If you’re like the majority of amateur marketers or business owners who are currently working a standard job while attempting to build an online business in your spare time, encountering unexpected emergency marketing expenses can slow down your efforts and even put you in a position to have your site or services offline and unavailable to potential customers.
Part of being a responsible marketer is keeping track of when your expenses are due, so hopefully you’ll never have to deal with the need for emergency funding. However, if you do find yourself scrambling to come up with the cash to pay for sudden marketing expenses while also meeting your personal financial obligations, try resorting to one of the following three funding methods to get out of the hole:
1. Use a Pay Day Loan
This is an ideal tip for someone who has a stable job but doesn’t have decent credit, as almost anyone can be approved for this kind of funding simply by showing proof of income and identification. You can find loans like this one from Loan pig USA by searching for “bad credit payday loans” and most lenders in this industry are very lenient about their approval requirements.
Thus, due to the ease of approval and widespread availability of these loans, they’re worth mentioning first because they’re going to be the most universally applicable solution for most small-time marketers or entrepreneurs who are struggling financially.
2. Find a Business Partner
Finding a business partner is a step that you can
take to ensure you’ll have someone to lean on when facing emergency expenses.
While this might not be the best option to pursue when you’re already days away
from a payment due date, it is an effective preventative measure that is worth
considering if you know that you’ll probably run into problems again in the
future.
3. Sign a Personal Guarantee
If you have decent personal credit but your business credit profile is fully tapped, you could extend your existing lines of credit or obtain approval for another business loan by signing a personal guarantee.
This will mean that you’re personally liable for the debt, but it may be a wise approach to take if you’re only borrowing a small amount and are confident in your ability to repay it in a timely manner.
Fast Funding Can Be a Company-Saving Asset
In closing, it’s important to realize that having access to quick funding is an asset that could wind up being the saving grace of your company in the short term. While it’s never wise to fully depend on external funding throughout the entire course of your business dealings when you run into a period of tough times or just trying to build up some initial momentum, you may find that resorting to the three methods listed above are your only feasible options.
Ultimately, short-term loans and high-risk borrowing options may come with higher interest charges and stricter repayment terms, but in exchange for those downsides, they offer you the advantage of being able to continue operating your burgeoning small business as usual.