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Published On: Mon, Jun 24th, 2019

Best Sources for Quick Business Funding

Owning your own business can be one of the most emotionally fulfilling and financially lucrative decisions you will ever make. There are a variety of benefits that come with owning your own business.

  • You are your own boss and can decide your own hours
  • You can decide the direction the business takes
  • You can take a bigger cut of the business’ profits
  • You can work in a field you are passionate about

The benefits of owning your own business are so attractive that roughly 27 million people  in the US have started, or are already running their own business. While there are indeed many benefits of owning your own business, there are also many ways in which owning your own business can be an arduous endeavor.

While owning your own business definitely gives you more freedom to forge your own path, it can also bring an immense amount of responsibility. 

Perhaps the most important and daunting issue that comes with owning your own business is procuring business funding. It is a fact that as a business owner, you will need money. Without business funding it wont matter how great your business plan is – at the end of the day you will need money to get your business off the ground.

 So, how exactly do you amass business funding, especially when you need money quickly? Read below to figure out the best ways to get quick business funding. 

photo/Gerd Altmann

Find Investors

While finding people to invest in your business is neither the easiest nor the quickest way to get business funding, if you manage to find success in the endeavor, it is one of the most effective ways to move towards owning your own business. 

Investors come in a variety of different shapes and sizes and can help provide different amounts of business funding when you need money. 

Different Types of Investors:

  • The Small Business Administration
  • Networking Websites
  • Private Equity Investors
  • Friends and Family
  • Crowdfunding

Each type of investor brings certain pros and cons. Each type will bring in different amounts of money, ask for a different share of profits, and take different amounts of time. 

For example, if you need money quickly you might want to consider an investment from friends and family instead of a lengthy crowdfunding campaign. Similarly, if you are looking for a larger amount of business funding, you will probably want to work hard on a business plan that you can present to private equity investors with more capital.  

Personal Loans

Another viable way to receive business funding when you need money is to apply for a personal bank loan. 

If your business is already up and running and you have a line of business credit, you can apply for a business loan when you need money for your business.

However, for those looking to enter the world of business ownership, it will be nearly impossible to get a line of business credit to start off. 

With that being said, you can still apply for a personal loan in order to get the business funding you need. Banks are willing to lend money to worthy applicants, but what exactly makes you a good candidate for a personal loan?

  • Good credit
  • Stable income
  • A qualifying cosigner with good credit
  • Research potential lenders

Title Loans

Last but not least, an option to consider when you need money for business funding is a title loan. A title loan is a type of secure loan that uses your car as collateral. 

The title loan lender inspects your car for wear and tear, miles driven, and takes into consideration the make and model in order to come up with the loan amount they are willing to lend you.

If you need money fast, a title loan is one of the best places to look for business funding. When you look for money from investors, you might be able to receive a larger sum for your business, but the process can be incredibly time consuming. A title loan can ensure that you get your money the same day. You can even explore online title loans so you can get started from home. 

While title loans can have varying interest rates, credit is typically not the main qualifying factor, so nearly anyone can get the business funding they need quickly. 

Work Hard

Whatever type of business funding you use, make sure you put the money to good use. New businesses can take a long time to reach their full potential, but if you work hard and get the funding you need, you too can become a successful business owner. 

Author: Ethan Pearce

On the DISPATCH: Headlines  Local  Opinion

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