Dinn, Hochman & Potter, LLC

New business needs and business financing decisions

The ideas are varied; however, the needs are basically the same. To be successful, each new Ohio business will need ideas, customers, products or services and the funds to make it all happen. For some, these items appear to fall into place. For others, business financing decisions can appear to be the most challenging part of the equation.

One of the first challenges that needs to be overcome is determining the type of financing that the business requires. Many times, smaller companies are hesitant to seek the necessary financing out of fear that they will not be approved. However, without this financing, it can be difficult to provide products and services within a reasonable time period.

Additionally, each business will go through periods of prosperity as well as periods when the day-to-day funds just do not seem to be available. For this reason, a line of credit is often a good idea. With a line of credit, the business has access to day-to-day funds when needed without having to wait for bank approval.

Finally, there is always the possibility that an emergency will occur. It is possible that the computer will crash, an expensive machine will break or some other obstacle will present itself. When this happens, it is important that the business have access to the funds necessary to overcome the obstacle.

Business financing decisions are an important part of the new business equation. There are numerous decisions that need to be made. As the Ohio business is working through its needs, it is often helpful to seek guidance from experienced legal counsel.

Source: business2community.com, "Why You Need Financing as a Woman Business Owner", Megan Ritter, Sept. 14, 2017

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