Those early business years are tough, aren’t they? A Forbes blog post quotes Bloomberg as saying 8 out of 10 entrepreneurs fail within the first 18 months of operating their business.
You don’t want to find yourself in that position. Follow these 10 tips to make the process go a little smoother:
- Operate as lean as you possibly can, and don’t buy anything until you absolutely need it
- Choose your service vendors carefully – focus on using established providers with high levels of personal integrity
- Offer free samples of your products and services, as this shows you stand behind their quality
- Treat all accounts, large and small, with the same high level of service
- Keep a constant, deep dialogue ongoing with your customers so you know their needs and how your products/services do or do not meet those needs
- Figure out your unique value proposition, and truly differentiate yourself from your competitors
- Find a business mentor who can help you make decisions and save you costly mistakes
- Be willing to delegate. If you’re overwhelmed with work, then it’s time to hand some of it off to someone else
- Surround yourself with professionals who have strengths in areas where you are weak
Tip 10: Use Alternative Lending When It Makes Sense for Your Business
We don’t have to tell you too much about how difficult it is to get a loan from a traditional bank. You have all sorts of time-draining forms to sign, and it could take several weeks before you actually receive the capital you need to grow your business.
In the meantime, the business opportunity you’ve identified could have already passed you by.
Instead of letting that happen, think about pursuing alternative lending. At Reliant Funding, for example, your business receives funds based on how healthy it currently is. At a minimum, all you need is $10,000 in revenues per month, no open bankruptcies, and you must have been in business for the last 12 months.
We have you fill out just a single page of paperwork and provide us with a few recent financial statements. You can get up to $500,000 per physical location, and you can have the funds in your bank account the next day.
Don’t let your business flip, flop, and flounder! Take charge and transform it into a strong, stable competitor.
Contact Reliant Funding online, or call us at 877.850.0998