7 Ways To Get Financing For Your Home Business

Thinking about starting a home business? Do you already own a home business but need cash? Perhaps you can qualify for a small business loan.

However, before you attempt to borrow any money, you first have to figure out how much money you need. The easiest way to do this is by putting together a business plan. A good business plan is critical to your business success.

It can be a simple one page outline or it can be many pages, but it should spell out exactly how much money is needed and what it will be used for; your potential market and customers and potential for growth; what makes your business unique from others; and a rational and conservative projection of your business's cash flow.

Your plan will also help you set business goals and define the steps necessary to help you reach those goals. It is a guide for you to refer to on a regular basis to help evaluate your business progress and help keep you focused on your priorities.

Besides, a business plan is almost always required when applying for a bank loan. If you need assistance in writing a business plan, your local library should have several books on the subject. You can also try Amazon.com. In addition, you should be able to get help on writing a business plan from one or more of the sources listed below:

1. The Small Business Administration (SBA) offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other institutions.

http://www.sba.gov

2. The Service Corps of Retired Executives (SCORE) is a volunteer management assistance program of the SBA that provides one-on-one counseling, workshops, and seminars. SCORE has chapters throughout the country. Many work in conjunction with local Chambers of Commerce. SCORE and Visa have also joined forces to help home-based and small business owners. Contact your SBA office, local Chamber of Commerce, or the following websites for more information:

http://www.score.org
http://www.visa.com/smallbiz

3. Talk to your local bank. Find out what they require for a business loan application and also if they are participants in the SBA loan programs. Be diligent and shop around for the best loan packages, and make sure you fully understand the terms.

4. You may be able to borrow from insurance policies, IRAs, 401k's, stocks and securities, etc. Check with your insurance agent. Also, investigate what the policies are regarding borrowing from your mutual funds or retirement account. Before borrowing, make sure you fully understand the pay-back terms and any potential penalties.

5. Apply for a home equity loan. Borrowing against the equity on your home is permitted in all states except Texas. Just make sure you're diligent about paying back the loan or you could end up losing your home.

6. If you're a woman, you may be eligible for a Specialty Loan. These types of loans are now being offered by local banks. Who knows? Filling out a one-page application just might get you an unsecured credit line or loan ranging from $2500 to $50,000.

7. Try borrowing from family members and/or relatives. If you have a good relationship with your family, perhaps you can make a persuasive argument for them to loan you money for your home business. Just remember, borrowing from family or relatives shouldn't be treated any differently than borrowing from a bank. It's just as important to pay them back on time as well.

6 Secret Signs of an Easy Home Business

If you take a look around the Internet, you'll find hundreds of thousands of people who are looking for an easy home business. But what exactly does EASY mean? The answer depends on who is answering the question!

In this article, I'm going to show you six things that easy home businesses have in common - things you should look for when starting a low effort easy home business. Picking a business with these features will greatly increase your chance of success in your business ventures.

Here are the six things to look for in an easy home business:

1. A Well-Established Company With A Great Track Record

It's no secret that most so-called easy home businesses fail. There are a thousand reasons why, and it would take a business degree to really understand it all, but one thing that easy home businesses share is a great track record.

If a company is able to survive and thrive for 4 years, it means they have everything in place to run the business - and that means you can join up and hit the ground running.

2. Popular Products

This ties closely with Item 1 - an easy home business must have products that people want! It sounds simple, but many "fast cash" businesses you see being marketed on the Internet have products that you would NEVER buy in a thousand years. Yet they expect you to sell them!

By choosing an easy home business that has products that are easy to sell, it makes everything easier. You don't need to twist arms, or deal with a high percentage of product returns. Everthing goes smoothly when people are calling YOU to order!

3. No Large Up-Front Costs

This might sound surprising, but CASH is in short supply when you start any easy home business. That's right - every easy home business has this problem. It's important to know that the cost of getting into a business is not your only cost - there are marketing costs to consider, for instance. How will you attract new customers and new sales? You'll need to have business cards, a telephone (try not to use your home phone, just in case your business skyrockets or, Lord fordbid, goes bankrupt), and other expenses. You may need to attend teleconferences, or travel to events, and these costs should be considered BEFORE you jump in to any easy home business with both feet.

4 No Inventory to Maintain

We've all seen the easy home business opportunity that lets you get in on their hot opportunity - if you'll fill your garage with products. Those days are gone!

In today's environment, easy home businesses do all the product handling for you - they will produce it, package it, ship it, and even bill the customer on your behalf. Your only requirement is to tell them where to send your earnings!

Be sure that the easy home business you choose has no inventory requirements.

5. An Easy Way to Attract New Customers

A great easy home business is one that has customers coming to YOU. This is achieved by having a system in place that lets customers find you.

6. A Great Marketing System

The best easy home businesses come with a fine-tuned marketing system that you can use. This is a system that you can plug into with minimal effort, and see results in a very short timeframe. Things like replicated websites, co-op advertising, and low cost marketing kits are things that indicate a great marketing engine is in place. You'll need these tools if you are going to attract potential customers quickly.

Summary

If you spend some time looking at easy home businesses, you'll find some that have the six features in this arcticle. Choosing a business with these features is the best way to maximize your chances of success, and gives you a greater likelihood of seeing positive cashflow in a relatively short timeframe. There's no guarantees, but this checklist will really improve your odds of success!