business loan Archives - Financial Gym for Business

Campari & Ice – Not Just a Drink, But a Way to Get Money

November 27, 2015 by Georgette Rowland Osborne

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Would a lender give you a business loan?

While getting investment is a goal for many small business people; the reality is that the majority of micro and small businesses are just not investible, or not at investment ready. So the option for them is still the traditional business loan or overdraft; unless you are lucky enough to have a rich relative. Bear in mind that to a bank; they are investing in you. They may not be getting the same rewards, such as dividends, like a regular investor. So they need to know who they are getting into bed with.

In today’s episode I would like to give you some benchmarks that you can use, to give you an idea whether or not you and your business would be considered a good enough proposition for a loan or to some degree an overdraft.

You will also hear

How your historical financial management has a big impact on whether you should borrow at all.
A “Yes” from a bank could be the worst thing to happen to you.
What is Social Capital?
Should you borrow at all?
The more money you have, the more money you will get.

And much more

[spp-tweet tweet=” A YES from a bank could be the worst answer for your business “]

Disclaimer

This show, or any resources mentioned, is not a substitute for obtaining proper financial and or legal advice from a qualified professional who is familiar with your specific situation. Also be aware that the information contained may not be suitable for every person or organisation.

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12 Ways to Raise Business Funds without a Bank Loan

November 13, 2015 by Georgette Rowland Osborne

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One of the big fall-outs of the 2007/2008 financial crisis was the way the banks stopped lending. If you imagine the banks as a castle, there were all these companies who had been waiting outside for the drawbridge to come down and rescue them, but instead they watched it get pulled up abruptly, without them on it. And at the very time they were at their most desperate.

Even with government bailouts, the banks did not appear to be any more inclined to start trusting business people with credit terms any time soon.

With the passage of time, the banking industry insists that that situation has changed, but I am still regularly meeting business people who say they still struggle to obtain a loan from their bank. And those that do get approved can find themselves on the receiving end of unfavourable terms. As well as not getting as much money as they need.

But what I am also experiencing is a growing number of business people who want to borrow, they may even be seen as eligible by a bank, but they have decided they do not want to go that route. If this is you or you are struggling to get a bank to take you seriously then there are other funding options you could consider.

Podcast Reviews & Thank Yous

Thank you to Timothy Lewis of the Begin Self-Publishing Podcast. If you are one of the growing band of self-published authors, or you are thinking about it, check out his show at beginselfpublishing.com for some tips on self-publishing platforms, how to promote your book, Amazon tips and much more. That is beginselfpublishing.com

[spp-tweet tweet=” Why service-based business should take deposits or payments up front from customers “]

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How to Increase Your Chances of Borrowing if You Are Self-Employed

November 6, 2015 by Georgette Rowland Osborne

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I am a great fan of bootstrapping, but there are some business models that just require cash more than others. Product-based businesses are an example.

Bootstrapping does not often give you the reserves quick enough to act on an opportunity. Before you consider borrowing I would urge you to possibly rethink your business model and/or the opportunity you want to go after. You can assess whether you can approach things in another way; a way that would allow you to fund what you need to do from your profits.

Furthermore if you are planning to borrow or look at some type of funding, I would suggest that doing it as a sole trader is not the best way to go. There are a host of reasons why you would be better trading as a Limited Company if that is the case.

And if you are going to borrow, please don’t do it to get out of financial problems as this could just make things a whole lot worse. The best reason to borrow is to improve or expand your business.

I don’t doubt that you are aware of most of the points I’m going to give you, but you will be surprised how you forget, or did not realise that something could have an effect on your application.

[spp-tweet tweet=” The best reason to borrow is to improve or expand your business “]

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