Opening up a small shop is exciting! But you need some tools to help you, too. Tools allow you to keep track of money or talk to customers online. Getting tools costs money, though. And if your credit score is not great, loans can be hard to get. But do not lose hope! There are still options for you.
You can apply for personal loans that help people with bad credit. These unsecured personal loans for bad credit do not check your credit score. They just want to see that you have a way to pay it back. Rates can be higher than normal loans. But it can still be worth it to get the tools you need.
There may also be local groups that want to help small shops. Check if your area has programs for owners like you. They may provide cheaper tools or other aid. It never hurts to ask around for help in your situation.
Facing Poor Credit Challenges
Running a small shop needs a lot of tech tools. You need ways to handle money, orders, marketing and more. Getting new systems helps your store run smoothly. But new tools cost money that is tough to spare.
On top of that, getting a loan with bad credit seems hard. Banks check scores to decide who gets loans. Low credit looks risky even if you know you can repay. Thankfully, there are still options out there for you.
Personal loans for bad credit work differently than bank loans. They do not check your score when deciding to lend money. They care more that you have income to make the payments. So if your business makes steady money, you may qualify this way.
The rates on these personal loans from direct lenders like FinanceaLoan are higher than normal loans. That covers the higher risk taken by these private lenders. But sometimes, paying more interest is worth it. Getting key tools to grow your business matters more. Just be sure to compare a few lenders first. Rates and terms can vary between them.
Top Tech Tools to Boost Productivity
Here are top tech tools to boost productivity:
Cloud Storage Solutions
Storing things in the cloud lets you get files from any device. Log in online and access what you need wherever you are. Cloud services also make sharing easy by sending links. And some even let people work together on documents at the same time. Storing in the cloud backs things up, too, if your devices get damaged or stolen.
Google Drive, Dropbox, Microsoft OneDrive, and Apple iCloud are popular options. Compare sizes and prices to pick what fits your needs. A free plan with 15-20 GB should suit most small shops. Pay monthly for more space as you grow. Using cloud storage takes getting used to. But it soon makes running your shop far smoother.
Set aside time upfront to upload things to the cloud. Drag files in folders just like on your computer. Share folders with staff who need access, too. Soon, visiting the cloud site will be part of your regular routine. It may take a few weeks to get fully switched over. However, cloud access will become second nature and will be worth the learning curve.
Project Management Software
Services like Asana, Trello, and Basecamp help manage projects from start to finish. Make task lists and assign them to staff with due dates. Add checklists of smaller steps for each task, too. These tools make it very clear who is doing what and when things are due.
Team members can comment on tasks with questions, update progress bars to show how far along they are, and move tasks between columns like “To-do, In Progress, and Done”. Seeing all tasks laid out on boards keeps everyone on the same page. You get a bird’s eye view of what flows smoothly or falls behind.
Many project management tools have free basic plans for small teams. Compare to see which layout clicks most with how your shop works. Adopting one of these systems requires an adjustment phase. But soon, you cannot imagine operating without the clarity they provide. The time saved on meetings pays for itself very quickly, thanks to seamless task tracking.
CRM Systems
CRM software helps collect customer data and track each interaction with them. Logging emails, calls, meetings, and more keeps relationships organised in one searchable place. Tag customers to segment types like “repeat buyers” or “subscribers” for targeted outreach.
Popular CRM choices are HubSpot, Zoho, and Salesforce. Prices range from free basic plans up to customised enterprise-level packages. Consider both your budget and list size to decide what fits best. CRMs also integrate with email marketing tools and the accounting software you use. The more systems that sync up, the better insights you get from your data.
Accounting Software
Bookkeeping headaches are no fun. Accounting software helps effectively track finances and stay tax compliant. Features like invoicing, estimating, and inventory management save tons of time, too. The top options for small biz are QuickBooks, Xero, Wave, and FreshBooks.
Consider both one-time and monthly costs when picking a software plan. Entry tiers suit basic accounting needs, while premium versions offer fancy reporting tools. Check if your bank imports transactions automatically with certain brands, too. The more that syncs seamlessly, the better.
Transitioning and learning accounting software takes diligence upfront. Watch tutorial videos, import past records, and familiarise yourself with key tools and reports. It may take a month to switch former methods over and feel comfortable navigating it. But soon, you cannot fathom operating without the streamlining and insights modern accounting software provides for your growing business.
Poor Credit Troubles
Running a small business requires investing in tools – point of sale systems, inventory databases and more. These technologies boost efficiency and serve customers better. However, quality systems are costly upfront, often totalling thousands of dollars. Finding room in a tight business budget is tough.
On top of tight cash flow, poor personal credit scores make securing financing even harder. Traditional bank loans check credit history and rely heavily on scores when approving funds. Even well-performing businesses may get denied solely based on the owner’s personal score.
Thankfully, bad credit business owners are not completely out of luck. A growing field of alternative lenders offers funding that ignores credit scores. Instead, they focus on the business’s financials and revenue stability when distributing loans.
One route is unsecured personal loans for bad credit. Companies offer fixed-term loans with set repayment schedules. While their interest rates are higher due to risk, they can be lifelines for procuring vital tools otherwise out of reach.