Time to look at the latest VIAINVEST updates and performance in August 2024.
Security offerings from Latvian loan originator expanded
We have expanded our flagship 13% annual interest offerings in Latvia, our largest loan originator. Securities backed by VIA SMS Latvia are now available for 12 months at 13% and 6 months at 12%. Furthermore, the offer is extended to securities with a 3-month maturity period and a 10% annual interest rate.
New post in blog series – “Meet the team”
We’ve released the last blog in our “Meet the Team” series. This time it features Marta Smila, Head of Legal. Marta tells us the story of her road to VIA SMS Group and VIAINVEST, about the dynamics of her team and their work in regulatory compliance and investor protection. Stay on the lookout for future releases on our blog!
Improving our client management system
Throughout this summer, our team has been working on improvements to our client management systems. The upgraded system will enable our investor support team to provide faster and more efficient assistance, creating a better experience for our investors.
A monthly summary of statistics
August 2024 marks the first time VIAINVEST has reached 11M in loans published. A new record has also been hit for loans funded.
Loans published – 11 066 518 EUR
Loans funded – 10 467 120 EUR
Interest paid to investors – 390 062 EUR
Interest rate up to – 13 %
Total client registrations – 41168
Disclaimer
1)This is marketing communication, not investment advice or investment research. Investments involve certain risks and costs. Legal information about SIA “Viainvest” and its services is available here: https://viainvest.com/en/company/legal/. 2) This is a periodic fact sheet provided for informational purposes. Data sourced from our own internal records. Past performance is not a reliable indicator of future results.
When someone becomes unable to work due to injury or illness and goes out on disability, there may be sources of income replacement available through the State that you live in and/or the federal government. Only a handful of states have a State Disability Insurance Program, and the Social Security Administration provides federally funded programs to assist disabled workers.
State Disability Insurance Program (SDI)
Five states (California, Hawaii, New Jersey, New York, Rhode Island) and Puerto Rico, have State Disability Insurance (SDI) programs. These programs are designed to partially replace wages for workers who are very ill, injured off the job, and unable to work. If someone is disabled for less than one year, a state disability program may be the only source of disability benefits through a government entity.
In California, the Employment Development Department (EDD) provides short-term wage replacement benefits to eligible workers who have a loss of wages when they are unable to work due to a non-work-related illness, injury, or pregnancy.
The EDD will pay SDI for as long as you remain disabled, up to a maximum of 52 weeks.
Social Security Disability Income (SSDI)
Social Security Disability Insurance (SSDI) is a federal program administered by the Social Security Administration. This program will pay benefits to a disabled person and certain family members if they are “insured,” meaning they have worked long enough, and recently enough, and paid Social Security taxes on their earnings.
In order to satisfy the definition of disability under the Social Security Administration’s rules, the person claiming to be disabled must have a medical condition that makes it such that you cannot do the work that you did before because of a medical condition, and you cannot adjust to other work because of your medical condition. Furthermore, the disability must last or be expected to last for at least one year or to result in death.
A person’s financial status is not a factor in determining whether they qualify for SSDI. In other words, if a person satisfies all of Social Security’s criteria to receive SSDI benefits, the fact that they are financially secure does not play a factor in determining whether they are eligible for benefits.
Supplemental Security Income (SSI)
The Supplemental Security Income (SSI) program is also administered through the Social Security Administration. The SSI program provides monthly payments to adults and children with a disability or blindness, and who have income and resources below specified amounts. A person may be able to receive SSI if their resources have a value that is $2,000 or less. A couple may be able to receive SSI if they have resources worth $3,000 or less.
SSI payments can also be made to people 65 and older without disabilities who meet the financial requirements for these benefits.
The bottom line is that to qualify for SSDI, you must meet the Social Security Administration’s criteria for disability. Whether you qualify for SSI depends on your income and resources. A person does not necessarily need to be disabled to receive SSI.
If you are drowning in credit card debt, it may be worth considering a loan to help alleviate your financial burden. Taking on more debt may seem counterintuitive, but a well-managed loan is a strategic move to pay off your credit cards and regain control of your finances. In this article, we will explore the benefits and drawbacks of using a loan to pay off credit cards, the different types of loans available, and when it may be the right time to consider this option.
Pros and Cons of Using a Loan for Credit Card Debt
Before committing to a credit card payoff loan, weighing the pros and cons is important to determine if it is the right solution for you. Here are some key advantages and disadvantages to consider:
Pros:
Potential for lower interest rates compared to credit cards
Consolidation of multiple credit card balances into a single payment
Opportunity to improve credit score with responsible repayment
Predictable, fixed repayment terms
Potential savings on interest charges
Cons:
Need to qualify for a loan based on creditworthiness
Possible origination fees or other loan-related costs
Could potentially increase overall debt if not managed responsibly
It may require collateral or a cosigner, depending on the type
Could impact credit score temporarily during the application process
When considering this financial solution, shopping around for the best terms and interest rates is essential. Understanding the pros and cons will help you make an informed decision about whether using a loan to pay off credit cards is the right choice for your financial circumstances. Different lenders offer varying rates, so comparing options can save you money in the long run. Additionally, some lenders may charge origination fees or prepayment penalties, so be sure to read the fine print before committing to this financial solution.
When to Consider Loans to Pay Off Credit Card Debt
While a loan may be a viable option to pay off credit cards, it is essential to assess your situation to determine if it is the right time to pursue this path. Before deciding to take out a loan, it is crucial to assess your financial situation and determine if it is the right choice for you. Consider factors such as your credit score, income stability, and ability to make timely payments. Here are a few scenarios where a loan may be worth considering:
Your credit card debt has become unmanageable, with high balances and escalating interest charges.
Your credit score has improved, making you eligible for better terms and interest rates.
You are committed to changing your financial habits and are confident in making loan payments on time.
You have researched and compared options, ensuring that the benefits outweigh the costs and potential risks.
Choosing the right time to take out a loan is crucial to ensuring its effectiveness in helping you pay off credit card debt and achieving financial stability. While consolidating debt can be beneficial, taking on additional debt without a solid repayment plan can lead to further financial strain. It’s important to create a budget and repayment strategy to ensure you can comfortably manage your payments and other financial obligations.
Why Choose a Personal Loan to Pay Off Credit Cards?
A personal loan can provide an alternative and potentially more affordable way to pay off your credit card debt. Unlike credit cards, which often have high-interest rates, personal loans typically offer lower interest rates and fixed repayment terms. By consolidating your credit card debt with a loan, you can simplify your monthly payments and save money on interest charges.
Another advantage of using a personal loan is the potential to improve your credit score. By reducing your credit card balances and making regular loan payments, you can demonstrate responsible financial behavior to credit bureaus. Over time, this can help increase your credit score, making qualifying for lower interest rates and better financial opportunities easier.
Alternative Loans to Pay for Credit Card Debt
When it comes to securing a loan to cover your credit card balance, several alternative options are available. Each option comes with its own terms, conditions, and eligibility criteria. Here are some common types of loans you might consider to find the best loan to pay off credit cards for you:
Payday Loans
Payday loans are short-term loans typically due on the borrower’s next payday. They are often used by individuals facing temporary cash shortages or unexpected expenses. Payday loans are characterized by high fees and interest rates, making them a costly borrowing option. Borrowers should approach these loans cautiously and consider alternatives, as they can lead to a cycle of debt if not repaid promptly.
Bad Credit Loans
Bad credit loans are designed for individuals with poor credit scores or limited credit histories. These loans may have higher interest rates and fees compared to traditional loans due to the increased risk for lenders. Bad credit loans can help borrowers access funds when they have difficulty qualifying for other types of financing. However, borrowers should carefully review the terms and conditions to ensure they can afford the payments.
Installment Loans
Installment loans involve borrowing a fixed amount of money and repaying it over a set period through scheduled payments or installments. These loans can be either secured or unsecured and may have fixed or variable interest rates. Installment loans are commonly used for large purchases, such as cars or appliances, or debt consolidation. They provide borrowers with a structured repayment plan and can help build credit when payments are made on time.
Debt Consolidation vs. Personal Loans
Stack of credit cards | Loan to pay off credit cards
When considering a loan to pay off credit cards, you may come across two common options: debt consolidation loans and personal loans. While they serve similar purposes, there are significant differences to understand.
A debt consolidation loan is specifically designed to combine multiple debts into one loan. By consolidating your debt, you can simplify your monthly payments, potentially lower your interest rates, and gain a more straightforward path to becoming debt-free. These solutions are often tailored for individuals with a significant amount of debt or struggling to manage multiple monthly payments.
On the other hand, personal loans are more versatile and can be used for various purposes, including paying off credit card debt. These loans typically have fixed repayment terms, lower interest rates than credit cards, and the potential to improve your credit score with responsible repayment.
Deciding between a debt consolidation loan and a personal loan will depend on your specific needs and financial situation. Consider factors such as your debt amount, the interest rates offered, and any additional fees or terms attached to the loan.
Apply Today with Wise Loan
Now that you have a better understanding of the benefits, types, and considerations of using a loan to pay off credit card debt, you may be ready to explore your options. Wise Loan is here to assist you in this journey by providing competitive personal loan options tailored to your needs. Apply now to start your application process.
“They know brokers’ kids’ birthdays and the specific market they’re in. They’ve been through many different environments; they’ve seen it all. Our vision is deeply rooted to continue to build the best-in-class technology, but never forget to have the face-to-face meeting — even a Zoom or Teams call — to keep that human touch front and centre as we grow this beautiful business.”
Celebrating achievements and opportunities
A growth mindset in any type of market is central to Kind’s forward-looking strategy, and its success hinges on working with others who have the same outlook. That was the impetus behind Kind’s Vibe event, where over 1,000 people gathered in Newport Beach in 2023 to hear industry experts discuss mindset, success, adversity, and finding ways to come out on top.
This year, Kind is doing it again with the 2nd Annual VIBE event, but this time at the Palms Casino in Las Vegas. The free Oct. 18 event is an open invitation to all mortgage brokers, but with over 800 people already registered, Aguilar urges brokers to sign up sooner than later. As rate relief rolls in and refis pick up, it’s time for brokers to ask themselves how they stand out from the competition so they’re best able to take advantage of market changes. Successful industry professionals will be there to share insight and advice, tying it all back to the right mindset. The difference mentality makes can’t be underestimated, and Aguilar’s own experience is a testament to its power.
With Kind, from the very beginning when he came aboard as its first salesperson, he recalls constantly hearing other lenders brag about their rankings. He also remembers the boldness in his reply, stating: “We’re the 462nd wholesale lender out there — for now.” Blazing up the list, Kind is proud to now sit at sixth but again Aguilar adds the caveat — for now.
“We’re continuing to move up, we’re not stopping,” he said. “Pricing, product, and technology are needed to compete, but they don’t make up for bad relationships. We want to grow the right way: organically, with the right team, the right product, the best technology mix, and always putting our broker partners first.”
Growing your business requires strategic planning, effective
execution and a keen understanding of your market. Having sufficient funding in
place could help you on your journey.
LendingCrowd was created to fund the ambitions of businesses
across Britain. We combine cutting-edge technology with vast financial
experience across our team to provide fast and affordable business loans from
£75,000 to £500,000 that help SMEs to develop and grow.
Starting your journey
Before you begin, you should define your business goals and
be specific about what you want to achieve. Set SMART goals, making sure your aims
are Specific, Measurable, Achievable, Relevant and Time-bound.
It’s crucial to know your market and understand what your
customers – both existing and potential – need and want. Keep an eye on
industry developments and customer behaviour so you can identify market trends.
While attracting new customers can help your business to grow,
don’t lose focus on your existing client base. Go above and beyond, exceeding
your customers’ expectations, to encourage repeat business.
Developing a detailed business plan, including financial
projections and market analysis, will help when putting your growth ambitions
into action. An accountant or financial adviser could help to analyse your
plans.
Set for success
Growing a business takes time and effort. By staying
committed to your goals, you can set your business up for long-term success.
It’s also important to make sure that taking out a loan to
fund growth is the right decision for you and your business. If you
ever find that you are in financial difficulty, you should let your lender know
as soon as possible so you can work together to find the best solution.
Long-term disability (LTD) benefits can be a lifesaver for people who are unable to earn an income due to sickness or injury. If you are not able to work for months or even years at a time, it is a relief to know that you will still be getting a monthly check to help pay for your necessary expenses.
Most LTD plans will pay monthly disability benefits for as long as you remain disabled or otherwise meet the policy’s requirements. However, you may have an alternative option: a long-term disability settlement or buyout. If you go this route, instead of ongoing monthly payments, you’ll receive a single lump sum payment and then your benefits will be terminated.
Disability insurance companies might offer a lump sum disability settlement if they think it will save them money in the long run. Some policyholders might also prefer this option if they need a significant amount of cash now, or if they believe they will come out ahead if they can invest and manage their own finances.
But is it a good idea? To answer that question, you need to understand what your long-term disability claim is worth. In this blog post, we will examine ways to do this.
What Factors Can Affect the Value of a Disability Insurance Policy Buyout?
There are a few major items that will be taken into consideration when valuing your long-term disability claim. While nothing compares to a disability insurance lawyer’s personalized assessment and calculations, here are a few factors you must consider.
The total value of your future disability benefits
This is simply your monthly benefit multiplied by the number of months left of coverage. If, for example, your monthly benefit is fixed at $3,000 and you have 15 years until benefits end, the full value of your long-term disability benefits would be $540,000 ($3,00 x 12 x 15).
If your policy includes an indexed cost of living adjustment (meaning the annual increase changes from year to year based on inflation, the Consumer Price Index, or another calculation), the exact total of your future payments will necessarily involve some estimation.
But either way, for the reasons below, your settlement offer will never be as high as the total sum of your future benefits.
The net present value (NPV) of your future benefits
The value of $3,000 today is not the same as the value of $3,000 in another 10 or 15 years. Inflation is the most obvious reason, but there are other factors to consider, too. For example, money that you obtain now can be invested and earn interest, which compounds over time. If you invest wisely, your future returns could greatly exceed your regular monthly benefit payments.
So, to calculate the buyout, the insurance company estimates what your future benefits will be worth using “present value,” or today’s dollars.
In general terms, present value is calculated by taking your remaining benefit payments and applying a discount rate. This estimates the monthly or annual discount for money paid now to be “worth” the same as money paid in the future.
Depending on how much longer your benefits are scheduled to last, this could result in your buyout value being significantly less than your total future benefits. Think of it this way: $2,000 in today’s dollars might be worth $2,100 next year, $2,550 in five years, and $3,250 in 10 years. So, the more years the insurance company is buying out, the lower percentage of the total you’ll receive.
Your life expectancy or mortality
If you die before your regular monthly benefits are scheduled to end, your payments simply stop. But if you take a lump sum, any money you save could be passed on to your heirs. If the insurance company believes you are unlikely to live to the end of your benefits period, they will offer you a lower buyout settlement.
How long you will need benefits
If the disability insurance company feels that you will be able to return to work before your benefits expire, or believe they will have a good reason to dispute your claim in the future, they may refuse to offer a buyout or reduce your buyout offer.
Generally speaking, insurance companies don’t offer buyouts unless they are very confident you will not be able to return to work at any point during your benefit period. If you request a buyout from them, they may even become suspicious that you are worried about losing your benefits—so this could backfire on you.
Pros and Cons of Taking a Lump Sum Payment
Taking a lump sum buyout comes with both advantages and disadvantages. If your insurance company offers to buy out your LTD claim, you will have to consider carefully which choice will be best for your unique circumstances.
Advantages to settling your long-term disability claim
The main advantage to taking the lump sum is that it puts you in more control over your long-term finances. You may feel that you will come out ahead if you are able to invest the money or make a large upfront purchase, rather than continuing to draw a smaller monthly benefit payment (which, due to inflation and cost of living adjustments, will not be worth as much later as it is today).
Another key advantage is certainty. Even if you’ve been receiving disability benefits for years, there’s no guarantee that your benefits will continue to be paid as normal until the end of your policy’s benefit term. There’s always a possibility that the insurance company will challenge your disability status in the future and attempt to terminate your benefits—or that you might pass away unexpectedly while still receiving benefits. By settling, you are not only free from having to deal with the insurance company, but you will know exactly how much money you’ll have to save, invest, and hopefully pass on to your heirs when you die.
Disadvantages to settling your long-term disability claim
The main disadvantage is that, once you settle, the matter is closed and you can no longer go back and receive regular payments. If you run out of money—whether because you mishandled it, or had additional unexpected medical expenses, or outlived your life expectancy, or any other reason—you will have no recourse.
For these reasons, it is extremely important to understand what your claim is truly worth before considering any lump sum settlement.
Key Points to Consider Before Accepting a Buyout
Deciding whether accepting a settlement is in your best interest? Here are a few questions to ask and thoughts to consider.
Can I handle the money responsibly?
A large lump sum of money can set you up for life, but it can also be easily squandered in a few short years if you fail to take adequate precautions or make risky investing decisions. We strongly encourage you to work with a financial advisor or estate planning attorney to make sure you have a solid financial plan.
Have I considered the tax implications?
Your long-term disability settlement may be taxable, non-taxable, or partially taxable depending on whether or not an employer contributed to your premiums, and whether you paid your portion of the premiums with pre-tax dollars or post-tax dollars.
If your monthly benefit payments were taxable, your settlement should also be taxable. And because you will be receiving it as a lump sum in a single tax year, those taxes could be substantial. Again, working with a financial advisor or tax professional is strongly recommended before accepting any settlement offer.
Remember, the insurance company would not be making the offer unless it believed that it would save them money in the long run. Although you might agree that it is the better option for you as well, the insurance company has their own interests at heart—not yours. So, you should be extremely cautious about taking their calculations about the true value of your disability case at face value.
To calculate the present value of your benefits, the insurance company will use a discount rate that makes certain assumptions about inflation, rate of investment returns, and other factors. Almost certainly, these assumptions will be skewed in their favor—not yours. You have some room for settlement negotiations, but since the insurance company doesn’t have to offer a buyout, they won’t take any deal they think is bad for them.
You will need to carefully consider whether the terms of the settlement are reasonable, factoring in the total expected lifetime benefits, what you can reasonably expect to earn through investments, and what any of the other benefits of settling (e.g. financial certainty, not having to worry about your benefits being terminated later) are worth to you.
Should I Use a Long-Term Disability Buyout Calculator?
Many websites offer a free online calculator to estimate a fair value for your lump sum payout. While such tools can provide a rough and approximate starting point, it is important to understand that the true value of your case cannot be determined by a simple formula.
There are many factors to consider when making this kind of calculation, and the process is not always straightforward. The assumptions and projections the insurance company makes about your case may be quite different from those considered by the calculator.
As a result, you should always consult with a long-term disability lawyer before accepting any settlement offer. An experienced attorney can bring unique insight into how much your claim is truly worth and can provide you with impartial advice about whether a buyout makes sense for your unique circumstances—and if so, how much the insurance company would need to offer to make it worth your while.
Bryant Legal Group: Helping Disabled Individuals Secure Their Financial Future
Deciding whether to trade your monthly benefits for a lump sum payment may be one of the most significant financial decisions of your life. It may be hard to say no to a one-time check worth hundreds of thousands of dollars, but if you settle for too little, it could mean disaster down the road. A disability lawyer can protect you and help you make a wise decision.
At Bryant Legal Group, serving our clients is always our top priority. Our attorneys have decades of experience representing disabled individuals and helped them secure the benefits they deserve, fight unfair denials, and plan for their long-term future.
If you are working through a disability claim, or deciding whether a buyout is the right decision, our experienced attorneys can talk you through your options, weigh the pros and cons, and help you make the right choice for yourself and your family.
Each year, thousands of borrowers struggle with repaying their federal student loan debt after they attended predatory schools that lied or withheld important information to get them to enroll, or closed and prevented them from completing their program. These borrowers are often left with debt but without a valuable degree–or often any degree at all. And without relief, many of these borrowers wind up in default.
The Department of Education has two critical programs that can provide much needed relief to these borrowers: borrower defense and closed school discharges. But too few borrowers have been able to get the relief they needed through these programs. As a result, in 2022, the Department of Education revised its rules for these and other relief programs to make them more accessible to more borrowers. However, a federal court has stopped the Department from using its new rules until a lawsuit challenging the rules is resolved. Here’s what borrowers need to know about the court case and information about what it means for borrowers who are applying for relief under these programs.
Background on the Court Challenge
Before the 2022 rules went into effect, a trade organization that represents for-profit colleges, Career Colleges & Schools of Texas (CCST), filed a lawsuit in federal court in Texas that challenged large portions of the rules. CCST asked the court to order that the Department delay when the rules would go into effect. The court denied that request.
However, CCST appealed the decision to the Fifth Circuit Court of Appeals. Immediately after the appeal was filed, the Fifth Circuit ordered that the Department could not use the new rules while the appeal was being decided. On April 4, 2024, the Fifth Circuit reversed the lower court’s decision and ordered that the Department of Education may not use the 2022 borrower defense and closed school discharge rules until the lower court finishes deciding the entirety of CCST’s lawsuit. That means that for now, the Department can only use its old, less borrower-friendly rules to decide new borrower defense and closed school discharge applications for student loan relief. That’s bad news for borrowers, though they can continue to apply for relief.
What Comes Next In The Courts?
The case now goes back to the trial court to consider the for-profit group’s challenge to the borrower defense and closed school discharge rules. It is unclear how the trial court will rule, whether all or portions of the rules will survive the challenge, and whether its decision will be appealed. However, we expect that there will be a final decision in the case sometime within the next year or two.
What Does This Mean For Borrowers?
Although the Department of Education cannot use the 2022 borrower defense and closed school discharge rules, it has said that it will continue accepting applications and will decide those applications using the older rules that were in effect before the 2022 regulations. Although the old rules make it harder for borrowers to get relief, it can still be worthwhile to apply. Borrowers can currently apply for borrower defense online and can continue to submit a paper application for a closed school discharge to their student loan servicer.
Closed School Discharge Applicants
Although the new rules allowed the Department to automatically provide relief to some borrowers that did not complete their program because their school closed, under the old rules, borrowers must apply for relief. The closed school discharge application is relatively straightforward and the Department has typically been able to issue decisions on applications within a few weeks. However, in recent months, borrowers have reported that they have waited for months for a decision on their application.
Borrower Defense Applicants
If you have already applied for a borrower defense discharge, this court opinion will only affect you if you submitted your application after November 16, 2022. Applications submitted before then are covered by the settlement agreement in the Sweet v. Cardona lawsuit. The attorneys representing borrowers in this lawsuit have an FAQ about the settlement agreement here.
If you applied for borrower defense relief before June 22, 2022, you are a class member in the Sweet lawsuit and your application will be handled according to the terms of the settlement.
If you applied for borrower defense between June 22, 2022 and November 16, 2022, you are a post-class member in the settlement agreement for the Sweet v. Cardona lawsuit and your application will be decided according to the terms of the settlement agreement.
If you applied for borrower defense after November 16, 2022, then you are not impacted by the Sweet lawsuit and your application will be decided by the Department of Education under the old borrower defense rules that were in place prior to the 2022 rules. We expect that the Department may be slow to decide on these applications, so borrowers should anticipate lengthy waits.
If your loans were issued before July 1, 2017, your application is subject to the standard in 34 CFR § 685.206(c) and the procedures described in 34 CFR § 685.222.
If your loans were issued between July 1, 2017 and July 1, 2020, your application is subject to the standard and procedures described in 34 CFR § 685.222.
If your loans were issued after July 1, 2020, your application is subject to the standard and procedures described in 34 CFR § 685.206(e).
Tip: Borrowers that apply for borrower defense can put their loans into forbearance while their application is being decided. However, those months in forbearance won’t count as qualifying time toward having your loans forgiven through Public Service Loan Forgiveness (PSLF) or income-driven repayment plans like SAVE or IBR. As a result, borrowers may want to keep their loans in repayment while their applications are decided so that they will be closer to PSLF or income-driven repayment cancellation if their borrower defense application is denied.
Perhaps your restaurant has lines snaking out the door. Or your tax business has identified a prime market in another city. Or your medical practice has more patients than the available space can accommodate. Maybe you just have enough capital to support immediate business expansion.
Scenarios like these certainly indicate that another location would be great.
What should you look for when opening a second location for your business? We’ll address what you should consider, and how to identify the right location.
Opening a second location for your business.
Here are a handful of questions you can ask yourself to get a clearer picture of whether or not expansion would be wise:
Is your business space limiting your ability to serve customers?
Is there a new market you can serve (or are already serving digitally)?
Do you have the capital necessary to expand?
If not, do you have access to additional capital?
Can the factors that have made your first location successful be duplicated?
Do you understand the legal ramifications of opening a second location?
If you answered yes to three or more of these questions, consider your business a prime candidate for expansion.
Potential alternatives to opening a second location.
If you haven’t, it could be worth exhausting all other sales channels before opening a new location. If you rely on brick-and-mortar sales, it might be worth exploring ways to digitally meet demand, before opening a new branch of business.
“You may be able to grow your business by building a website, eliminating the need for considerable funding and the risk associated with opening a physical store,” according to business expansion strategies from Entrepreneur. “For many businesses, the internet offers low-cost access to a national market, with large numbers of potential customers. The viability of the internet marketing medium for your business is a function of your business’s ability to successfully and profitably deliver your products and services outside your existing local market.”
You could expand digital sales to new geographies, increase your fleet operations, or offer more virtual options for services (think, telehealth, for example).
This requires its own set of considerations (e.g., outsourcing new warehouses or fleet services, having teams that manage digital websites and workflows), but it may present cheaper, easier, and less risky options for expanding your business.
If you’re certain that a new location is the way to go, there’s a lot to consider when choosing the actual location.
How to find a second location for your small business.
Here are 10 considerations that will aid you in choosing the right location and setting yourself up for success once you move in:
What to consider
1. How much the venture will cost.
You can’t make solid business decisions until you know the price tag. Don’t simply focus on the cost of the physical property—you’ll also need to take into account utilities and other operational expenses. This requires that you have a deep understanding of the expenses at your current location.
If so, you can scale those numbers relative to the new location to project what you’d actually be on the hook for, and what kind of returns you might see.
2. How you’ll continue what has made you successful.
Many entrepreneurs capture something special with their first business location. Whether it’s the location, ambiance, staff, or a combination of many factors, customers are consistently drawn to that store. Your challenge is to transfer what’s working to your next location.
This can be difficult, as the details associated with the store or office will undoubtedly differ from your first. For this reason, it’s more of a translation than a straight transfer. You’ll need to find a way to effectively incorporate the best parts of your business into a new place.
3. How you’ll improve upon what has made you successful.
Don’t stop at simply replicating your first location. This is your chance to transcend the status quo. Look for at least five ways you can elevate your operations, with a particular focus on the customer experience. It’s a fresh start on an existing concept.
Opening a new location can be stressful—that’s when you run the risk of losing sight of your customers.
You can add new inventory in the new store or offer exclusive promotions. By improving things at your new location, you’ll benefit your operations across the board.
4. The foot traffic in the area.
Even if your business is primarily driven by advertising or referrals, don’t underestimate the importance of foot traffic. The more people passing by your business, the better. So when choosing a location, look for somewhere people care about and visit often. You can get a general idea of foot traffic by simply spending time in a potential area. Beyond that, don’t be afraid to visit with other business owners in the neighborhood and ask them about the foot traffic they experience on a monthly basis.
5. Car traffic in the area.
Another important aspect of your business will be vehicle traffic. Will a lot of potential customers be driving in the area of your new business? Will there be too many cars in the area? If so, parking and accessibility could become a problem for you, your staff, and your customers.
This is another opportunity to speak with local businesses and get their insights on the traffic situation. If there are too few people driving in the area, or there are congestion problems, be wary of setting up shop in the midst of them.
6. Understanding the competition.
On the topic of neighboring businesses, it’s important for you to find out what competitors are already established there. This isn’t just to avoid setting up your business next door to someone who already does what you do. It’s to see how other local businesses promote their products or services.
You can never stand out if you don’t know what you’re standing around. It’s important to find an area where customer needs aren’t being met. Perhaps there’s a business on the same block that is similar to yours, but if you can articulate why yours will be more effective at serving customers, you have a strong chance of succeeding.
7. Establishing a network.
Opening a second business location is never an easy endeavor. Rather than go at it alone, leverage other businesses and contacts in the local area. Not only will this help you gain insider knowledge of your new market, but you’ll make contacts that can boost your awareness. Even the briefest of conversations with other small business owners can yield strong results, as they may then go on to consciously or subconsciously promote your business.
A good way to get your foot in the door is to join any business organizations in your new neighborhood. Each event you attend is another way to rally support for your business and make a few friends along the way.
8. Keeping your eye on the horizon.
Your network will be an excellent source of information regarding the future of your second business location. What’s in store for the region? For example, housing and transportation projects can be gold mines, as they bring more potential customers into your radius.
On the flip side, be aware that the current condition of a potential location is never set in stone. Many small businesses have struggled when undesirable businesses or projects emerged in their vicinity. The more you know in advance, the less you’ll need to worry about this happening to you.
9. Accounting for logistics.
A new location means you’ll need to figure out how to handle shipping and receiving, parking, and a host of other nuances. You can take best practices from your current business location, but plan that many may need to be retrofitted. It can be helpful to talk to your employees about their unique roles and how they would recommend tackling the new logistical approaches your second location will demand.
10. Rent first, buy later.
There are times when you feel confident buying the property for a second location. Perhaps you are already familiar with the area or have found an opportunity so lucrative that buying isn’t a substantial gamble. Most of the time, however, it’s recommended that you think about renting first.
This gives you the chance to learn the area and find solutions to any complexities. If things go smoothly, you can always buy in the future. If long-term problems arise, you’ll be thankful for the flexibility your rental agreement allows.
Funding your new location.
One popular route for entrepreneurs who want to open a second location is a loan from the Small Business Administration (SBA). These financing products come with interest rates and repayment terms similar to those you’d get from the best traditional bank loans.
SBA Loans
The SBA is dedicated to helping underserved entrepreneurs, including women and minorities. If you’ve been rejected in the past and feel that you haven’t been given a fair shake, it’s definitely worth checking out the options this agency offers.
Commercial real estate loans
Commercial real estate loans can also be used for business expansion, helping you:
Renovate an existing business location
Construct a brand-new building
Open new retail space
Buy an existing warehouse
Get out of a lease and become a property owner
Refinance for an extension on your current payment term (to gain more immediate cash on hand)
Commercial real estate loans usually offer favorable rates and terms. For example, the rates start around 5%, and the repayment terms are about 20–25 years. The dollar amounts on these loans start around $250,000 and go all the way up to $5,000,000.
The reason these loans provide such borrower-friendly details largely comes down to collateral. The real estate involved with the loan will be used as collateral. Since lenders know their investment in your business is secured by such a tangible and valuable asset, they’ll be more generous and willing to work with you.
How to find the best loan for your real estate needs.
Don’t assume that a commercial real estate loan is the only way to fund your second business location. You have numerous financing options. The key is to review the relevant financing products and choose the one that gets you the money you need, the timeline you require, and the rate you prefer—don’t let poor financing get in the way of a lucrative second business location.
Many resources are available to help you evaluate loans and make an educated decision. One of the first places to start is a trustworthy loan calculator, which allows you to identify costs in a clear and efficient way. You also might want to talk to a financial expert who can help you identify desirable loans and watch out for red flags.
By taking the time to choose the best location and secure the most favorable funding, you’ll be setting yourself up for a much brighter future.
In today’s blockchain-driven world, smart contracts are pivotal to many decentralized applications, from finance to gaming. These self-executing contracts automate agreements based on pre-set conditions, eliminating the need for intermediaries. While many businesses turn to a smart contract development company to create, audit, and deploy these contracts, hiring one can be expensive and complicated.
For smaller projects or startups, there are cost-effective alternatives like Token Tool, which allows you to deploy ready-made smart contract templates without the need for custom development.
This guide will explain what a smart contract development company does, the typical costs involved, and why Token Tool offers a more accessible solution.
A smart contract development company specializes in creating secure, reliable, and scalable smart contracts for businesses that operate on blockchain networks like Ethereum, Binance Smart Chain, and others. These companies often offer services such as:
Smart contract coding: Developing the underlying code for smart contracts.
Auditing: Ensuring the contract is secure and free of vulnerabilities.
Deployment: Launching the smart contract on a blockchain network.
These companies typically work with businesses across a range of industries, including DeFi (Decentralized Finance), real estate, gaming, and supply chain management, where blockchain automation and security are critical.
How Expensive is Hiring a Smart Contract Development Company?
While a smart contract development company can offer highly customized and secure contracts, these services come with a price. Costs depend on various factors, including:
Complexity of the contract: Complex contracts with advanced features (like DeFi protocols) require more development hours and higher costs.
Blockchain: Developing on different blockchains like Ethereum (where gas fees are higher) can also drive up costs.
Audit services: Smart contracts need thorough audits to avoid security risks, which can add thousands of dollars to the total expense.
Ongoing maintenance: Projects that require continuous updates and support will see an increase in operational costs.
Typical pricing for smart contract development:
Basic contracts can cost between $5,000 and $10,000.
Complex smart contracts with added features and audit services can range from $50,000 to $100,000 or more.
These costs can make it difficult for smaller businesses or startups to afford professional smart contract development services.
The Challenges of Hiring a Smart Contract Development Company
Hiring a smart contract development company comes with several challenges beyond the cost:
Limited availability: Due to high demand, finding skilled developers with blockchain expertise can be difficult.
High risks: Working with an external team increases the risk of vulnerabilities in the code, especially if the auditing process is overlooked.
Costly delays: Development times can be long, and unexpected delays can lead to additional expenses, putting a strain on budgets.
Given these challenges, businesses and individuals are seeking more affordable, streamlined solutions to develop and deploy smart contracts.
If hiring a smart contract development company feels overwhelming or too expensive, Token Tool offers a simpler and much more affordable option. While Token Tool doesn’t provide custom-built contracts, it provides pre-built, secure smart contract templates that can be deployed without the need for coding or a development team.
Here’s how Token Tool stands out as an alternative:
Ease of use: With Token Tool, you don’t need any programming skills to deploy smart contracts on Ethereum or other supported EVM chains. The interface is intuitive, and deployment is complete in a matter of seconds.
Lower costs: Token Tool eliminates the need for costly development services, making it accessible for startups and small projects. Smart contracts development and deployment with Token Tool can cost as little as $50.
With Token Tool, you can create and manage tokens, customize their basic properties, and launch token offerings all from a single platform. However, it’s important to note that Token Tool does not provide customization services—the smart contracts are pre-built and publicly available templates designed to meet standard tokenization needs.
How Token Tool Can Replace a Traditional Smart Contract Development Company
Token Tool offers a simple and cost-efficient alternative to hiring a smart contract development company, especially for those looking to launch and manage tokens or NFTs without requiring complex processes.
Here’s how Token Tool compares:
Time efficiency: A smart contract development company may take weeks or months to deliver. With Token Tool, you can deploy your smart contract in minutes.
Cost savings: Using Token Tool, you bypass expensive development and audit fees, saving thousands of dollars.
Security: While Token Tool doesn’t offer custom contracts, it provides secure templates that have been thoroughly tested and widely used.
This makes Token Tool ideal for projects that don’t require highly specialized features but still need secure and reliable smart contracts.
Smart Contract Development with Token Tool: Step-by-Step Guide
Connect Your Wallet: Use a Web3 wallet like MetaMask to connect to the Token Tool platform.
Select Blockchain: Choose the blockchain you want to deploy your smart contract on (e.g. Ethereum).
Define Contract Properties: Set up your token’s basic properties, such as the name, symbol, total supply, and decimal points.
Configure Parameters: configure other parameters by enabling features related to your token behavior. Example features can be enabling burning, setting a tax on transactions, and much more.
Deploy the Contract: After setting your parameters, deploy the contract directly to the blockchain by paying fees.
Manage Token Lifecycle: Manage your token by utilizing features such as minting new tokens, burning existing tokens, rewarding token holders, setting a transaction tax, and more. You can also lock tokens for a specific period as well as set up vesting schedules to release tokens gradually over time.
Token Distribution: Create token sales or presales, airdrop tokens to early supporters, and manage the distribution of your tokens to ensure smooth project launches and community engagement.
This simple process removes the need for custom development, making it easier for non-technical users to deploy smart contracts.
Why Choose Token Tool Over a Smart Contract Development Company?
Token Tool is a more accessible and affordable solution for projects that don’t require highly customized contracts. Here’s why it’s an excellent alternative:
Affordability: You can avoid the high costs associated with hiring a development company.
User-friendly: Token Tool’s no-code platform allows non-developers to deploy smart contracts quickly and easily.
Security: Pre-audited templates ensure security without the need for third-party auditors.
Standardization: Token Tool offers standardized contracts that work for most projects, eliminating the complexity of custom builds.
For businesses or individuals looking to deploy basic tokens, manage token sales, or create NFTs, Token Tool offers a low-cost, time-efficient solution compared to the traditional route of hiring a smart contract development company.
Conclusion
While hiring a smart contract development company offers the benefit of custom-built contracts tailored to your specific needs, it’s often costly and time-consuming. For those looking for a more affordable, standardized solution, Token Tool provides a powerful alternative. With pre-built smart contract templates, users can quickly deploy secure tokens and NFTs without the need for coding or costly audits.
Explore Token Tool to simplify your smart contract journey and bring your blockchain projects to life without the high costs of traditional development services.
Imagine waking up every morning feeling like you’ve run a marathon, even though you’ve barely gotten out of bed. Your body aches, your breath is short and the simplest tasks feel like climbing the peak of a mountain.
This is the harsh reality for patients living with heart failure, a condition that can turn even the most mundane activities into a daily struggle. In this blog, we’ll explore the impact of this harmful condition, outlining the importance of receiving disability benefits for patients.
What is heart failure?
Heart failure occurs when the organ’s muscle fails to regulate blood properly. When this happens, blood backs up, leading to fluid buildup in the lungs.
This failure can be due to heavy alcohol drinking, illegal drug use and infections. Chemotherapy medications can also compromise the heart chambers or ventricles.
Certain diseases and conditions can also increase the risk of heart failure. Coronary artery disease and heart attack are all significant risk factors, as they can weaken the heart muscle and limit its ability to pump blood effectively.
Other risk factors include congenital heart disease, which can affect the heart’s structure or function from birth, and diabetes, which increases the risk of high blood pressure and coronary artery disease.
Symptoms of this condition may develop slowly, while other symptoms can start suddenly. These may include:
Shortness of breath when lying down.
Fatigue.
Swelling in the legs.
Rapid or irregular heartbeat.
Reduced ability to exercise.
Proper treatment may improve the symptoms and help some people live longer. Lifestyle changes can also improve the patient’s quality of life.
Get the support you need
Heart failure is a scary and disabling condition. If you’re struggling to work or perform daily tasks due to heart failure, it’s crucial to explore your options for disability benefits. These benefits can provide the financial support and resources you need to focus on your health and well-being.The post What you need to know about heart failure first appeared on Disability Rights Law Center.
