Business Finance Resources
In order for you to get a business loan, you need to have all of your ducks in a row. Lenders need to see that you are prepared to take on the loan and have a solid plan in place whether you are just starting your business or you need money to expand or repair/replace equipment. Following are some resources to help you get started on your quest to obtain funds for your business as well as how to determine what funds you need and how they should be used.
How to Create a Business Plan
Article link: Aultec.org
Banks want to know what your plan is for your business. This means more than selling XYZ products; it means detailing your description, marketing strategies, who your competitors are and how they operate, how you will fund the development of the product or service, how you will fund day-to-day operations, and finally the formal financial documents. Your business plan is one of the most important documents to aid in your ability to get a business loan.
How to Establish Business Credit
Article link: Experian.com
If your business is simply an extension of your personal finances, it will be hard for banks to look at it as a separate entity. When you first start your company, you will not have a business history, but once you are up and running, it is beneficial to establish business credit. You do this by creating a separate identity for your business with its own Federal Identification Number, incorporating, and opening various accounts such as bank and credit card accounts in your company’s name.
How to Raise Funds for a Business Start-Up
Article link: Forbes.com
Raising funds to start your business can be tricky. Aside from standard bank loans, there are many other ways to get the money you need to start up. Once you are up and running, it becomes easier to receive a business loan to expand, buy new equipment, make repairs, or receive funds to keep operating. In order to get the money to start up though you may need be creative. Crowdfunding sites, friends and family, and pre-selling your products are just a few of the ways you can get started.
How to Understand Financial Terms
Article link: Intuit.com
A basic understanding of all business financial terms is crucial to your company’s success. If a balance sheet, income statement, and cash flow statement all seem like the same thing in your eyes, you need to learn the differences, how to read them, and what your documents should look like in order to obtain the proper funding. These are just a few of the documents lenders need to see in order to determine if you are worth the risk for a small business loan.
How to Decide Between Buying and Leasing Equipment
Article link: Nolo.com
Determining whether your business should buy or lease equipment is an individual decision that requires plenty of research before coming up with a concrete answer. If you are just starting out, leasing might be your only option, but if you are an established business with capital and a foreseeable future, purchasing might make more sense. The terms of your financing and the life of the equipment are just a few of the factors that play a role in your decision to buy or lease.
How to Start a Business from Nothing
Article link: Nolo.com
If you have a great business idea, yet have nothing to help you get started, you can start a business from nothing. Using your home as your office, your skills to offer a service, and your creativity to obtain the startup funds, you can get the money you need to establish yourself. Once you get established, obtaining funds to expand might be a little easier than you thought, as long as you create a solid business plan, establish business credit, and have a basic understanding of the financial terms and documents necessary to run a successful business.
When you have the basic knowledge necessary to get your business off of the ground, the sky is the limit on your possibilities. Perform your research and start applying for funding so that your business can be the next big thing to hit the economy, allowing you to say goodbye to that 9 to 5 job and hello to a successful future.
- Loans from $5,000 - $250,000
- Fast Approval Decision
- No Complicated Paperwork
- Flexible Repayment Plans
- Bad Credit OK
- High Approval Rates
- Funds Direct Deposited
- Quick Online Application
- Term: 4 Months to 10 Years