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Is Vendor Finance a Good Way to Start a New Business?
Posted by Spconsultancy on April 17th Cheap Markus Golden Jersey , 2013
If you're in business, you know that financing is hard to obtain. Since the financial downturn that had its origins in late 2007, many entrepreneurs have seen their lines of credit reduced or altogether eliminated. If you're serious about financing a business today, you may need to look for alternative funding sources.
While you probably have applied for and received a few credit cards, those cash advances can be burned quickly. If you have obtained financing from relatives Cheap D.J. Humphries Jersey , this was probably a one-shot deal, and you may not be able to go back for more.
Home equity loans used to be a good place to mine some cash, but you may have tapped out those lines. After you've raided your superannuation, you'll need to get really creative.
Vendor Financing
Vendors can aid in financing a business in two ways. First, they can actually lend you cash. If you have a very successful store and if your purchases are large enough Cheap Robert Nkemdiche Jersey , your primary vendor may actually assist you with cash if you agree to continue making large purchases from them. Although this scenario does occur, it is unfortunately rare.
The other way vendors can help the process of financing a business is to give you generous credit terms. If you buy $30,000 worth of product and you don't have to pay for it for 45 days, your vendor has just given you a 45 day interest free loan. When the 45 day period is up, pay off the invoice Cheap Budda Baker Jersey , buy more product, and you have basically renewed your loan. As long as you continue to do business, you can float that $30,000 indefinitely.
Three Way Cash Flow Forecast
In order to entice your vendors into financing a business, you will need to have a business plan. Even if you have a healthy unit Cheap Haason Reddick Jersey , you'll need to show that your second venture will also show a profit. You also must have a document that includes a three-way cash flow forecast. This portrays your profit and loss, balance sheet and cash flow, and predicts how those items will look in the future.
Any good accounting firm can prepare this for you, but many accountants can take a long time to prepare the statements, and this may cause you to miss out on good financing opportunities. The process can also be expensive Cheap Chase Edmonds Jersey , and the cost may be prohibitive for a small or new business.
Our Company
We are set up to provide you with quick three way cash flow forecasts and business planning in Australia. We have over 20 years of experience in this area, and we are designed to move quickly and efficiently. We also have inside banking connections, and we'll be able to help you with vendor and possibly even bank financing. Best of all, our rates are amazingly reasonable.
You know you need to be creative if you're financing or expanding a business. We can help you with the preliminary paperwork so the entire financing process can move forward quickly and satisfactorily. Contact us for an obligation-free discussion about how we can help you.
About The Author
Kamal is the Director of Strategy Plus Consultancy, based in Gold Coast Australia. Kamal's strong commercial finance background allows him to provide expert analysis of financial data Cheap Mason Cole Jersey , and implement cost-effective and efficient changes to help businesses improve profitability and revenue as they decrease business complexity and costs.
Follow our blogs on www.strategyplusconsultancy.au and 'like' us on Facebook
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