Simple Small Business Funding Options

2015-07-02

Jeffrey Bumbales

As a small business owner, you need to be able to continually invest in your company in order to guarantee its success. The average small business costs about $30,000 to launch and requires continued investment funds to meet your monthly needs.

With all of the expenses that go into operating a successful venture, it’s important to know where to access the best forms of funding for your business.

Typical Funding Needs For Small Businesses

Running a business entails innumerable expenses that you need to be prepared to cover. Some of the typical monthly expenses include:

  • Marketing: You need continued funding to invest in marketing, so you can access a reliable customer base.
  • Rent: Ample funding will enable you to secure real estate in a prime location, as well as meet the terms of your monthly lease agreement.
  • Utilities: Utilities can add up quick in a small business, particularly if you require numerous phone lines to operate.
  • Staff: To excel beyond your competition, you need to employ the most talented staff available, which is often the most expensive aspect of operating a business.
  • Training: To keep your staff perpetually engaged and informed, providing regular training seminars are imperative.
  • Benefits: Most highly qualified applicants demand benefits packages in order to consider employment. You need to be prepared to offer a 401k, paid time off, sick leave, and health insurance in order to staff your facility accordingly. However, many lenders restrict you from using your cash for compensating your staff.
  • Inventory: To compete with similar companies on the block, you need to constantly have the best quality products available.
  • Store fixtures: Store fixtures such as lights, retail displays, and shelving need to be kept in working order to ensure the safety of patrons and maintain an attractive store.
  • Equipment: Equipment is one of the costliest aspects of operating a small business, and it’s also the most essential, as it enhances productivity and efficiency.
  • Furnishings: Investing in high-quality store furnishings will give you an edge over your competition by creating a warm and welcoming ambiance that keeps consumers coming back.

Small Business Funding Options to Consider

With all of the expenses that a small business necessitates, you need reliable funding options to cover the costs. Many entrepreneurs lack the qualifications to be eligible for traditional funding options. Alternative lenders, like business cash advance agencies, can help you attain the money you need when the banks turn you away.

Alternative lenders are geared to cater to those ineligible for traditional bank loans. They make their applications simple and quick and require no collateral or hard credit checks in the process. For new businesses that have yet to establish considerable revenue, this is the ideal option.

Most alternative lenders provide revenue-based loans that enable you to repay the loan in conjunction with business earnings, so you never get behind on payments. Additionally, they are often able to approve applications in two days or less, providing business owners with convenient financing to cover all of their business expenses.

With the countless expenses that go into operating a successful company, businesses need to have funding options available to them at all times. However, with many traditional funding solutions, new business owners have difficulty qualifying, as they’ve yet to establish the necessary credit, returns, and financials to be eligible.

Alternative lenders are dedicated to ensuring entrepreneurs have access to funding. For modern business funding solutions, contact Credibly or fill out our online pre-qualification request form.