5 Small-Business Financing Myths Busted

GERRI DETWEILER | March 29, 2018

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As a business owner, you know that to make good decisions you need to know the facts. As human beings, though, our biases and assumptions can sometimes get in the way of facts. Recently, for example, I spoke with a successful business mentor who said she advises her clients to always avoid debt. While her intentions may be good, those clients may be missing out on significant opportunities to grow their businesses. There are a number of financing options available to young businesses. A micro-loan is one. A crowdfunding campaign is another. And here’s one that’s often quite easy to get: a small business credit card. As long as you have decent credit and sufficient income from various sources, you should be able to qualify for one of these card. While interest rates on small business credit cards aren’t the lowest (15 – 18% is typical), they are often less expensive than other types of financing available to startups. As an added bonus: the right credit card can help you build business credit.

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The key to success is building a well-researched and solid business plan, getting adequate finance, designing an intelligent marketing strategy, and cultivating vital networking." } },{ "@type": "Question", "name": "How do you deal with tough economic times?", "acceptedAnswer": { "@type": "Answer", "text": "While difficult economic circumstances can make any company owner anxious about making choices, it is critical to be mindful of the economy and cautious with long-term planning. Concentrate on rivals' methods and entice clients away from them. Try to learn from their successes and mistakes and provide your consumers with something more or different from what your competitors provide." } },{ "@type": "Question", "name": "How can small businesses engage customers in tough economic times?", "acceptedAnswer": { "@type": "Answer", "text": "Provide your consumers with unique discounts on your products/services. Respond quickly to their questions or concerns, establish a customer loyalty program, and engage them on social media." } }] }

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