Amazon Quick Tip: What's the common order of financing options for new sellers?

Selling on Amazon with Andy Isom

Andy Isom | Amazon FBA Seller & Agency Founder

Amazon, Business, Amazonfba, Selling, Marketing, Entrepreneurship, Personalbusiness, Productbusiness, Ecommerce, Onlinebusiness

4.9 • 816 Ratings

🗓️ 6 November 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this Amazon Quick Tip, I answer this question: What's the common order of financing options for new sellers?

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Transcript

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0:00.0	What's up guys? This is Andy back with another Amazon quick tip. This is a question that was asked on my weekly Q&A call with my coaching students. Enjoy.
0:14.0	Common order of financing options for new sellers, one family, two credit card, three line of credit.
0:22.2	Personally, I would swap that maybe a little bit. I would go one family as long as it's like
0:29.4	a really good relationship. Meaning like it's not a parent, a sibling, a brother, a cousin, whatever.
0:37.2	That's going to be like on your case about it.
0:40.7	If it's that type of relationship where they're like on your case and you have the super complex contract and payment repayment structures and all that, in my opinion, you're going to get that from a bank.
0:51.9	So just go to the bank and then if you're not going to ruin a relationship with the bank,
0:56.9	who cares?
0:57.8	That's my opinion.
0:58.9	So if it's family, as long as it's like a super chill relationship and you make that very clear
1:04.8	because you don't want them to be like, oh yeah, it's chill.
1:06.2	And then six months later be like, hey, where's my money? You can still have a contract, but just make it chill and understand who you're dealing with. That's the first place. Second, I would actually say
1:15.3	line of credit, business loan, business line of credit, personal loan, I guess. You could go to
1:21.0	personal loan. I don't really, like, don't call me on this. I'm not like a banking expert as far
1:26.8	as loans go, but like if you can get a
1:29.1	business line of credit, that's where I would go. Just because a credit card, business line of credits
1:35.2	are going to get you way better rate than a credit card. Now, the only thing that couldn't, I mean,
1:40.5	well, business line of credits are fine too because here's the reason why I like a business
1:45.1	line of credit versus like a business loan. A business line of credit might have a little bit higher
1:49.8	rates than like a fixed loan amount, but you have a little bit more flexibility. So you don't
1:54.7	have to like, for example, our, we have an open business line of credit for like $125,000 right now.
2:00.5	But we don't, we don't use all of that.
	...

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