To start your own business you need money either through investors or from your own savings these are the options most people’s minds go to first but there is a third option that might sound daunting but can be the most effective method to getting your business started. Even if you’re a first-time business owner or even a veteran entrepreneur, what many fail to realize is that equity is money and even if you disagree you still pay taxes on it.
So to keep that money moving and to continue to invest in new ventures by using your Equity gives you good(which means you can take out larger loans in the future which you will need if you intend on scaling your business). But if you aren’t already a millionaire CEO this is just what we call a small business loan.
Is a small business loan right for you?
If you are trying to start a small business and don’t have capital or investors already behind you; the answer is probably yes. If you own something that appreciates in value and has developed equity the answer is probably yes.
If your credit score isn’t the best in the world you can always go with an online loan agency, in fact, I would recommend it so once again the answer is probably yes. You can take up the best small business loans that can benefit your business and help you in running smoothly.
What do you already own that is a value?
It could be a house, a car, a boat, a pile of gold buried underground; if it has value, that value can be used as collateral to acquire a loan to start your business. The sooner you start your business, the sooner you start making money, the sooner you can pay back that loan; it is a risk but it’s a risk you need to take to start your small business.
What are the different options when talking about small business loans?
One can get a small business loan from your Traditional Bank but they tend not to do much for your business and the approval rates are low can take a long time and can end up hurting your credit.
I would recommend getting an online small business loan my personal favourite being Amerifi because of their fast approval and the fact that you don’t need to have the best credit score in the world still get a loan
Why haven’t you already applied for a small business loan?
It seems risky but a good metaphor would be you aren’t betting your house, you’re betting what your house has become worth; you are betting your equity. At some point, you need to make a jump, if you want your business to ever get off the ground. Businesses need money, yours is no different.
Do your research, look over all the options, and once you have found one that seems like a winner; you have to give it a try. There are a lot of ways to find funding for the beginning of a business but if you already have equity value why give parts of your business away to investors when you already have the money right beneath your feet? Or right out in your driveway or garage?