Struggling to maintain or grow your business? Three ways to find the cash flow you need
Running a business can be an exciting adventure that puts you in control of your products or services. You can sell what you’re passionate about, which leads to loving what you do! However, the first step to maintaining or growing a business is to come up with cash flow in order to keep your operations sustainable. Without enough cash flow, it’s very difficult to maintain the day to day operations.
If you’re struggling to maintain or grow your business for this reason, here are 3 ways to find the cash flow that you need.
- Apply for a small business loan. A small business loan can help you get the cash you need to maintain or grow your business. Payments are flexible depending on the amount of money needed and the application process is easy. Small business loans can be used to pay employees, order supplies and much more.
- Need more money than what a small business loan can provide? Crowdsourcing is another way for existing businesses to gain cash flow. With crowdsourcing, websites like Kickstarter or Indiegogo are used. On these sites, or similar websites, you create a “story” that tells people what your business is about, what you’ll do with the funds earned and what “rewards” people will receive if they contribute funds. You can then share the story on social media in order to attract attention. Think of crowdsourcing as people from around the world helping you to maintain or grow your business. You will want to be really thorough with your campaign and make sure to read the instructions and terms on the website that you’re using in order to create a good campaign.
- Managing the finances of a business is similar to managing personal finances (though a bit more complicated in some areas). Due to this, another way to free up cash flow is to make sure you’re using a budget. If you’re budgeting for your businesses, you may see areas where you can save money and free up cash.
Bonus tip! When running a business, use technology to your advantage! Cash flow problems can often arise from customers or clients not paying on time. However, there are software programs and apps that let you accept credit card payments right on your phone and some of them even permit recurring billing to be set up so you don’t have to worry about late payments!
If you’re interested in a small business loan up to $10K, click here to calculate your potential repayments or to apply. Or, for more insights check out our blog - Small business loans made easy!