Want to Grow Your Small Business? Have an Idea for Expansion? You'll Need the 2 C's!
Confidence Helps You to Thrive in the Uncertainty of Entrepreneurship. There is no denying that choosing the path of a small business owner over the usual 9-5 life will always involve a certain level of uncertainty as you innovate and create something truly unique. Confidence is a key asset that propels you, in spite of the fact that the odds seem stacked against you. As George Addair is quoted: “Everything you’ve ever wanted is on the other side of fear.” Fear is an emotion that helps us to primitively, instinctively make a sub-conscious decision whether to respond to danger or threat by fleeing or fighting. Problems and risks, in business, naturally cause fear. But it is our confidence that enables us to respond to fear in productive ways.
Confidence Enables You to Take Risks - As Wayne Gretzy quoted, “You miss 100% of the shots you don’t take”. When operating in the uncertainty of entrepreneurship, calculated risk is a key ingredient. Confidence is found in the fine line between naïve arrogance and fear and doubt of what is possible. Your confidence as an entrepreneur will help you to make key decisions where the result is not certain. It helps you to take the shots you need to take in order to achieve success as an entrepreneur. You have to take those shots and risk your time and money when ROI is not guaranteed. Your confidence will guarantee to you that you will do whatever it takes to make it work and thrive in business.
Confidence Helps You to Overcome Failures - Thomas A. Edison, celebrated and successful American inventor and entrepreneur famously said: “I have not failed. I’ve just found 10,000 ways that won’t work." We’ve seen that being a small business owner is often times, uncertain. Where uncertainty and risk meet, failure is inevitable. However, it isn’t failure that stops us from achieving success in business. It is the ability to confidently claim that we can overcome our failures. Failure in business does not define our competence or ability to make it; failure is part of the process and is in itself an experience which we can use as an asset, to learn from and propel us forward. There are many hard resources required to make a business, from capital to other resources. However, the way we manage ourselves and our emotions is one of the most important assets that will propel us forward.
Financing a small business usually requires a lot of creative means in order to come up with a viable financing strategy. There are a number of ways that small business owners can finance his or her business. Depending on the type of business, the expected return on investment and the complications that may arise financially, finding funding can vary.
Securing capital is something that comes in time with virtually every business, whether it's in the initial exhilarating stages of transforming an idea into a company or later on, once operations begin to normalize. Generating the amount of liquid cash necessary to scale appropriately, build inventory, or expand marketing efforts can be a challenge for businesses of any size, making additional cash flow a significant benefit.
Unfortunately, for many entrepreneurs, borrowing money feels like throwing in the towel and admitting defeat. In reality, securing capital can be what it takes to motivate growth and truly seize the proverbial day.
Making Yourself Available
Enough income to sustain a company on a day to day basis is an important part of keeping a business going, but in many cases, it's not enough. Appropriate cash flow goes beyond the bare minimum; there's significant value in having the funds available to take advantage of special opportunities, whether that means purchasing additional inventory for a special purchase order, or getting in on the ground floor of a profitable investment. With capital, every opportunity is available.
Creating Custom Opportunities
When handled correctly, a business loan can be a very personalized, carefully crafted undertaking. An all-purpose, one size fits all loan is only an asset in very particular circumstances, but a customized lending process has the ability to create a solution that is very specific to your needs. With the ability to evaluate specific requirements, from loan terms to principal amount, interest rate to repayment schedules, a business loan can open doors for you that were previously closed and locked.
In some cases, access to capital is a great way to take advantage of new opportunities. In others, however, it can be a good way to pull a struggling company out of a pit of poor circumstances. Despite the potential for risk, capital can be the saving grace when trouble comes to call, providing the means to bridge the gap between failure and success. A few extra dollars today may mean an empire tomorrow, and can be the necessary protection against closing up for good.
Probably the single most common method for funding business growth is by obtaining a small business loan. However, there are a number of different options that come with small business loans, and in order to choose the right one, you need to understand which loans work best with what type of enterprise. You should take into consideration the type of operation, size of the business in terms of staff and assets, and overall monthly or yearly return. Exploring options for loans can even clue you in to loans that are specifically designed for your type of enterprise. Loans can be either long-term or short-term, and each have their particular uses. Small business loans are usually very reliable, making them a great option for business financing available to small business owners.
Today, there are a number of alternative funding outlets available to small business owners interested in funding growth and expansion of their businesses. Key among these are merchant cash advances, small business line of credit, small business short term loans and business expansion loans, which are all suitable for most small businesses that needs to get cash quickly. They are less demanding, and in a pinch a business owner can leverage his assets for access to a small financial boost.
Financing growth for small business owners, especially in a stagnating economy can be very hard. Business growth is determined partially by the amount of available capital. In order to ensure that your growth continues over time, you will need to ensure that you have ready access to capital.