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You have to spend money to make money.
Yes, we know the saying is trite.
We also know that it is true.
Building a successful business means investing:
• Time
• Energy
• Money
Where Do You Get the Money?
If you are an entrepreneur but lack the cash to finance your business, what can you do?
Traditionally, small business owners have:
• Saved money over time to open their business.
• Looked for investors.
• Leveraged their personal credit.
• Asked friends and family for loans.
All of those are bad ideas.
Why Not Save Money to Open Your Business?
The United States is currently in a growth period.
• Many businesses failed during the pandemic.
• As face-to-face commerce reopens, there are going to be service gaps.
• The economy is also growing, which means that people have money to spend.
• Waiting to start your business could put you years behind the growth you could see right now.
It is a great time to start a new business.
Why not look for investors?
Investors mean you share responsibility for your business.
• You have to share profits with investors.
• Many investors seek control of the business.
Keep control of your business by owning it yourself.
Why not leverage your personal credit?
Do you even need to ask?
No one wants their business to fail, but if that happens, you do not want it to wreck your personal finances, as well.
• Your business finances should be kept separate from personal finances.
• Credit inquiries can impact your personal credit.
• Using your personal credit means you guarantee business loans.
• Any problems with your personal credit, including things like identity theft, can leave you unable to access the credit you need for growth.
Why not ask family and friends to help?
Too many cooks spoil the broth.
Another trite saying.
Another true saying.
Unless your family and friends are very different from ours, that kind of help will come with strings.
What happens to those relationships if:
• You will not take their business advice?
• You will not hire people they suggest?
• You struggle to pay back the loans?
• Your business fails, and you are unable to pay back the loans?
Maintaining healthy relationships is difficult enough without adding money to the mix.
Get Business Credit to Help You Grow
Instead of resorting to one of those methods, get business credit to help you grow.
Business credit:
• Is easier to obtain than traditional business loans
• Comes in a variety of different credit lines
• Can be used for all sorts of purchases
• Gives you access to business-specific lending programs.
Want to Learn More?
Contact Emerald Credit Solutions today. We can provide an overview of business credit programs that might be right for your business.