Business debt for a variety of reasons is a necessity. The majority of startup businesses for instance will take a loan out to help them in the short term of their business initiation. This investment is then used to purchase stock, manage overheads and of course, to settle any startup costs. Business loans are quite often a long term liability, so in terms of paying it back; this is a long term debt that the business will for quite a while be tied to. Slightly shorter term debt include that of taking a line of credit or even using a business credit card to pay for your short term expenditure.

In terms of looking at your liability for these debts, for instance as a business or as an individual, we must look at how your business functions and what type of legal entity it is. We will look at the two of the main types of business entity and summarise how their debts are allocated in terms of liability.

Sole Proprietorships

This is the simplest form of a business entity but also shares arguably the highest risk in terms of liability. As you may be aware, a sole proprietorship is not a separate legal entity and any debt is secured by personal liability, i.e. you as the business owner. Therefore, all profit and losses that a business accrues are exclusively held by the business owner. With that in mind, any such debt is the responsibility of the business owner to ensure is paid. Failure to do this will ultimately result in your personal assets being implicated and potentially taken as payment for your businesses debt.

Limited Company / Limited Liability Company (Ltd or LLC)

The major difference here is the company is a completely separate entity from a sole proprietorship. The company is a legally separate entity and therefore eliminates most personal liability for any debts that are owed by the business. There are two situations that are worth mentioning that could mean you are personally responsible for the debts owed by the company and they are; 1) you guaranteed the debt or personally guaranteed that any debt the company accrued would be covered by you personally. 2) That your creditors (those who you owe money to) can prove that your business was trading as a sole proprietorship and therefore there was not a separate legal entity. The second is fairly rare and as long as you are using separate bank accounts and ensuring all transactions/operations are within the limited company and not you personally, it can be avoided fairly easily.

Now that you are aware of your liability, if you should run into debt it is important to manage it and not allow it to get out of hand, whether you are a sole proprietorship or a limited company it makes little difference, a debt is a debt. There are a number of business debt consolidation organisations who specialise in helping you get out of debt so don’t be afraid to stop in for some free advice from time to time should you find your business debt is spiralling out of control. All debt can be managed, if managed correctly and not avoided that is.

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In this day and age, it’s quite a challenge to start a new small business. There are so many large companies now that many business owners can easily be run out of business by the big overbearing companies around them, and budding enterprises often never get off their feet. Take Wal-mart, for instance. Wal-mart has removed it’s competition in many cities around the United States and the rest of the world because they have, quite simply, bullied other companies out of business. Because it is a large corporation, it’s cost effective to buy in large quantities and enable them to push prices lower and suffer losses for a time until it’s competition has sailed ship. The corporation then raises its prices once the other small businesses in the town are gone and put out of business, essentially creating a monopoly market. If you are trying to start your own small business, you need to be on the lookout for these types of cases. If you’re trying to get a convenience store or something like that off the ground, beware of Wal-marts that will try to push you out of business.

The first step to starting a small business is to get a startup loan so that you can provide funding for all the things you need to do, such as paying for the property and equipment, buying inventory and hiring employees. The first few months tend to be the most risky and you will likely make very little profits while your expenses will be through the roof, since you’re just starting up and need to stock up on inventory and likely haven’t quite figured out the market yet. Thus, taking out a startup loan will help you get through these few months.

How do you qualify for a start up loan? In general, it will depend on your credit history, which will likely determine both how high your interest rate is and how much of a startup loan you’ll receive. Also, the amount of loans that you receive will depend on what kind of business you’re running and what your business plan is. If the bank sees that your business has plenty of scope and inspiration and is most likely to succeed, then it will invest plenty of startup finance into your business by giving you loans. On the other hand, if it seems like you really don’t know where your business is going or you have a lot of competition in the area where you’re starting it, the bank is probably less likely to give out a loan because it does not want to lose the money.

Thus, it’s very necessary to have a great business plan; if needed, even hire a professional to help you write and work on it. You need to be very detailed and very specific; talk about where your startup funding will be used and what percent of it will go to each aspect; discuss how your business will benefit the community. This way, you’ll be almost guaranteed to get your start up loan.

When you’re young and have very few assets to your name, starting your own small business without any form of business finance can be a daunting proposition. The young entrepreneurial minds among us would have probably figured out a way around that hurdle, but for those that haven’t – here are ten small business ideas that you could put into action tomorrow with little or no financial investment on your part:

1. Baby Sitting / Nanning

Alright, so you could argue that this isn’t a particularly unique idea, but how many of us have family members or friends with small children? – There is serious potential here to work several days/nights a week at different homes in and around your neighbourhood. *No Financial Investment Required.

2. Car Valet Service

Let’s face it, there’s no shortage of vehicles on the road today and each and every one of them could do with a clean from time to time. You could run this business with absolutely no financial investment on your behalf, use the owners water, soap and brushes and you’re away! *Small or Little Financial Investment Required.

3. Pool Cleaning

Perhaps not so much for the UK readers among us (sunshine is a rarity at the best of times!), you could start your own pool cleaning business if you live in an affluent neighbourhood with a good quantity of private pools. This is something you could do part-time on the weekends or between school hours. *No Financial Investment Required.

4. Personal Tutor

If you have a talent, why not make money out of it? You are now part of the new generation of technology embracing human being’s! Many of our elders aren’t so knowledgeable on the subject. You could start a tutor business and teach the general public how to use a computer? *No Financial Investment Required.

5. Knife Sharpening

Now this is a rather unique one – How about running a door-to-door service sharpening people’s kitchen knives? *Small or Little Financial Investment Required.

6. Sports Equipment Refurbishment

The majority of us play a sport, if not multiple sports. Most sports involve some form of equipment and that equipment from time to time requires repairs. How about servicing sporting equipment? *Small or Little Financial Investment Required.

7. Gardener / Lawn Cutting Service

Perhaps one of the most popular small startup businesses for young entrepreneurs is grass cutting. You could use your parent’s mower (providing you have their permission) and cut the lawns of local residents. *Small or Little Financial Investment Required.

8. Tidying / Renovation Work

Quite often people need a hand with cleaning out their closets or re-arranging their shirts and shoes. Why not lend them a hand and charge for it by the hour? *No Financial Investment Required.

9. Review Movies, Products etc.

Providing you are adequately versed in a language, you could review movies that you have seen or perhaps products that you are using. You could then submit these reviews online and get paid for it. Once again, you are using your own skills here, there is; *No Financial Investment Required.

10. Pet Sitting

Something that is becoming more and more common now is pet sitting. As mad as it sounds to some of us, people do actually employ people to look after their pets while they are away. Now I don’t just mean kennels, I mean physically sitting with the pet, feeding it and so on. Cash in and offer this service to local residents. *No Financial Investment Required.

These are just a few examples of potential startup businesses that you could develop with little or zero financial investment on your behalf. If a lack of startup business finance was an excuse for not starting your own business before you read this, it shouldn’t be now.

Get to it – Good luck!