There are few things worse than trying to grow your business while you are struggling to move out from under the heavy, unbearable weight of debt. And, for some, growth is not even the goal – just staying in business is a struggle! When it comes down to it, debt is a dirty 4-letter word and it can wreak havoc on your business.
Most businesses start with a written plan and a clearly defined end-goal. You are sure that your product or service is what your ideal consumer wants. And, you know what you have to do to get it out there. Once you do, you will be set. Voila! You will be rolling in the profit and life will feel good. First, though, all you have to do is secure the funding and then you are on your way. Look at you, business owner.
Wait… Funding? I have to secure funding?
And, there it is. The one key step in starting a business that can help you build it up or tear it down.
For many new business owners and entrepreneurs, merchant cash advances seem to be the easiest method of getting funded. However, if you have taken merchant cash advances or you are considering it, be warned.
WHAT ARE MERCHANT CASH ADVANCES (MCA)?
You need money for your business. Thankfully there are people out there who are willing to hand it over to you. And, guess what? You won’t have to pay it back with a fixed payment every month. You don’t even have to have a great banking relationship or great credit! All you need to do is pay an agreed percentage of your sales back to the provider every month. That’s right – they are loaning you money based on your future sales.
Sound too good to be true? That’s because it is.
MCA providers know that many business owners come to a point where they will need money; additional funding, if you will. And, when they do, they want it quickly. Checking around with local banks and filling out application after application is going to take time away from the business – and there is no guarantee that you’ll even be approved.
It’s no wonder why MCA providers pull in so many customers – they give you cash fast with no collateral. But, at what cost?
With merchant cash advances, you will find that:
- Repayment comes at a very high rate. In fact, you could be looking at a repayment rate of 40% of your future sales. If you ever want to get ahead and see real growth in your business, you may find that this percentage holds you back, stunting your future.
- Because these cash advances are not actual loans, but rather equivalent to buying future receivables, there is no federal regulation. The laws that govern and regulate the banking industry do not apply here. What are you left with? A dangerous situation and questionable practices.
It does not matter how much you need the cash – or how quickly you need it – merchant cash advances are the fast-track to nowhere.
FULFILLING YOUR NEEDS AS A BUSINESS OWNER
Owning your own business has been a dream of yours for a long time. And, now that you are finally doing it – you feel hopeless. Long days in the office and sleepless nights of worry are not helping anything either.
You did everything right. You even had a well-written business plan and some starting capital. Maybe you’ve done well for a while or maybe you are still struggling to get everything flowing. Whatever the case may be, you need additional funds, but you don’t know where to even turn.
This money will help your business grow. It may even get you out of debt. Once and for all you can have a clean slate where you put your energy into your business – without the worry. You could hire additional staff, purchase more equipment, or open a second location. The sky is the limit!
Well, you’ve got 3 choices.
- Merchant cash advances. As described above, you can sell a percentage of your future receivables to an MCA provider in hopes of getting the cash you need now. And, you can worry about everything else later. (Important note: This is not the wisest approach to business)
- Call it quits and shut down your business. What? Is this even a choice? Why would you ever want to walk away from your dream? Let’s be honest, this should not even be an option. Sadly, though, it is. Many people every day give up on their businesses due to heavy debt and poor business decisions. Don’t let this be part of your story.
- Seek traditional, honest funding. Finally, a wise choice. It may not be the most simplistic method in the short term. But, if you honestly want to invest in your business and grow it into something golden, then you need to think about the future. Selling off a percentage of your future income should not be a part of that plan.
If you’ve made your selection, you may be wondering where to turn to get help. You’ll be glad to know we’ve got that covered for you, too.
Imagine, for a moment, that there is someone out there just waiting to help you. No heavy red tape and no unethical practices. Just honest, partner-to-partner help. Believe it or not, there is! At Mint Financial Group, we are here to help you – as long as traditional funding is what you are after.
We take a personal approach to your needs so that you will never feel like anything less than the successful business owner that you are. Because your business is different from everyone else, so you shouldn’t find your funding in a one-size-fits-all package. Our team will work to customize a funding package for you based on authentic methods.
Let us remove the burden that is resting on your shoulders right now. Call Mint Financial Group today at 1-855-333-MINT. Or, visit our website: www.mintfinancialgroup.com
