New Business Opportunity

Business experts, such as Brian Headd, say that new small businesses have roughly a 50% chance of failing within the initial five years they’re operating.  In 2011 alone, an estimated 780,000 small businesses were started in the United States.  Comparatively, almost 600,000 small businesses shut down or went bankrupt in the same year.  With that said, we’ve provided a list of the top ten cities in America to start a successful small business in:

-Austin, TX
-Oklahoma City, OK
-Charleston, SC
-Charlotte, NC
-Seattle, WA
-Tulsa, OK
-Raleigh, NC
-Denver, CO
-Washington D.C.
-New York, NY

However, there’s more to running a successful business than just the geographical location.  You should start by making business cards, advertising, hiring employees, buying wholesale inventory and, most important, buying or leasing a building in which to run your business.  The Service Corps of Retired Executives (SCORE) offers free online help and advice, for entrepreneurs seeking to get their business going steadily.  They offer help on their website, www.score.org. 

In addition to free online help, most of us “average” entrepreneurs need a little help in order to have our business hit the ground running, as the saying goes.  This is when a merchant cash advance (MCA) or a small business loan (SBA) can come in handy. 

Merchant cash advances are ideal for future business owners who have little or no credit and no collateral to offer lenders.  They work by the borrower receiving a lump sum of cash to get their business up-and-running.  Once the business is going, the MCA lender takes a set percentage of credit card sales automatically, until the debt plus interest is paid off.  This is a good idea for many first-time businessmen and businesswomen, because if sales are slow, the lender receives less money, based on the set percentage. 

Small business loans (SBA) are another option for small business owners.  This option is really only intended for individuals with good or perfect credit scores and/or collateral to offer.  Unlike a merchant cash advance, small business loans have much lower interest rates.  Again though, this is only for those individuals with a lot of collateral or good credit scores.  Without either of these, it’s unlikely that you will receive an SBA.

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