Do you have a good business, a balanced life and live well, but not extravagantly? If so, you are one of the millions of successful business owners who own a “quality of life business”. You are a successful entrepreneur who has reached a level of stability and success desired by many. There is, however, often a problem when an opportunity to grow your business presents itself.
It takes money to get money
As a successful business owner, you know it’s important to grow your business. However, many “quality of life” business owners are content with their existing sales. They shy away from growth because they can’t afford to carry more receivables. However, you WILL lose money if your existing clients suddenly decrease their business with you. New opportunities, regardless of current success, are the life blood of any business.
How a line of credit can help with growing your business
Financing Solutions can act as your safety net should you win new business. We can provide you with the backup cash you need, when you need it. With a business line of credit in place, you can still grow your business while having emergency funds set aside. Your line of credit can help ease many burdens. You won’t worry about providing services or ordering additional inventory before getting paid by your client. It can also help with payroll while waiting for funds to clear in an emergency.
A bank line of credit takes awhile
You might think to go to your bank as a first step for additional funds to use as a backup while growing your business. If you look to a bank for a line of credit, there are very tight credit and asset requirements. You need to prepare well in advance and be ready to offer collateral to back the new line. Even if you have an existing line of credit or long term relationship with your bank, it’s a ton of work.
Factors are expensive & hard to stop using
Some business owners use factors to grow their business. However, a factor isn’t any better. They usually want a long term relationship and over time you will find that the interest and fees you pay is significant. Plus, using a factor is very addicting, and you will have a hard time getting away from using them. In addition, they will place a lien on your entire business that you will then have to have removed once the relationship is over.
How a Financing Solutions Line of Credit can help grow your business
Financing Solutions can give you the peace of mind of knowing if you win new business, you will be able to deliver. Financing Solutions can be a short term solution until you get paid from your new client. And, in the meantime, our funding allows you to hire the staff you need. Once the client starts paying, you can pay off your balance. The profits you now make from the client are recurring profits for you.
Financing Solutions doesn’t get between you and your client, whereas a factor will notify your client. They redirect client invoices to pay themselves first. A factor will also call your client to make sure the invoices are legitimate. This could cause your clients to think your business is having problems. Lastly, Financing Solutions clients often use our line only when needed. They use it to help when they want to go for extra business. Our clients know they can get the money right when they need it without committing to an ongoing, dependent, expensive relationship with a bank or factor.
Financing Solutions (www.financingsolutionsnow.com) was one of the first companies to provide a short term, unsecured, fast line of credit for working capital to viable companies, allowing one to have a funding resource better than a bank or factor so there is no missed payroll in times of increased sales or unexpected expenses.
