All entrepreneurs need additional sources of capital at some point. The extra finances allow the entrepreneurs to expand their businesses, add inventories, invest in marketing, and meet all the financial obligations. Additional funds also facilitate the growth of a business through project research and other helpful business projects.
The business proceeds are not always enough to meet the ever-rising needs, and that is where the need to borrow comes in. Nowadays, there are hundreds of viable options that businesses can always turn to whenever they need to fund their activities. In this guide, we will discuss the most reliable options which both small and large firms can consider getting more cash. Check them out!
1. Hard Money Loans
Hard money funds require a property back up. The property, which can be a real estate, provides evidence that you can repay the money. Unlike the traditional loans which consider the credit scores, most hard lenders only consider the collateral. As referenced on newsilver, hard money loans are convenient, and they have a faster processing speed. The borrowers do not undergo a lengthy application and waiting period for the disbursement. The primary hard money programs include the fix and flip loans, rental property loans, ground-up construction loans, and cash-out loans. Entrepreneurs considering the hard money loans should have a valuable property to be used as the collateral. They should also research the best hard money lenders and probably get recommendations from the most reputable real estate agents.
2. Bank Loans
Bank loans are the traditional sources of funds. As the name implies, these loans only come from licensed financial institutions such as banks and credit unions. When you want to start a new business, you can consider the business loans, grow your existing business, or add more cash for a safety cushion. The financial institutions get many applications, and they, therefore, have a lengthy and stringent application procedure. The institutions consider your credit score and your ability to repay the loans. The banks might also consider the value of your business to determine the best amount you can get. Most interest rates are usually lower, and you can secure a bank loan quickly if you have a good credit history.
Crowdfunds are web-based projects which support investors. To start the project, several investors usually come together and decide on what they want. They can choose to contribute a certain amount and create a pool of investments for their group. Investors can make contributions through equity, debt, or rewards. Each crowdfunding has its own rules regarding the distribution of funds, the borrowing rates, and so on. You can either start your crowdfunding project or start your own. In addition to the financial help, an excellent crowdfunding project can advise you on how to invest and allocate funds.
4. Angel Investors
Many senior investors support young and growing businesses. These senior investors are known as angels. Ideally, angel investors have their own successful business, which means that their only interest in lending is to support small firms. Most investors only lend small amounts, although you can still qualify for high costs if you show the potential. When they give the loans, the angel investors repay themselves by supervising your business. This means that they can join the board of directors of your firm, or even participate in other major decision-making processes of your firm. You can find great angel investors from the angel investing online programs, or through recommendations.
5. Merchant Cash Advance
A merchant cash advance is a viable funding option for businesses that need a temporary source of finance. Entrepreneurs use these loans to meet their urgent business needs, mainly those which arise due to cash flow challenges. Here, the borrower uses business stock to get immediate funds. The lender determines the value of your current inventory and then offers a lump sum based on that stock. The loans are short term, which means that the disbursement takes place within a short period, which can be less than a month. The interest rates can sometimes be high, but the loans are convenient and quite reliable.
Entrepreneurs meet many challenges, and financing is the main challenge. Luckily, there are many effective lending options that all businesses can turn to take off their financial needs as they arise. In addition to the above, firms can also get loans from friends, partners, or people they trust. All sources are great, provided that you qualify for the minimal requirements. So, research on the available funding options for your business, and select the best to grow your business well.
5 min read
When we envision a person who is suffering from substance use disorder (SUD)—defined by having a history of past misuse, experiencing increasing mental health symptoms, or having a family history of addiction—we often picture someone waking up and instantly grabbing their first drink. However, in my experience working with those battling SUD for nearly a decade, I've learned that everyone's relationship with alcohol looks different and having a few too many drinks at night can be just as dangerous.
The time of day, amount, or type of alcohol one drinks doesn't define if they suffer from SUD or not—it's the compulsion to drink. By focusing on healthy stress relievers and implementing them into your daily routine, you aren't just avoiding another glass at night, you are curbing any inclination for SUD that you may have.
While you may feel the desire to reach for another drink after dinner and putting the kids to bed to relieve some of the stress you incurred that day, there are other things that you can do that are much more beneficial to your mental health and wellbeing.
Risks of Reaching for Another Drink
Reaching for another cocktail or glass of wine can feel like a great way to relieve the stress of the day at the time, but over time it can actually lead to the opposite. Excessive drinking is known to lead to increased anxiety, depression, and other mental health disorders such as increased risk of family problems, altered judgment, and worsened sleep quality. These can all lead to increased stress and create a continuous cycle I have seen in many of my patients, which often prove difficult to break.
Increased alcohol consumption can directly impact an individual's mood and temperament, too. In my patients, I've seen a connection between increased alcohol consumption and irritability, fatigue, and loss of interest in activities that previously brought that person joy—activities that people should always put time into, especially right now during the pandemic.
While drinking in moderation doesn't have serious implications for some, others are already at increased risk for SUD. One drink per day is considered moderate for women, while eight drinks or more in a single week is categorized as heavy drinking. It's important to monitor your intake—whether you are at increased risk for SUD or not. It is all too easy for one glass to become another, and then another. And if you keep reaching for just one more drink, you can start to build a tolerance, as it requires more and more alcohol to achieve the desired effect. This can result in dangerous, addictive habits that will alter your life, and the lives of those who care for you.
Three Healthy Ways to Relieve Evening Stress
Stress relief from alcohol is short-lived, but choosing healthier, alternative stress relievers can provide long-lasting benefits for both your mental and physical wellbeing. At Wellbridge, our team not only focuses on treating addiction but also on teaching healthy habits to support ongoing sobriety. And many of these learnings can be implemented to avoid addiction by handling stress better as well!
Below are three healthy stress relief ideas you can implement into your routine:
- Mindfulness exercises can be a powerful and mentally stimulating stress reliever. Throughout our therapeutic program at Wellbridge, we provide different opportunities to cultivate mindfulness. For example, breathing exercises, such as box breathing or diaphragmatic breathing, mindful walking, and progressive muscle relaxation. If you're looking for entry, guided meditation, check out this YouTube channel where experts post mindfulness exercises each week.
- Human connection is invaluable. Whether it is your spouse, your children, a friend, or even a therapist, connecting with someone else can be a great way to relieve stress. The additional perspective that another person provides can also help us feel that the anxieties and stressors we are experiencing are more manageable. If you are feeling increased stress from loneliness or isolation, reach out and schedule a Zoom coffee hour with a friend, or call a loved one to check-in and chat.
- Physical activity is an excellent stress reliever as well, for so many reasons. Not only can it help us get our mind off of stress, it enables our bodies to release endorphins and provides long-lasting physical health benefits. Physical activity doesn't need to be a full-blown workout if you don't feel up to it, or simply don't have extended periods of time to dedicate to a longer exercise regimen. Even a short walk or some stretching can go a long way towards improving your mood. I enjoy following guided, online yoga practices for both mindfulness practice and physical activity.
Despite my years working in this space, I am no stranger to giving in to stress. However, I've learned that by allotting myself a little time each morning and evening for activities that set a positive tone in my life—like meditation, journaling, and exercise—I've been able to better manage my stress and feel more prepared for heightened periods of stress. Do I manage to set aside personal time every morning and evening? Definitely not—life happens! But by doing our best to take regular time out for ourselves, we're all certain to be in a better place emotionally and mentally.
Putting Your Mental Health & Wellbeing First
It's important to also recognize that it isn't just stress that causes us to reach for another drink at night. With the added pressures and responsibilities of women in today's world, having another glass of our favorite drink at the end of the day can often seem like a quicker and easier option than other healthier ways to relieve stress.
However, it's essential to put your mental health and wellbeing front and center in your priority list—something that many women struggle with. But just like the oxygen masks on an airplane, you can't take care of others if you don't take care of yourself first. By focusing on implementing small, healthy habits and making them a seamless part of your daily routine, you ensure that you can show up in all aspects of your life and for all the people in your life.
If you are struggling with increased stress, be specific and honest with your support system about your need to preserve your mental wellbeing. Prioritizing your needs will help you be there for other people you care about in your life.
I always refer back to a quote from a Dar Williams song—a song about therapy no less! "Oh, how I loved everybody else when I finally got to talk so much about myself." Talk about your needs with others and find time to develop healthy coping habits. And if you feel as though you've already created an unhealthy relationship with alcohol, discuss that relationship with a medical advisor to learn if advanced treatment is the right option for you.