Of all the funding opportunities that staffing agencies look out for, Payroll factoring or payroll funding has come into vogue in the recent past and has helped many staffing agencies in the US and all over the world.
Staffing agencies have to face a number of challenges and funding is one of them when the invoices remain unpaid for a considerable period of time. Even when your invoices are unpaid, your fixed costs remain the same. You have to pay your bills and pay your employees. This is where payroll factoring comes into play. So what exactly is payroll factoring or payroll funding?
What is Payroll Factoring?
According to Porter Capital, a leading Capital solutions company which helps staffing agencies meet their working capital requirements among others through Invoice factoring and line of credit, Payroll Factoring allows access to capital even when your invoices are unpaid. So, if you are in need of immediate capital, Payroll factoring can help you a lot.
When can Payroll Factoring help businesses?
When your business does not qualify for traditional loans
Running a business can be a bit challenging sometimes. Especially when you are not able to meet your capital needs. Because of a plethora of reasons, you might be termed as one of those entities not eligible for loans. In such situations, payroll factoring can be a life saver.
When you need to improve cash flow
Cash flow is what keeps your business running. When you think of improving your business’ cash flow, you can take help of companies that can help you turn your pending invoices into capital so that the overall cash flow of your company improves.
When you need immediate access to capital
While running your staffing agency, in case of unforeseen situations, you might find yourself in need of immediate cash. Payroll factoring can save your life if you have a decent lending and factoring company. For example, Porter Capital allows quick access to capital as they have a faster approval process.
When you wish rapid growth for your business
Even when your business is not in trouble, you might need capital if you are looking for rapid expansion of your business. You might be lucky to find good investors. However, as a staffing agency, pending invoices can help you get access to capital faster than you ever imagined.
For staffing agencies, Payroll factoring has become a great tool to meet their capital needs. However, they need to be aware of the various clauses specified in the agreement with a lending and factoring company. Also, they need to ensure that they get competitive rates and the company they are getting in agreement with is a trusted company.
A brief guide for North America Shipping
Shipping from Canada to the US can be a fairly daunting process as a lot of paperwork is involved in it. It is indisputable that international shipping to North America has grown significantly with the passage of time and is continuing to flourish. Whether you are shipping from Canada to the US, or you are shipping to Mexico or any other location within North America, you definitely need the right shipping services, to manage the costs effectively. It is advised that you get your quotes from different North America shipping services before you hire one. A little research will help you make the right pick.
Things to Consider while shipping from Canada to the US:
If you are shipping between Canada and the United States, then there are some key elements that must be considered. You will require the following as they are mandatory:
- Consider the documentation that is required for all the parcels that have to be shipped to the United States.
- Consider the shipping options that you have access to.
- Look into how valuation will have an impact on online and clearance orders that will be shipped to the US.
- Always request an economy rate for heavier parcels that have to be shipped from Canada to the US.
Prohibited or Restricted Products:
There are some products that are restricted for shipment from Canada to the United States. It is important to know about them as you don’t want to be involved in any legal matters. If you hire a professional and well-reputed shipping service, they will definitely educate you about the restricted products beforehand.
This will vary from shipper to shipper. Some shippers might ship these products for you but make sure that it is safe to do so.
the following items are prohibited to ship from Canada to the US (do check with your shipper):
- Weapons (you will require a special license for it)
- Tobacco products
- Animal products or animals
- Lottery tickets
- Alcoholic beverages
- Certain types of toys
- Illegal substances
Can you ship gift baskets from Canada to the US?
The pandemic has limited human interactions and the festivities are incomplete without gifts from our loved ones. The only option that people have now, is to ship their presents through cargo. With limitations on some products, can one ship gift baskets from Canada to the US? Well, you can but whilst keeping some certain things in your mind.
- Make sure that there is no alcohol in the basket.
- The shipment must be addressed to one individual only, otherwise FDA won’t approve it.
- If you ship a basket from a company, it won’t be considered a personal shipment. Thus, keep it in mind and make sure it is addressed from and to one individual only.
- You will have to provide a list of all the items present in the gift basket along with description.
Customs while shipping within North America:
Whether you are shipping to North America or places within North America, it is important that you pay attention to the custom’s documentation. A detailed description is required of each item that is involved in the basket is crucial along with a local contact number of the recipient.
Research for the best North America shipping services if you have to send items within North America or to it. A well-reputed company follows all the guidelines and provides the best shipping services to you as well. Thus, keep it in mind that your cargo delivery is highly reliant on the shipping service you opt for.
What Makes Startup Studios Successful? By Startup Studio Insider
So you’ve heard the buzzword “startup studio,” but what exactly does it mean to be a startup studio? Here are the answers you need about why startup studios are becoming a popular model for entrepreneurial success and how this trend is changing corporate innovation.
What is a Startup Studio?
Startup Studio Insider defines a startup studio as an organization that provides investment, resources, and guidance to startups in order to build and launch successful startups in various industries. Some people call it a venture studio, others call it a startup factory or startup studio. No matter what you call it, this startup model is quickly gaining traction in helping launch startups everywhere.
Startup studios allow founders to focus all their time and energy on developing every aspect behind their business idea, while studios are dedicated to minimizing any challenges that come along the way. By offering a wide range of resources, industry knowledge, and the funding required to build, launch, and support a startup (even after post-launch), startup studios are becoming a game-changing solution for rising startups.
From Atomic to Wilbur Labs and eFounders, numerous startups are being built around the world and gaining major traction along the way. Deciding the best path to found and build a company can be a daunting task. To help you understand the unique offerings of startup studios, here are some of the most important benefits startup studios offer:
How Startup Studios Protect Startups – Graphic by Startup Studio Insider
- Strategic Counsel
Startup entrepreneurs oftentimes lack the necessary experience to anticipate the roadblocks that come along with building a business. In addition, the expertise level of a founder doesn’t always cover all grounds including marketing knowledge, product development, testing, and research. That is not a problem for startup studios, as they provide a wide spectrum of tools and resources to build a perfect strategic plan. In addition, studios have access to a wealth of knowledge in technology tools and trends, business operations, human resources, and more, which become part of their core team to help startups succeed.
- Core and Shared Resources
Out of all the investment platforms, studios take the most hands-on approach and provide the most resources. With this, startup studios are able to provide access to the largest amount of top-notch resources to help enhance the vision and goals of the startup and cut down the launch time that could usually take a couple of years to about three months.
- Human Capital
Usually, the vast majority of startup companies are made up of small teams. This is why getting the perfect fit to support the launch and operations needs of your business is crucial. Startup studios help tackle this problem by recruiting the right team with diverse backgrounds and broad skills to handle the immense workload that comes with the challenge of launching a startup.
Building a startup from the ground off can be exhausting and cash-consuming. What frequently goes wrong is that startup management fails to achieve the next milestone before cash is exhausted. Startup studios are able to solve this problem by refining the needs and expenses required to prepare for the launch and avoid the risk of becoming insolvent by providing funds even after post-launch. This is one of the major differentiating factors of startup studios compared to their competitor founding models out there.
- In-Depth Market Research
According to Startup Studio Insider, startup studios are highly selective, and as a result, will not launch a startup without substantial research and data to prove that there is a market and potential for success. This in-depth market research ultimately leads to better decisions when preparing for the launch and can help mitigate any risks in the long run.
An Interview with Nathaniel Mell, Founder and CEO of Felt+Fat
Nathaniel Mell is the founder and CEO of Felt+Fat, a ceramic design, and manufacturing studio serving both professional and at-home chefs. Nate Mell started the Philadelphia-based company in 2014 after graduating from the Tyler School of Art at Temple University and working at the world-renown Philadelphia Clay Studio.
Before his foray into ceramic design, Nate gained experience that included working in a variety of media, including glass, metal, wood, and mold-making. The opportunity to design a beautiful line of plates for Eli Kulp’s award-winning restaurant ‘High Street on Market’ oriented Mell towards exploring ceramic design in-depth. In doing so, he came up with the concept for a ceramic design studio catering to the Hospitality industry. The company name, Felt+Fat, came as a nod to the material explorations and theories of midcentury artist Joseph Beuys, one of Mell’s favorite artists.
Today, Nate Mell’s Felt and Fat has a track record of working with over 100 restaurants worldwide, producing more than 30,000 pieces annually, and being featured in the NY Times, the Forbes 30 under 30 list, and many other publications. Timeless design, ethical manufacturing, and intentionality toward relationships are the core values of the ever-growing team at Felt+Fat.
We recently got a chance to interview Nate.
Nate, Thank you for talking with us. What are the projects that you most enjoy working on?
I most enjoy working on custom projects, specifically for restaurants. Great chefs are artists and our mutual respect for craft and the collaborative energy involved in making a new shape or finish is really exciting. When my part is done I then get to see how they interact with the design, plating their food and presenting it in the context of the restaurant elevates it all to another level.
What was your biggest ‘a-ha’ moment?
This was early on. When I started this business I had been working in restaurants for nearly 8 years, supporting myself as an artist, and a chef asked if I could make him plates for a new restaurant. I said yes and initially took it on as a little gig to make a few dollars. Somewhere during the course of that project, I realized that the top restaurant in the world at the time (Noma) was using custom, hand-made tableware and that meant every aspiring chef in the world would be wanting to do the same now, we were on the crest of what could be a seachange in hospitality tableware. It was an exciting realization and what really prompted me to take this much more seriously.
What has been the most important part of your professional journey?
Understanding the importance of planning. I have never been much of a planner, very good at thinking on my feet and getting done what’s right in front of me, but over the years I’ve learned that sustainable growth happens when you pair that ability with solid, diligent planning and execution.
What are some of the risks that your company is currently facing?
We are currently looking at a lot of avenues for growth. Manufacturing means you are always walking that line of demand vs. supply. If you’re over-supplied that means you’re wasting money, if you’re undersupplied you disappoint customers. We have been growing quite a bit but are looking at rolling the dice on some big purchases that will help us up the supply side significantly, but the risk that the demand doesn’t pan out to justify the expense is always a scary thing.
What would you do with unlimited resources?
Create a top-of-the-line production facility with a best-in-class R&D studio bringing in young, world-class talent to create inventive and exciting new products.
When was the last time you totally lost yourself in doing something?
I routinely lose track of time while working on new designs, it’s easily one of the best parts of the job.
What do you do when you’re not at work?
My off time is spent with my wife and dog primarily. We go for hikes, cook great meals, mix cocktails and read aloud together or spend afternoons working on remodeling our small home (currently painting a new ceiling we put up last month).
You and your team at Felt+Fat are already making a positive impact with the “BadThings Happen in Philadelphia” product line. What more do you feel you can do to make a difference in your local community?
The BadThings line of products was a really fun experiment that allowed us to send money to causes we thought were worthwhile, we’ve often found things like that to do over the years but what I am most excited about moving forward is to be working with Baker Industries here in Philly. Baker finds work for hard-to-employ individuals; primarily the recently incarcerated. We’ve just recently hired our second employee through this program and are so happy to be providing jobs for individuals in our community who would have a hard time finding work otherwise. Not only do we get to help the community, but they have also been some of our best staff! It’s a win-win.
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