The life of the small business owner or entrepreneur is all golden, right? You’ve really got it made when you have a business of your own, and you can forget all about worrying about money ever again. Or at least that’s one of the myths that follow entrepreneurs and small business owners around, and one that might lead to failure, if someone were to really believe it and to sit back and wait for their million dollar idea to sell itself, or for that huge customer base to rush to your store or website.
The reality is that most successful small business owners and entrepreneurs work really, really, hard to get to where they are right now, and only a few of them were “lucky” and hit the jackpot without much effort (or at least without much effort that we can see). And some of that effort comes from their own labor, putting in long hours and long weeks to launch the business and grow it to the point of profitability. But a big part of the effort might need to come in the form of money from in investments or loans, as covering the operating costs until the business makes a profit, or funding an expansion or relocation, doesn’t come cheaply.
In fact, according to the following infographic from Dealstruck, 80% of successful small businesses borrow money, and the search for viable funding sources for small businesses and entrepreneurs can be a challenging one.
[Via Dealstruck: Seeking Business Funding as a Small Business Owner]