Allowing Others To Finance Your Business
Entrepreneur and Investor Corner:
As a startup, it’s a challenge to manage cash – don’t worry, we know. But one of the things that we’ve learned (through both personal experience and with helping other entrepreneurs) is that there of creative ways to bootstrap/finance your company. Let me provide a few examples:
1. Leasing computers. Instead of going to the nearest electronic store and purchasing a new computer, go to one of the large manufactures (Dell, HP etc) and see if you can obtain a credit line to finance the computers you need. We’ve seen that most companies can usually obtain a $25k line of credit pretty quickly.
2. Credit Cards: If you do your homework, there are quite a few credit cards out there that will allow a company obtain more than the standard $3-$5k limit.
3. Other credit lines: one of the examples that I like to use is Google. For those of you that use Google adwords, do what you can to get a hold of an account manager to help you obtain a credit line on your ads. Instead of maxing out your credit cards every other day paying for your ads, they will often provide a credit line that helps you to manage your cash flow.
Those are just a few quick examples. Remember, cash is king. Do all that you can to keep cash in your hands and allow others to finance your business for you!
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