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Get Your Loans Approved for Your Start Up Business

Obtaining loans for starting your business can be cumbersome even at the most favorable times. Possessing a solid financial record for at least 3 years is a prerequisite for even being considered for a loan. A strong personal credit record enhances your chances to acquire a decent loan for your start-up business. Over the last decade, though, the process has relaxed to some extent and lenders are willing to offer business loans to start-up firms, provided they meet some requirements. These conditions for approval are detailed below.

The need for unsecured business loans

Unsecured loans are ideal for businesses that are started from scratch or for those that do not possess three years worth of established credit history. The main factor affecting your qualification for an unsecured business loan is your firm’s and personal credit history, since unsecured business loans are not backed by collateral.

Unsecured loans are a feasible option since once you have procured them and invested them in your business, you will probably start earning income at an accelerated pace and pay them off as you earn. This reduces the risk of repossession of your property or litigation by the lender drastically. The flexibility in repayment terms rules unsecured loans supreme when it comes to borrowing for businesses.

Contingencies and Prerequisites

The loan process requires the borrower to collate and submit some specific documentation for their nascent business, which will help seasoned lenders to evaluate your eligibility for the unsecured loan. The paperwork includes the following elements:

A Business Outline: While preparing this document, it is mandatory for the prospective borrower to include information regarding the nature and scope of the future business, expected market conditions in the future, amount of machinery and labor required etc…Basically it follows the same pattern that an entrepreneur demands before he invests his money into some venture.

In the case when your business has been operating for a year or more, you will need to provide consolidated financial statements which depict your company’s financial performance. Costs, revenues, expenses and other significant results must all be included in this financial avowal.

You must also explicitly state where the loan amount is to be invested. It is vitally important to get your loan approved that you itemize the usage of the loan amount since it will allow the lender to ascertain the viability of your application and see exactly where his money is going.

The lender also requires a lot of forms to be filled out and submitted which cover a vast range of things including insurance, legal concerns, social security etc…

What is the loan amount that you will get?

Two factors affect the amount of loan that lenders are willing to extend to a start-up business: credit score and history and whether the business is deemed viable and relevant by the lender. If an aspiring borrower possesses exceptional credit history and his/her business is considered appropriate, then lenders are willing to extend a loan that amounts up to $ 0.2 million. Loan seeking businesses must invest their efforts in to convincing lenders that they are fully equipped to meet all the objectives that they have laid out in their proposal, backing it with substantial proof. Once all this evidence has been provided, all the business needs is the money to commence its operations, which is now within good grasp of the business owners.

Tools – A Must to Building a Big Business

How committed are you to your business?

Suppose your answer is, “I’m extremely committed to doing what ever it takes.”

You have strong belief for your industry, your company, your products and yourself. You are not scared of putting in the hard work, and have a What Ever It Takes attitude.

In fact, you are the kind who is willing to work as many hours as sanely possible to ensure you make your business an absolute success. After all, you have goals and dreams that you want to achieve, and having made a serious decision, you are willing to back it up with massive action.

I am a big believer that tools play a big role in generating great results. Your bottom line can be hugely affected and different depending on whether you use tools in building your business or not.

Having worked with and Coached Successful net workers across five continents, a common culture amongst those Generating Great Results is their understanding of the Importance of Tools in Building a Big Business. They not only understand its importance, they do something about it. They use tools when it comes to building a big business.

Here are Four thoughts that I’d like to share with you as to why I am a big believer in the importance of using of tools in order to Generate Great Results in your Network Marketing Business.

1. You can do it the hard way, or you can do it the easy way. Doing it the hard way means doing this business completely by trial and error. Some of you might be fortunate to have a great sponsor who can act as a great coach and mentor, but many of you might not. And if you do, they might not be able to always give you the time of day because they are limited with their time. Using and learning from tools ensures that you accelerate your understanding of many things you might have not thought about, gain invaluable skills which ultimately translates to growth in your business.

2. Unless you have had ten of thousands of hours of training in Effective Communication already, why not have Professionals as your partners in your business success? Yes, you can continuously work on becoming a great communicator of your thoughts, messages and the opportunity you hold, but in the mean time you can have experts and professionals who (through tools) can help deliver the message for you.

In essence the tools you use is a form of partnership with the person delivering the material, since it would have been created with Your Success in mind. This is a sure smart way to build your business.

3. Assuming you won’t feel drained of working every humanly hour possible in any given day Doing The Business, you will ultimately always be limited to the number of hours you have in a given day (the maximum of which is 24 short hours- a bottle neck for those serious about building a big business).

By using tools, you are enhancing your output. Rather have one contact made with a potential prospect (taking up say an hour of your time), you are able to use tools and let it work for you (for example your company’s showreel link or an industry awareness DVD program for your potential prospect to view) giving them to say ten people in any given hour.

The tools get to work for you, and then You are able to follow up with all ten people, answer their questions, handle their objections and invite them to join you in business in the time it would have taken you to talk to just one person, on a purely solo (you) approach.

No matter how hard you work, no matter how hard you want to work, you will be limited by time and your energy. You need to work smart. Tools enable you to reach out to a greater potential market at any given period of time, that you would otherwise not be able to trying to do things on a one to one ratio output Using tools is equivalent to building an arsenal of You and a sure faster way to grow your business.

4. Duplication is key to the success of any net worker. The beauty about the use of tools is in its simplicity and ease of use. The fact that Tools are easy enough to use means that it is a process that can be duplicated by every person in your network whether they have been in the game for years or have experienced their first hour in business. Duplication brings about the true rewards offered in this industry, and nothing can make the process much easier than the use of tools.

So to recap what I shared with you,

With the Use of Tools, you are making the most of everyday.

With the Use of Tools, you are not only working hard, you are working smart.

With the Use of Tools, you are able to able to have professionals as your partners.

With the Use of Tools, you are able to enjoy the power of leverage.

With the Use of Tools, you will be able to turbo charge through the highway of success.

I believe (and I am sure you will too) that the use of Tools is so important in your Network Marketing Business, that it will spell the difference between achieving Average Results and Great Results.

I would love to hear from you.

Until we meet in person, Get Inspired, Get Informed & Get Going!!!