Despite what many may tell you, now is actually a great time to think about starting a business. It is true that the last 12 months has seen a sharp fall in the number of businesses and that a great many business have been forced to close their doors because of the pandemic. This however has left great opportunity for so many and there are holes in the market that now need to be filled. This is why now is a great time for you to think about starting a new business.
Another key reason to kickstart that business is because you will be able to do it from a position of strength. Those who were in business prior to the pandemic were of course caught out by it and that became their weakness. And so when you do decide to get that business off the ground, here are some tips on how to get the funding that you need for it.
Equipment Financing
Equipment financing from the likes of Sertant Capital is the means by which you can get the funds that you need, through borrowing for the equipment only. What this means is that you will be able to secure the very best equipment for the business, and this will help you to also free up some liquidity in the business and spend that in better areas. Another core benefit of this option is that it will still give you the chance to borrow more funds in the future, ,should you wish to launch a marketing campaign or something similar. This is because your existing credit will be tied to your equipment rather the business on the whole. Equipment financing is a great way to kick off your business.
Bootstrap
The preferred option given the current climate is that you bootstrap the business, which means that you do whatever you have to in order to get the funds together without borrowing from a bank or a financial lender. Options here include using savings, borrowing from friends or family or perhaps even crowdfunding your business and getting support from the rest of the world. This is the preferred option because it means that you won’t have to borrow any money at all.
Old School
And finally there is of course the old school option which you can take should you wish, and that is to simply take out a business bank loan. Given the closure of so many companies and given the tough economic situation at the moment, now is the time for banks and lenders to start handing out credit, in order to kick start the economy. All of this means that you should be able to get some solid terms and some favorable support from the banks, who will of course want you to do well, and pay back all of that money!
These are the best ways for you to get funding which you can then use to launch your very own company.
