By now I think you all know that in this family, we are self-employed. I can’t even imagine working for someone again. Even before we owned our own businesses, we were subcontractors.
Like, I worked as a tattoo artist and body piercer for many years. I was a subcontractor. My husband was also a subcontractor before he launched his own business.
We were basically still our own bosses, just a tad bit different. We still had the employer’s information to add to paperwork for things like loans, I forgot how helpful that was.
Now, everything is on us. Being self-employed is a blessing, but it can make some things hard too. Getting a business loan can be very difficult when you are self-employed.
With the way my brain works, it’s just hard to wrap my head around it all. I mean there are guides for the steps you need to take. I just get overwhelmed.
You have to decide what type of self-employed loans are best to help you grow your business. I’m so unorganized and I know I need to have all of our financials in order and make sure they are accurate and make sense to people other than myself.
Then you have to know exactly how much you need to borrow and what exactly it’s for. So yea, there is a lot of planning involved before you even take the steps to apply.
There’s also the need to decide what security you can provide. No one is going to hand over a loan without something to back it up. If you can’t pay, they need to know what they can get back out of you basically.
If you own a house that will make it a whole lot easier because hey if you don’t pay… well you know what happens next.
Property that you own would also be a good one to use to secure a loan. Vehicles, boats, other assets. You need to figure that all out before you start the process.
The better choice would be to use the business assets to secure the loan so you don’t put your home at risk though.
The biggest point I am trying to make here is to plan in advance and make sure to do a lot of research. Do this before you start. You can also find a lot of good information on SBA.gov.
Thankfully I’m in a position where I only need a relatively small loan for my business. I mainly need a few upgrades. I’m shooting with a camera that I have outgrown and also want to switch to shooting with a different type of camera.
Upgrading my camera also means buying all new lenses. Lenses can cost a LOT of money. The new camera doesn’t do me any good without the lenses to use with it. So it isn’t something I can just do one at a time.
I need help… maybe my mom can help me figure it all out. Yes, I’m old and I still need my mom to help this broken brain figure out life.
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