Why You Should Consider an Unsecured Business Loan


So, if you've decided to make that all-important jump from cubicle jockey to business owner, you might be wondering what comes next? After all, there seems to be no end to the amount of setup that needs to take place. You'll need to first identify a problem, and be sure that there is a market around it. Once you've done that, you then need to make sure that it is a buying market.

Then you need to develop a solution. Then a marketing plan has to come next, so that you have a clear picture of how you will reach your customers and prospects. Finally, you'll need a business plan. Once you've got all this together, you're ready to go right? Not so fast! You'll still to funding for equipment, and as your company grows, employees, office space, phones, etc. One option of course is to pay for this all out of your own pocket, with your last paycheck and vacation pay. However, a better option is an unsecured business loan.

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You might think that loans in general would be something to stay away from, what with high interest rates, inflexible repayment plans and so forth. And for a personal loan, you'd be correct as this is an example of "bad" debt, that is debt that doesn't help you put money in your pocket. An unsecured business loan on the other hand, is "good" debt. Why? For the simple reason that, when used with restraint, it can allow you to get the equipment, people and office space you need so that as your business grows, you are able to easily grow with it. The last thing you want is not enough space, or cash to get the employees, software or other things that you will need.

With that said, there are several other advantages to getting an unsecured business loan. To whit: as a small business owner, provided you have a good business plan, obtaining funds for what you need will be easier. Just be sure that you have the purpose for the funds clearly defined in your mind and on paper.

Another benefit that you will have is the fact that, unlike other types of loans, an unsecured business loan is just that: unsecured. This means that you don't have to put anything up as collateral in order to obtain it. Naturally, you want to have a plan in place to repay it quickly, but you don't have to borrow by putting your house on the line either. One more benefit of an unsecured business loan is the fact that you won't have to enter into any "shares for cash" deal, thereby you can fully own your company, not sell off pieces of it to get the cash you need.

Finally, of course, having an unsecured business loan means that you are a recognized business and because of that you can get breaks on taxes that employees do not get. For on thing, interest on the loan can be used as a tax deduction, meaning that you will save money.


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