How to Start a Business After BankruptcyOctober 28, 2021
Are you starting a business after bankruptcy? Well, you’re in a challenging situation. The good news is that it’s not impossible to start a business after going bankrupt, and there are reputable alternative online lenders that are ready to work with you and help you with the funds you need, such as a merchant cash advance. Let’ see what useful tips you can follow to make things easier for you.
Starting a Business After Bankruptcy & Getting a Merchant Cash Advance
Personal bankruptcy will be present on your credit report for 7-10 years and will create problems for you when obtaining financing. When jumpstarting after bankruptcy, you should stay strong and take certain important steps so to be able to overcome the challenges on your way. How can you do this?
- Calculate the Amount You’ll Need for Getting Back on Track
Start by having a clear picture of how much money you need in such situation. Create a list of all the urgent needs and start calculating the necessary money. Happily, you can turn to a reliable alternative online lender in the U.S. that provides the cheapest possible business funding such as a merchant cash advance to hard-to-approve merchants like you. Make sure you’re offered the latest and the most sophisticated services in the field.
- Have a Well-Thought Business Plan
When applying for business funding, make sure to have a detailed business plan. Otherwise, you won’t be trustworthy in the eyes of lenders and will minimize your chances of getting approved for business financing. Besides, you won’t succeed if you don’t know or have a vague understanding of what you’re going to do next or how you’re going to run your business.
- Focus on Rebuilding Your Credit
The better your credit, the more chances you’ll have and the more favorable terms you’ll find when applying for merchant services. Of course, reputable high risk merchant services providers will be ready to work with bad credit merchants, however, rebuilding your credit is important. Consider applying for a secured credit card and using it responsibly. Another option is to get a high risk business loan or financing and making payments on time.
- Navigate the Uncertainties
Running a business is linked with the changes and happenings in the world and, specifically, in the financial industry. So, if the industry gets riskier and is uncertain, you should be more proactive and keep your finger on the pulse so as to be more agile to succeed. Being cut from the world surrounding you will take you nowhere.
How to Start a Business After Being Bankrupt
Bankruptcy is a rather challenging situation. So, you should be better prepared and act more wisely to overcome the hurdles on your way when starting a business after bankruptcy. For this, you just need to take the right steps and make insight-driven business decisions.
Author Bio: Michael Hollis is a Detroit native who has helped hundreds of business owners with their merchant cash advance solutions. He’s experimented with various occupations: computer programming, dog-training, accounting… But his favorite is the one he’s now doing — providing business funding for hard-working business owners across the country.