Category: Running a Business

How Coronavirus Is Impacting the Restaurant & Hospitality Industries

How Coronavirus Is Impacting the Restaurant & Hospitality Industries

Ponce’s Mexican Restaurant in San Diego was slammed last weekend, despite the massive fear of coronavirus spreading. But today, things look a little different. While restaurants in the city hadn’t yet been told they have to shut down (they have since), Ponce’s elected to shut down dine-in service and focus on takeout. Owner Ponce Mesa said it was a difficult decision, but he said, “it’s better to keep our employees safe” than to try to continue normal operations.  While the… Read More
Can I Negotiate Vendor Terms Because of Coronavirus?

Can I Negotiate Vendor Terms Because of Coronavirus?

We’re in new territory right now, with COVID-19 shutting down more and more of the country (and world). Small businesses are already feeling the impact, and at Nav, we’re getting lots of calls from concerned entrepreneurs who want the best financing options they can find to help them stay afloat, given the situation. One of those opportunities could be to negotiate vendor terms because of coronavirus. Whether or not you decide to apply for a loan or line of credit,… Read More
Should I Do Business as a Separate Business Entity?

Should I Do Business as a Separate Business Entity?

A separate business entity is a business that’s legally and financially separate from its owners. A separate business entity has a separate bank account, with separate transactions and payroll for employees. Think of it as you and your business are two completely separate individuals. Before you choose what type of business entity, let’s talk about what is required and whether or not it’s the right choice. Should You Make Your Business a Separate Entity? The short answer is, yes. Even… Read More
11 Ways Retailers Can Combat Coronavirus Fears

11 Ways Retailers Can Combat Coronavirus Fears

Rita Mitchell, Certified Counselor at the USM Small Business Development Center’s College of Business and Economic Development, compiled a great list of 11 ways retailers can combat coronavirus fears, the closures, and the financial decline those fears are causing. Here are her suggestions. Have VISIBLE and TOTAL hygiene discipline. Mitchell suggests placing anti-bacterial pumps throughout a store. Also, posting photos online and on your website of "deep cleaning" activities can show customers your commitment to keeping them healthy while shopping.… Read More
Business Loan Brokers vs. Direct Lenders: Who’s Better for You?

Business Loan Brokers vs. Direct Lenders: Who’s Better for You?

So you’ve realized you need a business loan. You’ve probably searched for options a few times already, and you’re now at the point where you know the basics of business financing, but you’ve still got important questions. Namely: should you work with a direct business lender or a business loan broker to get your funding? The answer isn’t always straightforward, especially since there are hundreds of companies offering funding for small business owners in the United States alone. The picture… Read More
Valuing a Brand: What’s Your Brand Worth? How to Value a Brand

Valuing a Brand: What’s Your Brand Worth? How to Value a Brand

It’s easy to figure out the value of a product or service to a business. Just tally up the revenue generated by any particular product or service, and compare that to the business’ overall revenue. It’s often easier to do this with smaller or more specialized companies, but it’s possible at any scale. Just look at Apple. It’s the most profitable public company in the world, but its entire income statement can be boiled down to just five lines of business:… Read More