Merchant Cash Advance Blog

In the United States today, there are more than a quarter of a million auto repair shops. Although this $60 billion industry has stalled in recent years amid economic conditions and disposable income levels, this sector of the economy is on the rise again, which means current auto repair shops have the opportunity to increase their profit margins. 

With motorists saving money on gasoline, they are looking to make an array of enhancements to their vehicles, repair existing problems, and give their cars a fresh coat of paint. As new generations enter the car market they will need a reliable auto mechanic to perform necessary repairs and routine maintenance.

Since the the Great Recession many people tapped into their entrepreneurial spirit and attempted to launch their own small business. As a result, we have seen more than a few great ideas come to fruition, but many potentially great ideas never had the chance because of one hiccup: business funding.

State of Small Business Funding

When an entrepreneur has a great idea for a business, or if they have a small business but lack capital, they need funding options. According to a 2014 report from the United States Small Business Administration (SBA) getting funded is a lot easier said than done. 

According to the SBA report, nearly two-thirds (63 percent) of small businesses looking for funding targeted banks. Their success rate was only 27 percent.

It's no secret that small businesses are finding it harder to obtain funding from financial lenders. Although the recent recession has contributed to tightening lending standards, the biggest reason for banks to deny small businesses funding is because most startups fail within their first three years. 

Inventor Thomas Edison once said, "I have not failed. I've just found 10,000 ways that won't work." For every entrepreneur that wants to live out the American Dream, this type of mindset should be embraced and not ignored. It may seem counterintuitive in the business world, but sometimes failing is the key to learning and succeeding.

The economic recovery continues and the consuming base remains on a rocky road. Despite tumbling oil prices, consumers still aren't pulling out their wallets to spend their hard earned money. According to the latest report from the Department of Commerce, consumer spending in December saw its biggest decline since 2009.