Estimates say that by the year 2020, a total of 42 million Americans will eschew the traditional corporate game in favor of self-employment. There are many reasons why millions of Americans look to start a small business, take a look:
Be Your Own Boss
The most obvious reason individuals have started to leave the corporate world in favor of self-employment is the freedom to follow what makes you happy. You will no longer have to work as a cog within a large, anonymous corporate structure. Instead, you can set your own hours and control your own destiny – all while making a living.
High Income Potential
Large corporations have very large coffers of money. However, the average employee will rarely see a large piece of the pie. Oftentimes, it is hard for the average employee to rise above a certain salary. When you start a small business, there is a potential to make a lot more money than you would as an employee of another company. After you receive your business funding, the profits you make can go right into your bank account.
A lesser known benefit when you are self-employed and start a small business is the ability to claim a large amount of tax deductions. Everything from meals with clients, travel, transportation, and internet could be deducted from your taxes if they are used in some way to help your business. With this money, you can reinvest in your company or simply enjoy the tax break.
How to Get Money Fast to Start a Small Business
Now that you know the benefits of self-employment and the perks you could enjoy when you start a small business, consider how you want to go about raising business funding. Acquiring business funding, especially when you need money fast to start a small business, can be a daunting prospect.
However, if you follow the tips below, you can receive your business funding and be well on your way to enjoying the benefits available to you when you start a small business.
Unsecured Business Loan for a Small Business
An unsecured business loan is a great way to get business funding, especially if you need to get money fast. Unlike traditional bank loans, an unsecured business loan does not require collateral.
That means that you will not have to risk losing critical pieces of your business if you can not pay back the loan. Other personal loans often require borrowers to put up business equipment as collateral.
The downside of an unsecured business loan is that while the lender can not take away your business equipment, they can target your personal assets if you default.
Of course, you do not have to worry about losing your personal property or assets if you pay the loan back on time. If you can, an unsecured business loan is a great business funding option to start a small business and obtain money fast to cover costs.
Credit Card for Funding
When you decide to start a small business, it is a given that you will need to use some of your own money for business funding. If you are confident in your idea, but don’t necessarily have enough cash on hand to bring the idea to fruition, a credit card is a good way to get your business up and running.
Depending on the credit card you qualify for, there are limits to how much money credit card companies are willing to extend. The average amount is roughly between $5,000 to $10,000, which is a not an insignificant amount when you need business funding to start a small business.
If, for example, you need to buy a piece of equipment that will increase the efficiency of your small business, you can use a credit card to pay for it.
Interest rates on credit cards vary, but there are plenty of cards that offer low interest rates and that can also help you get money fast.
Family and Friend Investors
When you are looking to secure business funding in order to enjoy the benefits of self-employment, relying on your friends and family for assistance is a viable option.
On the surface, it might seem like a bad idea to call on friends and family. After all, if your business fails, your friends and family’s investment will go up in smoke.
With this risk in mind, if your business does succeed, your friends and family will be able to make their money back and then some.
These types of investors can prove to be invaluable to your quest to get fast business funding. However, make sure to exercise other business funding options so that if your business fails, you will not be ostracized by your friends and family.
Title Loan Funding for a Small Business
The funding options outlined above will get you well on your way to accumulating most of the necessary business funding you might need.
With that said, once your small business is off the ground and you have successfully become one of the millions of self-employed Americans, there is bound to be unexpected expenses that you did not account for when you were building your budget.
In this scenario, the need to get money fast is paramount. As long as you have a car to put up as collateral, a title loan may satisfy your need to get money fast.
It is also very simple to get this type of business funding. For example, if you are located in Stockton, California, you can simply search for LoanMart title loans in Stockton, find the location nearest you, have your car appraised, and be on your way with cash in hand in less than an hour if you qualify.
Taking out a title loan could help you get money fast and keep your business functioning well when you face an unexpected expense.
Enjoy Your Self Employment
When you start a small business and enter into the world of self-employment, you will quickly realize how satisfying it is to work for yourself. While running your own business is not necessarily easy, it can certainly be more rewarding than working in a job you do not enjoy.
If you follow the business funding tips above, you will find it much easier to start a small business and begin the next, exciting step in your career.