Things to Ask Yourself Before Applying for a Business Loan

If you want to get yourself an unsecured small business loan, the very first step should be to educate yourself about them – where to start, what they’ll cover and who offers the best ones. These things often vary from place to place, but while I can’t provide all the answers I can at least get you going in the right direction. Read on for some good questions to ask yourself when you’re considering trying for a business loan.

  1. Have I got my business idea firmed up in my head? Do I know exactly what I’m going for produce or provide, and how I could go about doing that?

  2. Am I ready? Have I decided on my mission statement, written a business plan and put together a financial forecast?

  3. Do I really need to borrow from a bank? Could I possibly fund my startup via crowdsourcing, from friends and family, or personally instead?

  4. Is there a way I could do this without needing to borrow at all? Have I considered alternative ways of getting started like Etsy, Ebay, Cafepress, Folksy and Zazzle?

  5. Do I know my field well enough to approach for funding? Have I been trained, accredited or certified, or alternatively do I already have the experience necessary to get going without needing to do more of that?

  6. Should I really be trying to do this alone, or with the people I’m going into business with? Am I certain I don’t need another partner, or more support from those around me?

  7. Have I decided how I’m going to let people know about my new business? Have I learned about sales, marketing, SEO and SMO? Do I know how much help I’m going to need with that side of my new venture?

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