Here’s the catch: many investors skip to step three right away, which is often the reason behind their business ventures failing. What these investors don’t realize is that they need a constant source of funding until their business starts earning enough to cover the basic cost of operations. Hence, before the income is enough to support the business, any strain in the cash flows of your business can have serious consequences. After all, every venture needs the most input when it is young and growing. You have to make sure that for any investment you want to make, you have adequate funding. Adequate funding is not only what covers the cost of what you have planned, but also what enables you to cover up if anything goes against your plan.
Financing a small business is not as hard as it seems. Although many financers require a 6-month to a year’s length of credit history to loan a sum of cash, you can choose the right loan plan for you that suits your needs. First, choose the right plan for you. Second, discuss the plan you have selected with an expert who can guide you regarding the technicalities and, last, get your business plan financed.
401(k) Business Financing: This funding option gives you access to your future retirement money right now. Choose this option if you want to start your business debt-free. You can easily qualify for this option as it neither requires collateral nor an excellent credit score. Also known as the Rollovers for Business Start-ups (ROBS), choosing this option is not a loan, it just allows you to get the money from your retirement account right away to set up your business.
SBA Small Business Loans: A Small Business Administration (SBA) loan is attractive for its easy repayment terms. With low interest and a more extended period to repay the loan, it is a practical option that offers amounts between $75K to $5 million. Setting personal collateral and a credit score of 690+ qualifies you for this excellent loan option to start your own gym or to expand operations in an existing gymnasium business.
Unsecured loans: This is the best plan for you when you don’t want to risk personal collateral. While most financers are hesitant to fund without having a collateral set, you can easily gain finance for your business with Guidant Financial’s unsecured loan plan. Conveniently obtain $10,000-$150,000 with fast processing. All you need is a solid credit score to qualify for an unsecured loan. Moreover, with no collateral required, the approval process is quick and seamless.
Guidant Finacial will help you choose the right plan for you, as well as provide plenty of business services that will enable you to have greater control plus convenience. With a promise to support your business from start-up to every phase in the life cycle of the business, Guidant Financial will set your gym up for success.
