|Of course, unless you've got a few hundred thousand dollars lying around, odds are you'll need a little help finding the finances to launch your dream business. Luckily, there's a system designed to do just that - small business loans.
If you have great credit, lenders might be eager to give you the cash you'll need to rent a storefront, stock your shelves and start racking up the dough. If your past is a little less than squeaky-clean, it might be harder to find someone willing to pony up the money you need - but beware of predatory lenders who are looking to charge astronomical fees if you slip up. If something sounds too good to be true, it probably is.
In the end, the most important part of getting a loan is being able to pay it off later. If you put in the time and effort to plan your business model, you'll be able to show investors that their money won't be going to waste.
Keep in mind that if you go this route, you will still have to take responsibility for the debt as you would if you were spending the money for your own personal needs. If you are a sole proprietor, failing to pay your bills in a timely manner could result in credit score damage to your good name.
It's important to remember that credit and loans go hand in hand. If you have a poor credit score, you will likely face difficulty obtaining any time of loan, regardless of whether or not it's for your small beading business. Lenders must be able to tell if you have the ability and track history to repay a loan over time.
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Products sold by Fire Mountain Gems and Beads® are intended for experienced jewelry-makers and designer-artists; children 14 years of age or younger should use these products with adult direction.
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