Why Small Business Owners Shouldn’t Let Money Worries Get The Best of Them
Having enough small business working capital is a worry for many business owners, but they’re far from the only Americans who have concerns about money.
A survey from GOBankingRates found 66 percent of Americans say their greatest fears are about money. In fact, falling into serious debt represented a greater fear than death for many people.
“Money is one of the biggest sources of fear there is, because it affects everything from our basic wants and needs to our social status, professional success and psychological well-being,” Christina Lavingia, an editor for the organization, said in a press release. “Money is pervasive; it’s involved in almost every decision we make, and therefore it cannot be ignored.”
Spiders, gaining weight and being the victim of a crime all took a backseat to money worries, with 30 percent of survey respondents saying paying their bills is a more dreaded task than doing their taxes.
Perhaps most troubling was that unlike some other fears, money represented a worry some people obsessed about almost constantly. In fact, while 24 percent of respondents said they only worry about money when they’re planning for the future, 31 percent said they worry about it all the time.
Fortunately for small business owners, there are options in place that can help them reduce money-related stress and help them keep their operations running smoothly.
Alternatives to apprehension
As a small business owner, there are plenty of ways you can tackle money worries. For instance, if you require funds for expansion but don’t have the cash flow or savings to make it happen, a small business loan may be the best solution.
Meanwhile, if taking on debt with a small business loan keeps you up at night, there are other strategic options to obtain the funds you need. A merchant cash advance could be ideal for businesses that accept credit cards. This option allows you to receive cash in exchange for a fixed dollar amount of your future credit card sales. Then, at the end of every day, an automated process takes a small fixed percentage from your daily transactions until the advance is repaid.
In short, you don’t pay the advance back until you get paid. The important thing to remember is that instead of simply worrying about money, you should explore your options and obtain the help you need. There are options available to suit businesses of all types.