“Think outside of the box.”
“When all think alike, then no one is thinking.”
“To keep on doing the same thing while expecting different results, is the definition of insanity.”
We have all heard these quotes before. But do we ever take the time out to apply them to our own lives?
The underlying lesson behind all of these sayings is innovation is the key to success. This is true in science, in art, in sports and yes even in business financing. Particularly in this economy, it is important to step away from tradition when searching for ways to secure the funds needed to start grow and maintain a business. This may mean doing things you never considered before.
Below are two alternative ways to fund your small business when usual methods of business financing fail.
Business Cash Advance
The business cash advance takes the common and traditional practice of using credit cards to make purchases and puts an innovative twist on it. Small business owners who process at least $5,000 in monthly credit card sales can sell their future credit card sales to a business cash advance lender and use their advances to pay for business expenses or to expand their businesses. The amount that they can receive is based on the average of the last four months of the business’s credit card sales (12 months if the business is seasonal).
This is a very convenient method of business financing for small business owners who have owned their businesses for at least six months. Especially since typically, there are no restrictions on how a business cash advance can be used.
There are a variety of competitions and contests that give small business owners the chance to compete for business funds. One in particular is the annual Rice Business Plan Competition, hosted by the Rice Alliance for Technology and Entrepreneurship and Jesse H. Jones Graduate School of Management at Rice University, in Houston Texas. “The Rice Business Plan Competition is a three-day event intended to simulate the real-world process of entrepreneurs soliciting start-up funds from early stage investors and venture capital firms,” as stated on the University’s website. “$800,000 will be awarded at the 2009 Competition. The Grand Prize package is worth over $350,000.”
Though this competition is limited to students of “top MBA programs,” there are many other contests that small business owners who are not currently enrolled in MBA programs can compete in. You can find them by simply searching online.
Don’t keep doing the same thing and expecting different results. Discover and implement new ways to get the cash you need for your business.