Eddie Hamid is among the up-and-coming generation of business leaders. He began his professional life with stints as both an insurance agent and a senior account executive, two roles that illustrated to him just how challenging it can be for entrepreneurs to procure the funds needed to grow. Always passionate about economic empowerment (the idea that anyone can succeed with hard work and dedication), he soon selected a team and launched iAdvance Now, an alternative finance company based in New York, in 2013.
Recently, we had the chance to sit down with Eddie Hamid and discuss what has made iAdvance Now so successful.
- Tell Us a Bit About iAdvance Now
iAdvance Now is an alternative finance company that can help entrepreneurs get the capital they need to grow when other sources either cannot or will not provide it. One of the most important components of our business model is that we work with clients to come up with a creative financing solution that works for them, something that is actually pretty rare in today’s marketplace.
This means that we end up providing a lot of different services. For example, we offer merchant cash advances, business loans, lines of credit, term loans, and invoice factoring, depending on what works best for any individual client. We’ve also had the pleasure of working with a variety of different industries, including the retail, wholesale, automobile, and entertainment sectors.
We’re actively looking to expand right now, so I hope to add more products and industries in the near future!
- What’s the Best Day of Work You’ve Ever Had?
Honestly, the best day in my professional life was the day we launched iAdvance Now. I love seeing business owners succeed, and that was the first day that it was literally my job to make it happen!
Individual success stories are probably a close second, as every one of them illustrates that what we’re doing is working. We’re actually helping entrepreneurs turn their dreams into reality!
- How Do You Keep Yourself Motivated?
There is always another business to help, which means that there is always a reason for both myself and the entire iAdvance Now team to give our all on their behalf. Every time we see one of our clients succeed, I’m reinvigorated all over again! It’s an addictive feeling!
- What Business Ideas Excite You the Most?
My favorite business ideas are whatever is new and innovative. For example, I love automation technologies that can simplify the day-to-day tasks associated with many jobs. I’m also an advocate for blockchain technology (the underlying principle behind Bitcoin and other cryptocurrencies) because of its potential to revolutionize the business landscape, though the markets have been wonky of late.
- Any Advice for Aspiring Entrepreneurs?
Never underestimate the importance of networking! Some entrepreneurs think that it’s possible to have too many business contacts, but I fail to see how that could ever be the case. You don’t necessarily need to travel outside the country to network either. Neighboring cities often have plenty of opportunities that you’re currently neglecting, so open your eyes to the opportunities present all around you!
I’m also an advocate of consistently working hard to achieve the things you want. Anybody can succeed if they put forth the requisite effort, but you are doomed to fail the second you get lazy.