This is the year that you want to break out of the mold and fulfill your dreams as an entrepreneur. To make those dreams come true, at some point you’ve got to ask yourself what’s holding your business back and why you aren’t getting the results you want.
What does it take to succeed in business?
It takes several combined factors to succeed in business. To start, you need a great idea, a solid business model, and fantastic partners; but that’s just the beginning. It’s going to take a lot more to take your business to the next level, and those additional elements often come at a high cost. This can prove to be difficult when you’re starting without a lot of profit.
What other factors should you consider?
This list of factors was compiled from conversations with thousands of our clients, during which we asked them what was holding their businesses back. Throughout these conversations, most of them touched on these five things:
Several of these entrepreneurs and small business owners expressed that they didn’t have the right people or enough people in place to help the business grow
Some businesses found difficulty in moving to new markets or reaching new customers in their current market
Many of these businesses were lacking the necessary equipment (machinery, computers, software, etc.) to operate efficiently
Other businesses lamented that they didn’t have the inventory to fulfill their customers’ orders, resulting in the loss of customers and potential sales
Lots of retail businesses didn’t have the optimal location to attract new business, while corporate businesses didn’t have large enough locations to house their staff
How can you mitigate these factors?
What was the common denominator in these conversations? Most of the concerns expressed could easily have been resolved through more capital. Now, money doesn’t solve everything; however, lack of capital can severely stunt the growth of your business.
Capital is the money that you need to fuel your business. Sometimes, this means going into debt, but that’s okay. Remember, there is a massive difference between personal debt and business debt. Personal debt eats away at your wealth while business debt can exponentially increase it through future returns.
At Fundwise Capital, we know the in’s and out’s of the industry and can help you find the capital you need to take your business to the next level. This is money that can give you immediate access to the ability to hire new employees, generate new leads, purchase equipment inventory, or find a new office location.
There is no better way to get it than through our strategic lending process and help us formulate a personalized funding plan that will help you make a lot of money in the future.
I already have my funding, now what?
If you already have your funding, but you’re not sure where to start, we’re here to help! Check out our article on making a plan to spend your money. Or, reach out to your Funding Manager for more options and ideas.