When is timing right for a business loan?

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  • Updated: August 23, 2009 - 5:45 PM
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teambpsiAug. 23, 0910:46 PM

Right on the money Mike. Gone are the days of physical retail locations and warehouses of inventory. (mom)(entre)preneurs should absolutely be leveraging their supply-chains to manage cash flow. If you really need cash, start with the three-f's first -- add some shareholders, setup a board of interested (invested) people to help with strategy. No need to go it alone!

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dnight11Aug. 24, 09 7:38 AM

There is too much reliance on debt and not enough on equity -- most young companies are way under-capitalized and too quick to assume the right and availability of credit. To Mr. Online retail Mompreneur I want to also caution you against using your personal credit cards to finance your expansion because when that is used up you will have even less choice. Listen to Mr. Ryan.

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bottomlineAug. 24, 09 8:55 AM

And one of the biggest mistakes I made was thinking that the proper order was first spending money, then "hoping" the increased sales would pay it back. Wrong. Looking back, I now realize that what a business needs ....is not "money"....but "customers". After this, THEN this increasing customer traffic now "justifies" the business expansion. My advice: First see if there are ways to increase your customer base while spending the minimum amount of cash. Get your business to a point that sales are rockin' ....but that "thing you wanted the loan for" now has become the biggest speedbump. This is the position you want to be in ....track record of marvelous sales PLUS "if only we had a little more capital". Investors and loan people will not be able to help themselves but flock to you with offers. Hope my "hind sight lesson" can be of help.......

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