A survey of the 500 fastest growing private companies in America by Inc. magazine revealed that their biggest mistake or challenge their first year was shortage of capital. This is a very common problem.
– Mitchell Weiss, Former Financial Services Executive & author of Business Happens.
“One of the primary reasons why most businesses fail is a lack of available cash,” warns Mitchell Weiss, a former financial services executive and the author of Business Happens. “People just starting out don’t want to borrow or think about it. As lots of people know, you can get money when you don’t need it and it’s hard to get it when you do. You want a line of credit so you can tap it when you need it.”
In my book Finance Your Own Business: Get on the Financing Fast Track we discuss the merits (and downsides) of many of these financing approaches and how you may be able to use them get the funding you need. We will also share some you may have not heard much about such as raising money from foreign investors seeking US visas, merchant cash advances and SBIR grants.
But we’ll also talk about something you typically won’t find in a business financing book: how these methods may affect your credit.
Starting a business is risky. You’ve seen the statistics about how many fail. But you wouldn’t be reading this article if you aren’t at least contemplating entrepreneurship. Our goal at Corporate Direct is to help you minimize the risks as much as possible. Starting a risk-free business isn’t realistic. There are no guarantees in life. But learning how to minimize the risk to your personal credit and your personal assets will make it easier for you to weather the inevitable ups and downs.
Learn More About Business Lines of Credit
Our book Finance Your Own Business: Get On The Financing Fast Track details the power of business credit, how to get an SBA loan, the secrets of micro lenders, the benefits of crowdfunding and more.
Order Book Now
Fill out the form on this page and we will let you know when the new book is released and offer early bird discounts. Plus you’ll get a free guide today – The Levels of Business Credit. (And don’t worry: we know you’re busy so we won’t flood you with email.)