We all know that raising money to finance a business or start-up is a challenge. You might want to look at other resources for help in this matter.
Below I've listed "4 Tips to Get Your Business Growing!"
1. Borrow from family & friends
- Loans from family and friends is a great way to finance a start-up. Getting these private business loans are a win win situation. Often, they have an interest rate that's 2 percent to 3 percent lower than the market rate (which benefits you) and 1 percent to 2 percent higher than the high yield savings rate (which benefits them). Banks today are charging more for loans to you and paying lower interest to depositors. If you're thinking of getting a loan from a bank, be very selective in who you decide to do business with.
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2. Borrow from yourself
- Many entrepreneurs rely on their own savings for about 30-40 percent of their initial start-up funding. Make a budget and stick to it. Once your business generates enough revenue at the level of success you desire then you can pay yourself back. Now doesn't that sound lovely? :)
3. Borrow online
- There are many web based small-business financing alternatives. Grow your business in just minutes with Lendio. Once you've completed your profile you'll be able to see lenders who are interested in working with you and your small business. Also check out EliteCashWire.com an advertising agency only, not a financial institution or lender. This site will match you with the best cash advance lender based on your application. There are many web based lenders to choose. As always, when deciding on business matters, do a BBB (better business bureau) check on each business deal and decide which will benefit you and your business the most. Do your research!
4. Borrow from patient people
- Think twice before taking a debt that needs to be repaid immediately. In a start-up, it is difficult to forecast the future revenue. Therefore, short term loans are risky during these uncertain times. Within your business network, find supporters that are willing to provide a grace period on repayment terms.
A business start-up today is a good idea but recognize it will take extra effort in your part to raise money in the months ahead. Please be prepared and ready to work hard to achieve and enjoy all the fruits of your labor.
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Now it's your turn. How do you get your business growing? Share your comments below. Thank you!
Best of luck in your business endeavors. :)
About the author: Sonia Colon is writer/publisher of My Fashion E-Mall Blog & The Biz Buzz of a Latina Mom Blog. She is also owner at BooksAboutMe. For additional powerful business articles and Internet marketing tips for maintaining a lucrative business sign up for her newsletter below!
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