The digital world made starting a business easier. Anyone with a computer, a phone, and a spare room could give entrepreneurship a try no office or storefront necessary.
Or so it would seem.
In truth, not every business can operate without a brick-and-mortar presence. Cyberspace isn’t sufficient when a budding entrepreneur wants to open a bowling alley, laundromat, car lot, restaurant, motel, or any number of other businesses, says Elijah McCoy, CEO of McCoy Brokerage Service (www.mccoybrokerageservice.com).
“That means they need to buy, rent or renovate a property and purchase equipment,” McCoy says. “That also means they are going to need the capital to turn their entrepreneurial dream into an entrepreneurial reality.”
But securing that capital is not always easy. Entrepreneurs who want to launch a small business or small businesses that want to expand often find that lenders are reluctant to provide the cash they need to make their vision happen, McCoy says.
Yet the need is growing. Since the pandemic, the number of people who feel the urge to start a business has increased dramatically. The U.S. Census Bureau reported that 5.4 million new business applications were filed in 2021, up from 4.4 million in 2020.
Many of those people were part of the Great Resignation, the movement among millions of Americans to quit their jobs and refocus their lives. In numerous cases, that refocusing involved people who longed to be their own boss. But as McCoy points out, being your own boss also means taking on responsibility for overhead expenses – possibly including real estate – that someone else handles when you are an employee.
“Sometimes business owners or would-be business owners go to lenders, and they think they have a great idea,” he says, “but for whatever reason, the lender rejects their application.”
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