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Creative Financing Solutions: 5 Tips for Starting a Business with Bad Credit

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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

The United States Small Business Association (SBA) offers federally funded grants for a wide range of businesses. The SBA provides an easy way to search for small business grants online.

Final Thoughts

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!

As an active entrepreneur and blogger, my topics of discussion are mainly on business strategy, tech startups and motivating others to succeed. You can read up on my latest content at BlogReign.com.

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5 Biggest Blogging Mistakes That Even Experts Make

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biggest blogging mistakes

Are you not getting the desired results for your blog?

Well, don’t worry too much. The best bloggers, after all, have made lots of mistakes along the way — and sometimes, they’re still making them!

Then again, just because they’ve made mistakes doesn’t mean you need to make them as well. What you can do at this point is beware of what these mistakes are.

So in this article, let’s look at the five biggest blogging mistakes that even experts make. This way, you can learn from other people’s mistakes. And hopefully, you can do better.

Striving for Perfection

In blogging, you’ll find yourself continually rewriting and updating old posts. It’s mostly because new information has resurfaced. And sometimes, it’s also because you stumbled upon errors in your posts.

Either way, that’s okay. It’s understandable to be scared of making a mistake. But you know what? It’s not the end of the world.

Wanting matters to go flawlessly during the first go is good. It means you want to start on the right foot.

But you have to give it up. And focus on getting something out there.

Just be active. Take it from 70% of bloggers who make over $50,000 a year.

Remember, it’s better to get something done even if it’s rough on the edges. Just understand and accept that the need for perfection can slow you down. And it may also prevent you from moving forward at all.

Choosing Profit over Passion

Focus on a blog topic you feel strongly about. And don’t just do it for the money.

That way, you can keep the discussions coming. At the same time, you can still hold on to that sparkle in you.

Let’s set things straight, though:

Getting compensated for your writing is excellent. But if you’re playing for the long haul, it’s a different story.

Once you realize you’re writing about a topic that bores you, earning money won’t matter. And over time, you won’t have the heart to continue blogging.

So write about something you’re passionate about. Don’t fret about the money. If you focus on your passion, the money will come rolling in as you go.

Suffering from “Shiny Object Syndrome”

shiny object syndrome - biggest blogging mistakes

Do you turn to the allure of another project instead of completing the one you’re currently working on? Then it looks like you’re suffering from the Shiny Object Syndrome (SOS).

It’s a disease of distraction. And it’s out to get those with high motivation such as entrepreneurs and those with similar mindsets.

If you have SOS, you tend to crave new things. And while craving for the latest developments is good for business, it can work against this goal.

You know how a small child chases after a shiny object? And you know how he immediately loses interest in it the moment he catches it? Then he would drop it like a hot potato and begin chasing after a new shiny object.

Well, that’s the entrepreneurial equivalent of the disease. And if you go by with it as you venture into blogging, you’re not going to walk away with the best results. What you should do instead is to focus on your current task.

Going for Cheap Tools

There’s nothing wrong with using free tools to help you get started with your blog. But they will bite you in the ass if you depend on them too much.

Remember, blogging is an investment. And eventually, you have to shell out cash for tools that will help your blog in the long run.

For instance, you need to set up your blog on the right web host. The decision of which host to choose when setting up your blog is essential. Your choice can make or break your blog’s success.

So don’t base your decision on a host’s cost. Instead, focus on the resources that this host can provide.

Skimping on Guest Posts

Think that you should always publish your best content on your blog? Well, you need to rethink it.

The thing is, publishing top-notch articles as guest posts is a “more crowded” way to go. The visitors on the site where you submitted your post can see your work. As a result, it raises your visibility and exposure. And because it can further increase your online reach, you would want that.

Plus, you can build your readership this way. If your submitted post is beloved by a site’s many visitors, you can begin counting them as your fans.

Final Thoughts

Making mistakes is terrible. But it would help if you got over them. What’s important is how you deal with your mistakes.

The way I see it, you shouldn’t let your fear of making a mistake get the best of you. Instead of giving in to anxieties, you should do something about the problem. If you sit there, nothing will happen. But if you get up, something good and promising just might come knocking on your door.

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Blogging for a Living: Mindset Considerations

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Blogging for a living seems fun and freeing. I agree.

I blogged for a bit as a pro. Living this lifestyle of working when, how and where you want to work feels awesome. But mindset plays a chief role in becoming a professional blogger. Few aspiring bloggers know this. I believe successful blogging is between the ears. How you choose to think, feel and act determines your blogging success or failure. Before you decide to blog for a living keep these considerations in mind.

Big Shifts Needed

I made a huge shift from scarcity to abundance to blog full time. You likely need to make the same shift because most folks grow up conditioned with feelings of poverty, scarcity, lack and limitation. Prepare for uncomfortable bumps in the blogging road during early days. Although you desire success and work hard, owning, facing, feeling and releasing fear-pain to develop your abundance consciousness feels highly unpleasant in moments. Be ready to make a huge mindset shift in order to blog full time.

Manage Your Energy Daily

Spend 30 minutes or more managing your energy to vibe from abundance, love, peace, generosity and trust. Pro bloggers vibe stable to become pro bloggers. Manage your energy to maintain a stable, calm vibe. I meditate, do Kriya yoga, do yin yoga and exercise daily. Do whatever vibes with you. Begin meditating with 5 minute sessions to slowly build up your habit. Expand your awareness. Manage your energy daily.

Be Aware of Your Thoughts and Feelings

Hands down, this is the most uncomfortable mental consideration to make because people plow through life on auto pilot. Most bloggers have no idea how they think and feel. Fewer understand how their thinking and feeling affects their blogging campaign or life in general. Blogging seems difficult but discomfort seems to be the culprit. Become hyper aware of your thoughts and feelings. Observe the difference between discomfort and true difficulties. I feel discomfort now because I have 3 hours to get my work done. We meet with friends tonight for dinner. But completing work in 3 hours seems not difficult to me, although finishing the task tests my limits, feeling quite uncomfortable.

Blogging for a living requires intense mental due diligence. Some people seem born with an expanded awareness. Other folks grow up around success conscious people. But the majority needs to practice being aware of their thoughts and feelings to succeed because until you own, feel and release destructive thought and feeling patterns you have a tough time making any headway with your blogging campaign. Being a successful business owner requires complete honesty with self. Example; 2 minutes ago, after enjoying a quick bowl of cereal, I found myself lost in a 5 minute YouTube basketball loop. I scanned a few videos to enjoy. But being honest with myself alerted me to my error; I have less than 3 hours to get my work done, so why do I waste time scanning YouTube basketball videos? Being honest and flat out straight with myself brought me back to here to write this post.

Nobody said this blogging journey guarantees an easy ride, but the fun and freedom of blogging for a living seems worth the mental discomfort.

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1 Often Ignored Factor for Blogging Success

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Successful blogging expands on a foundation of trust.

People must trust you before they hire you or buy your stuff. Bloggers must trust you before they give you admin rights to guest post on their blog. Zac Johnson gave me publishing rights 4 years ago. Over 1000 guest posts ago, he trusted me enough to offer me log in credentials and the right to publish posts on his blog. Did earning that trust occur easily for me. No; of course not. Hundreds to thousands of hours of blogging factor in to gaining both skills and exposure enough to land publishing rights on perhaps the top blogging tips blog on earth. But did earning his trust seem worth it? Yes, of course. I circle the globe as a pro blogger, living a life of fun and freedom. Publishing guest posts here factored into my globe trotting lifestyle.

New bloggers often mean well but seem deluded. Newbies believe they can guest post anywhere, land clients any time and attract eBook customers within days or weeks of buying their domain and hosting. Impossible. Why? Newbie bloggers seem highly unskilled and lack massive exposure. Makes perfect sense. If you have 40 hours of blogging practice under your belt, how can you earn any reader’s, customer’s or client’s trust? You cannot because you have no clue what you are doing yet, possessing few skills and virtually no exposure. Do not worry, newbie bloggers; put in the generous effort and time, and you will gain skills and exposure enough to be trusted, and with trust comes increasing traffic and increasing blogging profits.

Trust Example

My friend Eric Cole just bought one of my eBooks along with an eBook from rockstar entrepreneur Chris Brogan:

Eric bought our eBooks because he trusts us. He trusts us because we both put in tens of thousands of hours practicing, creating and connecting, giving much of our lives to serving people and building our businesses. Note; Chris has been at this game far longer than I. We practiced, gain skills and exposure, popped up on the blogging radar screen, and more awesome folks notice us.

I did not kill myself by working myself to death, to gain trust and to earn credibility, but I had to follow my fun – blogging passionately – and nudge into fears to do enough creating and connecting to the point where I became skilled and known enough to earn credibility. This is the eBook of mine Eric bought:

How to Find Your Writing Voice

At one point, this was the highest rated eBook in its category, with 59 reviews, almost all 5 star reviews. Why did Eric buy it? Why did it become the highest rated eBook in its category on all of Amazon? I spent thousands of hours writing, gained skills and exposure, earned trust and success flowed to me. No way could I write this eBook 2 weeks into my blogging career. No skills! No exposure! No trust! How could I teach people how to find your writing voice? I could only write 300 words back then before crying in frustration, LOL 🙂 If I could only write 300 unclear, not too confident, words, nobody trusted my writing or blogging skills. Every single blogger you meet struggles through a similar journey as a newbie.

Never overlook the trust factor. Practice your butt off. Create and connect for thousands of hours. Trust will come. Credibility will knock on your cyber door. Steadily earning the trust of more folks accelerates your blogging success and oh yeah, it’s definitely worth it.

 

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