But there are a few issues that small business contractors need to be aware of and anticipate if they wish to consider themselves and their businesses competitive for decades to come.

1. Paper

You hear about “going green” all the time so this one’s a no-brainer. On any given job, whether weeks or months in the making, you will accumulate and or distribute enormous reams of paper. We’re talking about contracts, copies of contracts, insurance forms, finance documentation, et cetera. Making the move to paperless is an instant saver. Everybody is doing it, it just makes sense.

2. Bi-Lingual Consideration

Hispanics make up 15% of the American population with that number to rise dramatically over the next several decades. 24% of the Hispanic workforce in America is in contracting, indicating that contracting will become increasingly reliant on Spanish-speaking labor.

I know I just mentioned cutting costs by going paperless, but ensuring that your Spanish-speaking workforce has proper understanding of contracts and other documentation, paperless or otherwise, is essential. Consider medical insurance – seguro medico.

By simply having a bilingual worker assist you in drawing up a Spanish version of your health care plan, or at least a description of the benefits, you could ensure that your workers are aware of the means at their disposal in maintaining their health. This could decrease the chances of losing part of your workforce to injury or illness.

3. Water

Texas business tycoon T. Boone Pickens just spent the last 15 years of his life fighting the Canadian government over the ownership of massive water reserves. Similar battles are going on all over the world regarding water. This is because with the rising human population, fresh water is becoming more and more precious of a commodity. Domestically this hasn’t materialized as a serious issue yet.

Unless you think the world’s nations and wealthiest businessmen are crazy, don’t shrug off these early signs that water shortages can happen here, or that the price of water is going to skyrocket. Concrete mixing and other mainstays of construction that need water will turn into expensive endeavors quickly.

4. The Importance of Hard Assets

Unsecured credit is going away, fast. Contractors will be in a good position if they can hold onto their own machinery and tools to better ensure they can borrow when it becomes necessary. This won’t be a problem, but consider that much of your business investment in the future is going to be put towards things that are immaterial, like web design and online advertisement. Convincing a bank to provide you the start up cash to get contracts coming in will need enough capital to borrow against.

Many would agree that now’s a time to stay focused on making ends meet while we all wait for construction to get back to some form of pre-bubble levels. At the same time, do what you can to avoid future tough times for yourself.

Before you begin to consider all of the ways in which you can fund your venture, you should do some research to make sure that your business plan is solid, and that there is a market for the product or service you plan to offer. Asking for honest opinions from your friends, family, and online business acquaintances is a great place to start. Be certain to tell them that you need brutally honest opinions, and not just for them to tell you what you want to hear.

You will also need to determine beforehand just how much money you will need to get started. This will give you a goal, and prevent you from having to work hard to earn more than you need, or borrow more than you need. You should be realistic, and include every possible expense that you may incur. Leave a little room for unexpected, or unaccounted for expenses as well.

Depending on how much you need, you may be able to sell some items from around your home to raise funds. Most of us have more things than we could ever need or use, so letting go of some of these should be easy. You can always repurchase them at a later point if you would like, after your business is up and running.

Loans are another option, but these should be carefully considered. Personal loans usually have higher interest rates, and refinancing and second mortgages use your home as collateral. You could lose your home if you cannot make these payments, and you need to be absolutely certain that your business idea will work before you venture into this territory.

Another option would be to borrow from your retirement plan. Find out what fees and penalties this will cost you before proceeding. This should be done as a last resort, but if you find that you cannot raise the money any other way, it is something to consider.

Learning how to finance your internet startup is just part of the equation. Taking the time to test your idea, and form a budget should also be included in the process. The better prepared you are before launching your business, the better your business will perform.

Calculate before you get a short term loan. Many people assume that the payday loan is meant for groceries and other essentials you need before the next paycheck comes through. Often this is what leads people into the snare of long-term unsecured debt payback. You must understand the math before you get mixed up with a short term loan. The potential for a late credit card payment and the added late payment charge is a much more practical reason to get a payday loan, because the accumulated cost of a late payment could be more than the excessive interest applied to the loan. This is also the case for bills and payments that if skipped are more likely to have you reported to credit agencies which will damage your credit score.

Vacations wherein the guaranteed paid time off can pay off a loan upon return are also an example of when it’s a good idea to get a payday loan. This is especially the case if any last minute pre-arrival expenses have eaten into your spending money fund. But you certainly do not want to do this if you’re not expecting any income when you return. Honestly though nobody who is even remotely financially responsible should be using a short term loan to fund a holiday unless it’s an emergency and there’s a certainty it can be paid back on time.

Only commit to a short term loan if you’ve done the math and can determine without a doubt that you can pay the loan back without allowing the interest to quadruple or worse. It should only be for emergencies, and it should be used with complete recognition of it’s use being the less of two bad scenarios. Don’t ever let the loan’s payoff not be at the forefront of your brain, or else the sharks are going to bite you hard.

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