The ability to qualify for fast business funding can often be the only thing that separates a successful company from one that goes under in less than five years. Therefore, you need to know as much as possible about small business loans, cash advances and bank loans.
In a small business, cash is king. You need it to make payroll, handle daily operating expenses and to grow your business. You may have to look to small business loans, cash advances and bank loans in order to get it, but it is important to have the facts about each of these options.
The Truth about Small Business Loans, Cash Advances and Bank Loans
For a small business owner, applying for a bank loan or line of credit can be the equivalent of trying to get water from a rock. Banks have very strict criteria and they require tons of collateral. This includes having a stellar credit history and guarantees that you will repay the loan, such as stocks, equipment and home equity, which most small businesses just don’t have.
Many businesses believe that the Small Business Association (SBA) is a good alternative for a quick business loan. However, the SBA insists on lengthy paperwork and even after you are done, it can still take up to two years to be approved and get your money.
The best choice is a cash advance company, like Financing Solutions (www.fundmypayroll.com). They provide funding for all types of businesses and entrepreneurs, even if your credit is not perfect.
Most importantly, with Financing Solutions, the process is quick and easy. You can apply with just a phone call for same day business financing.
The Disadvantages of Other Funding Options
Of course, you could always try to borrow money from family and friends. The disadvantage is that, if not handled carefully and professionally, you may wind up losing both.
There are also traditional factoring companies willing to help. Nevertheless, you should be aware that they charge ridiculous fees, up to tens of thousands of dollars, and have policies which force you to change the way you do business.
The Top Three Things Every Small Business Owner Should Know
It seems like new issues that you need to be aware of arise every day to increase your paperwork and steal your focus away from growing your business. Still, there are three key factors every small business owner should know.
Customer service and satisfaction is a crucial component of any business. Sometimes, it can be the only deciding factor for a customer choosing your business instead of your competition across town.
Another vital area is employee matters. You must stay abreast of workplace regulations, human resources rules and especially payroll taxes to keep the IRS off your back. It is also wise to learn about the new health care laws and how they may affect your business.
Perhaps the most essential thing you must know about is money — how to get it, keep more of it, and make it grow. For this, you need Financing Solutions. With the availability of business cash advances, you will know that help for your business is just a phone call away.