Why Working with a Consultant Is Good for Small Businesses

Since founding the financing firm Cash Flow Partners in 2015, entrepreneur and CEO Edward Espinal has grown the company into a multimillion-dollar operation. With extensive experience in strategic development and business financing, Edward Espinal is an in-demand consultant who has worked with start-ups, established companies, and small businesses looking to expand. 

Establishing or growing a business is especially difficult for first-time entrepreneurs who may not be familiar with all of the financial options available. Here are a few of the most common reasons that working with a business consultant may benefit a small company:

- Expertise. While a business owner may be knowledgeable about his or her specific sector, running a successful business requires expertise in multiple areas, including human resources, tax law, and business banking. Working with a consultant can bring expertise to a small company without the need to undergo training or hire a full-time expert. 

- Networking. One of the most overlooked benefits of hiring a consultant is the ability to tap into his or her network of current and former clients and industry partners. For new companies, a respected advocate in the field can open many doors.

- Workload. Entrepreneurs are often more passionate about certain aspects of their business than others. Hiring a consultant to manage unfamiliar or disliked components of launching or expanding a business allows company owners to focus on the parts of the job they love.

How Much Money Do I Need to Start a Small Business?

Corporate financing executive Edward Espinal is the founder and CEO of Cash Flow Partners, a New Jersey-based lending company. Edward Espinal helps entrepreneurs find the money they need to start new businesses.

According to data from the Small Business Administration, the average cost of starting a home-based franchise ranges from $2,000 to $5,000. However, these averages are not consistent, and many companies require more capital depending on location, their marketing plan, and the industry.

Usually, the total cost of starting a business consists of capital expenditures and expenses. Capital expenditures are one-time costs that usually may be written off through depreciation over time. Property, vehicles, and inventory are examples of capital expenditures.

Expenses are all the costs of operations in the start-up phase, including rent, travel, office supplies, state incorporation fees, and legal fees. Ideally, these costs are kept to a minimum and extra funds are left to cover unexpected costs.

Water for the World Addresses International Water Challenge

Corporate financing professional Edward Espinal helps businesses raise the funds they need to expand. Outside of his business, Edward Espinal supports several charitable organizations, including Water for the World.

In 2007, Water for the World was created to address the water crisis. According to reports from the United Nations, roughly 1.8 billion people obtain their drinking water from contaminated sources. More than 5,000 children die every year because of dirty water, and half of the hospital beds in the world are taken by people who have water-borne diseases. 

Meanwhile, 2.4 billion people do not have access to basic sanitation services such as toilets. These statistics have prompted the UN to include water and sanitation as one of its 17 Sustainable Development Goals.

Water for the World focuses on three areas: improving sanitation and water access through local projects, advancing best practices in communities, and using sustainable water management practices to preserve water resources. Water for the World is supporting more than 20 projects in countries such as Peru, China, Zambia, and Pakistan.

Benefits of Getting a Microloan

A business credit-building and corporate financing professional based in Saddle Brook, New Jersey, Edward Espinal leads Cash Flow Partners as CEO and founder. Through his business, Edward Espinal works with small and large companies to help them secure funding through business loans and microloans.

As the name suggests, microloans provide businesses with a small amount of funding. Although these loans are available to businesses who need up to $50,000 in funding, the average microloan is made in the amount of $13,000.

Getting a microloan can be hugely beneficial to companies. Typically, microloan lenders look at multiple factors when determining whether to approve a loan or not, such as collateral or a personal guarantee. These additional factors add more flexibility to the terms of a microloan, thus making it easier for companies to get than a traditional business loan. Since these loans are easier to get, they help companies improve and build their credit scores and business history so they have a greater chance of being approved for a traditional loan in the future.

Microloans also help new business owners develop their business knowledge. Most lenders require that borrowers complete business and technical training before they receive a microloan. This training helps founders avoid common startup mistakes and pay back their loan easier. 

Once the training is completed, the microloans may come through in as little as two weeks. This is significantly faster compared to traditional loans that can take months to fund.