"I have a business and no credit, losing big orders!"
I been running my business for over 3 years without any assistance or credit, Now I am at the point where I need credit for supply and demand, I have customers coming more and more, but the amounts of some orders exceed my budget, So I am cancelling some big orders and missing business. I have the thoughts, skills to increase my sales even more but I need ideas on getting cash for the business. HELP!
DAT ONE, LLC Consumer Products, Consumer Electronics.
#1. "RE: I have a business and no credit, losing big orders!" In response to Reply # 0
First, visit the small business website development program in your state. They generally are looking for places to dump money to grow the economy of the state. If you have proof you need money - they would jump at the chance, I'm sure.
If that does not work, you could consider visiting your bank. They generally are also eager to loan out money to businesses if they can show that it will be paid back. If you have been in business three years, than that probably will not be a problem.
I would contact the state first though because the interest rates may be more reasonable.
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#2. "RE: I have a business and no credit, losing big orders!" In response to Reply # 0
Are these orders paid up front first? If you are taking orders, this should cover your cash flow even if the customer has to wait a week. I am not trying to pry, but if you are taking orders without the cash first, you could be cancelling orders. If you are trying to make a profit, but you need to buy the product, you could do it on special order purposes only having them put down a percent of the sale that covers what you need to order. You may want to check with your vendor to see if they extend credit terms for 30 days too.