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Raising your prices is a long-term commitment, and unless you’re a restaurant selling a nightly special at market prices, customers aren’t usually amenable to prices that fluctuate frequently. In general, there are 3 times when raising your prices is a good strategy: When repositioning your product, service, or brand to engage a new audience; when adding services or value to the products you already sell; and when you want to increase your profit margin. Read more: Why, When, and How to Raise Prices

There are no hard and fast rules about how long to wait to apply for small business financing if you’ve applied in the past; however, your business circumstances may be the best determination of how long you choose to wait. For example, if you applied for small business financing previously and decided to build or improve credit since then, it’s advised you wait 6 months before applying again. If you already have a small business loan or other financing and are considering additional financing, know that there’s no limit to the number of small business loans your business can have at once. However, financing underwriters may label your business “higher risk” if they see multiple open loans or credit lines. The best option: use the online application at Lendio to find out what type of financing you’re eligible for. It’s fast and easy and has no impact on your credit.

A business plan outlines your goals for your business and can help you secure funding for accelerated growth. Most experts advise creating a business plan annually — some businesses update theirs more frequently. If you intend to use your business plan to secure financing in the future, be sure you also include the following information: 

  • Forecasts for your industry and business
  • Data related to your current business/sales status
  • Industry overview, including customers and competition
  • Historical information about how your business fared during the previous two years and and how this will compare to the upcoming year

Get details on what else to include in your business plan and how to format the information here.

Your competitive advantage starts by strategically differentiating yourself from other businesses in your market and your space so that you’re offering something valued by your customers that your competition can’t easily replicate. You can learn more about differentiating your business here.