Financing The Next Step For Your Business

There are tens of thousands of successful Jewish businesses across America, and nearly all of the businesses use some form of financial assistance to help them grow.

Of course, there are lots of different ways to help your business grow, from creating a solid business plan to setting up a strong social media marketing strategy – but without the funds, everything else is a little pointless. 

Finding financing for your business can be challenging, especially if you are a start-up business, but there are still a few different forms of funding that you can consider. Here are three popular ways to finance the next step for your business.

Take Out A Loan

Banks are much stricter with lending standards today than they were in the past, but some banks (such as the Bank of America) have put funds aside for small business lending, so you are more likely to be accepted.

Another option is a short term loan from a lender. These loans are very popular; twelve million American adults use short term loans every year, and on average the borrower lends around $375 per loan. There are lots of advantages to a short term loan; they give business owners the chance to stay afloat in a cash shortage scenario, and they can help to cover expensive one-off costs.

Consider Crowdfunding 

Crowdfunding sites are an effective and enjoyable way to raise money for low cost projects, and are certainly very popular; it is expected that the industry of crowdfunding will grow to over $300 billion in the next 15 years! However, be aware that this is really only an option for one-off projects – and if you want people to invest, you will need to offer an incentive. For instance if you run a coffee shop and you are crowdfunding for a brand new coffee machine, you could offer free coffees for a day when the machine is bought.

Weigh Up The Pros And Cons Of A Credit Card

A credit card can be used to make business purchases, and if you are good at making repayments it can even help to improve your credit score – but this can be risky business, as if you don’t make the repayments you may fall into debt. For this reason you should weigh up the pros and cons of getting a credit card before making the commitment.

Financing for small businesses may be limited, but it isn’t non-existent. There are still plenty of legitimate funding options for you to consider; just make sure that you weigh up your choices so that you make the best choice for your business.

Filed Under: Business

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