Small business loans are critical to the growth, and in many ways the very survival of businesses in their first five years of existence. Finding a good outside advisor (Broker) to help navigate the massive information landscape is also critical for success though. I see many business owners who have taken poor advice and suffered profoundly for it.
Merchant Cash Advance and other alternative financing sources give small business owners real options and tools they can use to cover sudden, unexpected costs or capitalize on opportunities. Many owners however, in an effort to move quickly will jump into situations without proper diligence and end up with a bad deal they can’t get out of.
The difference between getting a good deal, one which meets your needs at a reasonable cost and bad is a function of how the owner chooses to connect to the Alternative Financing industry.
Business Funding Options
Today most business owners will look for Alternative Financing Options online. Some may even use Cash Advance apps to monitor their approvals and financing options. Although helpful, many sites and cash advance apps cause more confusion than they solve and sometimes inadvertently pigeonhole business into products that don’t help or even hurt.
Proven, vetted brokers who work in the industry daily are the best resource for small business owners and can be the difference between success and failure in securing business finance. A good broker will quickly identify strengths and weaknesses in the business profile, understand where the highest probability of success is and, most importantly, leverage their experience and good will to secure the best deal possible.
Ok, so now what?
Here are some good tips for small business owners to follow when seeking alternative financing:
- A good broker always returns your calls/emails/texts.
- A good broker is truthful even (especially) when the news isn’t good.
- A good broker presents the best deal most compatible with your business profile regardless if the fees they’re paid are less. Beware any broker who claims to work cheap/free/etc.