By US Daily Review Staff. Source: Prime Commercial Lending.
Sure, it is the worst economy in the United States since the Great Depression. However, the most difficult times in US history has produced some of the best business opportunities. The cost of goods and services are less than in healthier economies, labor is usually more affordable, and there is a natural sense that it is important to make things happen.
January 1st is often considered an ideal date to start a small business because it not only provides a fresh framework for business owners, but also special tax credits, convenience in filing tax returns and other financial advantages. An unstable economy and decreased lending from big banks leave much to be desired for aspiring entrepreneurs, but one expert who worked his way to the top knows how to best fight this uphill battle.
Kris Roglieri, President and Founder of Prime Commercial Lending and Commercial Capital Training Group, based in Albany, NY and Atlanta, GA, is a finance expert who provides all types of commercial lending for national and international clients. Kris knows what it takes to start a business from his own experience. He started his first business in 1994 after losing his job in an economic downturn, and wants to share his advice and hindsight with people who are beginning their own projects in 2012.
“So much of what I have learned about running my own business, I learned through trial and error,” Roglieri said. “I hope my experience can shed some light on what can be a confusing process for new small business owners.”
Kris advises all aspiring entrepreneurs to:
- Develop a strategic plan and outline clear monthly goals for the first year.
- Identify how your product/service is going to help your customer.
- Decide what type of corporation you want to form, ex: LLC or Inc.
- Implement a good accounting system from the start. Changing this can be difficult.
- Research the market for your product/service and get to know the competition.
Kris also suggests three top alternative ways to fund your start-up business in the New Year:
- Purchase order financing: A short-term commercial finance option that provides capital to pay suppliers upfront, so your company doesn’t have to use its cash reserves.
- Contract financing: Often provided to businesses that do not produce their own products, rather they contract out manufacturing to other foreign or domestic companies.
- Unsecured line of credit: A business credit card based on your own personal credit, allowing for your business to receive financing without the use of collateral such as an office space, office equipment or a company car.
According to the firm, Prime Commercial Lending “is a New York based commercial finance lender working to provide its clients lending of all types, including real-estate loans, equipment leasing, sale leasebacks, medical financing, business acquisition financing, and more. Composed of a group of certified, highly experienced financial professionals, Prime Commercial Lending is at the forefront of the commercial finance industry.”