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Thanks a lot for sharing the list of free resources to run home-based businesses. When it comes to the website, the design of the site always matters a lot. And to present any product, or to show the specifications of the products, most websites are preferring images, as it is easy for the users to understand. And the most crucial part is that used images should have a small size, but at the same time, its quality should not be compromised. Here I would like to recommend a tool, Resize.live, to resize, crop, rotate and flip images in real-time.

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Who else loves working from home Let us know what you think in the comments below.

Thanks to https://www.theworkathomewoman.com/free-resources-business/comment-page-6/#comment-1216059

Thanks a lot for sharing the list of free resources to run home-based businesses. When it comes to the website, the design of the site always matters a lot. And to present any product, or to show the specifications of the products, most websites are preferring images, as it is easy for the users to understand. And the most crucial part is that used images should have a small size, but at the same time, its quality should not be compromised. Here I would like to recommend a tool, Resize.live, to resize, crop, rotate and flip images in real-time.

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Thanks to https://smallbiztrends.com/2022/06/small-business-news-roundup-june-17-2022.html

small-business-news-roundup-june-17-2022

From new entrepreneurs to seasoned business owners, funding the next stage of growth can be challenging. Whether it is for new equipment, staff, location, or other operational expenses, funding these expenses is costly. Many grants offer funding to address this particular stage of the entrepreneurial journey so companies can stay in business longer. The grants want owners to keep their businesses open, which in turn serves the communities they operate in by providing jobs.

The Antares REACH Grant Program is providing $20,000 grants to small businesses. The grants are looking to address businesses preparing for their next stage of growth across the U.S. You must apply by July 15, 2022, at 6 p.m. ET.

There are additional grants offering between $1,000 to $25,000 as part of the recovery effort from the pandemic with the federal American Rescue Plan Act funding. The grants focus on everything from child care businesses to training, education, mentorship, and loan support.

If your small business provides tax services, the IRS is extended the deadline for accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs to June 17, 2022. These are programs that help people file their taxes and the IRS helps fund the individual or organizations that carry out the services. In 2021 the IRS awarded 34 TCE grantees $11 million and 300 VITA grantees $25 million.

Small Business News Roundup – June 17, 2022

SBA Collaborating with Historically Black Fraternities to Address Wealth Gap

The U.S. Small Business Administration has announced a landmark collaboration with historically Black fraternities and sororities with the aim of addressing the wealth gap through Black entrepreneurship.

More Bad Signs for the Housing Market

It’s a bad sign for the housing market. And a troubled housing market is a bad sign for the economy. According to the National Association of Home Builders/Wells Fargo Housing Market Index, released June 15, builder confidence in the market for newly-built single-family homes posted its sixth straight monthly decline, falling to a 67 rating.

Business Loan Approval Rates Show Slight Increase in May, according to Biz2Credit Report

Biz2Credit Small Business Lending Index June 2022 Loan approval rates continue to slowly rise, with Big Banks and Small Banks seeing the strongest growth during May. “The continued incremental increase in loan approval percentage is encouraging,” said Biz2Credit CEO Rohit Arora. Aurora noted that the majority of small business loan funding comes at variable rates.

Instagram Digital Collectibles for NFT Creators and Collectors

Instagram is introducing digital collectibles to support creators and collectors in showcasing their NFTs on the popular social media platform.

Figuring Out Google Analytics 4

Soon, Google Analytics 4, or GA4, for short will be replacing the previous three versions of Google Analytics. Meanwhile, Anil Batra, Managing Partner of Optizent, and Shawn Hessinger, the Executive Editor for Small Biz Trends discuss why that should be something small businesses should look forward to instead of dreading.

Sriracha Shortage Upsetting Businesses and Consumers

A shortage of the popular Sriracha sauce is currently causing trouble for restaurant owners and customers alike. Sriracha Shortage Upsetting Businesses and Consumers California-based Huy Fong Inc. is one of the world’s largest producers of Asian hot sauce, and the company recently released a statement saying it was anticipating a major shortage of its famous Sriracha sauce.

Quarterly Tax Liability Payments Due This Week

The Internal Revenue Service (IRS) has announced that the deadline for taxpayers who pay estimated taxes for the second quarter is June 15. Individuals, including sole proprietors, partners, and S corporation shareholders are required to make estimated tax payments.

New Snapchat Feature Aimed at eBay Sellers

Snapchat has announced a new integration with eBay. Now, sellers on eBay can share their listings on Snapchat with ease, speed and efficiency. New Snapchat Feature Aimed at eBay Sellers Using the Snapchat Camera on iOS or Android, sellers can put their items right in front of friends on the popular instant messaging app to give their listings maximum exposure.

How Looking at Art Can Help Grow Your Business Skills

Most small business owners are looking to sharpen their problem-solving, analysis, and communication skills. Can this really be done by looking at works of art? On The Small Business Radio Show this week, Amy Herman says that art can be the key for improving business skills. She is a lawyer and art historian who uses works of art to sharpen observation and communication skills.

US House Passes 7 Small Business Bills – 2 for PPP and EIDL Loan Fraud

The House has passed seven bipartisan small business bills aimed at improving the operation and oversight of key Small Business Administration (SBA) programs.

Top 10 Businesses for Sale in June

As a business owner, you want an enterprise that will keep your interest for as long as possible. Whether it is two, three or 10 years, the longer it keeps your interest, the more motivated you will be to keep it up and running successfully. You also want a business that will set itself apart from the competition by selling products and services that stand out.

Image: Depositphotos

This article, “In the News: $20K in Small Business Grants for the Next Stage of Growth” was first published on Small Business Trends

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By Alex Ormond

I have been wanting to write this post for a very long time. Out of hundreds of business owners—either current or prospective—that I speak to on a regular basis, nearly one-half tell me they are about to commit the mistake I discuss in this post without realizing how it can set back their personal finances. In fact, you might consider this post a public service announcement, because the ease of making this mistake, coupled with its long-term effect on your personal financial well-being, is shocking.

I am talking about using a personal line of credit to fund your business. On paper, this process does not sound catastrophic, dangerous, or worrisome. In fact, it sounds logical and easy.

The typical thought process individuals share with me is as follows: You are passionate about starting a business or maybe buying an existing one, you have a good credit history, and the bank has given you access to a line of credit. It is sitting there waiting to be used and you realize that it’s an easy way to fund your dream of entrepreneurship—be it buying computers, equipment, paying yourself a salary, or depending on how large your line of credit is, even buying a business. You can simply take the money out of your personal line of credit and transfer it to your business. Easy!

In reality, however, this simple transaction can decimate your personal financial well-being, cut off your personal access to credit, suck you into a whirlpool of high interest rates, and leave you with a subpar credit rating for years to come.

A cautionary tale

A few years ago, I met David (name changed) and his wife for coffee. David was interested in buying a ski equipment shop where he worked from its then current owner. Both David and his wife were in their early 30s, did not have kids, but wanted to start a family soon and the dream of buying and running a business was very appealing to them.

In the course of our conversation, I asked David whether he and his wife had any savings, to which he replied, “No.”

As you can imagine, skiing is a highly seasonal sport. In the summer months the business dries up, revenue generation is uneven, creating unbalanced cash flow for the business and its owner. I expressed this concern to David, given his personal financial situation and the fact that his wife was planning on staying home and not working.

The combination of the highly seasonal nature of the store, coupled with David’s limited savings and his wife’s desire to start a family, all led me to recommend to David that he was not ready to purchase the business. I advised him not to buy the store as I was concerned that he may be in way over his head.

About a year later David called me. He mentioned that he had bought the store and needed a business plan that would support his application for a short-term loan to help finance operating expenses and bridge the seasonal cash flow shortfall the business had encountered. When I asked David how he financed the purchase of the store, he told me that he took nearly $50,000 out of his personal line of credit to buy the inventory and was leasing the retail space from the previous owner, who still owned the physical building.

Needless to say, I grew concerned. I asked David what interest rate he was paying on the line of credit. He replied, “9.5%.” At this point, it became clear to me that David committed the mortal sin of blending his personal finances with those of his business. He took out a highly expensive line of credit to purchase a highly seasonal business he could not afford to buy with fixed expenses he could not afford to pay. By maxing out his personal line of credit, David had sunk his credit score to levels that, unfortunately, made him ineligible, as a business owner, for the majority of business loans.

As I was speaking to David and explaining to him my view of the situation, I could feel his heart sink. I advised him to run a credit report to see his own score: it had gone from nearly 740 to below 630. On top of that, he owed the bank $50,000 he borrowed from the line of credit at an annual rate of nearly 10%.

The previous owner of the store had built up cash reserves to provide the business with liquidity during the low season. David did not have such savings. Ultimately, he sold the business, repaying about $35,000 of his personal line of credit in the process, and taking a year to pay off the rest as he pursued a career in restaurant management.

Other Articles From AllBusiness.com:

Why banks offer lines of credit

Lines of credit are a great tool for short-term needs, but should never be used to finance long-term cash shortfall in your personal life. For banks, lines of credit are just another way to earn interest, so naturally they make them available to you and hope you will take advantage of the easy money and don’t repay it any time soon. The longer your line of credit is being used, the more interest income the bank receives.

I fully realize that there comes a time when, for personal reasons, you need to dip into your line of credit, sometimes even for long periods of time. This is what they were designed for; however, you should never fall into the temptation of using the funds from your personal line of credit to support your business—here’s why:

Top reasons why your personal line of credit should be off limits to your business

1. Your personal financial well-being must always come first. Never put your personal finances at jeopardy in order to keep your business going. A successful business will not require you to do this, whereas a failing business should be terminated and you should move on.

2. There are other sources of business funding. If your business requires financial assistance, there are appropriate tools such as loans and investor funding available to you. You can also leverage a business lines of credit, but never use personal lines of credit.

3. What happens if you fail? As in David’s story, you can be on the hook for repaying your personal line of credit if your business fails.

5 things you can do instead

1. Start a business that requires little upfront cost. This can include consulting, marketing, SEO, web design, coaching, teaching, or affiliate marketing. There are tons of options.

2. Start or purchase a business where business assets can be used as collateral. Whether you are buying a dental clinic or starting a food truck (as examples), businesses that have fixed assets (which can be resold if the business goes under) tend to attract better financing options as lenders offer specialized loans for equipment, inventory, etc.

3. Make sure you have personal savings. You must ensure you have a personal financial safety net in case your business venture hits hard times and it is your only source of income.

4. Apply for business loans—not personal loans—to help finance your business operations. There are plenty of options available to small businesses that require operating, equipment, or cash shortfall loans.

5. Save and lend your savings to your business. Your personal line of credit does not belong to you—it’s a loan from a bank to your person; therefore, using it to finance your business is dangerous and unwise. Instead, take time to save some money, and if your business hits a snag, lend it from your person (as an individual) to your business.

RELATED: 22 Mistakes Entrepreneurs Make When Pitching to Investors

About the Author

Post by: Alex Ormond

Alex Ormond is founder of BizPlanShark, a small business consultancy that over the last 10 years has helped small businesses and entrepreneurs improve strategies, operations, finances, and to secure as little as $50K to as much as $1.5MM in funding. Through BizPlanShark, Alex leverages his career in corporate marketing, strategy, and business development to help entrepreneurs benefit from the quality and type of advice typically reserved for large budget firms. Using Alex’s strategies, his clients have pitched companies like Ulta and Sephora, launched franchises of some of the most successful cosmetics and consumer companies (INGLOT Cosmetics, Rylko), and started numerous startups in Canada, the United States, and Europe.

Company: BizPlanShark
Website: www.bizplanshark.com
Connect with me on Twitter.

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It is ok to have a friendly relationship with coworkers. Actually, this makes the work day much more enjoyable. However, becoming friends with direct reports is a little trickier. As the boundaries are getting blurrier in corporate America and the workplaces are shifting to a more casual environment, especially young employees are having difficulty in defining their relationships with their superiors. Therefore, everybody has to consider the below points before considering their managers as their friends.

  • Friends are equals to each other: Your boss is superior to you. However, your friends are your equals. Even if your boss treats you friendly, this doesn’t mean that s/he is your friend. Remember, you are responsible of reporting him/her and s/he is responsible of evaluating you.
  • Friends do not try to change each other: Friends accept each other as is and don’t try to change each other. If your friend tries to change you, then, this is not a real friendship and probably, your friendship won’t last long. On the other hand, your manager can try to change your behaviors or work habits, if s/he thinks your performance is not enough. It is your superior’s job to give you feedback and push you to change yourself for the better.
  • Friends are there to support you: Your true friends are supportive to you no matter what; your boss doesn’t need to be supportive. You can talk with your friends about the things that bother you or problems in the office or sometimes make gossip. Clearly, it is not a good idea to gossip with your boss especially about work related things. S/he also doesn’t need to know about your personal problems, even if s/he has good intentions.
  • Friends do not require a progress report: A true friendship doesn’t have expectations. Nonetheless, in the office, a boss has expectations from his/her employees. S/he checks on your progress to make sure you complete your given tasks. Therefore, this is not a mutual but a one-sided relationship because you are expected to fulfill certain things.
  • Friends are not supposed to be role models: Managers should be good leaders and role models. They are supposed to set examples in the workplace so others can follow them. However, friends are not supposed to do this. They can behave pointless and let their guards down when they are spending time with you. Managers never do this.

The post Your Manager is Not Your Friend appeared first on Personal Branding Blog – Stand Out In Your Career.

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