Your business is your baby and hopefully, it’s also your passion. That being said, it’s one thing to have an idea and it’s another to have enough resources to take that idea and have it manifested into a strong growing child. Part of the way that this idea begins to be formed is by having capital to support it. This can translate into Angel investors, founders and others ways of bringing your dream into existence. However you look at it, you’re dreams now born and you’re underway. You’re starting to get traction and know that if you were able to take a loan of some type, that it would solve the rest of your problems.
Hence the purpose of this Sirgo, to give you three options for generating the extra little boost that you need for your business.
I’m not going to say one way to finance is necessarily better than another way. The reason is simple: there’s too many variables that go into getting finances to say a one size fits all. If you have a board, they’re almost always in the decision making process. If you have good credit or not, is also part of the decision process. If you have connections that are deep, is another factor. All of these things and more, make it impossible to give one specific answer to all financial needs that occur in a business. That’s one of the reasons we see company buyouts and takeovers.
With all of this being said, consider the following 3 methods of increasing your finances so that you can move your business to the next level.
Merchant Cash Advances And Loans
Merchant cash advances are not complicated to understand and aren’t necessarily difficult to acquire. If you don’t have a restaurant or retail business, then in most cases you’re not able to get one. Your business also MUST accept credit cards. This means that part of the factor in determining how large of an advance you’ll get is your credit card statements. It also means that they will remove a certain predetermined amount every month from your credit card transactions every month.
But what happens if you don’t have a retail business or restaurant, what then? You may chose to take a small business loan. The qualifications for getting the loan and the amount you may get will vary, as well as the size of the loan that you’re eligible for.
One of the lesser known and considered methods getting cash is called Invoice Factoring. Simply put it’s taking your invoices (or the like) and selling those list to a third party for a predetermined price. This can take more work to find someone that’s willing to buy your business customers, but it can also be quite lucrative for those that purchase the leads. Here’s how it can be challenging; if you have a baby store and need to sell leads, a restaurant isn’t going to have a need for those leads.
The Solution to all of these challenges is to get with a company such as One Source Financing. They have a solid foundation in all of these areas which allows for them to help you determine which of these options is going to be best for you and your company.