Turn Failure Into Success With Alternative Funding

Posted by Karen Erdelac on Jul 20, 2015
business success
Owning a small business can be challenging for many people. It's easy to make mistakes that can threaten the viability of the business, and just ordinary circumstances can create adverse circumstances that make it hard to keep on going. 

Sometimes it can seem like failure is around every corner, just waiting for you to make that fatal mistake with your business. Rather than living in fear, though, you can move forward confidently when you have the security of knowing that you have a safety net. 

Why Many Businesses Fail

The Small Business Sense website suggests that many businesses fail because they do not have adequate capital to handle their needs in the first few building years. The site suggests putting a tight rein on expenses, letting go of unprofitable clients, and finding adequate funding as steps to take when the outlook seems bleak. 

For businesses that find out after a few years they need more capital to help them become successful, sources of funding can be few and far between. Bank loans remain difficult to get for most businesses without established credit ratings and assets. Crowdfunding seems like an exciting new option, but can be time consuming and uncertain, at best. 

Getting Cash When You Need It

If waiting weeks and months for funding may be the death of your business, a merchant cash advance may be a good solution for you. In as little as 72 hours, qualified businesses can get the cash they need to keep going. 
Merchant cash advances may help businesses turn failure into success. 

In all likelihood, adding more money is not going to be the only step businesses need to take to turn failure into success. The following steps are also recommended by Small Business Sense to maximize your chances of doing better in the future.

--Develop a positive attitude. Thinking you will fail can become a self-fulfilling prophecy and keep you from taking steps to make things better.

--Know your current situation. As Dr. Phil says often, "You can't change what you don't acknowledge." It's important to know the reality of your finances and how you got there before you attempt to move forward. 

--Change your business plan. Once you know what mistakes you're making, you can change your business plan to work on fixing them. You may need professional help with this step, and if you do, use some of that cash advance money to hire an expert to give you some solid expertise on how to move forward more successfully. 

--Keep expenses low until you can afford not to. Cut everything that doesn't directly benefit the business. Know exactly where all the money is going so you don't waste any. Be as strict and meticulous as Ebenezer Scrooge until you start making enough profit to ease up a little bit. 

With some careful planning and implementation, your business can turn around from near failure to success. The only true failure is when you give up completely, and many very successful businesses nearly failed before turning things around.

Quikstone Capital Solutions gives struggling businesses opportunities to succeed with merchant cash advances that provide a second chance. 
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Topics: Funding Your Business, Growing Your Business, Ecommerce