Get A Plan - Get A Startup Loan

Online, August 1, 2011 (Newswire.com) - Let's say you've got this great idea for a new business. The only thing standing between you and living out your dreams, however, is cash.

It's a given that if you don't have the money to back it up, even the best new business idea will fail. If you are looking for a startup loan, there are many options to choose from, including commercial lenders who will give you the funds you need in return for a profit. This is why it's important to do your research before you apply. Use the advice here, and you'll be well on your way to getting the startup loan you need.

First, you need to build a relationship with the lender. If you own a home, consider applying for a small business startup loan through your mortgage company. If you don't own property, open up a checking and/or savings account with a commercial lender and keep money in each account. Later, when you apply for your startup loan from that same lender, the lender will see that you have a steady stream of income - this will increase you chances of being approved.

You can't just waltz into a lender's office and get handed a check. You have to have a plan. Before you even consider filling out an application for a startup loan, construct a solid business plan, including information on market strategy and financial projections.

If you have bad credit, don't think you can't start your own business. Bad credit doesn't mean you can't, it just means the "can" will be a little more difficult. Very few lenders offer bad credit business loans. Your business plan will be even more crucial in this case - going in to see a lender without a solid business plan in hand is economic suicide. But if you can prove you are in a better financial situation, you may get lucky.

Being your own boss certainly has its benefits. But don't set yourself up for failure before you even begin. Studies show that 90 percent of businesses fail because of inadequate funding. Don't start your business until you have the proper startup loan to back it up. There's no other way to live out your dream and be successful doing it.