One of the first questions any entrepreneur needs to ask when they start building their first small business is, “how am I going to get the money I need to become profitable?”
As the old saying goes, it takes money to make money, and even if your company is already bringing revenue in, getting to the next level usually requires a quick infusion of capital. Outside funding is absolutely essential to unlocking the full potential of your business, but for many entrepreneurs, navigating the funding process is anything but easy.
In this article, we’re going to explain some of the benefits of securing long term business funding solutions for your small business, and also provide some tips about what to look for in funding partners and how to apply for alternative sources of funding.
What Long Term Funding Makes Possible
Most businesses start with an idea. When you realize that there is a need for a product or service, and you know you have the knowledge, drive, and resources to provide it, starting a small business to see if you can make your idea work in the real world is the logical next step.
But while some business people can start small and build their company as profits start to roll in, some ideas require a significant amount of capital to get off the ground in the first place. In these cases, working with a small business lender to secure long-term funding is absolutely essential to making the business viable.
With long-term funding, you’ll be able to:
- Hire more staff
- Build economies of scale
- Launch advertising campaigns
- Purchase inventory
- Pay consultants
- Build client and customer confidence and trust
Unfortunately, getting the long term funding you need to make your company economically viable can be a challenge — you may have faith in yourself as an entrepreneur, but convincing a bank to provide you with a large line of credit at a reasonable rate is a whole other story.
For this reason, many entrepreneurs are turning to alternative business funding providers who can provide reliable long term funding that will help them start turning their dream into a reality.
Things to Look for in a Small Business Funder
If you’ve ever been rejected for a bank loan before, you probably know how demoralizing it can be. You spend months developing what you believe will be an air-tight pitch for the viability of your company, only to be told that you aren’t a good credit risk.
Funding can start to feel like a catch-22: you can’t get funding until you show that your business is profitable, but you can’t make your business profitable without reliable funding. Meanwhile, your larger competitors can afford to take major losses confident in the knowledge that they have access to easy credit based on their size.
One of the reasons why small business funders are becoming a bigger part of the funding landscape is because they can provide more flexible funding compared to larger financial institutions. If you think that alternative funding might be the right approach for your small business, here are a few things you should look for when considering your options:
- Make sure the funding formula is transparent: Getting funded is important, but it is also important to make sure that funding is affordable. Always be sure to check what the prices and fees associated with a funding package are before signing up.
- Look for funders who have a long track record: Finding a funding company that has an extensive track record and has been in business for a few years is a great way to make sure you find a reliable partner.
- Compare services: See how different funders compare, and find the funder that offers you the best deal.
- Don’t settle for bank hours: One of the benefits of working with alternative funders is that they aren’t hamstrung by the conservative work culture of banking. Find a funder who is available seven days a week.
Finding the right funder is just as important as securing funding, so make sure to do your research and get the whole story before committing to a particular funder!
How SharpShooter Funding Can Help You Secure Funding Today
SharpShooter Funding has been providing funding help and support to small businesses for more than seven years, and in that time we’ve learned a lot about the needs of Canadian entrepreneurs.
We’ve learned that Canadian entrepreneurs work hard, and want funding partners who work even harder. We’ve learned that Canadian entrepreneurs value clarity, flexibility, and a fast turnaround. We’ve learned that Canadian entrepreneurs overwhelming have the drive and integrity to honour their end of a funding commitment.
For this reason, we have tried to make our funding service as streamlined and straightforward as possible. We process applications every day of the week, and we strive to approve your funding application within twenty-four hours.
We fund seventy-five percent of the applications we receive, so if you want to get your company the long-term funding it needs to explode, keep in touch — we are the fastest and most reliable option you will find in Canada.
For most small business owners, starting a company is the culmination of years of hard work, and one of the most significant things they will do in their life.
At SharpShooter Funding, we appreciate how hard it is to turn a dream into a reality, and we are proud to partner with hard-working Canadians who want to build vibrant companies and who need a little start-up capital to get going.
Give us a call to find out how we can help you secure the long-term funding you need to launch your business. Our streamlined web-based application is easy to use, and we because our funding experts are always working, you may find out within a single day whether or not you’ve been approved.
Check out our webpage for more information about how you can get funding from SharpShooter Funding today!
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This post was written by sharpshooteradmin