Do you have a secret talent? Maybe you’re a dedicated home cook, with friends and family constantly raving about your personal recipes. Or maybe you’re good at fixing things that seem hopelessly broken. If you have a passion for something, a talent that sets you apart from your friends or family, and you’ve got a structured settlement or annuity, you should consider starting a business to use that ability in order to provide you with income well into the future.
The first thing you need to understand is that it is actually very easy to start a business. In fact, you could accomplish all of the legal requirements in a few hours; in many states, the paperwork you may need to fill out is not that hard and there may not be very much of it. Many state and local governments provide you with online guidance to comply with the legal requirements for starting a business. Don’t get hung up on things like company name—you could conduct your do business under a different name if you decide you don’t like the company name you picked, and you could always change the name of the company, a process that is usually quite simple. And, it will probably take you minutes to fill out an application for an Employer Identification Number (EIN), a number that the IRS gives to identify businesses.
Depending on the kind of business you want to start, you may or may not need licenses and permits. For example, if you’re interested in opening a restaurant, you will probably be required to obtain several licenses and permits from your local government and, in some cases, from state or federal agencies as well. Check out the law in your area and find out what kinds of licenses or permits you need to keep everything legal—you definitely don’t want to put in the work to start your company, only to get shut down right when you start making money. You should probably start a simple spreadsheet to understand your expenses right off the bat—before you even buy supplies.
It can be expensive to start a business—that’s the truth. Apart from filing fees to start a company, there are the expenses relating to permits, licenses and the purchase of supplies; and, in some cases, the expense of having to build. There are some ways you can get money to fund your new business; some are better than others. If you have good credit, you could try to get a small business loan from a bank—but banks don’t always like risky ideas, and if they don’t think you’ll be able to pay the loan back successfully, they will decline your application.
There are also grants and loan programs that the government establishes for small businesses. Although these could be hard to obtain, if you qualify, it can go a long way for paying for things and getting off the ground. It’s definitely something to look into, no matter what other methods you are trying.
By selling your payments to a company like DRB Capital to get your money up front instead of waiting on payments, you’re not taking out a loan—so you would not be taking on a debt that you would need to repay in the future. You will have structured settlement money now to invest in your business without strings attached, which means you can devote all your time and effort to making your business a success.
We put our customers first and we want to wish each and every one of you success in 2015. If you have any questions about how you can get a lump sum of cash for your structured settlement, please call us at 1-800-411-4142.