How To Get A Guaranteed Loan To Get Off Your New Business Ideas?

1
20
How To Get A Guaranteed Loan To Get Off Your New Business Ideas?
How To Get A Guaranteed Loan To Get Off Your New Business Ideas?
Losing a job is something no one plans for. If you have
recently lost your job, you should not worry and feel dejected. You can take it
as an opportunity to make the next big move in your life. The financial burden
because of job loss is transient and should not bother you much. After you lost
the job, the first thing you should do is file for unemployment and seek
benefits and grants provided by the government. This will provide you temporary
relief and you can think about your future move with a cool and calm mind.
Now there are various options available for you like looking
for another job, self-employment, starting a small business, etc.
The idea of starting a business, and being the ‘boss’ is not
an easy task for everyone. It takes a lot of work, responsibility, and involves
too much risk as well.
As the owner of a business, your job and responsibility will
include various things like finding the jobs or products to sell, providing
services, doing the work and also managing finance on your own. Almost you have
to everything which is needed to run a company.
Of course, the first thing that new business owners need to
think is about the financial need of the company. And the most important one
can be how to find the fund to start the company?
From where the capital is going to come to start the
company?
You can use your own money like savings, and some personal
line of credit such as personal loans, etc.
Trying to get a loan for a new business can be challenging
but not impossible. There are many lenders who provide guaranteed
loans for unemployed
to help them in their need for cash.
Then there comes a question: If you should take a loan to
start a business? Is it possible to start a company without taking a loan?
Possibly, but it depends on the nature of the business and the initial cost
involved.
Also, there are different types of loans that are specially
designed for business and can be customized according to the nature of the
company.
The major obstacle for a new business to get a loan is that
the company has no proven records to show to the lenders and that is a big
hurdle actually.
So how to get over of this hurdle? There are some ways and
it all starts with a business model.

An Effective And Efficient Business
Model Will Make Your Task Easier

The first step in starting a new business, apart from your
grand ideas, is to prepare one clear and concise business model.
This is your first step in seeking funds to get your ideas
and business off the ground. You have to show how your business will make a profit
even before you start it.
You have to include following into your model.
  • What type of business you are planning to set up?
  • What type of services or products you are providing?
  • How you have planned to sell the services or products?
  • All types of expenses associated with the organization like
    manufacturing cost, salaries and other costs.
  • Who is your potential buyer?
  • What is your target market?
  • How are you going to approach the market?
  • When do you expect to make profit?
  • How much money do you need?
  • How you are going to spend it?
With this business model you can go to the market and seek
the fund. You can reach out to followings:
  • Banks and primary lenders
  • Investors, capital investors, etc who are looking to invest
    money into new firms to get the return on their investment. That’s why showing
    your business model and how profitable it will is important for the investor.
    Based on the return rate they will show a willingness to invest. 
  • Other options include crowd funding and Peer-to-Peer
    lending. The crowd funding is a good way to get funding for your new business
    these days. Here you don’t have to show your proven record of success and
    profits.
There are also options available in the market like loans
for unemployed with bad credit and no guarantor
. Because getting a loan
from banks and primary lenders is not very easy. Their sanctioning criteria are
very stringent. To get a loan the borrowers should have proven credit history
and a steady source of income.
Hence, it is a better decision to go for online lenders for
such type of loan when you have a bad credit record. This will allow your
company to get the money it requires without any proven record of sale or
profits.
In conclusion, we can say that it is not impossible to start
a new business even though you are unemployed and unable to get the fund. In
today’s UK market, there are many direct lenders who are willing to provide guaranteed
loans to jobless people who want to pursue their dream of starting a business.
Description: You
can start your own business by availing loans from online lenders even though
you are unemployed and have a bad credit score. You just need to find the right
lenders.
READ  Hajj As The Last Of Five Pillars Of Islam

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here