I get a few emails from online booksellers about financing spur-of-the-moment opportunities. If you’re looking for innovative ways to build your inventory, many will approach you “in bulk.” That is to say, you’ll need to pony up a much higher amount of money then at library book sales, as well as clearing out some new storage space.
My recommendation, based on my own personal experience, is to apply for a no-interest business credit card deal. I say business credit card, because many companies will set your limit based on business gross sales as opposed to say your individual income or liquid assets. You’ll probably find that you’re offered higher limits then your personal credit cards, especially for younger borrowers. So, if you snag a 6-month no interest card and have a good inkling you can pay a good amount off before the interest starts to accrue, this is an ideal way to build your business without the hassle of bank loans.
Now, clearly, there needs to be some very important warnings and caveats to this recommendation. Given the potential plague of credit card interest, this should be an investment for which you have relatively positive feeling. Of equal importance, it needs to be within an amount that your personal finances (as a sole proprietor anyway) could help pay down if things good poorly. Obviously, timing is crucial here. You don’t want to invest $5k in a lot of academic books in April, 4-5 months before the academic year gets going on a credit card that will begin charging you interest in 6 months itself. It just doesn’t give you a lot of leeway to turn the books.
