Small Business Loans: Financing Your Small Business
One of the comments I hear
most often from my clients is that they are struggling to make a living
with their business. They're very often in a position where they are in
dire need of getting clients or making sales just to pay the bills.
And when you're just
getting your business off the ground this is to be expected.
Because it takes time to
get your business up and running and to market and to become known.
It's not usually something
that happens overnight.
Every time I've launched a
new business, I've taken steps to ensure I don't end up in this dire
situation. Because there is nothing more stressful than wondering if
you're going to be able to pay your bills.
Or feeling like if you
don't start generating more income fast, you're going to have to give up
your dream and go back and get a job.
So what are the steps I've
taken?
I've always made sure I
have a source of income to support me while I'm starting a new business.
Eight years ago when I
began my marketing consulting business, I negotiated a part-time contract
position with the advertising agency I was working with. I continued to
work with them part-time while I was building my own business.
That contract gave me
enough income to get by and to finance the start-up of my new business,
while also giving me time to spend on my new business.
I did the same thing when I
started 10stepmarketing. I didn't dump my consulting business to start a
new business. I started 10stepmarketing on the side, and slowly let
consulting clients go as I started to generate new income.
In fact, I still do some
consulting as I continue to build 10stepmarketing.
By continuing to do work
that generates income while I have started and built my two businesses, I
have avoided a lot of stress and I've been able to finance the start-up
phases and the marketing of my new businesses.
For me it's worked well.
So if you're currently
struggling, you may want to consider how you can apply this approach to
your business.
Is there a way you could
contract with a larger company on a part-time basis to start generating
income while you continue to work on building your new business?
If you haven't quit your
day job yet, don't. Instead see if you can negotiate a part-time
arrangement. That will give you a steady income while allowing you more
time to build your new business.
Consider looking for
contract work on Elance (www.elance.com) or through industry associations,
or contacts you have in your area or line of work.
Building a new business
takes time. Overnight successes are few and far between.
Make sure you've got the
resources to allow yourself to take the time to build your business right.
Because in the end, if it's a business you look forward to sticking with
for years to come, it makes sense to take the time to create the
foundation and do it right from day one.
And people who are strapped
for cash, or in dire need of getting clients, tend to make compromised
decisions that may not always be in the best long-term interest of their
business.
