Often in life and in business, we are overly concerned with not getting screwed, and we focus so much on avoiding pain that we miss out on opportunities. The truth about business funding for your business is sometimes we confuse our secured, lower risk personal financing with unsecured business funding.
For example, we see that we have a 4%, 30 year, fully secured mortgage with our house as collateral and we mistakenly believe that we should be able to get 1 $100k unsecured loan at 4 or 5%, and in reality we don’t have the business financials to qualify for that kind of loan.
First of all, we don’t have collateral like a free and clear of debt property to act as collateral and secondly we lack the needed 2 years of profitable business tax returns to qualify for that type of secured business funding.
The truth about business funding comes down to focusing on two things: (1) Getting the best deal possible and (2) Making that funding work to generate new sales and profits and avoiding whining and complaining that the terms are not good enough and that you deserve better.
When you work with Fundwise you can rest assured that you will secure the very best unsecured funding that exists and that you qualify for and then move towards generating income for your business.
So when we come across a $15,000 unsecured loan at 16% we are actually offended, failing to take into account it is the best funding we can qualify for and that exists and most importantly failing to realize that with our business model we can turn that 15k into 30k in new sales/revenues that will grow our business and more than cover annual interest of $2.3k leaving us a net of 30k-15k-2.3k = $17,700, which is money we would not have made without the funding.
The most successful business owners we see understand the importance of getting the best funding possible and then turning all focus to generating revenues with it.
One of my mentors whose businesses gross well over $100 million per year says he focuses 99% on income generation and 1% on managing expenses. This video shows the funding team at Fundwise breaking down the truth about business funding. Enjoy!