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Insufficient funding is one of the top reasons why 80% of businesses fail within the first year and a half. As a business owner, not only do you have to cover all operating expenses, but the time and effort needed to succeed means you will almost certainly have to bid farewell to your day job and regular pay checks. Unless you’ve saved up enough to pay for everything for at least 18 months, you will probably have to find other sources of funding.

However, here we encounter another problem. A recent survey cited by the Credit Union Times showed that only about one-fifth of small business owners – incidentally about the same rate of successful businesses – rely on a small business loan. The survey showed that 62% were fearful of taking on a loan and almost one-fourth of respondents think they would not be approved for one. A Harvard Business School working paper by Karen Mills (Administrator of the US Small Business Administration until 2013) showed even more discouraging statistics. Banks continue to apply measures that restrict small business lending since the financial crisis hit, since such loans are generally always riskier than those to large businesses. Loans amounting to $1 million or less – the domain of small businesses – have gone down 21% since 2008. These loans made up half of all bank loans in 1995, but only 30% in 2012.

So what can you do to have a better chance at securing a loan?

As the saying goes, “The devil is in the details.” Given the stricter requirements of banks, you will need to come up with a very convincing plan that shows your business will truly make a profit. Each number presented has to be supported by hard evidence or at least some realistic projections backed by in-depth research. There must also be a clear plan as to where the money will go and how it will influence your business’s success.

Aside from this, your entire personal finances will also be scrutinized, so make sure your taxes, mortgages, credit cards, assets and liabilities, and even your credentials are all spotless and in order.

The bottom line is, if you believe in your business idea and do the necessary due diligence in coming up with a sound budget and business plan, there should be no reason to be denied a small business loan. Otherwise, you may want to reconsider quitting your day job.

It is possible for anyone to earn a full time income from home. Anyone. It doesn’t matter if you have no experience, don’t know how to market, or have never worked for yourself. The possibilities are endless and the opportunities are everywhere. In this article I’m going to go over how you can earn a full time income from home with a home based business opportunity.Now there are thousands of home based business opportunities available to you. Many of them are quite real and profitable, and of course you will have a few that are just scams. Regardless, there are thousands, if not hundreds of thousands of people searching for home based business opportunities. Everyone wants the life of financial time and freedom and they know it’s achievable with a home business. That’s where you come in…Your goal here is to find a good, solid home business opportunity that will allow you to earn a full time income from home. Then you take that same opportunity that has now allowed you to achieve financial time and freedom, and share it with the thousands upon thousands of people that are looking to achieve the same thing. Not only will you be helping other people better their lives and financial future, you will be improving yours as well.The key to all of this is finding the right opportunity. As a newbie, learning how to build a successful home based business on your own is too hard. You need help from people who are already successful in the industry. By finding an opportunity where people are already having success, and they are willing to provide on-going training & support to help others achieve the same level of success, you will have the right guidance on how to be successful. You will also feel confident when you are recommending other people because you know they will be taken care of.Another important thing to look for in a home business opportunity is whether or not they have a marketing system that can be easily implemented. You need a way to market to the masses and get your opportunity in front of people that are looking for it. This can be hard if you have to figure it out on your own so having a proven marketing system in place that is already working for others is key.Finding a home based business opportunity that offers you support & guidance and a way to get your opportunity in front of the masses will definitely allow anyone to earn a full time income from home. However, if you are not willing to take consistent action and put forth the time and effort necessary needed to achieve success, not even the best home business in the world will work for you.