First, don’t despair. This situation is all too common for so many small businesses across America. Traditional lenders are often concerned with the risk involved in small business loans and unwilling to take a chance on a loan that might require seizing assets or foreclosing on property to recover the money.
Starting a small business is hard work. The list of things you have to do in order to turn your dream into reality may seem overwhelming at first. When faced with such a formidable to-do list, it is easy to think of a formal business plan as something to table for later. After all, organizing a list of responsibilities and checking off items one by one as you accomplish them is itself a form of planning. Why waste time creating and perfecting a business plan at this early stage of the game?
The answer is that even the simplest business plan will help you:
From startup and everyday operating costs to growth and expansion costs, cash is the lifeblood of a business. Large corporate organizations and small business alike are required to make decisions about where and when to spend (or not to spend) money. To do this, it’s imperative that you monitor what is commonly referred to as “cash flow.”
For many businesses, credit cards are an essential part of your business activities. They can help you build your credit and obtain the assets you need to properly run your business. Unfortunately, bad or non-existent credit may make it difficult to be approved for a credit card. If you are looking to establish or rebuild your credit, a secured credit card can represent a viable option.