When people plan on starting an online business, they think of starting from scratch and building from the ground up. However, this can mean facing difficulties with your customer base and marketing without a track record. Buying an online business, on the other hand, is less risky as you can run the company with a set-up system. But what are the methods and processes that you can use to finance your business? Today, we have Stephen Wible of Credit Suite joining us to discuss how you can grow and sell an online business for more. Make sure that you tune in as we talk about the following:
- How to get finance to buy a website business
- Different types of loans and setting up a funding
- Why is it important to get pre-approval before you buy a website?
- How to add business credit to add value to your website
0:00 – Show overview and introducing Stephen Wible of Credit Suite
3:07 – What is the first call of action when people reach for credit?
6:11 – Unsecured business financing program
08:16 – The goal is for people to buy your website business.
08:37 – Credibility is vital for a lender to assess you as a legitimate business.
10:31 – 50% of companies go out of business in the first five years in the U.S.
12:23 – 90% of business owners have no idea that business credit exists
13:11 – The misconceptions on credit lines
14:57 – Funding and business credit are inextricably tied together.
15:45 – There are many ways to buy a business; you can combine three different options.
18:48 – Two ways to make a business valuable: sales and adding business credit
20:43 – Business credit can be used to create your own line of credit.
24:35 – In buying a business, the key is knowing what products to get and, more importantly, knowing where to go to get those products.
27:09 – Identifying which loans will most likely get an approval
32:40 – Only when you own the asset of the business can lenders look at a multitude of items that they need to assess.
Stephen Wible is the Director of Business Development for Credit Suite, Inc. He has a background in real estate sales, building and obtaining business credit, and flipping and property management. He has led multiple companies into success and had 300+ rental properties in his portfolio. Stephen is also a public speaker and is the author of Business Credit The Complete Step-By-Step Guide.
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