Though Q4 may have already begun, 2023 is far from over yet. There is still plenty of time left to launch a new business..

Hopefully you have already settled upon a business idea. However, if you have not, it is a good time to research upcoming trends in your intended business field.

There are plenty of  business trends forecasted for this upcoming year, including Machine Learning, Cosmetics, Social Media, E-Commerce, Generative AI, Sustainability, Data and soon.

Here is what you can do to help bring a business idea to life or help your
pre-existing business grow before the end of this year

The end of the year can be an excellent time to invest or sow theseeds for your business come the new year. Financing a new business can beexpensive on your own, which is why it is recommended to seek out investors ora loan.
While investors can be a great source of financing, it can alsocompromise your own vision and creative direction over the brand. With a business loan, you can have more agency in how you run and operate yourbusiness. Though interest rates are high, there are low-interest loan optionsas well as options to refinance the loan down the line.

One of the most affordable options for business financing is throughthe Small Business Administration. The SBA is an independent agency within theU.S. government that offers a range of low-interest loans for all kinds ofbusinesses. However, despite the diverse range of loan options, SBA loans canoften be hard to qualify for.

The good news is that there are other low-interest business loansavailable to help you start your business.

Getting a new business loan for a startup business can be much harder than securing a business loan for a pre-existing business. Most lenders will want to see that you already have 2-3 years invested into your business. Lenders will want to see your balance sheets, tax returns and income statements from previous years.

If you are hoping to start a new business but have no previous business experience, you likely will not have any of this documentation.

If you do not have prior experience in opening and running a successful business, you can consider seeking a business partner with the right credentials. Your application will be a lot stronger with an experienced business partner.

One of the best options for opening a business is to seek out a line of credit. Most business lines of credit can give you access to funds up to $500,000 that you can use as needed.

Although, some lines of credit can allow you up to $3 million. With a line of credit, you only pay interest on what you end up using. A line of credit can also be easier to qualify for than a traditional loan.

Business lines of credit can be issued as secured or unsecured. If youget accepted for a secured business loan, you will likely face lower businessloan interest rates. However, in return, you will have to provide some assetbased collateral. In this case, it may be your business and the assetsassociated with it (equipment, retail space, inventory).

On average, business line of credit rates can vary. They can rangeanywhere from 8% all the way up to 60%. Furthermore, these lenders can alsocharge annual fees, origination fees, maintenance costs and draw fees on top ofthe APR interest rates.

To secure lower interest rates, be sure to work on improving yourcredit history and strive to get your credit score up. Also, it can be moreaffordable to get a secured loan with collateral.

SBA Microloans can be a great option for those who do not have sufficient business experience or credit history. The SBA can offer up to$50,000 in startup financing with interest rates ranging from 8-13%. The loan scan sometimes be limited to low-income areas and minorities, so be sure to do some research to see if you qualify.

Unlike traditional banks who may not want to provide funding to an in experienced business owner, online lenders can be more flexible in their requirements. Online lenders can issue up to $500,000, but will want to see that your startup has been in operation for at least 6 months first.

Another option for those without established business credit history,is to use pre-existing assets to get liquid cash. Essentially, your businesscan use your equipment/assets as collateral to get the cash flow necessary tostart your business.

Qualifying for a line of credit can be a challenge. But, you can oftenjust use your personal credit card to help pay for the startup costs for yourbusiness. If more funds are needed, see if you can expand your credit line.

Don’t be shy to ask around for some startup cash. Often, your lovedones can be the most reliable funding route you can take to start yourbusiness. However, understand that if you do accept cash from family or friends, be sure to outline terms and interest rates in a contract. Moreover, be sure to define the role ofthe person in your business.