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By Paul Lewis
Tips and Tricks to help your business get financing
The best way to grow a company is by re-investing your profits. This is not always possible because many businesses are not profitable in the early days or there is simply not enough of a profit to fund the growth. Therefore, you may opt to find a financing vehicle. The best time to apply for financing is when you do not need it. If your business is showing a profit and you can get by without taking out a loan, take out a loan anyway. You are far more likely to be approved by a bank if your business is making money, and a line of credit usually won’t cost you a penny if you do not draw from it.
However, you will have a credit line established for future use should the need for additional capital arise down the road. If you wait until your business takes a downturn before applying for a bank loan, you will need to do a lot of explaining and stand a good chance of being turned down. The same holds true for credit cards. Most credit cards have no fees associated with them as long as you have a zero balance. Applying for lots of credit cards may provide the capital needed to launch your business. But like a bank credit line, you will need to personally guarantee the repayment of any funds you take. If your business fails, you will still need to pay back the credit card companies and the banks, so be certain you understand this risk before jumping in. Be sure you are willing to do whatever it takes to build your business and be absolutely certain that you think your business will be successful.
You may also turn to your friends and family to see if they have money to invest. To me, this is very risky because if the business fails and you cannot pay them back, you may damage those relationships. If you speak to an angel investor or private investor, but sure you clearly understand the terms of the deal and make sure you are comfortable with them.
1. Secure financing when you do not need it
2. Apply for lots of credit cards
3. Get as many bank credit lines as you can
4. Be sure your business is on a path to be successful and profitable
5. Outside of friends and family, no one will give you money for free. Make sure you clearly know what the terms are.
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