Small businesses are very important economic drivers of any nation. They constitute a significant part of the Gross National Product while employing from 40% to 55% of the total workforce.
More than half of small businesses in existence are sole proprietors, who decide their working schedule and hours.
Few of these small businesses are eventually able to grow into medium-sized businesses. Even from much smaller metamorphose into big businesses.
A number of reasons have been attributed to why small businesses remain at the same size year in year out. Records from the US Bureau of Labor indicate that 20% of small businesses do not survive beyond the first year of existence. While 50% of small businesses remain active after 5 years, and a whopping 80% of small businesses cease to exist after 10 years of incorporation.
This review provides detailed information about a company’s solution to one of the most basic needs of small businesses and its referral program for associates interested in working with the company.
Post Outline
- 5 Challenges of Small Business Owners
- About Kabbage
- Main Features of Kabbage
- Kabbage Referral Program
- Getting Started with Kabbage Referral Program
- 10 Powerful Reasons to Join Kabbage Referral Program
- Media Channels for Promoting Kabbage Referral Program
- Kabbage Referral Program Payments
- Pros and Cons of Kabbage Referral Program
- Conclusion
5 Challenges of Small Business Owners
In an online poll, we recently conducted the 5 topmost challenges faced by small business owners:
I. Inadequate Access to Funding
More than half of respondents claim that access to funding for their business was the most pressing challenge experienced. Getting finance from the bank was more tedious than expected, and a lot of the small businesses could hardly meet the requirements of financial institutions.
Many small businesses have been unable to meet up with production deadlines or take care of business expenses because of the paucity of funds. Those that relied on cash flow found out that inflow was hardly enough to take care of operational expenses.
II. Poor Financial Management
Stems from not having the right accounting personnel to handle bookkeeping or the right accounting tools to update records!
There are numerous cases where cash flow not properly managed led to a shortage of money resulting in bankruptcy.
III. Improper Time Management
Most small business owners find themselves handling virtually all tasks associated with the business – the role of an accountant, marketer, administrator, customer support, etc. This can be quite overwhelming for the business owner who has both limited capacity and time.
Small business owners find it difficult to manage their time properly, and often experience burn-outs as a result of this.
IV. Hiring the Right Personnel
Small business owners hardly have the funds to pay professionals to work with them. This is the reason for hiring less competent personnel or taking on the responsibilities themselves.
V. Limited Marketing Reach
Effective marketing reach requires much spending. This is a privilege that most small business owners cannot afford, and therefore have to execute marketing strategies that may not produce expected results.
About Kabbage
Kabbage is a technology company that facilitates short-term loans between borrowers and lenders. The company offers small businesses access to funding their businesses in the form of a line of credits. Businesses can access anything from $1,000 to $250,000 in credit from Kabbage.
The application process is online and it is an automated process that makes it very fast. Kabbage requires the financial data of interested borrowers which are then reviewed and borrower notified upon approval.
There are a number of features that make Kabbage unique and appealing to small business owners who require funding for their businesses.
Main Features of Kabbage
The sign-up process for a loan on Kabbage is quite simple and straightforward with applicants getting automated responses. The loan disbursement is instant depending on the availability of funds with borrowers known to have received loans the same day.
Small businesses can receive funding from Kabbage of up to the amount of $250,000 either as part or in full.
Kabbage partners with other organizations that assume the roles of lenders to the borrowers.
Applicants are encouraged by Kabbage to link their PayPal, Amazon and Chase bank accounts to give the company full financial details to aid in the application process.
The loans available to small businesses have a payback duration of 6 months, 12 months and 18 months.
Kabbage offers lenders a loan calculator that is useful for finding out what total amount is payable on the loans received.
The minimum information required by Kabbage for loan application includes full names of applicants, address, email addresses, phone numbers, and social security numbers. Other required information from applicants includes federal tax ID and bank account.
Kabbage Referral Program
Kabbage offers partners the opportunity to earn commissions from referring businesses to their small business loan programs. Bloggers, internet marketers, and influencers who have large online followers can leverage on this offer to promote the Kabbage loan program.
Marketers who are successful in bringing any approved applicant receive a commission of $250. There is no limit to the earning capabilities of marketers as Kabbage does not put a cap on the number of referrals that can be made.
The sign-up process for Kabbage Referral Program is free and marketers are free to choose from a number of media channels to promote the product.
Kabbage offers an intuitive dashboard that makes promotion easy for marketers.
Getting Started with Kabbage Referral Program
Getting started with joining and earning on the Kabbage Referral Program is easy and straightforward.
Visit the website and sign up for the program.
You will receive a confirmation mail from which you will confirm that your email is valid and then proceed to set up your dashboard login credentials.
Once logged in to your dashboard, you will receive your unique affiliate referral link, and access promotional resources to help you with your marketing.
This link can be shared through your blog posts, social media accounts, through email newsletters or through videos created by you and broadcasted through YouTube.
You can also monitor the performance of your promotions through your dashboard.
10 Powerful Reasons to Join Kabbage
- Among the many benefits and features that Kabbage offers marketers for promoting its referral program, these are the 10 best reasons for joining.
- Reliable Monthly Payments – As long as you have an applicant who has been duly approved for a loan, you are entitled to your earnings at the end of the month.
- The easy sign-up process for anyone interested in promoting the Kabbage Small business loan program.
- Earn $250 for every approved applicant. Every approved applicant who signs up on Kabbage through your unique affiliate link earns you $250.
- Kabbage offers an intuitive dashboard that comes with promotional tools to help you with your marketing.
- As a marketer, there are a number of different media channels available to you to promote Kabbage through. These are blogs, email newsletters, social media platforms, and videos through YouTube.
- Sign up process for marketers on Kabbage Referral Program is free.
- Kabbage Referral Program is a great alternative income stream for bloggers and internet marketers to monetize their traffic.
- Every marketer is given their own unique affiliate referral link which makes performance tracking very easy.
- There are no limits to the earning capability of marketers. Their earnings are dependent on the number of approved applicants who sign up to Kabbage their affiliate links.
- Marketers are given access to lots of videos and learning resources to assist them with using Kabbage and improving their promotional activities.
Media Channels for Promoting Kabbage Referral Program
Promoting the Kabbage Referral Program gives marketers a lot of flexibility in the choice of media platforms to use. Here are some of these channels that can be creatively harnessed to promote the program:
1. Blogs – One of the most important platforms for bloggers to use in building quality traffic and driving the same traffic to the Kabbage Small business loan program!
The ideal blog niche would be business, technology, startup or small businesses. Content types can include regular blog posts and/or reviews. The quality and quantity of traffic to your blog would have an impact on your earning capabilities.
2. Sites – Belonging to other organizations like schools, NGOs and other business-related companies can feature posts or promotional ads on the Kabbage program.
3. Email Newsletters – Having an email subscriber list is nothing but a great asset to anyone desiring to promote the Kabbage Referral Program. With just a post, hundreds of thousands of subscribers can be reached and those who are eligible can apply from links sent alongside the email newsletter.
4. Social Media Account – Using organic reach and/or paid ads to promote the Kabbage program is an effective strategy. Platforms like Facebook, Twitter, LinkedIn, and Instagram can be used for this purpose.
5. Videos on YouTube – Videos are fun ways to promote this offer to interested business owners. You can place your affiliate link on the description or comment section.
Kabbage Referral Program Payments
Kabbage Referral Program is a very attractive opportunity for marketers to earn steady monthly incomes for referring approved applicants to the Kabbage Small business loan program.
You earn $250 as commission for every approved applicant that signs up for Kabbage through your unique affiliate link. The business also receives a $50 gift card for getting approval within 45 days of signing up on Kabbage.
The commission earned on the Kabbage Referral Program is paid into your bank account at the end of the month.
Pros and Cons of Kabbage Referral Program
If you’re still sitting on the fence for this affiliate program or wondering if it is the best use of your resources, considering the advantages and disadvantages would go a long way in helping you decide.
Pros of Kabbage Referral Program
- Marketers can easily bring in small business owners from their dashboards through a single click. From the same dashboard is access to promotional tools to boost and track performance.
- Marketers who are new to the platform are offered a lot of learning resources and videos to help learn the ropes about the referral program.
- Anyone is free to join the program provided they have available media channels to drive promotional activities.
- There is no limit to the amount that can be earned by affiliate marketers. A single applicant who has been approved earns the marker $250.
- Marketers involved in promoting this program are playing a very important role for small business owners by connecting them to a platform that would help meet their financial needs.
Cons of Kabbage Referral Program
- The conversion rate on your affiliate link may be at a lower end because referrals have to undergo another process before they are duly approved, and you qualify to receive your $250 commission.
- Start-ups are not eligible for the loan given through Kabbage as the business is supposed to be in existence for a minimum of 1 year.
- The interest rate on the loan can be very high for businesses with poor credit rating, defeating the purpose of an instant loan with very low-interest rates.
- The payout option is very limited as only bank accounts are eligible to receive the monthly commission payment.
Conclusion
Kabbage offers a platform for small business owners to access short-term funding for their businesses. The application process is done online and applicants do not have to wait for long before finding out if their applications have been approved.
Kabbage requests for the financial data of the applicant which it uses in appraising the health of the business. The loans span 6 months to 18 months and are disbursed as a line of credit, with the borrower deciding to use all or part of the loan.
Kabbage Referral Program is set up for marketers who are interested in promoting the service while earning commissions in the process. There is a $250 commission on every approved applicant with marketers having the unlimited potential to earn as much as they can. It is free to sign up and Kabbage issues you a unique affiliate link upon completion of the sign-up process.
The drawback to the Kabbage Referral Program is the limited payout option. The loans are also not accessible by startups.
You can get started promoting the Kabbage Referral Program if it is an ideal product or niche for your blog or traffic.
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