Borrowing Money Without Bumps 22 Oct 2009 by Johan Kriegbaum in Getting Ahead Blog

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Are you thinking of striking out on your own and starting a home-based business? Or, do you feel that you need to earn some more cold cash since money is tight nowadays? Well, good for you! If you are seriously considering selling some products online or offering a service after work hours, like whipping up a website or putting up ads for yourself offering car repairs (why not if you have the skills for it!), then this blog is for you! I’m going to talk about money. No, this is not shopping money or “paint the town red” kind of money. This is about how to raise money you need for your small, home-based business. I will tell you some important tips on how to prove that you’re the real thing—a serious entrepreneur—not just a flash in the pan.

There are many kinds of loans. Cash Doctors offer a not-so-traditional way of borrowing money. We offer faxless, paperless, fast, and secure cash loans.

But we’re not going to talk about payday loans here or cash advances (you can look up the information you need in one of our web pages). We’re going to talk about how to borrow from traditional sources like banks. A bank loan is still a good option that promises a steady and secure line of credit. Knowing the potential snafus to avoid when borrowing can go a long way in helping you get the financing you need. Here are some tips to help you avoid some loan land mines:

• Coming up with a ballpark figure may be cute, that is, when borrowing cash from your mum. So, when going to the bank and asking for a business loan, be as exact as possible and add some for unexpected expenses.
• When you have no concrete plan on how to spend the money, you’re in trouble. Be specific with your business concept: it can help you underscore your long term objectives.
• As investment institutions, banks will want to know when borrowers can repay their loan. Being vague about your repayment projections would not clinch the loan for your business.

I hope you remember these little tips as you go about planning your business. Just draw up the best business plan you can and present it with passion. If you do that, who can resist giving you a good chance in doing business?