Need a Boost? Unconventional Ways to Fund Your Small Business

Need a Boost? Unconventional Ways to Fund Your Small Business

small business growth funding
Image by Michael Bentley / Flickr

Starting a business is a huge undertaking. Even a small business entrepreneur needs to budget for start-up costs, taxes, salaries and a host of other responsibilities that many people fail to consider when they endeavor to start a new company. Unfortunately, half of all new businesses fail within five years of their inception. This is often a result of a lack of capital. Luckily, there are some unconventional ways for budding capitalists to get money quickly when they need to keep their fledgling company afloat.

Pawn Shops

Pawning items is one of the oldest methods in history of obtaining credit. When you choose an alternative financing option, obtaining funds, regardless of your credit history, is still possible today. Pawn shops will take anything from jewelry to farm equipment, so the list of items you can trade for money is practically endless.

Pawn shops have become more highly recognized as a legitimate way to liquidate assets since the History Channel dedicated an entire show about a now-famous pawn shop in Las Vegas. One advantage to pawning is that it is not necessary to permanently sell an item to a pawn broker. Any business owner who needs a quick sum of cash can temporarily pawn an item and then reimburse the pawn shop at a later date to reclaim their merchandise.

Recycling for Cash

Some people would consider going to junkyards and recycling centers a task below the pay grade of a small business owner. However, anyone who has run a company knows that when quick cash is needed, where it comes from might not be your first concern. Recycling centers will pay cash for old scrap metal that may no longer be of use to you or your business.

There are an abundance of items around your home or business that can be sold as scrap. From old copper wiring to aluminum screen doors, a recycling center will pay you an amount of cash based on the weight of the item you are recycling. Even old computers that have become obsolete to your business can be sold for parts. Computers also contain gold components that can be recycled. Obtaining cash for your business through recycling is twofold – you get the cash you need while simultaneously helping the environment in one fell swoop.

Title Loans

Another option to consider when you need cash for your business is using your vehicle as collateral during financial difficulties, as an alternative to taking unsecured cash loans, such as pay day loans. The basic concept of this is that a title loan company will give you credit based on the equity in your car. In at least 16 states where it is legal, small business owners can get a car title loan as a legitimate way of creating cash flow for their company. If, for example, you live in Georgia, title loans in Atlanta are an easy option to investigate in person or on the Internet. Try doing a Google search for “Atlanta car title loans” as a great way of quickly getting some much-needed cash for your small business.

Any business owner can attest to the fact that keeping a company running and growing goes far beyond a full-time job. There are hundreds of thousands of business owners all over the world that work hard for the success of their companies. In the United States, conventional methods of getting business loans are not always easy to come by, so it is important that entrepreneurs know all of their options when trying to survive financially in the American business climate.

About the Author: Karla M. Somers is a blogger, small business owner and Georgia resident. She is a contributing writer for the lending institution of TitleMasters, a company that specializes in finding affordable financial alternatives for businesses and individuals in 13 counties in the Atlanta metro area.

SMB Authors

This article is one of the excellent contributions from small business owners, decision makers and professionals.