Careersthatdontsuck.com » Entrepreneurship

$100,000 Grant for New Entrepreneurs

careersthatdontsuck — Mon, 27 Jul 2009 18:46:50 +0000

Inc. magazine, a magazine for small business owners, and Alibaba.com, a website that matches U.S. businesses with Chinese manufacturers, want to give small business owners and aspiring entrepreneurs $100,000 in grants to start or grow their new enterprises. To get your share of the $100,000 prize (top prize is a $50,000 grant), you’ll need to write a short essay and, if yours is selected, you’ll compete against other semifinalists for a spot in the finals at an event in your regional area. Finalists’ essays/ideas will be posted online for a public vote, and the 5 finalists with the most votes will be selected to compete at the Finale event in San Francisco on November 18, 2009.

Startup Cash for Newpreneurs

The contest entry deadline is August 14, 2009 at 11:59 pm. Regional events will be held in Chicago, Dallas, Los Angeles, Miami, New York, and Seattle.

Learn more about the contest and enter to win your share of the $100,000 grant.

If you need help finding or fleshing out a business idea, read YOU + TRUCK: Six Businesses You Can Start With A Truck. It’s filled with low-cost business startup ideas that are ideal for recessionary times.

$100,000 Grant for New Entrepreneurs is a post from: Careersthatdontsuck.com

Lay-Away for the Holidays

careersthatdontsuck — Thu, 23 Oct 2008 19:10:30 +0000

In a truly retro moment in the market, something I thought was gone with the Blue laws is back. Lay-away is making a comeback. Just in time for the holidays and the credit clamp-down, TJ Maxx, Marshalls, Kmart and Burlington Coat Factory have announced the rebirth of lay-away. Kmart’s even running national radio and TV ads touting it.

Lay-away is a great solution for cash-strapped, credit-starved consumers who can’t imagine showing up empty-handed for holiday celebrations. For those unfamiliar with lay-away, here’s how it works: Consumers pay a down payment and a percentage of the total purchase price of the merchandise. The store hangs on to the merchandise for several weeks/months until you pay off the balance. If you fail to pay the balance within the required period, the merchandise goes back into stock and you get a partial refund.

While the whole schema seems a little small-town hinky to me, but it certainly makes sense in this market. You still get to shop, but without the debt.

If you’re not in the market for a lay-away purchase, you can still put this news to use. Business owners can implement lay-aways on all or some of their products. The beauty of this is that, if you’re selling stock items (as opposed to special order or limited edition), you don’t actually have to purchase the inventory until you’ve received the full payment, or at least enough payments to cover your cost of purchasing the product.

Lay-Away for the Holidays is a post from: Careersthatdontsuck.com

UPS Delivers Small Business Loans

careersthatdontsuck — Mon, 08 Sep 2008 23:01:26 +0000

United Parcel Services (UPS) has announced that, beginning September 9th, they will begin lending working capital to small businesses via its new UPS Capital Cargo Finance program. UPS officials say the short-term loans will average around $150,000 and will effectively function like bank lines of credit. UPS will advance the small business owner cash to cover expenses such as buying inventory to fulfill an order. The small business owner will pay UPS half of the cost of a shipment of goods once it has taken possession of them, then the small business owner will have approximately 60 days to pay UPS the remaining balance plus interest.

UPS Capital Senior Marketing Director, Chris Vukas, said the program will be used to advance funds to pay for international, in-transit shipments of goods, allowing small business owners to obtain working capital earlier in the supply chain (sooner than they might if they had to wait for the inventory to sell). Vukas and UPS are calling the service, which is bundled with UPS’ customs brokerage services “a true global supply chain finance solution”.

UPS’ corporate site reveals that to be eligible for the program your business must be U.S.-based, have good credit, have at least 3 years of importing experience and import at least one shipment a month by ground, ocean or air.

UPS will host an informational webcast tomorrow (Sept. 9, 2008).

Not quite ready for this program, UPS also offers small business loans in conjunction with the Small Business Administration (SBA). These are government-backed loans that small business owners (and would-be small business owners) may use to purchase franchises, buy, start or expand a business and construct or buy a new facility. Check out UPS’ Small Business Solutions center.

Get More Info on UPS Cargo Finance:

Call: 1.888.812.5696

Email: Cargofinance@ups.com

APPLY FOR A UPS CAPITAL CARGO FINANCE LOAN

UPS Delivers Small Business Loans is a post from: Careersthatdontsuck.com

Opportunity Alert: Peddling Electric Bikes

careersthatdontsuck — Fri, 15 Aug 2008 23:37:45 +0000

Electric bikes–uncool as they sound–are hot! Another gift from Big Oil, the popularity of these retro cuties is soaring thanks to high gas prices.

Electric bikes are hybrids: They run on old-fashioned pedaling power and have a battery. Electric bikes are perfect for commuters who want to get into the city quickly and cheaply (no gas, parking fees or traffic to contend with). And, electric bikes are better than scooters (no gas, no license or registration required) and little like motorcycles (motorcycle-like throttle kicks in to give you a boost when pedaling uphill).

Prices vary, but you can get an EZIP Trailz electric bike for less than $400. ElecTec’s Electric bike costs just over $1,000. IZIP Trailz Enlightened bikes weigh in at a healthy $1,800. Price varies based on the battery type and the bike’s weight.

Most electric bikes can go at least 20 miles before recharging. Although the cost of electricity varies, fully recharging the battery costs less than a dime.

According to the National Bicycle Dealers Association, U.S. consumers bought 10,000 electric bikes in 2007 and sales are on track to be higher by the end of 2008. Amazon reported that its electric bike sales are up 6,000% over last year.

Here’s your opportunity: Pop up your own electric bike store either online or in/near a busy downtown area near you. Sounds scarier than it is, but you can create your own online store in a few hours, and you don’t even need to amass any inventory; just secure manufacturers/suppliers, create an online catalog, set prices that include a decent profit margin, market the heck out of your store, take pre-paid orders and then have those orders drop-shipped to your customers.

E-stores not your thing? Do it the old fashioned way. Rent a storefront (plenty of those empty now) or corner of an empty lot to erect your sales counter (folding table) and bike rack.

Your potential clients are cash-strapped, frazzled commuters looking for relief, bicycle-mounted police and security guards, budding environmentalists, curious gadget-lovers and lazy people pretending to exercise.

Opportunity Alert: Peddling Electric Bikes is a post from: Careersthatdontsuck.com

Small Business Loans: Coming to a Hedge Fund Near You

careersthatdontsuck — Thu, 14 Aug 2008 22:33:31 +0000

Those wily hedge fund managers are up to their old tricks–giving us what we want and making megabucks in the process. Their newest product is a hot, hard-to-get, one. It’s business loans.

Hedge funds are offering asset-based loans to a select few business owners. In exchange for sizable loans with short repayment periods (usually less than 1 year), business owners agree to high interest rates (around 2%-3% higher than a bank’s prime rate) and pre-payment penalties of as much as 10% if you try to pay up too early.

Needless to say, these loans aren’t for everyone. They’ll hard to get. They’re costly. And, unlike banks, hedge funds are not regulated.

And that’s not the only barrier to entry into the fortunate few to receive loans from hedge funds; you’ll actually have to have a business that’s solid and be able to prove it.

That said, they are fast becoming the biggest game in town. With banks and other traditional lenders scaling back their lending and boarding up their branches, hedge fund lenders are the new sheriffs in town.

5 THINGS YOU’LL NEED TO LAND A BUSINESS LOAN FROM A HEDGE FUND

Business plan – Lenders want to see that you have a plan for your business, that your business is on track with that plan, that you understand your market and customers, and that you have a real plan for spending their money–one that doesn’t involve you, a beach and a new passport.

Solid financials – They’ll want to see that you have enough money coming in to cover current expenses and the repayment of the loan. They’ll want to see a healthy cash flow and any indication that your business isn’t heading for the rocks.

Assets – Since these are asset-based loans, these hedge fund lenders will want to see that yours are worth seizing should you default. Assets they’ll consider include your receivables (payments from other companies or customers and sales revenue), valuable inventory, equipment, intellectual property and real estate. They’ll also consider any equity you have in other businesses.

Physical inspections – Your local banker or your Bank of America rep are not likely to show up at your headquarters to inspect your operation or better understand how your business works, but asset-backed lenders are.

Other documents – Lenders will want to see insurance policies and other documents that impact the value of the business.

Small Business Loans: Coming to a Hedge Fund Near You is a post from: Careersthatdontsuck.com

Careersthatdontsuck.com » Entrepreneurship

$100,000 Grant for New Entrepreneurs

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