A 2018 survey reported by CNBC reveals that tech companies are the number one industry positioned for revenue and job growth. In fact, it's predicted that this small business sector will have a stock market 10-year gain of 295.88 percent.
There has never been a better day than today to join this ever-growing industry and reap its benefits.
So, what's keeping you from quitting your day job to be your own boss in this thriving enterprise?
More than likely, it’s because you still have some unanswered questions that stop you: How do I even start my business? How much money would I need to do so? How can a startup business compete and grow? Wouldn't my business get lost in a sea of other entrepreneurs’ startups?
Well, there are some options far and wide that could help you, one of them is a Camino Financial small business loan. When used correctly, they can help put your business in the limelight and give it a boost.
Here's how 3 technology startup business owners joined other successful technocrats by getting a loan to grow their businesses.
The app developer: Programming a better future for your business
Jaime loves computers and technology and has been developing web apps for about a year for a living, mainly because they cost less to produce and bring a lot of revenue. Now, he's toying with the idea of making something more complex, a hybrid productivity app for consumers to make lists, jot down notes, and create shortcuts for camera features.
There's only one problem.
He doesn't have the money to pay for research, development, and marketing.
Rather than slog through red tape and delays associated with traditional loans, he contacts an online lender. filling out a short application and submitting basic financial records, he gets a $75,000 loan. Because he receives proceeds in as little as 10 business days, he's able to network with freelance coders, designers, and developers to begin work on the app.
He expects to launch the app within 6 months and has an investor interested in future projects.
The software supplier: Helping yourself before helping others
Companies can manage finances better when they have the right tools.
Anne owns a FinTech that supplies software and algorithms for businesses so they can automate production and network operations between computers and smartphones. Income has doubled in two years and there's no evidence things will slow down. She loves being able to help other businesses navigate their operations and be successful.
Since this is a consumer-oriented business, Anne decides to add more staff to complement his team of professionals. He secures a small business loan for $50,000 to provide capital for hiring, training and other HR costs.
Within a few months by having additional staff, he includes investment management as part of his FinTech financial services package. A small business loan kept his business on track for growth.
The video game developer: Getting to the next level with the right move
Amanda is a certified game developer who built up an impressive portfolio of designs. She continues to take community college development courses to stay up to date on game designing.
Before she launched her tech startup, she designed games for a major game industry publisher. She's gleaned from that experience, but now she designs her own games generating about $2,500 in sales per month.
To expand her business, she needs to purchase a newer 3D modeling program and upgrade to a multi-platform game engine. By displaying demos of her designs on her website, she can market her products easier.
After securing the needed funds for upgrades, her business revenue increases steadily by having extra money at her disposal.
Don’t let your startup get behind, get a loan and outrun the competition
The common denominator for each of these startup business owners was a small business loan. They believed their businesses would succeed if they had more capital to invest in growth. By having money to put toward expansion, each business owner could jumpstart their creativity and make a profit doing so.
How about you?
How would a small business loan move your company forward?