts receivable business loc is secured by the individuals or businesses that owe you money. In this scenario a lender will look at your receivables, who your customers are, and how long they have owed you money. Based on these factors, these lenders (often called factoring companies) will provide you with a capped line of credit. However, it should be noted that even if your client does not pay – you will still be liable for the money drawn down on the business loc.

As an alternative to this, some lenders will “purchase” your receivables for a discounted rate. For instance, if John Doe owes you ,000 then the lender will buy that receivable from you for 0 to 0. If you decide to sell your receivables to a third party – you need to carefully consider whether or not you can afford to sell your receivables for a substantial discount.