We all have dreams about what we’d like to do when we grow up. Yet most of us will find ourselves working in a small, boring, and uninteresting cubicle praying for Friday night. Your life and career doesn’t have to unfold that way. There’s only one thing stopping you from turning your dream into a job: money.
Most dreams require that initial startup capital to get started. With the 2008 financial crisis destroying the lending market, it can seem impossible to get a loan. But if you follow these tips we’re going to help you get that dream job.
Create a Business Plan
Before you even think about applying for a small business loan you need a business plan. Many lenders will require a concrete business plan. You’ll need to provide reasonably accurate numbers and you’ll have to be prepared to answer some tough questions about how your dream business is going to grow.
But that business plan isn’t just important for lenders. It’s crucial for yourself. You need a plan so you have some direction when you get started.
Focus on How Much You Need Not How Much You Want
Let’s be honest, most of us would love a million dollars to get started with our dream businesses. But this is just not going to happen. Asking for too much money will guarantee your loan application gets rejected. Even if it gets accepted it might be too much for you to pay back.
The Loanry communication team says, “Borrowers need to take into consideration what the monthly payment will be for the loan that they are taking out. Budgeting will ensure that they protect their credit and can confidently repay the loan without incurring additional penalties.”
Instead of trying to get the most money you can, concentrate on what you really need. This all goes back to the business plan you completed in the previous step.
Get to Market as Fast as You Can
You only have one chance. When the loan money is gone, it’s gone forever. Don’t make the mistake of spending all the money on product testing only to have nothing to market your product with. Most entrepreneurs with a dream want the perfect product. What they don’t realize is the clock is ticking.
They don’t have the luxury of money, so they must get to the market fast. You shouldn’t produce a product that provides no value, but it doesn’t have to be perfect either. Any product can be updated and re-released later. Focus on getting a valuable offering and taking it to market as soon as you can.
The hardest part of running a business is getting an initial income stream.
Can You Turn Your Dream into a Job without a Loan?
Not everyone can get a loan. Some entrepreneurs have poor credit histories and will find it impossible to get a loan to start a company. That doesn’t mean you should put aside your dreams. You just must go about things differently. There are still options open to you.
The first option you have is to take out an emergency loan. These small dollar business loans come with higher interest rates and they’re designed to be short-term, but they can allow your business to get off the ground in the beginning.
However, you may also want to try bootstrapping. This is where you collaborate with other companies and barter goods and services. It’s an increasingly popular way to run a company.
Last Word – You Can Do It
The most difficult step of all is taking the first step. Take that step today and start putting together a business plan for your new company.
Are you ready to make your dreams a reality?