You want some extra income and know that a small business is an ideal way to generate this; however many of the better small businesses will need to be purchased and that means you need availability to money.
This is especially the case with a business that is already operating and earning, plus with many of the smaller franchise opportunities. Often these are the type of businesses that you would want to purchase too as there is a proven income and operating model.
When you are buying a business as a side hustle you are often better off to get a small business loan to fund the purchase and to ensure that you can operate and develop the business. Any business loan should have tax benefits (check with an accountant) and with a home based business there are other tax benefits too.
An ideal business for a side hustle is something that you can get started with straight away, and we’ve seen plenty of people buy small cleaning businesses, lawn mowing rounds, food trucks, online retailers and various other business.
You can view many of these on websites like Trade Me but there are many others advertised too.
Another option is to start a business from scratch, and while there may be no purchase price there is still the set up costs to fund and often the side hustle will run at a loss for some time before it turns a profit.
At Smarter Loans we know the benefits of having an extra income which comes from a side hustle, and we know how to structure a loan to suit the expected cashflow. We also know that you may need to have additional funds to pay for advice and to market your new business.
When buying a small business it is important to get the right loan.
Get Your Small Business Loan Early
It is recommended that you get a small business loan early.
This allows you to have the money in your bank account so you can pay the deposits as required and make any purchases in advance. It removes the stress of getting started with a small business and lets you plan and train with the knowledge that you have already arranged the money.
Get the right loan and you have the funds to pay for the purchase cost of the small business, to pay for any equipment, products (inventory), website and marketing etc.
Paying Your Loan Off
When you get your loan you may want to have access to money for the initial purchase and set up phase, but with any new business venture you also want to make sure that you can pay off the loan at a pace that suits.
We will work with you to get the small business loan that is affordable, but so you can pay it off faster and save money too.
