The Eastern Panhandle’s Premier Limousine Service
It’s more than a car…It’s a personal experience
Home of the Party Bus
Luxury Transport, LLC
241 Edmond Road
Kearneysville, WV 25430
Phone: (304) 725-5066
Fax: (304) 728-3924
How To Secure Small Business Funding And Expand
Many people each day want to break into the fast-paced business world looking to do something on their own. Some of these people are already well on their way to success with an established business, while others are still trying to make their mark. Most of all in today’s business world people are trying to find new ways to expand since the more traditional lending methods in many ways have all but dried up.
Owning a small business requires a lot of hard work and dedication in order to be successful. You can do everything write, follow all the rules and still get beaten down by the crazy hectic world that causes small businesses to go belly up. More now than ever before you are seeing a lot of small business getting crushed under the weight of big business because there is simply not enough money and credit to go around for someone looking to expand.
So what are your options as a small business looking to grow? Who do you turn to when traditional sources of credit have all but dried up? Well it really depends on your goals and how far you’re willing to take this business. Do you want to just stay at your local and prosper, how about added an additional local outlet or maybe you have dreams of going national?
What many small business owners do today is use the power of the internet to expand their business. There are always venture capitalists out there looking to help small businesses if they see a good opportunity, so you can always go that route but then you are giving up a piece of your business.
Crowdfunding is an option. If you have a compelling story there are many kind individuals all over the world who are willing to donate money to your business if you have interesting story to tell. Simply go online and look up crowdfunding and you should be able to easily come across many websites that use this type of lending.
Another way to expand your small business funding is by establishing a positive relationship with a bank through good credit practices. Today more than ever you need almost perfect credit for a bank to lend you money. If you can show a bank that you are a good customer who always pays their debts on time, do not have a high debt to income ratio and your business is successful, there is a good chance they will approve an additional line of credit to help you expand. Just make sure you get that FICO score up, otherwise it will be difficult to get any loans.
In the meantime you need to pay attention to your business because nobody is lending you anything if it is not a winner. People will take chances on something that looks like it has promise and they see you working hard, so keep at it, and you never know where a new source of funding might turn up to help you expand.