These experienced businesspeople can save you tons of money in the long run
“Not only will they provide the funds, [but] they will usually guide you and assist you along the way,” said Wilbert Wynnberg, an entrepreneur and speaker based in Singapore. “Remember, there is no point in borrowing money just to lose it later. “
With invoice financing, also known as factoring, a service provider fronts you the money on your outstanding accounts receivable, which you repay once customers settle their bills. This way, your business has the cash flow it needs to keep running while you wait for customers to pay their outstanding invoices.
Eyal Shinar, CEO of small business cash flow management company Fundbox, said these advances allow companies to close the pay gap between billed work and payments to suppliers and contractors.
“By closing the pay gap, companies can accept new projects more quickly,” Shinar said. “Our goal is to help business owners grow their businesses and hire new workers by ensuring steady cash flow.”
Crowdfunding on platforms such as Kickstarter and Indiegogo can give a financial boost to small businesses. These platforms allow businesses to pool small investments from several investors instead https://worldpaydayloans.com/payday-loans-az/chandler/ of seeking out a single investment source.
“As an entrepreneur, you don’t want to spend your investment options and increase the risk of investing in your business at such an early age,” said Igor Mitic, co-founder of Fortunly. “By using crowdfunding, you can raise the necessary seed funds to get your startup through the development phase and ready to be pitched to investors.”
Tip: Read the fine print of equity crowdfunding platforms before choosing one to use. Some platforms charge payment-processing fees or require you to reach your full financial goal in order to keep any of the money you raised. (more…)