Starting a small business can be a path to the American Dream. Are you considering to startyour small business? Do you need customer financing for small business? How can you obtain it easily? This article will tell you more about these issues.
Fulfilling Your American Dream
The Old American Dream suggests going to college, getting a degree, going directly into a job that pays you well, working there for 30 years, then getting a pension plan and a Rolex when you retire.Today, according to anywhere between 2/3 and 3/4 of the American public, the American Dream is dead.
The New American Dream represents a version of the entrepreneurial journey that’s not like anything having existed before. Let’s see what’s the difference between the past and present situation. By the way, the barrier to becoming an entrepreneur has never been literally lower than it’s today.
The biggest difference between the Old American Dream and the New American Dream has to do with becoming the owner of your own destiny. The Old American Dream was associated with mediocrity and being average. Besides, the Old American Dream used to tell people when they could start and when it was time to stop.
Getting Customer Financing for Small Business
Did you know that 31.6% of Americans having participated in a recent survey intended to start a business in the past year, but didn’t do it because of severalreasons. Money was the most common reasons among them. By the way,44.6% of those who want to start a business haven’t taken any concrete steps in this concern.
Let’s look at the most common reasons stated by the respondents:
- Lack of Sufficient Funds(42%)
23% of the survey participants responded they didn’t intend to apply for any personal debt to launch their business. 19% were afraid to risk $25.000 or more.
Nearly1/3 of the 1.067 Americans who wouldn’t be against starting a small business are at least considering a Small Business Association (SBA) loan. 1 in 4 won’t need to apply for business funding to get things done.
Thankfully, lack of working capital is no more an issue these days. Thanks to reputable alternative online lenders, you can get the necessary customer financing for small businessat the lowest rates and with the best terms. This is the easiest and most convenient way to obtain access to working capital you need. So, turn to a reliable and experienced merchant services provider to get the best for your business.
- Lack of a Plan (24%)
About 20% of the mentioned survey respondents didn’t have a plan but were waiting for taking some steps one fine day. In fact, having a well-thought business plan is critical to your business success.
To create one, you should start with studying the market, and figuring out the sum you’ll need to get started. Besides, it’s important to be critical of your financial plan. Don’t forget to have a worst-case scenario for every aspect like your expenses and customer acquisition.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants by offering customer financing for small business, and other merchant services.His passions include producing music, and traveling.