Invoice factoring can help fix your business’s cash-flow problems. It allows you to get cash advances on your unpaid invoices. So instead of waiting 30, 40, 90 days to get paid, you’re able to get funds immediately from a financing company, known as a factor. It could help prevent hiccups in your day-to-day operations, allowing you to grow faster than you’d be able to otherwise. But as with any new financial arrangement, you need to watch out for obstacles before you begin factoring.
The Client: Plox
The Force was with Sean Andrews in 2017. His company, Plox, a consumer tech gadget maker, rolled out its product that year, an officially-licensed Star Wars Levitating Death Star Bluetooth speaker. It was a big success. Suddenly, Plox was on a roll.
“We had a rapid start and needed a finance line to keep up with the demand of supplying national US retailers,” says Andrews.
A business line of credit is one of the smartest ways for an entrepreneur to finance a small business. It’s a convenient and flexible option that gives you access to funds you need to address your day-to-day business needs.
The good news for small business owners is that you no longer have to rely on traditional banks to access this type of financing. Alternative online lenders now offer quicker and more convenient ways of gaining access to funds for such needs as making weekly payroll to hiring seasonal staff.
But applying for a business line of credit can be a tricky and tedious process.
Getting a small business loan online is anything but difficult if you go about it the right way. Unlike stodgy banks with their strict credit score and financial history requirements, online lenders have made applying for loans such a straightforward and streamlined manner that it’s hard to imagine why anyone would want to apply anywhere else.
But just because applying for a loan is considerably easier nowadays doesn’t mean getting one is THAT easy. No matter how qualified your business is, you must always put your best foot forward.
At BlueVine, we provide fast, flexible working capital funding to small business owners. We’re obsessed with making the process of requesting & receiving funding quick, easy and transparent for our community of business owners. We care about the financial health of each member of our community, as if our business depended on it. It does.