2. Apply For Business Working Capital
After making your business plan, there are probably a few items on your list that would truly would help accelerate your business to the next level, if only you had the money to do it. If you have been in business for at least a year, working capital might be a great option for you. Kabbage is a loan company that analyzes your income from PayPal, bank deposits, eBay, Etsy, Google Adsense, and just about any way you can make money online. Once it sees how much money you are making, they will give you a quote on how much you can borrow.
Instead of paying interest like a bank loan or credit card, you pay a one-time fee, and the loan is split up into 6 or 12 months. Speaking from personal experience, this is actually a great way to pay off debt fast. Just make sure to play around with their payment calculator, so that you know with total certainty that you can afford the monthly payment in your budget. For the sake of transparency, we get a perk if you get a Kabbage loan using this affiliate link, but you get a $50 gift card too, just for signing up. So it’s really a win-win-situation.
Shannon Quinn is the editor-in-chief of InspiringHome.org