Forums Search

Many startup founders find themselves taking out their first business loans as they’re working to get their company launched. But, like so many other things in the startup world, it can be really harrowing to approach first time business loans — because you haven’t done it before! So here’s your comprehensive guide to first time business loans, including what to expect, how to prep, where to find them, and how to apply.

Should startups apply for first time business loans?

Unfortunately, first time business loans can be difficult for startups to procure. That’s because while some funding sources in the startup ecosystem — like VCs and angel investors — are looking to take big risks, traditional financial institutions like banks generally ar...

Growth won’t happen without some sacrifices. One of those sacrifices that has to be made is surrendering your ability to do it all (that is, all aspects of your business) by yourself. Tim Ferriss summed it up well when he said, “Focus on being PRODUCTIVE, instead of simply BUSY.”

Productive founders know that in order to scale their businesses, they need to be able to get out of the daily details, and into big picture thinking. But in order to do that, they have to outsource.

From Virtual Assistants, to freelance support, to hiring an expert to handle specific tasks, outsourcing means less hours spent tearing out your hair over tedious tasks, and more time pushing your company forward into the future.

You can do that, too. To help get the ...

How to build startups through social media in short time.

As a bootstrapper, I had a complicated relationship with the topic of acquisitions. I rejected the idea that an Exit Strategy was an important part of running a great business.

First, I believe that entrepreneurs are conditioned by our media, society, peers and their investors (if they have them), to think that selling their business is the ultimate manifestation of success.

Now that I have experienced the arc of scaling a profitable business and achieving a positive cash exit, I see the alternatives to selling more clearly.

On the one hand, I have appreciation for the commitment and vision it takes to turn down a lucrative, flattering, possibly life-changing offer in exchange for continuing to roll the dice and play the game.

On the other ...

Do you have a million-dollar business idea in your mind and don’t know HOW to proceed? Whether it is worth, investing time, money and effort?

This is the question that haunts many entrepreneurs and stops them from working on their business idea. The reason behind this is lack of insightful data available online to guide one through the steps. That’s where my motivation comes from when writing this article.

Hopefully, by the end, you’ll understand WHAT to do, HOW to do, WHEN to do and WHY to do things if you have a great new business idea.

Stop being a wantrepreneur. Think of a new business idea, do a set of exercises or validations before taking a decision on whether to move forward with the business idea or not and make a business ...

Creativity and innovation thrive in an early-stage startup environment. Communication is harmonious, decisions are made quickly as a team, and shared understanding trumps systems and processes as everyone shares the workload.

When I launched BounceFire, my first startup, I was juggling many tasks: selling our services, writing code, hiring employees, and drywalling the new office, not to mention cleaning the toilet. We did everything manually. It was only when we hired our first employee that I could start offloading certain tasks.

But as the company grew, it encountered a common problem for startups: How do you keep hold of that easy communication, creativity, and innovation as you scale?

The Challenge of Innovation
for startup businesses...

Business theory can be tricky to understand. Leave it to the power of one cow to help you grasp the workings of these popular business models.

The Direct Sales Model

A direct sales business operates through a network of salespeople. Typically there is no fixed retail location.

Examples: Avon, Mary Kay, Traveling Vineyard

The Freemium Model

A business under a freemium model gives away a service at no cost before offering advanced services as add-ons.

Examples: Dropbox, Hootsuite, MailChimp

The Subscription Model

The objective of a subscription business model is to retain customers under a long-term contract and secure recurring revenue.

Examples: Netflix, eHarmony

The Franchise Model

Under a franchise business model, business owners purc...

What are the best banks for business loans? When we think of startup funding, we usually think of venture capital — but that’s not the only option out there. Small business loans are a more traditional way of getting financing that are also open to startups. In addition to not requiring founders to give up any equity, they may even be easier for some startups to get than venture capital, which can be a long and arduous process.

Small business loans are a great option for startups that already have some momentum and — even better — some income coming in. That’s because while venture capitalists are all about taking big risks for the potential of big rewards, traditional banking institutions are more careful with their funds.

So, if you think...

What is a small business startup loan?

A startup business loan is any type of loan that helps businesses with little to no business history. It's one of many financing options for founders who are looking to either get started or improve their young companies.

Can Startups get a business loan?

Yes, it is possible for startups to get business loans.

However, startups may face more challenges in obtaining financing than established businesses because they often have limited credit history and may not have a track record of profitability.

Startups should carefully research and compare the various financing options available to them and choose the one that best meets their needs and goals.

It's also a good idea for startups to work with a financial a...

When you’re looking for grants to start a business, you’re looking in an area that’s crowded with a lot of competition. But, if there’s one thing startup entrepreneurs are known for, it’s tenacity.

The reason there’s so much competition is, a) there are a limited number of grants and, b) grants — unlike other forms of funding — don’t have to be paid back. You also don’t have to give up any equity in your company in order to win one. Sounds appealing, doesn’t it?

So while we don’t always recommend grants as the first place startups go looking for funding, they’re absolutely a great option for a certain subset of companies. Here’s an overview of how to secure grants to start to business, as well as a few types of grants for starting a busines...