Convenient access to capital can turn risks into rewards
Starting, running and growing a small business is challenging. So it’s not surprising that 84 percent of business owners surveyed consider the average small business owner to be a risk-taker.
The top 5 risks small business owners take?
Leaving a stable job and/or taking a significant pay cut to start a business
Taking out a loan
Offering a new service or product
Selling assets or going into debt to help fund their business
Most small business owners take risks to build their business, not to save a sinking ship. For example, entrepreneurs know all too well that cash flow and having enough capital on hand are frequent obstacles to their plans. But sometimes the consequences of putting business activities on hold are greater than moving forward. These are calculated risks that entrepreneurs deal with all the time.
Today, entrepreneurs have more lending options than going to a bank and asking for a loan. Online lending has quickly gained traction as a way to access quick funding — should sales start to slow or to add more inventory and staff when sales are surging.
It’s easy to understand why. The Internet allows borrowers to secure lending at any hour of the day and on weekends. They don’t have to take time during the business day to visit a bank or fill out a paper application. Everything happens online. Funding decisions are made in a matter of days, not week or months.
Sometimes the biggest risk is not taking one. For an entrepreneur facing a cash crunch, looking to expand or wanting to take advantage of an unexpected business opportunity, the ability to secure money quickly from a reputable online lender can be the next step in success.