If running your own small business has been a dream of yours for a while now, is 2015 the year you truly make the happen? Like just about anything else in life, being in charge of your own small business will cost you money, money you may or may not have sitting around. For those in the latter case, the question then turns to where will the funds come from?
For some soon-to-be small business owners, those funds will come from within, family or friends. Others, however, will be forced to turn to loan providers in order to secure the funds that could likely include office space, technology equipment such as computers and phones, and advertising and marketing money.
How to Find the Right Loan Provider
Taking a business loan out from a family member or friend can be easier than going through the paperwork and credit checks with a professional loan company, but there can be complications that you certainly don’t want to deal with. The biggest roadblock to getting a loan through someone you know is the expectations on both ends.
Related Article: 3 Ways to Fund Your New Startup
Suppose your small business doesn’t take off as fast as you would like it to? Will the family member and/or friend be willing to wait an extended period of time to receive their money? In some instances, a good relationship can quickly be soured if money loaned is the sticking point. The same can hold true if the family member and/or friend is investing in your small business venture. If they get a minimal return on investment (ROI), the relationship could go south in a hurry. You’re then potentially left with mounting bills and a lost relationship.
By choosing a professional personal loan provider like TitleBucks.com or the many other ones nationwide, there are no feelings and/or relationships to be hurt. So, how do you go about selecting a loan provider that you can work with and more importantly trust? Among the things to look at:
- Their history – How long have they been around? Do they multiple offices nationwide, including in your area? Are they available to handle customer service (see more below) issues at various times of the day or just the standard business hours? Check on these matters before proceeding;
- Their customer service – Are they known as a loan provider offering solid customer service? Do they have a history of solving problems and not creating more? Will they periodically check in with you to see how your loan payback is coming or will they be a nuisance in continually contacting you? Check on these matters before proceeding.
Finally, do you have a financial plan in place for your new small business venture or are you in essence winging it? Those who typically survive the small business gauntlet had/have a solid plan in place, including where extra money will come from if needed to build the company sooner rather than later.
Make it your business in 2015 and beyond to be the best small business owner you can be.
Author: Dave Thomas writes for a variety of websites on topics such as small business and marketing.
Published: December 22, 2014