Going out on your own in an independent business may be a great decision if you have the self-discipline, drive and knowledge to make it work. If new to this type of venture, seek the advice of an experienced mentor who can advise you about the legal and financial issues involved. It will be time and money well-spent.
Most people starting a new business will require a business loan. Consider how long it will take to get the business running without drawing income from it to support yourself. Small businesses fail if the owner has not established a strong- enough foundation that takes into account supply, demand, on-going expenses and cash flow. Work with one of our knowledgeable and experienced staff to get started right.
Our unsecured business loans can be used to purchase equipment, advertising or start-up supplies. No one should depend on a loan for long-term financing, but it can provide the financial help needed to get your business off the ground.
If setting up a home-based business, you need to keep in mind certain legal constraints. Check local ordinances to make sure your business will not violate these laws. If customers will come to your home, ensure that they will not become a nuisance in the neighborhood and prompt others to file complaints against you.
It’s also important to be certain that the product or service you provide is allowed under state law. In most states, home-based businesses are not allowed to produce drugs, fireworks, explosives, medical products, sanitary products or poisons.
You may need to obtain a license or work certificate from the state where you reside in order to comply with laws and regulations. You will also need to meet certain standards for registration and accounting.
Establish a separate bank account for all business-related transactions, and have a business telephone that is different from the home phone.
Business owners must also comply with local regulations regarding minimum wage and meet health and safety standards. They have to keep accurate records on withholding income and social security taxes.
Some states also restrict the production of food, beverages and clothes in a residential space. Check the laws in your state and consult with an experienced attorney to avoid any legal problems with your business. The Small Business Administration can provide a great deal of useful information regarding these issues.
Then apply here for a small business loan that will make your dream into a reality.
To apply for funding for your small business, use the form on the right to begin the application process.