Quick tips for improving your business and personal credit score
June 4, 2014
Top 5 golden rules of running a business
June 17, 2014

4 business rules that you can break

“Nothing ventured, nothing gained,” goes the common cliché.  How true for business!

You can decide which rules you want to break, but we’ll give you some ideas:

  1. Getting an MBA.  The most successful businessman in the world, Warren Buffet, does not have an MBA.  He does have a Bachelor of Science in Business Administration and Master of Science in Economics from Columbia Business School.  But, according to Buffet, he doesn’t “…even know where they are.”

He’s not a huge fan of formal education, but he is a fan of constantly improving your abilities through whatever methods you find useful. You do not need an MBA – just a constant desire to get better.

  1. Never work with family members or friends.  This one does have a bit of a qualification.  Work with your family members and friends if you enjoy working with them and trust them.

Don’t work with them just because they’re good at what they do.  You have to make sure you can work together for years.  Cellairis, for example, was founded by two brothers and a friend who grew the company into $350 million in annual revenues in 10 years.

Working with family members and friends works – you just have to do so using your own best judgment.

  1. You must have a detailed plan.  You should have some sort of business plan, and you can get away with a simple, single-page plan.  Yes, it may be simple, but it allows you to shift gears quickly if market conditions change unexpectedly.  A detailed plan may never get followed, and it may restrict the ability of your business to adapt to new conditions.  We’re not saying you can’t or shouldn’t have a detailed plan, but you don’t absolutely need one to succeed.
  1. When choosing a lender, focus on the interest rate.  If you’re like any other sensible business owner, you know you should focus on the interest rate, right?  The interest rate is important.  But, much more important is the availability of the loan.

Can you even access it?  If your company grows rapidly and you want to secure more funds to accelerate your growth, you want a lender who can provide those funds.  It’s costly and time-consuming to shop around with different lenders.  And it disrupts your growth.

Alternative Lending is a Flexible Solution to Traditional Bank Lending

Reliant Funding is an alternative lender, which means we’re not subject to the same strict lending standards as banks are.  Because of that, we’re also able to make it easier for you to access the capital your business needs to grow.

Here’s all you need to do to access one of our small business loans:

  • Be in operations for at least the past year
  • Have at least $8,000 per month in sales
  • No open bankruptcies (prior BK is often ok)
  • Fill out just a single page application
  • Provide a few recent financial statements

And if you qualify, you can get up to $500,000 per location, while not pledging any assets, and you can access the funds in as little as 3 business days.

To get your small business loan, call Reliant Funding at 877.850.0998 or contact us online.