I was an entrepreneur that saved for a rainy day, but it was all saved on the personal side.
The pandemic hit me and the transportation industry extremely hard. What made it worse was not having access to funding. The pandemic froze everything.
I was terrified to go to the bank. So my personal funds turned into my business funds. I poured a lot of money into the business just to stay afloat. I didn’t realize that I could have lost it all.
I had to stop pouring into my business because it nearly depleted me.
It wasn’t a good situation to be in.
Going to a banker
Grants, loans, or other sources of funding would have helped out a lot. If you had or have access to resouces like that, it’s not a bad way to backup yourself with capital when needed.
I was terrired to go to a bank because I was still trying to figure it all out. I thought it would be safer to invest my own money into the business. Everything comes from understanding.
If you understand your numbers, how to talk get capitial, and think it’s a good fit I would say go for it.
Another good thing to have is an emergency backup or cash reserves to sustain your business in the shortrun. Of couse no one anticipated the pandemic, but it’s always good to have something tucked away.
Lastly, be sure to take advantage of the resouces you have at your dispoal. Look into SBA and the SBDC. They are great resouces that help your business grow and it’s a free resource.