Seeking funding for your veteran small business can be one of the biggest hurdles you overcome as a business owner. There are many ways to go about it. Depending on the stage of your business, you may be looking for equity financing, debt financing or you may be bootstrapping and doing it all on your own with your savings and/or with money from friends and family.
When you have money, you can make more money. It’s a vicious cycle, but it’s one of the most important factors in running a small business. In fact, 82 percent of businesses fail because of cash flow problems, according to a U.S. Bank study. Cash flow is the movement of money in and out of your business. Not having enough cash or inaccurately analyzing your cash flow can affect everyday operations.
Once you have enough cash flowing in and out of your business, you’re probably at the stage of growing your business. If your cash flow is steady, how do you get more money to boost your business even more? Let’s look at a few veteran small business owners who took the debt financing route to grow their businesses with small business loans and lines of credit.