By Patty DeDominic
Creative ways to finance small business seem to be in the news a lot lately. My small business consulting practice has been hearing more about angel investments and black-belt entrepreneurship techniques, which serve entrepreneurs. Innovation, great resources, good “partners” and affiliates do give you—America’s primary engine of economic growth—the momentum to move forward. If you are a self-made entrepreneur, then you belong to one or more of these tribes: Innovator, Resourceful and Creative small business owner (those are the only ones which survive these challenging times.) You are America’s Growth Engineers and the primary job creators in the private sector. Congratulations!
You don’t have to beg for money. It’s out there and it is looking for you. Yes, there are government grants and you don’t have to be in a disaster area or get a SBA loan to qualify. How about your tax return? Is Uncle Sam sending you, the small business owner, some of your money back this quarter?
Think about how you want to deploy that money. Yes you can pay general overhead and operating expenses. Keeping good credit is important for business owners as well as consumers. But let’s look at strategic deployment of how that “found money” can be deployed in some high potential ways. Some items to put on the refund shopping list may include business coaching, going green, a website makeover, employee training and advertising or marketing. Ask yourself, can you develop a new app for your team or your clients? Can you expand your reach and launch new products or revenue streams with your own seed money?
Now back to your money and putting it to the highest and best uses in your business. A tax refund is a great way to fast-track business plans, but sometimes it isn’t enough to cover all of the costs. What are some funding options available to small businesses to stretch their refund farther? Some flexible solutions are credit cards, and a working capital line of credit from Kabbage.com —which can be used for anything, including business coaching! I included a link here to Kabbage.com as an option to beef up a tax refund.
Tax season is in full bloom, and business owners are finding tax advice everywhere. However, tax tips are usually centered on finding deductions, so I thought a fun twist would be using a tax refund to jump-start growth. Only the best and most creative entrepreneurs find ways to leverage all their talents and assets. So how can entrepreneurs use their tax refund to grow or improve their business? It may not be as large as VC backing, but it doesn’t come with any strings attached. What items should you put on your shopping list? Coaching and consulting? A website upgrade? Staff training? Marketing and Advertising?” I’ m happy to help if you wish to brainstorm some of these strategies with me at some time in the future. Just ping me at firstname.lastname@example.org or drop me a line at 805-453-7490. I look forward to helping you look closer and think about some alternative ways you can leverage your tax refund this season.
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