Today I want to talk about funding for growth. There’s a myth out there, or a belief I should say, that you don’t want to go into debt, as a business owner, and yet that’s collapsed with personal debt.
You don’t want to go into personal debt. Even though some of us that started our businesses did, and we have to find our way out, you don’t necessarily want to have personal debt.
However, many times you can’t take advantage of the opportunities in the economic cycle unless you’re willing to scale, which will require an investment, that to grow organically, would take far too long to take advantage of that opportunity. So, where traditional banks have been – you know, even though you hear them talking about “Yeah, we’re lending again” – what I mean is the requirements are very, very rigorous, very rigid. Unless you have excellent credit, which many people don’t, coming out of the economic crisis, you’re not going to qualify.
So the use of alternative funding, of which many, many resources have sprung up – I mean: think Kickstarter, which is not new anymore, all the way through venture capitalists, and there’s a spectrum in between – that are behind small business. Lots of them are non-profits and some of them are for profit, that are willing to invest if you can demonstrate the confidence and the ability to get a return on the investment when you scale.
So I am inviting people to uncollapsed personal debt from business debt which is a smart thing to take on.
Do you need to have a business plan and a marketing plan for how to make that work. Absolutely! And, we can help you with that.
Get informed about what are the other alternative sources for funding, so that you can take advantage of the economics upswing that we’re in right now in your industry today.