Trends for Small Business

[David Sandusky]

Steve Strauss shares his ideas of the ten biggest trends in business in his USAToday column. Only the number one in the countdown is a "could happen" where the rest are happening.

One of the themes I see in his countdown is the independent nature of the world. Individual, small business and large are competing more global and online, because of online business. As we see more boomers redefine retirement with solo gigs like consulting, starting entrepreneurial ventures or buying a small business, the competition will escalate.

Are these trends only for the small business? What do you see as common, agree or disagree with based on your experience?

[thubten]

I've noticed a trend that's been both surprising, and a relief. When I first started in business I went to the Small Business Administration. While there I met some very well intentioned people who were of absolutely no assistance, especially in the area of finding funding for my business.

When I went to the lenders that that SBA recommended, I was asked for a full business plan and audited financials, a three year track record and collateral for the loan. Needless to say, I was not amused. As many new business owners must, I ended up turning to credit cards to get the ball rolling, which was a difficult experience.

Something that's new, at least I haven't seen anyone else doing this, is the business credit line broker. The broker has built relationships with lenders who will open a business credit line for $50,000 to $100,000, depending on the type of business. Some businesses can qualify for up to $500,000.

The requirements are simple: the business entity is incorporated in the US; the business entity has an EIN; the person making the application is an owner; the owner has a pulse (is alive); the owner has an SSN; the owner has photo identification; the owner has a FICO score of 675 or greater.

I have been introducing friends and associates to this broker for about a year, with positive results. Send me a note on, or off forum, and I will gladly make the introduction.