Karen Milde, Reframe Marketing, Vancouver, BC, CYBF Mentor
There are three things to consider before deciding whether or not borrowing is the right choice when expanding your business:
- Do you have a solid business plan to back up this decision?
- What are the assets you possess that will convince your lender that you mean business? This could include a house or your own personal savings.
- Do you have a ‘Plan B’ if you aren’t able to repay the loan?
Once these questions have been settled, there are a number of options to choose from when borrowing money:
- A business credit card is a good short-term option, with generally a month to pay the money back.
- A line of credit is also an easy choice for small businesses, taking and paying back only what is needed.
- Term loans provide longer term payments and larger amounts from banks and financial institutes.
- Venture capital and angel investors are options if you are willing to relinquish an amount of control to outside investors.
To ensure you are making the most favourable decision for your business, it is best to consult with an expert from each option. Good luck being a wise borrower and expanding your business!
About: With over 8 years of experience in Marketing and Communications, including a stint as Marketing Director, Karen Milde is all about the bottom line and marketing ROI. She is a go-getter, and prides herself on being technology savvy.
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