As the president of iAdvance Now, Eddie Hamid has seen a lot of things. Just like any business owner, there has been good and bad growing over the years. Right now, his company is in a good place, offering cash advances for small businesses to reach new levels and even sharing tips to become successful in entrepreneurship.
Throughout at all, every business owner learned a thing or two along the way. Here are five lessons Hamid has learned, in his own words.
Customers don’t always know what they need
I have been in a lot of different situations where the customer has no idea how much money they need to prosper as a small business. Maybe they don’t see all the expenses, or the big picture in general.
My goal has been to offer a unique solution so people don’t have to feel like they are in a weird situation. My company stresses customer service hard, and we always have someone to answer for those who have questions.
Hassle-free is the key
Getting money for a small business is difficult in traditional ways. Not only that, but it can be a long, drawn-out process. The people who come to iAdvance Now need money and need money now. Every day wasted is a wasted opportunity for them to get to another level.
We make the application process simple, and our acceptance rate is very high. Whatever we can do to help, that’s exactly what we focus on.
Owners enjoy flexibility
Getting locked into a certain cost for a cash advance or loan is a thing of the past. We offer flexible options so that people get exactly what they are looking for. Instead of wasting a bunch of money on a drawn-out repayment process, our cash advances now are easy to adjust.
Most people only need a few thousand dollars
We offer loans up to $1 million, and we even have wiggle room as far as that is concerned. However, a lot of people come to iAdvance Now and only need a few thousand dollars. It makes sense, because borrowing too much is a way to get into severe debt. No one wants to fall in that situation, so customers who are responsible end up heading in the right direction.
I made it very clear early on that I was not going to push for people to borrow more than they should. The only time it is recommended is if a business plan is combed through, and it just doesn’t seem possible to meet expectations with a small amount of money.
Online is preferred
We are an online company, and we deal with people all over the country. At first, I wasn’t sure people were comfortable with that, but we live in a world now where everyone likes to do business online. In fact, getting a cash advance online seems to be the preferred way of doing things, instead of having to go in somewhere and beg for a certain amount of money.