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Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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3 Ways To Fund A Small Business Expansion

 

If your business is doing well, you may be thinking that the time has come to step things up a gear and expand. On the other hand, you may have put that idea to one side due to a lack of funds. Whilst there are associated risks, if you feel that your business has the potential to take off in a big way, then it's worthwhile looking into how feasible it could be. There are many ways that you can fund a small business expansion, so your vision may not be as hard to achieve as you may think.

 

Small business loan

A small business loan is a very popular way to fund a business expansion. It's a good idea to apply through a broker as they have access to a host of different lenders, which means there is more chance of you being approved. There are brokers located across the U.S so, regardless of whether you are enquiring about business loans in San Diego, Los Angeles or Ohio, you are sure to find someone who can assist. You will usually have to provide business accounts for a few years of trading so the lender knows that your business is making a good turnover and decent profit, but a broker will talk you through the requirements.

 

Angel investors

Whilst this is another way to acquire additional monies to fund your expansion dreams, it is not a decision that should be taken without much consideration. Funding from angel investors is a means of raising capital by selling off a percentage of your business to either an individual or a group of investors. They usually seek out businesses with high growth potential and where they can see an opportunity to make a large return on their initial investment. It is a great way to raise money where banks have perhaps turned you down, but bear in mind that you will be giving up part of your business to do so.

 

Asking close family

It may not be an ideal scenario, and your pride may not allow you to do it, but asking family to help you raise the cash you need might be the safest solution. Borrowing money from family will give you the means to start your expansion plans quickly and will also be fairly stress-free. If it makes you feel any better about it, offer to pay the money back to them with interest applied. It will save you money on what you would usually be charged by a bank but will make it feel more like a business transaction. You may find that your family even offers to provide you with the cash when you tell them about your exciting business vision. Don't get too caught up in the emotion of it all, you want your dreams to become a reality and who better to help you than the ones you love. It might make you even more determined to make a success of it and will also make them very proud.

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