Owning a small business appears ideal from the outside -- no boss, no cubicle, no rat race. There are many drawbacks, however, to owning a small business. One is the constant influx of cash needed to keep things growing and evolving. There are plenty of traditional avenues to borrowing money, but sometimes traditional doesn't work. Whether you don't have credit established in the business' name yet or you need the cash faster than a bank can move, the unusual options below are worth looking into further.
1. Credit Cards: Depending on how much available credit you have, you could use your credit cards to take your business to the next level. In fact, global search giant Google was financed with credit cards, and look how well that turned out.
2. Sell Your Jewelry: A ring is just an object and only represents the love you have. It can be replaced. Gold and silver buyers are out there and ready to buy your gold jewelry for top dollar. If you are confident that this is an investment in your bushiness' future, sell what you have to raise the funds.
3. Factoring: One of the toughest parts of owning your own business is the cash flow. Customers can take 30, 60, even 90 days or more to pay you. When you need that cash to propel your business forward, having unpaid invoices can hamper you in achieving your goals. Luckily, factoring can solve this dilemma. Factoring companies buy the invoices off of you, at a discount, and do the waiting for you.
4. Payday Loans: Yes, payday loans charge ridiculous interest. Yes, payday loans can suck people into a vicious cycle of repeat borrowing. If you are living paycheck-to-paycheck, this type of loan is not for you. If, however, you just need a quick infusion of cash to expand your business, this could be a way to do it and do it fast. Remember to read all the fine print and to pay it off in full as fast as possible.
5. Crowd Funding: If your business has an angle that will appeal to the masses, you can try to get it crowd funded on one of the many sites dedicated to such activity. Your angle cannot be that you want to quit your 9-to-5 job. You need to have a new, innovative product or help a unique subset of people in a new way.
Share14 July 2016
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