-Believe it or not, credit cards are a fantastic way to invest in your new personal business. Many people fear credit cards because of the interest rates. There are a number of great credit cards that offer 0% interest for 12-18 months. Creditcards.com is a great place to see different options summarized in a single location to find the right card for you.
If you are worried about the interest rate I would recommend selecting one with no interest. Even at 12 months 0% interest, that is more than enough time to pay back your investment without gaining interest. Most consultants pay back their investment in a few weeks to a few months.
With that being said, another great benefit to using a credit card for your business investment/expenses is that you can earn rewards. If you know you are going to be spending the money to join LuLaRoe, and subsequently to reorder more and more inventory, then be smart and get a little something back. We use a Southwest Airlines credit card to earn miles because we frequently fly with them. If you prefer cash back, then select a card for cash. Again, if you are most worried about paying back your investment, go for the 0% interest so you can eliminate any added stress.
Personal/Small Business Loans:
-Many banks and financial institutions offer a variety of small business or personal loans. This is a great option for someone who doesn’t want to mess with credit cards and would like a more structured plan with an associate to walk you through the process. Just as with credit cards, it is important to find the small business loan that fits your need. To learn more about the business plan for LuLaRoe be sure to ask all needed questions to your sponsor in order to choose the right loan for you.
-This is another fantastic opportunity to fund your new business. Family and close friends are excellent sources of funding because they can offer you money at little to no interest. If you are unable to qualify for funding due to poor credit, this may be the perfect option. Be sure to under promise, and over perform. By that I mean don’t make outlandish claims that you’ll have their money back next week and then fail to deliver. Set a reasonable time frame you both agree to and then surprise them by paying their money back sooner than expected.
-Some dread tax season, and some celebrate it like an extra holiday. If you are expecting a tax return, turn it into a source of income rather than a fun weekend or new toy. This is a great option, especially because it is now officially tax season.
-There is also the possibility of combining any of the above options. If you qualify for a credit card for $3,000 use your tax return or a loan from mom and dad to fund the rest. Be creative, and generate the funds for your new business in the way that works best for you.