All too often people go into business without any savings, and instead obtain loans from banks, family friends or the Small Business Association (SBA). And then, they believe that they’ll be able to start paying the loans back right away with the profits from their new busness. Not… What they fail to realize is that it can take months or even years to make a profit.
Today, thanks to a tough economy, the banks are even more strict about credit, so once a lender discovers that your business isn’t quite as profitable as expected, they are apt to call in the loan, or they often will refuse to renew it. It is sad to say, but many times new business owners end up having to take out a home equity loan or use worse, they use credit cards to pay off their loans.
When starting a business, it’s much better to first save up as much of the needed investment money as possible, including your living expenses for the first year or two. Even if you get plenty of business coming your way — and your customers pay you on time, which isn’t always a sure thing — you’ll want to be able to invest most of that money back in the business.
Another tip is that if your clients are not paying in a timely fasion, you can always get the much needed money to keep your business afloat via single invoice factoring. This is the process of selling invoices or receivables to a factoring company, like IFG, which will give your an immediate cash flow infusion.
Last, when starting a business, be sure you “husband your money,” or in more simple terms, keep an eye on your spending, and instead think small. Don’t rent office space if you can work from home. Have a business plan that outlines how you intend to make a profit. You need to know your “break even” costs such as how much you’ll spend for inventory, employees, rent, supplies, etc. Then you can figure out exactly how much you need to sell each month, for how many dollars it is going to take to cover these expenses and still have a profit.
And even after your business is profitable, think about continuing to use receivables factoring. It can be a standard business practice that will help you keep an edge in business.
To get started or to find out how invoice factoring can grow YOUR business.
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