Business Planning

Best Business Credit Cards For Startups In 2023

Arnab

Business Planning Nov 07, 2023

Best business credit cards for startups can make your life easier for getting short-term loans instantly. Credit cards can help you to build a good business credit score. Your repayments on time can make your CIBIL score better in the long term.

If you are a sole proprietor, then also you are eligible for a credit card. A social security number does not have a significant revenue history. If you are looking for the lowest interest rates, then Credit card history matters a lot.

Cashback rewards and other perks offer a good credit card score. Your startup needs to succeed at times to make things happen in your favor.

Best Business Credit Cards For Startups Available In 2023

Great business credit cards will offer you high limits for credits. Cash back rewards, balance offers, and travel facilities. Your credit card must suit your goals with complete ease. Try out the best options that can make things happen in your way.

1. Chase Ink Business Cash Credit Card

For business owners who are looking for better finances, Chase Ink is one of the best options to avail. It is one of the quality business credit cards for startups. The welcome offer for them is $750. The recommended credit score ranges between 670 -800 to get the maximum benefits of this credit card.

Features Of This Credit Card Are As Follows:-

The best bonus-earning categories involve phone service, internet, cable, and office supplies.
With Chase Ultimate rewards, it is highly compatible.
You will receive 1% cash back on all other purchases.
2% cashback, you can redeem on the first $25 spent on restaurants and gas stations.

Your contribution margin needs to be in good shape. It will offer you the best options to explore things with ease.

2. American Express Platinum Business Credit Card

The American Express platinum business credit card is another best credit cards for startups. You will get the welcome offer of 120K points and an annual fee of $695. The recommended credit score ranges from good to excellent. You must be well aware of it. If your business requires frequent travel to distant places.

Some of the core features of this credit card are as follows:-

$100 statement for credit entry and global entry for $85 in case of TSA precheck.
Extensive travel and shopping protection.
You will get upto 5X membership reward points.
Minimal non-travel bonuses.
Compared to other cards high annual fee.

3. Chase Ink Business Unlimited Credit Card

The Chase Ink Business Unlimited credit card is one of the best small business credit cards. You will receive a welcome offer of $750. The recommended credit score must range from good to excellent. You do not have to pay any annual fee and 1.5% cashback rewards you will receive from these credit cards.

Some of the key features of the credit cards are as follows:-

You will receive unlimited cashback earnings.
On a new purchase, you will receive unlimited introductory 0% APR for 12 months.
For getting a high sign-up bonus, you will receive a low spending rate.
Only foreign transaction fees can apply.
Limited protection on travel costs as well as purchases.
No presence of bonus categories.

Similar kinds of information are present in HubSpot too. You can go through it once for better understanding.

4. American Express Business Gold Card

American Express business gold cards will offer you 70K points. You will get an annual fee of $295K points. The recommended credit score ranges from good to excellent. Each billing cycle ranges between $150K. You can earn one point per dollar for expenses.

Some of the core features of this credit card are as follows:-

You will receive flexible reward and redemption options.
With the inclusion of the integration of books, it will deliver you expense management tools.
There are no foreign transaction fees are essential.
No credit statements.
Offers high annual fee.
It is not applicable for the lower spending business.

Sometimes for ERTC qualifications, credit cards play a vital role in getting the loans on time.

5. Chase Ink Business Preferred Credit Card

The Chase Ink business preferred credit card is also the best business credit cards for startups. It offers a welcome bonus of 100k points. The annual fee of $95 fees you will receive from these credit cards. The recommended credit score ranges from good to excellent. You will have the privilege to earn three points for every dollar spent.

Some of the core features of the Chase Ink business credit card are as follows:-

You will receive multiple bonus categories.
Phone and travel protection is possible.
There are no requirements for foreign transaction fees.
It comprises annual fees.
If you want to get a high sign-up bonus, then you have to pay
High spend requirements for the sign-up bonus.

6. Blue Business Plus Credit Card From American Business

The blue business plus credit card from American business credit cards will help your small business to grow at a rapid pace. You will receive the welcome offer of 15K points. Your requirement to pay the annual fee is $0. The recommended credit score ranges from good to excellent.

Some of the core features of the Blue Business Plus credit card from American Business are as follows:-

You will have multiple transfer partners.
On all purchases, you will get flat-rate earnings.
Delivers your generous welcome offer.
You can apply for foreign transaction fees.
$50K bonus earning cap.

7. US Bank Business Triple Cash Reward

The welcome bonus offer you will receive is $500. The annual fee of $0 you have to pay for getting this business credit card for start-ups. The recommended credit score ranges from good to excellent. You will receive business rewards. For a long introductory APR period, you will have to go through it once.

You will receive 3% cashback for all the categories.

Some of the core features of this best business credit card are as follows:-

$100 statement credit for recurring software subscriptions.
Upto 5% cash back that is booked on the US bank travel portal.
No travel rewards you will receive from this credit card.
Low rate outside all the bonus categories.

Best Small Business Credit Cards

There are several small business credit cards that you can opt for in 2023. Some of the best small business credit cards are as follows:-

Chase Ink Business Preferred Credit Card.
American Express Platinum Card.
Capital One Spark Cash for Business.
American Express Blue Business Cash Card.
Discover it, Business Card.
Wells Fargo Business Platinum Credit Card.
U.S. Bank Business Platinum Card.

Your business’s net operating income also matters a lot here. Try to consider this fact as well from your end.

Final Take Away

Hence, these are the best business credit cards for startups in 2023. You need to take care of the reality while you want to get short-term loans for your business. It is impossible to make your choices all of a sudden.

You can share your views and comments in our comment box. It will assist us to know your take on this matter. Try to develop a better solution that can make things work perfectly well in your favor.

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Arnab

Arnab Das is a passionate blogger who loves to write on different niches like technologies, dating, finance, fashion, travel, and much more.

LLC VS Sole Proprietorship: Major Differences That You Need To Know

LLC Vs Sole Proprietorship: What is right for you? - Whether you are starting a new business or an online store, you will need to choose the right legal structure for your business based on your choice and needs. Both LLCs and sole proprietorships are quite common. The business model you choose might have a big impact on how you run your company, especially as seen from the tax, legal, and management perspectives. In this article, you will learn about two major types of business structures - LLC and Sole Proprietorship. We will first discuss each of these business structures individually in brief. Finally, we will share the major differences between the two in regard to structure, function, role of the owner(s), etc. Hence, to learn more about these two types of business structures, read on through to the end of the article. What Is An LLC? According to Investopedia, “A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.” The LLC is basically a corporate structure where the owners of the organization protect their place from the liabilities of the company. Here, the company is a different entity from that of the owner. In case of debts, liabilities, and lawsuits, the structure of the organization protects the owners by making them limitedly liable. However, what the regulation of the LLC is depends on the state in the US where your business is located. Apart from banks and insurance companies, any individual or entity can be a member of an LLC. Whatever profits LLCs make, they do not pay taxes directly on the profits. The profits and losses of the LLC are passed through to members of the organization, that report on their individual tax returns. Read More: Micro vs Macro Economics: What’s The Difference? What Is A Sole Proprietorship? According to the Forbes Advisor, “A sole proprietorship is an unincorporated business that’s owned by the individual running it. A sole proprietorship is the default choice for anyone who runs a business but hasn’t set up another formal business structure like an LLC. As a sole proprietor, there’s no separation between your personal and business assets and expenses. You are personally responsible for all your business’s debts and obligations.” This is the simplest form of business. It is basically an unincorporated business with only one owner. Apart from that, this business is also the least expensive to form. A business, by default, is a sole proprietorship if an individual operates the business on his own. For example, if you are an individual shopkeeper, freelancer, retailer, or online business owner, you automatically become a sole proprietor of the business. In this case, you will not need to adopt a business structure from the first. Furthermore, if the name of the business is the same as the name of the owner, then the business is typically a sole proprietorship. However, any sole proprietorship can also operate under a trade name or a brand name. The best thing about a sole proprietorship is that the business and the business owner are not legally separate. Hence, if the business incurs debts, the owner of the business is personally responsible for making the payments for the debt. LLC Vs Sole Proprietorship: What Are The Differences? The major difference is rightly noted by Wall Street Mojo - “LLC is a separate legal entity run by its members having limited liability, and it is mandatory for an LLC to get registered, whereas sole proprietorship is a sort of business arm of an individual which is not separate from its owner; hence its liabilities are not limited, and there is no need to register sole proprietor.” The following are the major differences between LLCs and sole proprietorships: Limited Liability CompanySole ProprietorshipThe company has more than one owner.A single owner of the business runs a single unit.The business and the members are separate entities in an LLC structure.The business and the owner are not separate in a sole proprietorship.The members of the business need to register as per state regulations if they want to form an LLC.The owner of a sole proprietorship needs to ensure that the business name is not the same as another business in the state.It costs around $100 to $800 to form an LLC.There are no costs to form a sole proprietorship.The taxation method is single. A single applicable rate is charged to the members.The taxes of the sole proprietorship are charged from the income of the sole owner. The owner’s taxes and the business taxes are the same here.The members of the LLC are liable only as far as their investments and shares in the business.The owner of a sole proprietorship is fully responsible for the entire business. Furthermore, the owner also does not get liability protection.There is little paperwork to be done.There is no paperwork involved. The best option for you, if you are starting out as a business owner, is to go with a sole proprietorship. If you want to grow a bit more, then changing the structure of your business to an LLC will be a better option. Read More: Vertical vs Horizontal Integration: What Are The Key Differences? Final Thoughts LLC vs Sole proprietorship - Hope you have understood the differences between these two types of business structures. If you are starting out as a business owner, consultant, or freelancer, then sole proprietorship is the easiest and simplest option for you. The paperwork that is required is very minimal, and there are no big costs associated. However, if the business grows bigger and you need legal protection for yourself and your personal assets, LLC is the option to go for. In case of bankruptcy or a legal lawsuit against the business, you do not get involved. Furthermore, there is tax flexibility too. What do you think is the better option of the two? Share your opinions with us in the comments section below. Discover More Business Insights Below! What Is Net Operating Income? How To Calculate NOI? Vertical vs Horizontal Integration: What Are The Key Differences? What Is A Holding Company? – Importance, Operation, And Pros & Cons

Why Business Continuity Planning Is Essential For Your Company?

When crises happen in business, it is quite common to panic and make wrong decisions by remaining unprepared. Crises can happen anytime, and you must not start every day with the worst that can happen. However, you must stay prepared for anything to happen. You can do this with the help of a useful business continuity planning structure in place. This is because, if you do not stay prepared for the crises, it can cost your company a lot. In this article, you will learn some general details about business continuity planning. Apart from that, you will learn the importance of having such a planning structure in place. Furthermore, we will also discuss some of the major benefits of business continuity planning, which you must be aware of. Finally, we will share with you the steps you can follow to implement business continuity planning. What Is Business Continuity Planning? Business continuity planning is essential for a company as it helps in creating a prevention and recovery from the various risks and threats that can potentially affect the company. Having the plan will ensure that the personnel and assets of the company are protected. Protecting them will enable the company to start functioning by recovering quickly after a disaster situation. Business continuity planning is also essential to recover from situations like cyber-attacks where the company’s data gets compromised. Read More: What Is Risk Management? – Find Out How To Manage Risks in Business Why Is Business Continuity Planning Important? According to TechTarget.com, “The plan should enable the organization to keep running at least at a minimal level during a crisis. Business continuity helps the organization maintain resiliency in responding quickly to an interruption. Strong business continuity saves money, time and company reputation. An extended outage risks financial, personal and reputational loss.” With the help of the business continuity plan, you are making the company look after itself. You are analyzing the potential areas for risks and gathering important information from those areas. You have to have full information about those areas which are helpful for disaster situations. Furthermore, having a business continuity plan is also important to comply with legal processes. What Are The Benefits Of Business Continuity Planning? According to Investopedia, “Business continuity planning is typically meant to help a company continue operating in the event of major disasters such as fires. BCPs are different from a disaster recovery plan, which focuses on the recovery of a company's IT system after a crisis.” Basically, such a business continuity plan will help you to take stapes, including creating backups of projects, client information, and more. If something must happen to the company’s office, the satellite offices of the company will have access to all the essential information of the company. However, a business continuity plan does not work if a large population in the company is affected. It can happen at times of an outbreak of a disease. Despite that, having a business continuity plan in place will help you to improve the risk management processes of the company. Business Continuity Planning - Steps To Follow To make a great business continuity plan, it is important to have a management that oversees the plan. According to Hubspot.com, “This type of management determines the potential threats to a company and how each of these threats might impact business functions. Based on these findings, business continuity management is able to tweak the company's continuity plan to address any new potential hazards.” There are some steps you must follow to develop useful business continuity planning for your organization. Here are they: Step 1: Select your Business Continuity Team. Here, you must assemble a management team. Make sure the team is well-organized and detail-oriented. Make sure there is at least an executive manager, a program coordinator, and an information officer. Step 2: Define the objectives of the business continuity plan. To do that, you will need to know about what your end goal is. Furthermore, you must also have good information on the resources and budget based on your current projects. Step 3: Find the key players of your department and interview them. Make sure to talk with the executives as they have a bird’s eye view of the organization. Furthermore, make sure to interview the key team members of each department. This will help you to get an analysis that is useful and comprehensive. Step 4: Identify the essential functions of the business and the types of threats. By doing so, you will be able to find the major areas of your business that require the highest level of business continuity. Step 5: Assess the Risks in Every Area. Here, all you need to do is quantify the information that you have gathered from the interviews. Step 6: Conduct an Impact Analysis. Here, you will need to summarize your findings based on the costs and benefits to find out further what your priorities are. Step 7: Draft the business continuity plan. You must have already got ideas regarding what to include in the plan. Include all the requirements of the plan, followed by the procedure and end goals. Step 8: Test gaps in the plan. Once you have created your plan, you must immediately test it for any gaps. You can do it by communicating with those who are implementing the plan. Step 9: Revise your plan on the basis of findings. This will be on the basis of your findings in Step 8. Here, you will need to correct the flaws that you have found throughout the process. Read More: Business Risks – How To Identify, Manage, And Reduce Them? Bottom Line Business continuity planning is essential to hasten an organization’s recovery from a major risk leading to a threat or disaster. Basically, the company identifies all the risks that can affect the organization. The continuity plan puts in place various mechanisms and functions. With the help of these, the organization allows assets and personnel to minimize the company’s downtime. In case of a disaster in the company, it is important to implement business continuity planning to provide cover for the disaster. Do you have any recommendations regarding how to implement business continuity planning? Share your views and ideas with us in the comments section below. Read More: Entrepreneur : Who Coined The Term ‘Entrepreneur’? Intrapreneurship – Definition, Importance, Duties, And Responsibilities What Is a Franchise, And How Does It Work? – Examples, Benefits & More

12 Passive Income Ideas To Get You Rich In 2023

Some of the major passive income ideas include investing, side hustle, creative work, and more. A passive income is an income that you do not earn, and you generate differently. Passive income puts money in your pocket even when you are not working. You will not need to do active work while you are income passively, unlike the case where you are a traditional employee or a full-time entrepreneur. In this article, we will discuss different ways to make passive income in 2023 as we give you the twelve best passive income ideas. Along with the passive income ideas, we will also give you a brief explanation of how you can implement the idea for yourself. Hence, to learn about these extra income ideas, read on through to the end of the article. Passive Income In 2023 – A General Overview To earn passive income, you will not need to spend a lot of time, money, and resources. According to Forbes.com, “Passive income helps you earn a little extra. Every penny earned matters, and you can deploy the funds to build an emergency fund, start a systematic investment plan in mutual funds, etc.” In passive income, you can earn money by doing projects and making products with little work and essentially no maintenance. This is the money that you are earning from the assets that you control. However, you must note here that it requires some effort at the start, but as you progress, you will have little to no effort. Furthermore, with progress, you will not need to invest a lot of your time. According to an article in Time Magazine, "The cash stream from sources of passive income requires some upfront work, but once established, takes little to no time to maintain. While it can take some time to see the fruits of your labor pay off with passive income, earning money without regular work is possible.” Passive income helps to raise your income level by providing you with extra income options. Although there is a small investment in some cases, it is only one-time. You will not need to participate and devote a dedicated number of hours to the work. However, there is a need for maintenance in passive income, which is not a requirement in any regular income. On a side note, check out some of the best lead management software systems available in 2023 if you are into marketing and sales. The Best Passive Income Ideas For You In 2023 Here are some of the best passive income strategies that you can tryout if you are looking to start with a passive income in 2023: 1. Dropshipping Business Although one requires a little cash, you don't need a lot to start a dropshipping business. Here, to sell a product to a particular customer, you do not need to manage products physically. 2. Blogging It is the most tried and tested passive income that many people tried and got successful. However, it has a lot of competition. So, if you want success, try to be unique and simple. 3. Printing On-Demand If you are creative or understand designs, you can start an on-demand print store, as you can monetize your creativity by printing T-shirts, posters, backpacks, mugs, papers, and more. 4. Online Tutorial If you have knowledge of any subject or skill, you can start an online tutorial regarding the same. You can create video tutorials and create a package for learners to learn from. 5. Selling Digital Products To sell digital products, you will have to create your assets (digital products) once, and then you can sell the product to as many people as you want with your online business. 6. Dealing With Rental Property This is an ancient way of having a passive income. However, you will need to have the capital to buy properties that you will rent to others. The income level is also high. 7. Investment In Businesses And Stocks The most popular source of passive income is investments in stocks and business-related investments. However, investing in stocks requires heavy speculation skills, which you will need to develop. Off-topic: Are you looking to start a startup? Once you open a startup, you will need to consider having your startup insured. To check the best startup insurance options, click on the given link. 8. Affiliate Marketing According to Shopify.com, “a great source of passive income because you earn a commission whenever someone uses your referral link to buy the recommended product or service.” All you need is to recommend the product. 9. Social Media Influencer If you are good at social media, and have the confidence to influence a many audiences with your social media content, then this idea can do wonders for you. 10. Starting A YouTube Channel You can start a YouTube channel about anything that you know. Some of the best ideas, in this case, include – tech reviews, gaming videos, entertainment, tutorials, and many more. 11. Create A Digital Guide A digital guide can be about anything, from travel guides, tutorials, University suggestions, and more. You can create a digital guide once, and you can sell it to as many people as you like. 12. Design And Sell Websites If you are a website designer, then you can sell your designs to companies to earn. Furthermore, if you can code, then you can make full-working websites and sell them to customers. Summing Up One of the most underrated things about passive income is that it is the result of hard work and repeatedly working on the same thing. The more you work, the better returns it will offer you in the future. Once you add one of these passive incomes to your life, you will have better flexibility in work, more freedom, and better earning. Choose the one that suits your character and skills, and work on it consistently, to ensure future results. Do you have any other passive income ideas that you think can work amazingly in 2023? Share some of them with us in the comments section below.

The Rising Importance Of Vape Detectors In Business Environments

As the trend of vaping continues to grow, businesses are increasingly concerned about its impact on their premises. Vaping, while often perceived as a less harmful alternative to smoking, still presents various challenges in public and private settings. This concern has led to the rising importance of vape detectors in businesses, a technology that’s becoming crucial in maintaining health standards, adhering to regulations, and ensuring a comfortable environment for all patrons and employees. Addressing Health and Safety Concerns The primary reason businesses are turning to vape detectors is to address health and safety concerns. Vaping can release aerosols and chemicals that may affect indoor air quality and potentially harm non-vaping individuals, particularly in enclosed spaces. This is especially concerning in environments like restaurants, offices, or stores, where maintaining a clean and safe atmosphere is crucial for both employees and customers. By installing vape detectors, businesses can quickly identify and address vaping incidents, thereby ensuring a healthier environment. Complying with Regulations and Company Policies Another significant factor is compliance with regulations and company policies. Many places have strict no-smoking policies that include vaping, but enforcing these rules can be challenging without the right tools. Vape detectors help businesses ensure that these policies are adhered to effectively. They serve as a deterrent against policy violations and provide a means to enforce rules consistently. Benefits of Implementing Vape Detectors in Businesses BenefitDescriptionImpact on BusinessImproved Air QualityReduces aerosols and chemicals from vapingCreates a healthier environmentPolicy EnforcementAids in upholding no-smoking/vaping policiesEnsures compliance and reduces liabilityEnhanced Customer ExperienceMaintains a comfortable environment for allIncreases customer satisfactionEmployee Well-beingProtects employees from second-hand vaping effectsBoosts morale and productivityTechnological DeterrentServes as a deterrent against vapingReduces frequency of vaping incidents This table illustrates the benefits of implementing vape detectors in business environments, highlighting how they contribute to overall health, policy compliance, customer satisfaction, and employee well-being, and act as a technological deterrent. The Role of Vape Detectors in Customer and Employee Satisfaction Customer and employee satisfaction are paramount for any business. Vape detectors play a crucial role in ensuring that both these groups enjoy a comfortable, vape-free environment. For customers, especially those who are health-conscious or sensitive to aerosols, a vape-free environment can significantly enhance their experience. For employees, working in a vape-free environment means a cleaner, safer workplace, which can lead to increased job satisfaction and productivity. Related: Enhancing Employee Retention And Engagement With An Effective Appreciation Program Navigating the Challenges of Vaping in Shared Spaces In addition to the direct benefits of installing vape detectors, businesses must also navigate the broader challenges of vaping in shared spaces. Vaping, often less detectable than traditional smoking, can be a discreet activity, making it difficult to monitor and control in public areas. This presents a unique challenge for businesses that strive to maintain a certain standard and atmosphere in their premises. Vape detectors provide a solution to this challenge by discreetly monitoring the environment and alerting management to any vaping activity. This technology allows businesses to proactively manage their space without constant physical oversight, ensuring that all patrons and employees can enjoy a comfortable and respectful environment. It represents a balance between respecting individual choices and upholding the collective well-being of all those within a shared space. Conclusion The integration of vape detectors in businesses is a response to the evolving landscape of public health and safety concerns associated with vaping. By ensuring cleaner air quality, adhering to health regulations, enhancing customer and employee satisfaction, and effectively enforcing no-vaping policies, vape detectors are becoming an essential component of modern business operations. As vaping continues to be a prevalent habit, the use of such technology will likely become more widespread, underscoring businesses’ commitment to creating safe and comfortable environments for everyone. Read Also: 8 Best Practices For Managing Remote Teams The Importance Of Keeping Your HR Team Certified Seven Potential Tax Credits Available To Small Businesses In 2023

Best Business Credit Cards For Startups In 2023