Sometimes as a small business owner, you need to get money fast. It’s something which many small businesses need whilst growing.
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4 Ways Small Businesses Can Get Money Fast
But when in that position where you don’t know how to start a small business without money , many of us turn to one emotion.
Panic.
The fear set’s in and we start to worry:
- How easy will it be to get hold of the money?
- Where will the money come from?
- How quickly will I have to pay it back?
How to start a small business without money?
Fear not.
This article will take you through 4 ways your small business can get money fast, without the need to worry on how to start a small business without money. Let’s get started.
Get Money Fast with Online Lenders
If you’re looking for a loan of significant value, unfortunately, you’ll have to go down the traditional Charles Dickens approach. Like Oliver and his bowl of gruel, you’ll need to go to a traditional brick and mortar bank and ask for a loan.
Well, if you’re looking for a more modest amount of cash, you can approach an online lender. You can jump right in and do that right here, right now.
Thanks to modern advances, online lenders are one of the fastest and most efficient ways to get your capital. You can usually expect to receive your loan within a few hours of contacting your online lender. That way you can solve your problem of how to start a small business without money.
Online lenders are the go-to option to get money fast in the digital era and you also want to grow your social media as big as possible which will be one of the most profitable things that you can ever do to your business, for growing your followers just read these 6 steps to skyrocket your followers And social media marketing.
Crowdfunding
What some might consider a trendier option to raise funds for a small business, crowdfunding has become a viral sensation in the last few years.
Kickstarter, one of the larger platforms for funding small businesses since its inception in 2009 has successfully funded more than 135,000 projects at the time of writing this article.
Kickstarter also states that most successfully funded projects raise less than $10,000, with some reaching six, seven or even eight figures. This makes it a great solution for start-ups looking to get money fast. You can get some business ideas that you can start today.
The ‘Within a Day’ Options
Credit card cash advances and payday lenders are another perfect solutions to get money fast, they can be perfect if you have poor credit options too. When you use a credit card cash advance or a payday lender there are a few things to know:
- Check your rates – Cash advances usually come at a high cost; a recent study showed the average cash advance to APR at 23.68% much higher than the usual APR of 14.9% for standard credit card charges
- Watch out for fees – Most card issuers have a fee of a $5 minimum with fees around 3%-5%
- Interest starts immediately – You don’t usually get a grace period with cash advances, you don’t get your usual 30 days.
Home Equity Loans
This is a much riskier loan option that can put your home at risk, so I’d suggest considering easier ways to save. However, if you decided to go down this route you wouldn’t be the first business owner to do so. This is a risky method when you think of how to start a small business without money.
If you have equity in your home and your business is solid it can be a great way to get money fast for your business. Just be careful as you’re putting the family home at risk with this one.
“Photo by – xb100 from Freepik“
