Where you go to get funding for your business can be just as important as what you plan to do with it. However, not all sources for business finance are created equal.
As a small business owner, you don’t have time to waste chasing numerous lenders and comparing various rates and terms. You need to know some good sources for business finance that you can turn to at any time. Learning about the advantages and disadvantages for different methods can help get you started.
The Pros and Cons of Various Sources for Business Finance
For some entrepreneurs, the myth about banks being the best place to go for business finance still persists. You may have developed a relationship with your neighborhood banker, but for fast business funding, a bank is not your friend. They have strict rules and only rarely approve applications from small businesses.
You could also try the Small Business Association for a fast business loan, which offers a list of lenders who may be more amenable to small business owners. However, there is also a lengthy vetting process which means it could take up to two years for you to get an SBA loan.
A better option is a cash advance company, like Financing Solutions (www.fundmypayroll.com). They have a fast, easy application which takes only about 15 minutes to complete. You can receive a decision in a few hours and, once approved, the money will be wired to you in less than two days.
With Financing Solutions, there is no long term commitment. Their flexible repayment plan allows you to repay the money in a couple of weeks or months with no penalty.
Why You Might Need Good Sources for Business Finance
Running a small business can be like a rewarding but scary roller coaster ride. Fortunes can be won and lost and won again, but that’s what makes it thrilling.
Just one slow sales cycle or unexpected emergency can have dire consequences. You may find yourself unable to make payroll or pay business taxes and in need of short term business financing. On the other hand, you may also need business finance in order to take advantage of profitable opportunities that come your way.
Good Sources for Ideas to Grow Your Business
There are literally thousands of publications and outlets where you can get business news and learn about trends in your industry. Of course, if you tried to scan them all, you would not have time to run your business. It may help to know of a few good sources so you can get the information you need quickly and then get on with your busy day.
One good habit to adopt is to regularly read the top publication about your industry. Don’t worry about searching around for smaller outlets. The top source is usually number one because it has become a trusted supplier of crucial data for the majority of those in your field.
You will also want to periodically check out general business publications such as Forbes or Inc., each of which has easy navigation so you can quickly find your area of interest. Also, once in a while you should look through a few secondary outlets like the Harvard Business Review or The Week for smart ideas and innovations in business.
Another good source for growing your business is Financing Solutions. They can provide you with the quick business funding you need to put those brilliant ideas into action.
