Top 10 Business Funding Methods That Leaves Your Business Funding Management – Easier to Manage
ASK THE EXPERT! SEND ME QUESTIONS or Call 214-702-3478 Free Consultation Starting a business does not end when you finally receive the check indicating your loan proceeds. You still have the obligation of paying them religiously on or before the deadline. If you fail to do so, you run the risk of liquidating personal assets such as your 401(K), your house, and your personal savings, which can be risky to your safety.
Easy to Manage Business Funding Methods
Do not forget the deadlines by obtaining funds from one of these recommended sources. These business funding methods are quite easy and reasonable to control, so that you do not miss a payment.
It is easier to borrow from family members and close friends, but you run the risk of destroying your personal relationship with them if you do not agree from the start. Begin by setting a payment date, and stick to it. It is easier to manage since this type of funding can be extended to longer deadlines.
Just like family and friends, personal investors are more understanding of your financial constraints. You can use this leverage to ask for a longer deadline or a more reasonable payment strategy.
Pay each month by crediting funds into your bank account or paying over the counter. Banks charge high late payment fees so it is best to pay promptly.
Government grants tend to be strict in the application process, but generally helpful when the business commences. You can ask for a payment agreement that begins after a period of time, such as three months, so that you will have a head start growing funds first.
Go to microfinancers if you need money fast. They offer very reasonable rates as long as you can give the payment as fast as possible.
Typically, this is not recommended but with proper usage, it can help you manage cash flows. Since this requires post dated checks, then you can fix the deadline when you feel comfortable paying.
Get unsecured loans from the local bank if you want something easy to manage. You can ask for short-term options such as one month to six months and pay the sum back in bite-sized installments.
Another emergency source is your own salary. This is risky but generally controllable. As long as you continue working, you will recoup your borrowings for your business.
Asking help from your supplier is another manageable solution. Ask for purchase discounts and trade promos to encourage early payment on your part.
Most credit card companies now offer loans from converted personal credits. These are very reasonable in rates compared to cash advances. Just keep in mind to pay the agreed installments every month to keep a good record.
More alternative sources of funding are now available to many small business owners. Pick out one that is easy to manage and pay off so you can get rid of business debt in a faster way.
Phone number: 214-702-3478