Whatever you do in life, whatever job you have, whatever business you run, the products you sell the services you provide, at the end of the day we all want to make a difference in the lives of the people we associate with and do so in a powerful way. This video comes to you live from Erin Massa’s Hot Dog on a Stick franchise, in fact this is her second location.
A year ago, she found out about our funding program from her daughter who dances with my daughter, she and her husband were trying to open a new franchise and had their eye on a second location as well. Entrepreneurs have one thing in common: they all have similar aspirations to accomplish great things.
Venture capital funds less than 1% of businesses according to many recent studies, and the banks still decline the vast majority of business owners who apply for funding so where does that leave business owners who desperately need capital to grow?
Unfortunately for many of them, they are led down a dangerous road to very expensive loans commonly known as merchant cash advances. These short-term loans that are 6 to 9 months with incredibly high rates often seem like the only real funding option available for a business owner, but in reality with creative financing there are superior options.
These options are a mixture of unsecured term loans provided by innovative, technology focused lenders who offer 3 to 7 year term loans up to $100,000 with affordable monthly payments and since so many business owners have personal credit card balances and in many cases they have maxed out card balances that are lowering their scores and the average rates are 15 to 25%.
So an entrepreneur with 20k in card balances may be paying 4k in annual, compounding interest, one of the business funding system’s key components is to replace these cards with high rates with new, 0% revolving accounts. This was a plan that Erin followed to reap success.
Enjoy the video!