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Redfin, the popular real estate listings site, has filed for IPO. The Seattle-based company unveiled its filing, suggesting that it will raise $100 million, a placeholder that is subject to change. The timing of the filing implies that Redfin is likely to debut in late July or early August. Because of the JOBS Act, most companies can wait until 15 days before their investor roadshow to… Read More
Snap Map is Snapchat’s plan to tie together its online content with ways to augment your offline reality, and its got the patent to back it up. Augmented reality location startup Drop tells TechCrunch that Snap Inc acquired its intellectual property in 2015 including its “Location-based messaging” patent. In 2013, Drop developed an app that would let you post photos or text to… Read More
For the past hundred years, we’ve cherished privacy, but the time has come to recognize that privacy is now only an illusion.”
– – Data for the People
In order to have information, you have to exchange something. If you want a product delivered to my home, you have to give your address to the store that will deliver it. If yoou want to get hired by a business, you have to provide confidential information (your address, Social Security Number, employment history, etc.) to the HR department or manager.
The majority of people today don’t think twice about doing this.
Data for the People argues that you might need to rethink this approach when it comes to things like social media, artificial intelligence, Big Data and the Internet of Things. Unlike previous generations, relationships in the new age of data are much more complicated. You reveal more about yourself, consciously or unconsciously, in this age than ever before. You aren’t just revealing your address, you’re revealing your interests, passions, habits, and more without even realizing it every time you go to the ATM, click “Like” on Facebook, or order something online.
The outdated idea that if you don’t share, you keep your information private no longer works in a world with Google searches, camera phones, analytics tools and social media. Instead, as author Andreas Weigend advocates, businesses should develop a new model of transparency that lets consumers know what they are gaining in exchange for their information so they can make an informed decision if they want to participate. Weigend argues that, if customers don’t fight for this, they may end up in a world where their data can be used against them rather than for them.
Weigend is a former Chief Scientist for Amazon and currently serves as a professor, consultant, keynote speaker and director of the Social Data Lab. Weigend teaches the popular “Social Data Revolution” course at Stanford University along with other courses at UC Berkely, and around the world.
Data for the People emphasizes the responsibility businesses and customers share in this new world of data sharing. This is something many businesses fail to discuss at a deep level, despite the constant pressure for more transparency. The book actually breaks down what transparency could look like and how everyone, from the owner of Facebook down to the Facebook user and everyone in between, can be more proactive about protecting their rights to data.
Data for the People lays out a new set of data rights for everyone. It also specifically demonstrates how businesses have navigated the confusing world of data rights (like requiring ID for verification and accountability). Data for the People focuses most of its recommendations, from the consumer point of view. More discussion on the impact of data privacy and rights from the point of view of business (like a small business who wants to target customer user’s cell phones for a marketing campaign) would be even more helpful.
Data for the People is written for everyone but offers different advice for the two basic groups of people out there, people who provide content (consumers) and people who use the data they provide. For consumers, the book is a call to urge businesses like Facebook or Google to adopt a higher level of transparency and access. For people who use the data (like businesses or government), this book is a rallying call demanding accountability and responsibility. Getting any piece of data from a consumer is risky (and potentially costly), so businesses need to take every precaution they can to keep the data they collect safe from danger while also providing access to the right people. This is a juggling act that businesses will continue to face.
This article, "Data for the People: Understanding the Dark Side of a Data-Filled World" was first published on Small Business Trends
(This post originally appeared on PhillyMag)
I frequently travel around the country meeting and speaking with business groups about issues affecting their companies. The business groups I speak to are located in places like Montana, Ohio, Nebraska, and Texas. Many of the attendees are farmers, manufacturers, distributors, and service providers. Most of them don’t live in big cities. And yes, like me, the majority of them lean to the right. Some even fall over.
Of course, health care is a major part of those discussions. And you know what I’ve found? We right-leaning conservatives actually have a whole lot in common on that issue with our left-leaning friends. OK, not with Lena Dunham. But more than you may realize.
Don’t believe me? Let’s try. Regardless of where you stand politically, don’t you believe that this great country should have a great health-care system? We all do. You likely think the system is broken, right? Yup. I’m also betting that you have little faith in our political leaders to figure this one out, true? Thought so. You could afford to lose a few pounds? Yeah, me too. See?
Here’s something else we also agree on: There will never be a perfect health-care system. The 535 members of Congress do not have the time, the resources, or the intellectual prowess to come up with an innovative answer to this problem. In their defense, even the country’s greatest academic minds disagree on the best approach to solving the issue of providing affordable coverage for everyone. No one really knows. So let’s just admit that health care — like welfare, social security, immigration, income equality, and the astonishingly high ratings of The Bachelor —
is just another one of those mysteries that can never be fully solved.
So, fellow Republicans, I know we all hate big government and the welfare state, but this may be the right time to consider — really consider — a single-payer health-care system. Isn’t this inevitable? And in all honesty, isn’t this the best choice among a raft of mediocre ones? Isn’t it better than the latest, highly flawed bill that the Senate recently unveiled? Reluctantly, I think it is.
My wife is from England. Her elderly parents have leaned heavily on the country’s National Health System. And you know what? It sucks. Many hospitals are in lousy shape. The doctors are overworked and underpaid. Some of the technologies aren’t as advanced as the U.S. Waiting times are long. But … it kind of works, and it’s there for everyone. Better yet – when my in-laws get fed up, they skip the bureaucracy and pay for additional insurance that enables them to get better care. Yes, they are lucky enough to be able to afford this.
There are better single-payer systems in the world than the one in the U.K., created by countries that were civilized thousands of years before the cheesesteak. These people have figured out how to live a better life: more wine, fewer reality shows … and a single-payer health-care system. French citizens get reimbursed anywhere from 70 to 100 percent of their health-care costs, depending on need. Swedes pay a portion of their health care out of pocket, but there’s a cap. Italy’s national insurance covers everything from medications to surgery. Like the U.K., these countries allow people who want to pay more to get insurance that covers private care. But if you don’t, the national coverage is there.
Yes, there will be more taxes. In the U.K., for example, there’s a 12 percent surcharge on income to pay for their crumbling National Health System. But let’s compare apples to apples. How much are you paying for your company’s plan now? And how much more are you forking out for co-pays, out of pockets, deductibles, and noncovered drugs or treatments? The U.S. pays about 17 percent of its gross domestic product for its health care system, one of the highest percentages in the world. A great portion of that is government funding for Medicare, Medicaid, and other health care programs that already comes out of my taxes.
Yes, yes, the government is too bureaucratic and terrible at doing everything. But more bureaucratic and terrible than today’s “private” system? And what about the Hoover Dam, the U.S. military, I-95, NASA, Abraham Lincoln, and the 1980 U.S. Olympic hockey team? Health care, like social security and welfare, is an entitlement. Everyone should have it. For God’s sake, stop with the complicated legislation that no one reads and the mind-numbing debates that no one listens to. Just provide it for those who need it and collect our taxes so we can get on to debating more important things, like why Kevin Spacey curiously chose to do an impression of Bobby Darin on the Tony Awards.
We’re all sick of the health-care issue. I’m sick of dealing with my employees’ health-care expenses. I don’t even think it’s right that I must know their personal health situations either – what business is it of mine? All this eats up my time and — more and more — my P&L every year. I’d rather be rid of that headache. A single-payer plan solves that problem for me. I’m frustrated with the number of people who don’t get quality health care in a country where even the poorest seem to have a Netflix subscription. I’m confused and frustrated with the nonsense and arguments made by nonexperts shouting at each other on CNN who are for and against Obamacare, tax rebates, block payments, state waivers, mandates, and full-time equivalent employees.
So let’s just do a single-payer system. Like Lena Dunham, it won’t be perfect. But we, like she, can work on it.
Think you have a weird product that no customers would go for? The story of Bob’s Pickle Pops might prove you wrong.
Bob’s Pickle Pops is a business that provides a really weird product — frozen pickle juice. Think freezer pops but with pickle juice instead of sweet, fruity flavors.
Sound gross? Maybe to you. But there’s actually a decent sized market for the product.
Co-founder of Bob’s Pickle Pops John Howard actually owned a roller skating rink before starting this latest business. Pickles were one of the most popular items at the snack bar. And when the pickles ran out, he started serving the juice. Then the juice became more popular than the actual pickles, and he started freezing it just to keep up with demand.
Now, Bob’s Pickle Pop’s are actually stocked in Walmart stores and have been featured on the Food Network.
This doesn’t mean that every weird business idea is going to succeed. But there are some unexpected ideas out there that could surprise people. So the next time you’re considering a new idea for your business, don’t just dismiss something because you think it’s too weird. Do some research or testing to see if there’s a market out there for your very own weird business offering.
Image: Bob’s Pickle Pops
This article, "Bob’s Pickle Pops Proves Even Weird Products Can Appeal to Customers" was first published on Small Business Trends
(This post originally appeared on The Washington Post)
It seems like everyone’s using mobile applications–or apps–nowadays. But a new research report says we’re just getting started.
Analytics tool maker App Annie has published its latest report on the “app economy” and according to ReCode, things are about to explode. In just five years, App Annie estimates that the app economy will be worth about $6.3 trillion, up from $1.3 trillion last year.
So what exactly is this “app economy?” The money will come from different sources: buying and downloading new apps, buying products with those apps and the advertising revenue generated by the apps. Travel apps and gaming will continue to be hot. People in in South Korea, Mexico, Brazil, Japan and India are already spending more than four hours a day on their mobile apps and usage in those countries is projected to rise.
The big driver could be mobile shopping. The mobile commerce market now accounts for about 90 percent of mobile app usage and is expected to rise even further, along with the number of users worldwide buying goods from their smartphones. E-commerce giants like Amazon.com and Alibaba as well as countless other mobile service sites from Uber to Airbnb are becoming more mainstream as more users rely on their smartphones to make purchases and book reservations rather than their desktop computers. (Amazon chief executive Jeffrey P. Bezos owns The Washington Post.)
Another big factor will be mobile payment services like Apple Pay, Square and PayPal which are predicted to rival the use of credit cards over the next few years. In addition, many traditional brick and mortar retailers–including Walmart and Target–are investing heavily in e-commerce and mobile shopping solutions to complement in-store browsing.
Although the report found that more than 65 percent of mobile users downloaded and installed at least one app in May 2017, the forecasted app economy isn’t necessarily driven by new downloads as it is by usage. According to the ReCode story, App Annie predicts that global usage will double but so will the time and money spent on apps with the typical person spending around $1,000 (up from about $350), on average, using their mobile apps by 2021.
All of this will create opportunities for thousands of entrepreneurs who develop solutions, manage data, nurture customers and secure transactions. If you’re looking for a place to make money, the app economy beckons.
Enterprise cloud company Tintri was supposed to debut on the public markets yesterday with an IPO price between $10.50 to $12.50, but then pushed things back a day and lowered its price to $7. Shares were up about 3.5% midday Friday, trading at roughly $7.25 per share. In what seems to be a tough week for tech IPOs, cooking kit delivery service Blue Apron also significantly lowered its price… Read More
Kinetica’s roots as a company go back to a 2009 consulting project for US intelligence services. When they couldn’t find a solution on the market to meet the strict demands of the army and NSA to track terrorists in real-time, they decided to build it. Today, it’s an in-memory database solution that relies on commodity hardware running Nvidia GPUs to supercharge the processing.… Read More
The iPhone made its official debut t 10 years ago. The device that changed the landscape of the smartphone industry offers some unique business lessons and of course — tools for business.
And businesses using these tools got some good news recently too. Bills for data streaming on the phones are going down. The reason? Smartphone saturation. What an appropriate bit of news as the device that started it all celebrates its first decade. Read about these updates and more in this week’s Small Business Trends news and information roundup.
This week 10 years ago, the original iPhone was released to the public. Now we know that the iPhone is a hugely successful and transforming product. But back then, Apple took a huge risk in creating something so different from what customers were used to. And the process for creating the product was far from easy.
U.S. cellular service costs are plunging. The consumer-price index for wireless phone service dropped 12.5 percent between May 2016 and May 2017, according to the Labor Department. That’s a pretty significant drop that could have an impact on consumers and businesses alike.
Every business owner wants to succeed. But achieving success doesn’t come easy to most entrepreneurs. Fifty percent of small businesses, in fact, fail in their fifth year. This shocking revelation comes from new data presented by online insurance service provider, InsuranceQuotes.
Small business owners feel confident about their prospects, according to the latest Small Biz Index. The recent survey of 1,000 small business owners was conducted by MetLife (@Metlife) and the U.S. Chamber of Commerce between April 30 and April 21, 2017. According to the data gathered, 60.6 percent of small business owners said they have a positive outlook for their company.
Employees leaving your organization might be putting your business at risk. That’s if they are like the 35 percent of employees who say it’s common to take company information with them when leaving a company. This startling revelation comes from a new study (PDF) by tech giant Dell (NASDAQ:DVMT). The research has provided several other interesting insights too.
Hiring professional freelancers for your next project just got easier. Israel-based freelance marketplace Fiverr has announced Fiverr Pro, “the newest high-end initiative of Fiverr’s global marketplace for talent,” the company says.
Small businesses have a tough time managing money and payments, a study has found. According to research conducted by WePay, an online payment service provider, 41 percent of businesses report having experienced cash flow challenges. Sixteen percent say they have experienced payment fraud — just in the last year.
On July 1 there will be significant changes to consumer credit scores as America’s three largest credit-reporting agencies (Equifax, Experian and TransUnion) will be dropping nearly all civil debts and some tax liens from their reports.
May turned out to be a tough month for small businesses seeking funds. Loan approval rates at big banks, small banks, alternative lenders and credit unions declined, the latest Biz2Credit Small Business Lending Index has revealed.
As summer kicks in, more small business owners and entrepreneurs are likely planning to pack up and go on a much deserved vacation. While conventional advice is to switch off the smartphone and step away from the office for that deserved break, a new study has found smartphones can actually help you relax while on vacation.
Recent marketing insights from Bing reports students are planning their back to school purchases while still enjoying their summer break. So, when does back to school shopping begin? A look at search volume for back-to-school basics shows that it starts earlier than many small business marketers might have guessed.
There’s no denying it: Summer is here. To kick off the season, folks are uncovering their grills for the first time in eight or nine months and firing up some ‘shrimp on the barbie.’ A little corn on the cob, freshly-sliced watermelon and homemade cherry cobbler round out the all-American picnics taking place in backyards across the country.
Snapchat (NYSE:SNAP) announced a new feature this week that could impact how your business markets to local consumers. Snap Map, as it’s called, is a location based service that shows Snapchat users where their friends are hanging out nearby.
Independent florists may be interested in a new offering from online floral marketplace BloomNation. The new service, called BloomPro, basically offers independent florists the option of having a dedicated floral commerce account manager at their disposal without having to hire one.
The Summer Fancy Food Show takes place in New York this week, showcasing hundreds of specialty food makers with some really unique products. The Summer Fancy Food Show The Specialty Food Organization puts on the show each summer, along with one in California each winter.
An unscientific poll of a few dozen shoppers revealed that many consult their phones before they buy something. The poll — commissioned by Edgenet — was taken of 60 big-box store shoppers in Nashville between May 22 and June 5.
Clean eating isn’t just about improving health. It can be an entire lifestyle shift. And for one couple, it even led to a great business opportunity. The founders of Clean Juice decided to start their business after seeing just how much of an impact clean eating made for them personally. Read about their journey and more in this week’s Small Business Spotlight.
The Secretary of Homeland Security John Kelly this week announced enhanced security screening measures for all commercial flights to the United States.
If you have a small business website, you know how dangerous malware and viruses can be. Open the wrong email and you can infect your entire network. It’s important to be protected against online attacks on your reputation too. Compounding the need for new security products is the evolution of malware.
There’s a new tool for establishing your digital presence on the web, but it isn’t available to your small business just yet. Google Posts lets your business create content on Google (NASDAQ:GOOGL), which can then be optimized to rank high in search results. When it was first launched in 2016, it was during the Presidential campaign, and it was intended for the candidates.
Manufacturing offers opportunities often less known to small business owners. This is because these opportunities aren’t always viable for small businesses with limited resources. That could all be changing though, thanks to some high tech innovations
iPhone Photo via Shutterstock
This article, "In the News: iPhone Anniversary, Plunging Smartphone Bills and More" was first published on Small Business Trends
Blue Apron is now down from its IPO price during trading today, falling around 4% and down to around $9.60 — a bit south of its original price. Early in the planning process, Blue Apron was shooting for a price range of between $15 and $17, which would have helped it raise even more money and value the company at around $3 billion. Instead, it had to settle for a valuation below $2… Read More
(This post originally appeared on the Huffington Post)
Today’s executives and managers are taught not to discriminate on the basis of an employee’s culture, religion, gender or sexual orientation. We understand that inappropriate behavior — from sexual harassment to discrimination — cannot be tolerated in today’s workplace and so we are careful to avoid such actions. Some companies, like Uber, have learned the consequences of such behaviors.
Then there’s Badoo.
Badoo is a popular dating app, Bloomberg reports. But as popular as it is (the company has more than 60 million users in Russia and Latin America), it’s not as well known in London, where its headquarters are located. Like other young tech companies, Badoo is challenged to draw top-quality people in a tight labor market and oftentimes finds itself pitted against giants like Google and Facebook. So what to do? Why not set yourself apart by throwing lavish, wild parties that feature half-naked women dressed as mermaids, bikini-clad women dancing on a stripper pole and almost-naked models that serve as sushi platters? Who wouldn’t want to work there?
The investment isn’t trivial. The company employs two full-time event management staffers and a contingent of external planners, including one that specializes in circus and cabaret shows. The cost? About $25,000 to $45,000 for each party, and the company was doing one a week at least through the end of 2015 until the pace slowed down to monthly.
Isn’t this a lawsuit waiting to happen? “It’s certainly misguided and inappropriate,” says one employment lawyer in the Bloomberg piece.
Although some employees have complained about the company’s “regularly sexualized office culture,” Badoo’s CEO, Andrey Andreev, isn’t as concerned. He said he hasn’t received any “serious” or “official” complaints and that the parties are “meant to reward staffers, many of whom are young Russians living away from home for the first time,” with themes chosen by the company’s employees — both male and female. The company also has family-friendly parties where, presumably, sushi is served on plates.
The big question is whether this strategy is working. It’s tough to tell because the 400-person company isn’t publicly traded and doesn’t share a lot of data with outsiders. But Andreev says Badoo is profitable and, according to the Bloomberg report, it’s U.K. subsidiary made an operating profit of £304,000 in 2015.
California roll, anyone?
Playground Ventures — the VC fund co-founded by Android inventor and former Google exec Andy Rubin that sits alongside an eponymous incubator/startup studio and is making some big bets in areas like artificial intelligence and new generations of hardware– is raising more money. A Form D filed with the SEC notes that Playground Ventures is in the process of adding another $15… Read More
Binary Capital, the San Francisco-based early stage fund whose cofounder, Justin Caldbeck, resigned this past Sunday, is shutting down for all practical purposes. A source tells Bloomberg that the young firm, which had closed its second fund last year with $175 million in commitments but barely begun to invest that capital, will be wound down. Binary’s portfolio companies, including from… Read More
Through this series I have the opportunity to speak with a variety of interesting people on a great many topics. But this week’s conversation was the first time I had the chance to do so sitting on the edge of the Atlantic Ocean in Bermuda … watching Oracle Team USA compete for the America’s Cup against Emirates Team New Zealand. And while the end result wasn’t what we hoped for, with Team USA losing 7-1, It was still a great experience and an opportunity to learn how modern tech is changing the race.
Benedict, a member of Oracle Team USA, took a few minutes away from the race to share how the team is using an unbelievable amount of data they are able to collect during the race, along with video and pictures captured, to help change strategies in realtime to move the team forward. And while this is fascinating to see how modern tech is changing the race for The Cup, there are definite business lessons to take away. Plus, I get to bust out my cabana wear for the first time in a while. So I owe a big debt of gratitude to the folks at Oracle for inviting me down to see the races and learn more about technology’s role in the event.
Below is an edited transcript of our conversation. To see the whole conversation check out the embedded video above and the audio player below.
* * * * *
Benedict: Sure, so basically if you look at this Cup, and the previous Cup, the biggest news were the foiling systems. In the past, the boats were sitting in the waters, so you always had a lot of drag, and the drag stopped you accelerating. So in these two Cups we now have foiling catamarans. They lift out of the water, similar to an airplane, and they can go three times the wind speed, which is a different story basically. The hulls do not touch the water anymore. Therefore, they just go faster and faster.
Brent Leary: This morning we talked about, being there at the end of the day, taking this video, taking all the data that’s coming from sensors, and turning that into strategy. Talk a little bit about how you’re able to take all this data you have access to now, and how that plays a role in strategy.
Benedict: We have around 300 to 350 sensors on board, and they take measurements every 5 seconds. This data is being streamed right away to a boat, which follows the race boat all the time. Then they store it back on Oracle databases. We have a huge container over there, with services set up, and it’s air conditioned, since it’s pretty hot here, but it plays a huge role for the engineers because now they always can flip back, and combine the moving pictures, like the video pics, with the data. So you can see how the boat is performing.
There’s a drone always following the boat. So we always have drone pictures, and that’s a good thing that we have everything synced together. So all the engineers, they just can grab all this data, to see how the boat performs under which conditions. They see what changes it made, due to the changes they made on the boat. That’s the biggest challenge basically, because sometimes you don’t know if the change you’re doing is as good as the theory tells you. So they go back and forth, and back and forth.
Over the last week, they went out three times. Today they took the boat off the water, took all the data. They analyzed it. They made some changes, put the boat back in the water. So they had hectic times.
Brent Leary: Is that gonna be what happens tonight as well?
Benedict: I think they went out tonight, or this afternoon again to do some little testing again, but the boat performance wasn’t the issue today. We had two not so good stories I should say.
Brent Leary: Okay, well let’s talk a little bit maybe about the future. What do you think is going to happen with the use of technology and data two years from now, four years from now?
Benedict: So I’m not sure how familiar your audience is about the America’s Cup, the tricky thing is, the winner takes all the rights to decide what’s gonna happen. So right now, it’s a very technology driven game, because the boats are leading edge, they’re foiling, a lot of technology involved, so maybe in the next Cup, we might not foil, because the winner decides on what boats we’re gonna race. So that is gonna be a tricky thing.
For sure there’s also technology involved, in order to make the boat as fast as possible to the given rules they decide, but right now we don’t know. Is it a foiling boat? Is it a catamaran? Is it a monohull? Is it a trimaran? We have no idea. So if Oracle will win, there’s already a kind of set scenario which four teams agreed on, how to proceed, so there’s already a schedule, and they decided on boat designs. But if Emirates Team New Zealand keeps them going, you don’t know what happens. We don’t know. They might go back and say we’re going to race on monohulls as we did in 2007 with the America’s Cup class boats. So you don’t know.
This article, "Benedict of Oracle Team USA: How Sensors, Data, Drones and Video Shape the Chase for the America’s Cup" was first published on Small Business Trends
Getting the right financial product for your small business is important. However, entrepreneurs should be careful about which small business financing options they choose. Some make more sense for your company than others. Small Business Trends talked with Hanna Kassis an expert at Segway Financial about how to differentiate between loans, cash advances and factoring.
“The biggest difference is cash advances and factoring are not loans, although sometimes they’re disguised as loans,” Kassis says. The trick for small business owners is in understanding how to pick the financial product that works to make their situation better. Choosing the wrong path can lead to deeper financial issues if your small business is in some trouble to begin with.
Here’s a chart showing the benefits of the various types of financing depending upon your business needs:
There are some fundamental differences. For example, small business loans report to the credit bureaus about the credit of the business and not the owners. These are generally the way to go when you’re looking to make a long term investment in your business.
A good FICO score is required. All your company assets can be used as collateral and funding usually takes about 3-7 days. Use these when you’re on a stable footing financially and looking to grow or expand. Small business loans are a great way to replace outdated machinery and even build a new wing.
Miss a payment on one of these and it gets reported on your business credit. With the other two types, that kind of slip up gets reported on your personal credit.
These other products have a different set of requirements. A merchant cash advance is a good product for an emergency financial situation. Factoring is the right tool to match income and expenses. With the merchant cash advance, cash flow history is required but your small business doesn’t need to supply any collateral.
Factoring, on the other hand, requires actual invoices and those receivables and invoices are used as collateral.
Kassis notes another difference between the two products.
“Companies that qualify for factoring are typically B2B under unfavourable terms,” He says. “That delayed payment could be a result of the seller offering it to get business or the vendor offering it because they’re spending enough money they can dictate the terns of the deal.”
Say you’re selling bolts to a manufacturer. They’re buying in volume and keeping you busy, buy not paying for terms of 30, 90 or ninety days. Factoring can help you can over temporary cash crunches. These products generally take about 2-5 days to process.
If you send invoices, you have a wider range of options. Those choices are limited for enterprises like grocery stores that accept cash up front.
“Businesses with invoices will qualify for factoring, cash advances or a loan,” Kassis says. “Businesses that don’t invoice can only get a cash advance or a loan.”
Cash advances are the quickest solution to get but you need to be careful when you make a decision to go after one of these. There is no collateral needed here and the time to fund is quick at 1-3 days. However, Kassis is clear small business needs to take a good look at why they’d need this type of money before they act.
“The cash advance is the catch-all. With about $10,000 a month from any source, you can probably get one of these products.”
However, there’s a big caveat to this catch-all. Kassis explains this is a great product for seasonal businesses and restaurants in tourist areas. Both of these small businesses might need some cash ahead of their busy season. He’s clear, however, a cash advance won’t stop a downward business slide.
“If you’re struggling, a cash advance will put you out of business,” he says.
Factoring Photo via Shutterstock
Chart courtesy of InvoiceFinancing.net
This article, "The Difference Between Loans, Cash Advances and Factoring" was first published on Small Business Trends
The meteoric rise of the number of active monthly users on Facebook (NASDAQ:FB) is nothing short of amazing. And when Mark Zuckerberg announced that Facebook has 2 billion monthly users, the company both appreciated the accomplishment, and the sense of responsibility that came with it.
Facebook Chief Product Officer Chris Cox told TechCrunch, “We’re getting to a size where it’s worth really taking a careful look at what are all the things that we can do to make social media the most positive force for good possible.”
Facebook has a methodical approach driven with a broad mandate, which includes titles such as VP of social good in addition to growth, marketing, analytics, internationalization and other positions. The systems the company has in place is proven, and it is being used to increase the numbers of its other brands: Facebook Messenger, WhatsApp, and Instagram.
These brands also have the largest monthly users in social media, with Facebook Messenger and WhatsApp at 1.2 billion and Instagram with 700 million.
It took Facebook four years to hit 100 million users in 2008. The next milestone was half a billion in 2010, and one billion in 2012. And when the numbers seemed to be slowing down, it introduced Facebook Lite to make the platform more accessible in developing countries. In just two years the Lite version reached 200 million users.
Here is a graph of Facebook’s growth:
As Facebook looks to the next billion users, it reminded people why the platform is so popular in a news post.
People use Facebook to connect with each other. Whether it is celebrating birthdays and Valentine’s Day or sharing community stories. And the company says it is pushing the positive force for good with facebook.com/goodaddsup and Facebook Communities Summit to connect more people no matter where they are.
With every Facebook user connected to one another by an average of 3.57 degrees of separation, you can basically say Facebook has made it possible for 2 billion people to know each other.
For marketers and small business owners, of course, Facebook’s size is important because of the number of potential customers — or partners or collaborators — you can reach with the network.
But it’s also worth the effort to look at some of the ways Facebook has become such a powerful brand. The company filled a need — the need to connect — so basic that it is common to almost everyone. And it did so in a way that has never been done in quite the same before.
It then made itself quickly indispensable, not just to its users, but to advertisers seeking to reach them. Small business owners would be wise to do the same.
Images: Facebook
This article, "Facebook Hits 2 Billion Monthly Users" was first published on Small Business Trends
