When looking to finance your steps into owning a business, it can be difficult to find the right sources to borrow from. Between angel investors, traditional loans, and loans from family members, there must be other option in case none of the above worked out for one reason or another. If you’ve hit the end of your rope for loan and financing options for the dog grooming business, consider the following about online lenders:
Alternative Lenders Want to Support You
Collecting appropriate financing and opening your pet grooming business can often feel like a one-person task. Isolation, anxiety, and fear are all common feelings experienced by the new business owner and the hefty price tag that comes with opening your own dog grooming business. However, all is not lost. According to a new report on the Wall Street Journal there are not only billions of dollars out there, available for pet care franchise owners, but the lenders want to help fund your dreams.
Still be Cautious of Lenders
There is a saying that goes, ‘If something seems too good to be true, then it probably is”. There are a lot of honest investors out there who really do want to help you build your dog grooming business with the best conditions possible. However, there are also lenders out there who just want to make a ridiculous amount of money with hidden fees that jump out at you at the worst possible time. Don’t think that just because a lender is well known that they follow the best lending practices. Always makes sure to do your research so that you do not fall into a large-scale money trap.
Popularity of Online Lending is On the Rise
In the first half of 2014, it’s said that up to 20% of small business owners turned to online lenders for securing finances. There are a few reasons why online lenders are becoming more popular. One of those reasons is the ease of approval. By July of 2014, 61% of online lender requests had been approved while only 49% of small bank loans had been approved. With online lenders, hopeful dog grooming business owners have a better chance of securing their funds early on and getting a head start in the business.
Finding the Right Funds for Your Dog Grooming Business
You can receive tips, suggestions, and do all the research in the world saying what type of financing is the best. However, financing is not one-size-fits-all. It will depend on the relationship you have with your lender, the financial needs you have, and the business you’re going into. Many lenders offer different benefits to individuals opening specific businesses. If you already have a financial consultant for your dog grooming business, you may want to talk to them before you take out any loans. Financial consultants may be able to offer great resources to franchisees and business owners as they have been in franchising industry for some time. They may know how to talk to the talk to get the best deal that you may otherwise never have heard of. At the end of the day, the loan that works best for you will be very specific to your business goals, your financial abilities, and the location of your business.