Starting a business or blog on the internet will take some money. Where that money and investment comes from it always a big decision. For someone with a lower than average credit score, this might also be a concern at the same time.
The only way to get your credit back on track is to establish good credit. But, that can take a while and your business ventures can’t wait that long. Starting a business with bad credit is possible with the right funding, and it can help to rectify the current state of your credit.
This article offers 5 tips to get funding for your small business if you have bad credit.
5 Tips for Starting a Business with Bad Credit
Bad credit can make it tough to handle the stress of starting your own business. There are entities that will give you bad credit loans at a super-high interest rate, easily. But, before you sell your soul to the devil for your start-up, check out these 5 tips for starting a business with bad credit:
1. Find a Business Partner or Angel Investor
The easiest way, to circumvent the obstacles of starting a business with bad credit, is to find a business partner with good credit. You will have no trouble finding a lender as long as the loan is in the name of your partner.
Not every business is conducive to a financially based business partnership, but finding investors can solve your financing troubles in no time. Small startups and entrepreneurs, often, seek out an angel investor.
Angel investors are individuals that contribute a one-time contribution to your business. Sometimes an angel investor will give ongoing support based on quarterly assessments of your businesses growth.
Angel investors tend to focus on your business plan and strategy in their decision to invest rather than on your credit score.
2. Ask your Bank for a Home Equity Line of Credit
A home equity line of credit is risky and only an option for homeowners. The benefit of a home equity line of credit is that the loan is based on collateral that you already own, so your credit is not a big factor.
The drawback is that if you default on your loan, you lose your home. This is otherwise known as “going for broke” or “all or nothing.”
As reported in the latest State of Online Banking report, it’s actually must faster and easier to get approval on business bank loans when exploring your options online. With solutions like PayPal Working Capital and Kabbage now around, any business can get a loan. The actual amount will vary based on the annual income and history of the business.
3. Seek out Personal Loans from Acquaintances
Your biggest asset is that which you have, likely, not considered: family and friends. Your bad credit is not a big factor for the people who trust you and your business plan. Going to personal acquaintances in search of a business loan is the same as going to a financial institution.
Present yourself in the manner you would to a bank. Prepare your business plan for them to look over. And, put forth a preliminary repayment schedule to assure them that this is not a gift.
The best thing about a personal loan from friends and family is that the interest rate will, likely, be significantly better than a financial institution. Your insistence on a minimal interest return will help to assure them that you are not asking for a hand-out.
4. Consider a Microloan
Microloans come from a microlender. Microlenders typically give microloans to entrepreneurs and small businesses, which range from $500 to around $50,000.
Microlenders offer loans at a lower interest rate than that of typical bank loans. And, they are available to applicants of all credit backgrounds-good and bad. Most microloans go on a two to a three-year repayment plan, with an interest rate of below 10 percent.
5. Apply for Grant Money
If you found this article helpful in starting a business with bad credit, share it with your friends and family on social media. And, check out our expert roundup on finances for more help and advice on self-employment and entrepreneurship. Thanks for reading!
Why the Secret of Successful Blogging May Surprise You
I filmed a video earlier today.
I showed off some of my newfound flexibility due to doing deep yin yoga daily for over a year.
But the video explains a deeper blogging lesson.
This is the secret of blogging success guys. Said secret may surprise you. Or it may not, depending on where you are on your journey.
You can watch the video here.
You may look for shortcuts to blogging success. I did.
For years I figured if I worked harder and cut corners I would discover the secret, or magic bullet, yielding quick blogging success.
After falling flat on my face for years I finally uncovered the secret to successful blogging. Shocked me a bit. I waited to be featured on Oprah to get my big break. I swung for the fences. Turns out, blogging success finds those bloggers who do simple, seemingly tiny things daily.
I know this idea may shock you because you probably believe retweeting this blog post and publishing a comment on this post means little. But tagging me on Facebook and sharing this blog post – even though it seems like a tiny, insignificant action – leads to all types of exciting possibilities. Even if we do not make friends after the first time you share a guest post of mine, we may bond after you share a guestie of mine. Maybe I retweet your latest post to my 50,000 plus Twitter followers, in response to your kind share.
Guys; I retired to a life of island hopping through smart blogging because I:
- retweeted blogger’s posts
- commented patiently on blogs
- published guest posts
- published posts on Blogging From Paradise
- broadcast live videos
- published videos
Does this sound sexy? Not really. I love blogging. But engaging in simple actions over years gets boring sometimes.
Shocking, right? Didn’t you think I’d say being featured on Virgin led to stunning success? Fat chance. I got some pub and a nice branding boost but business was pretty much as usual after the appearance on Virgin.
My big blog traffic flows to Blogging From Paradise through little blogging actions I take daily. Big blogging success is a tabulation of tiny, seemingly insignificant actions that lead to huge success if you engage in these tiny actions over years of your life.
Floors most bloggers, who are too cool to comment on blogs or to promote other bloggers. You are dead in the blogging water if ego calls the shots because ego looks beyond the simple and humble blogging actions that build empires toward some big time, major league feature on major media outlets. You whiff 99.99% of the time and even if you score, business may increase but not to insane levels, in most cases.
Successful blogging is just year’s worth of tiny, simple actions, summed up, to create something eye-popping.
Publish a blog comment. Publish a blog post. Tap a retweet button. Feature a reader or blogger on your blog. Answer a question on Quora. These actions lead to something special if you generously engage in these activities for 5-7 days weekly over years of your life.
Successful blogging is hitting single after single, not swinging for the fences, trying to hit a home run every time. You will strike out most of the time. Even if you clear the fences and knock it out of the park, your success surge will be short lived.
Keep drilling those singles guys. Broadcast live on your Facebook Page. Help folks by answering a few questions on the Warrior Forum.
You probably didn’t think a guy could retire to a life of island hopping through these tiny actions but wow did they ever add up over time, leading to something awesome.
How to Drive Huge Traffic to Your Blog
Spend the next 5-7 years of your life helping people.
But first; learn blogging inside-out. Follow advice from a blogging mentor. Invest in a good blogging eBook. Invest in a blogging course.
BIG traffic numbers flow to:
- persistent bloggers
- generous bloggers
- patient bloggers
Huge traffic numbers flow to bloggers after said bloggers rendered generous service for years. Short cuts do not exist in the blogging game.
24,000 Podcast Listens in 2 Days
My friend Alonzo Pichardo and I recorded a podcast on his channel.
We chatted about how to find the right online business for you.
This podcast has registered 24,000 listens in 2 days.
Listen to the podcast here.
How do you get 24,000 listens on your podcast over 2 days?
Spend 10 years of your life learning, serving and connecting.
Most bloggers never bother learning. Insane, right? Some learn but serve little, greedily wanting big money after publishing 2 blog posts. Other bloggers learn and serve but never network, building no friendships, struggling to drive traffic because no successful person does it solo.
There are a few bloggers like Alonzo and I who devote our lives to our blogs and businesses over a decade. No; not for a week. Nope; not for a month, or for 1 year, or 5 years. A decade. 10 years.
Alonzo built a huge following over that time by helping people. I built a decent-sized following over a decade too.
Alonzo and I built up the:
to be able to chat on blogging and internet marketing topics with ease over 30-60 minutes. 24,000 people or thousands of people registering 24,000 listens would not show up, listen and share this podcast if we did not have some serious skills and knowledge in discussing this topic.
These skills were developed over 10 years. We built our tribes over 10 years.
If you want huge blog traffic numbers you simply:
- learn how to blog from pros
- practice writing
- create helpful content
- build meaningful connections
for 6-7 days weekly, over the next 5-7 to 10 years of your life. Big numbers reflect generous, intelligent, persistent, focused efforts. Small numbers reflect stingy, unintelligent, impatient, unclear efforts.
Show Up Even When You Do Not Feel Like It
I recorded a video on Facebook today.
I discussed a core concept that leads to huge traffic numbers over the long haul.
You can watch the video here.
Successful bloggers who drive serious traffic show up daily. Even if their traffic numbers seem non-existent in the beginning, this crowd believes in themselves, generously helps people and keeps serving every day over years of their lives.
Struggling bloggers show up only a few times weekly or monthly because they publish posts and network only when they feel 100%. I am a happy dude. But I rarely feel 100%. No human does. My neck feels stiff. I feel tired. But I already created 6 pieces of content today at 3:07 PM. After I publish this blog post I will have created piece of content #7.
I direct all readers back to Blogging From Paradise through those 7 pieces of content. Can you see why I drive some pretty heady traffic numbers to my blog? I create and connect freely on a daily basis. Even when I do not feel like it.
If you want to help a bunch of folks and dream of big traffic numbers, begin helping people now. Do not worry about stats. Do not sweat outcomes. Help people by publishing posts to your blog. Promote other bloggers. Comment genuinely on blogs in your niche.
Help people daily for years. Do not stop helping when numbers do not seem to be rising. Do not panic. Believe in you.
See these mini lulls through. You too will drive big traffic to your blog.
4 Successful Blogging Lessons Cats Teach You
Cats seem to follow me all around the globe.
From Istanbul to Thailand, to Fiji to Bali, to Costa Rica to New York City, I find myself living with cats.
Kitties teach you 4 successful blogging lessons too.
Note; the featured image for this post is real. My wife Kelli and I stepped into a cage with three 400 pound tigers in Thailand. Legal in the Land of Smiles.
Bonus lesson; stepping into a cage with apex predators forces you to face deep fears, a good quality to develop if you want to habitually dive into deep blogging fears. Maybe we can devote an entire post to tiger versus tabby interactions on Blogging Tips down the road. Hold me to that guys.
Let’s dive into the lessons.
1: Go Slowly
Cats go slowly.
Never one to waste energy, kitties slowly and patiently stroll through the day. Predators need to conserve energy to be ready to pounce with one explosive leap.
Like cats, go slowly, my fellow bloggers. Take your time writing your next post. Relax. Slow down. Calm down. Keep going but understand this: blogging is a marathon, not a sprint.
2: Honor Creative Bursts
Cats seemingly explode into exercise bursts a few times daily. Usually at 4 AM as these nocturnal creatures honor their hunting instincts.
Successful bloggers mirror this trait. I create 7-10 pieces of new content daily between blog posts, guest posts, videos and sometimes podcasts too. Make hay while the sun shines. Or honor creative bursts when such periods arise.
Following tip 1 helps you follow this tip. I find most bloggers to be completely burned out because most sprint and run out of energy versus taking the marathon approach. When you do go slow and steady these short, hyper creative bursts find you more frequently. Neat how it works.
3: Get Your Sleep
I watch Barnaby sleep like a baby now. He is good for hours of napping and sleeping daily.
I saw cats in Fiji sleep 18 hours or more daily. Jet lag forced me awake for a 28 hour period and I swear these cats slept a good 18-20 hours during this stretch.
Successful, energetic bloggers get ample sleep daily. Recharges the battery. Keeps you on point, too.
Folks wonder how I find the energy to create and connect as much as I do. Easy; I rest sufficiently every single day, never bothering to leave my bed until 8 hours have passed. This morning I woke at 7 AM but stayed in bed until 8 AM because 8 hours had not elapsed from beddy-bye time. Being well-rested helps me remain completely energized during my blogging work day.
4: Patiently Wait for Opportunities to Arise
Have you ever observed a house cat – or wild cat – stalk its prey?
Cats patiently wait in stealth mode before pouncing.
My cats at home wait for 10 or 20 minutes beside windows, tails flaring, muscles flexing, focused on chipmunks or squirrels in the yard. Even though my kitties cannot blast through the window and make the kill these kitties display the same immense patience exhibited by big cats like lions and tigers.
As you proceed slowly and steadily, resting amply but honoring your creative bursts, patiently waiting for opportunities like:
- ideal clients
- ideal customers
- interviews on high profile blogs
- profitable partnerships
positions you to be a super successful blogger.
Most bloggers impatiently chase opportunities and successful bloggers, repelling good things and awesome people with their desperation.
Successful bloggers work peacefully and allow opportunities to flow their way.
Years passed before I landed features on Fox News, Virgin, Entrepreneur and Forbes. Such is the case for every seasoned, veteran blogger. Patience is the name of the blogging game.
Learn sweet blogging lessons from your feline friends.
Avoid a blogging cat-astrophe down the road.
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