- Business and Employment»
- Small Businesses & Entrepreneurs
Do I Really Need a Small Business Loan?
Steps That May Help
When I started out, I was not in a position to qualify for a loan. But I did not let that get in the way of my dream to start my own virtual assistant business. I want to share with you the steps you can take along with some things I have learned. Just know, that you can do it too. Things may not happen as quickly as you would like, but maybe you will agree with some of the information that has helped me.
When and if it is possible, do research in the field you are exploring and find out what has worked for others and the challenges they encountered. If you are currently working and haven't started your business yet, I encourage you to do as much homework on the subject as possible. It will save you so much time and money and allow you to focus on growing your business and building a client base.
Attend networking events to build relationships. Also, join a professional networking site such as LinkedIn. You can join some groups there and become involved in discussions, and take advantage of webinars, technologies, and other useful tools that will aid in your success.
Trim some of your living expenses where possible. Pay down debt, and pay off as much as you can. That way you can start saving money and open a business account. Allow as much time as you need. By saving for your business early, you may not need to apply for a small business loan. Yes, you may go through some rough periods, but in the long run, I think you will be glad that you didn't make an extra bill for yourself.
When you are ready to build your client base, you can begin at a pace that works around your other job. Possibly working for yourself part time, to test the waters and know that you can survive off of the money you will make from your clients. I wish I would have started before I left my old job, but lessons learned are testimonies shared.
If you operate as a "cash only" business, pay cash for your equipment and expenses, you will be an amazing small business owner. I encourage you to stay away from the "credit" trap so that you won't have the worry of paying your bills. I have started using this method and it is working for me. There is so much that I am still learning, but I just keep trying different methods until I find what works.