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5 Pointers for Home-Based Business Owners

5 Pointers for Home-Based Business Owners

by Irish Taylor

Copyright (c) 2013 Irish Taylor

To improve your chances of qualifying for a suitable business financing deal, we encourage you and other home-based business owners to employ these five tips:

– Have confidence in your business venture. The easiest way for you to convince a prospective lender to extend business financing to your enterprise is to exude confidence. So, before approaching lenders, you need to believe first in your business, as well as in the goods or services it offers. To do this, you might need to take the time to consider the strengths of your enterprise and the opportunities it can take advantage of. At the same time, try to understand its weaknesses and threats so that you can come up with suitable strategies for overcoming them. By doing so, you can prepare yourself to effectively sell the capabilities of your enterprise to your target credit agencies, and even to angel investors.

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– Come up with a sound business plan. Always remember that no lending firm will provide your enterprise the financing deal it needs, without an impressive and well-researched business plan. So, as early as today, we advise you to consider how you can create a sound plan, in the coming days. What items should be included in your plan? Apart from discussing the history or background of your enterprise, your plan should highlight your mission-vision, the current needs of your business you wish to finance, the latest financial information of your enterprise, and of course, a reasonable plan for repaying the funds you wish to borrow.

In case you find it difficult to develop a thorough plan then, it would be wise to look for a mentor who has several years of experience in pitching business ideas to credit agencies, nearby. For sure, such individual can give you the information you need to ensure the approval of your request for a business line of credit.

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– Obtain financing from your close friends of relatives. In some extreme cases, when you cannot qualify even for short-term loans then, it might be good to approach your friends, colleagues and immediate family members and request for financial assistance. Just remember to put everything in writing. And strive to pay them back, as soon as possible, to avoid ruining your close relationships your lenders.

– Look for the local partners of the Small Business Administration, or SBA, and apply for the loans they offer. After all, these financing deals usually carry features that will certainly match the needs and budgets of small home-based business, just like yours. Still, you should never expect to immediately find and qualify for an SBA loan. After all, these credit offers come just once in a blue moon.

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– Work on your credit history. To help your home-based business qualify for affordable financing deals, you, as the business owner, should maintain an excellent credit history. To do this, you should strive to pay your financial obligations completely and prudently. And make it a habit to order the latest copies of your annual credit report, at least twice a year. In so doing, you can check if there are errors or inconsistencies in your credit file which can hurt the chances of your enterprise of being granted the funds or lines of credit it needs.

More Information:

Irish Taylor is a business loan consultant with http://www.startupbusinessloans.com/ and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA loans and Unsecured loans.

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