Funding a New Business? This is how to get started!?

A top of mind concern for most small business owners is cash flow. Securing funds for daily operations is essential to a business in its infancy stage.  Funding a new business can be overwhelming because of the possibility of unplanned expenditures. Fortunately, there are a lot of funding sources available to chose from.

This post will cover a few key questions all new business owners must answer when it comes to funding a new business:

• Why do I need funding?
• What type of risk am I willing to take on?
• What is my business credit?
• How fast do I need the funding?

Answering these questions requires a deeper view of your business’s essential needs before deciding on the best funding source.

Why do I need funding?

Though the answer may seem obvious, financial providers require a plan of how their funds will be used. You’ll be surprised to hear the increasing number of businesses lacking a clear plan. While presenting this document will be easy for most, some will have to develop a plan. Consider this an opportunity to conduct a holistic review of your business model and its needs. You may find that some of the funds you’re requesting might be better allocated in other ventures.

For example, have you had your eye on a new truck or office space? Maybe you’re looking for payroll funds while you expand your business? If this sounds like you, don’t feel alone. Many new businesses struggle with unsteady cash flow and scramble to make payroll. This is such a prevalent problem that there are funding options tailored to overcome these scenarios.

What type of risk am I willing to take on?

When it comes to funding a new business, entrepreneurs often risk their livelihood and are hesitant to collateralize any more assets.  While many lenders are sympathetic to this concern, their standard requirements often demand collateral. Often times, traditional lending requirements are so rigid that funding is near impossible to secure.

Deciding to officially request financial help isn’t easy, but it’s only the beginning. Most lenders have a “risk portfolio” that guides their approval process. Declined applications aren’t uncommon and should not be taken personally. Lenders might even present you with an alternative amount because your business exceeds their risk portfolio. If you find yourself in such a scenario, don’t panic! Fortunately, their are alternative lenders willing to help declined businesses.

What is my business credit?

Setting up your business’s credit history is imperative to its growth. We highly recommend that you start a business credit history as soon as possible. It’s important to note that your business credit history and personal credit history should be separate.

How fast do I need the funding?

Every funding source is different when it comes to the amount of time they can get you the cash. At eBusiness, we can get you the cash you need just three days after you qualify. This means you can take advantage of opportunities, immediately.

So what is next?

Funding a new business does not have to be complicated. There are many options out there but you have to know what you are looking for. And we can help you find the right one for you!

Ready To Get Started?

Contact eBusiness Funding now at 305-985-6593 or complete the contact form on this page now.