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Best Way To Fund A Small Business
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“Take advantage of government funding to hire and hire staff to help. You pay an annual fee so take advantage of the money available and take advantage” – Read my story
“Make your business plan the first step. Make your plan clearly outline your financial needs and your plan for success. Then apply for financing.” – Read my story
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“The money is there but you have to know where to look, you have to have a business plan and if you have a proven model that is your best tool to make money.” – Read my story
Well all I can say is if you want money, find it. Be active and proactive about it. Don’t think you need it, but go do it
“Having experience in your business is what makes you, and having expert guidance on the road doesn’t hurt a bit. We’ve got a good amount of government funding and that’s thank you all.” – Read my story
“Your business plan is essential to the success of your business. Everyone is watching it! Always put your idea on paper and show how you can make money how.” – Read my story
Kalfa Law Firm
A business plan is the key to a successful business as well as a way to get government funding.
Start a Small Business in Your State Find out how other entrepreneurs in your state have started small businesses.
Start a Small Business in Your Business Do you have what it takes to be a small business owner in your business? ® and its related symbols are trademarks of Media Inc.
Equality? Debt? Which one is right for you? (Hint: Think carefully before borrowing from friends and family).
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In the life of any business, the owner will find money to help it grow or it will go through a rough patch. So, planning how to finance the business is a short or thin one. In fact, a full discussion would take more time than we have.
First, there are two ways to finance a foreign business: debt and equity. When using the loan, the entrepreneur receives a note for his cash. A statement of repayment terms including time and interest. The advantage of using debt is that you retain ownership of your company. The downside is that you have a repayment obligation. If you fail to meet your commitments, creditors, in certain circumstances, can foreclose on the company.
Then there is equality. An owner who uses equity to finance a business gives the investor a portion of the stock in exchange for the final cash. The advantage is that there is no obligation to pay back the investor. The downside is that the owner will have to give up a portion of their stock. This can lead to some loss of control of the company.
Bootstrapping – The business is self-financed. As the business grows, it pulls in cash that grows even more. We know a company that distributes and installs VoIP (Voice Communication) technology. The owner came to us for angel investment. After we looked at his books, sales funnel and business model, we rejected him. Instead, we are told that the owner bootstrap his business. We think the sales in the pipeline will be sufficient for the growth it has planned. He didn’t need outside cash, and we asked him to sell his shares in the company.
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Self Funding – Most people pay for their business on their own. They use savings or personal debt (such as second-hand loans or credit cards). Instead, they sell assets to generate cash for the business (eg, a second home or a boat).
Friends and Family – Obviously, friends and family can provide equity or loans. Although this may seem like a good place at first, be careful about selling part of your business to this group. Unfortunately, the business did not succeed. Losing capital can cause bad feelings, destroy friendships and create unhappy families. Make sure your investors understand the real risks.
Angel Investors – These people are usually wealthy people who want to invest in the business. Increasingly, angel investors form investment teams to spread risk, and research. We belong to a few of these groups. Search online for local angels or talk to your business. Your local organization will know who is interested in providing new companies and ideas in your area.
Cloud Funding – There are many groups that will allow you to share your ideas with investors on the Internet. Often, when this type of funding is successful, many investors will fund the idea. Remember that there are limits to what cloud finance can do.
What’s The Best Way To Fund Your Small Business?
Partners – Buying with a partner can be a great source of funding. The partner may or may not become an employee of the business. Strategic partners can benefit the business by pooling resources. For example, a property management company will make a good business in the cleaning company because it can hire a maintenance team.
Venture Capital – These companies provide early capital, but often seek large investments and take a significant portion of the company – usually a controlling interest.
Crowdfunding – These are web campaigns and allow people with a business, idea or project to reach thousands of investors through various platforms. Investments can be debt, equity or gift based. There are hundreds of crowdfunding platforms out there, so you need to do your homework before venturing into this field.
Small Business Loans – Many organizations are willing to lend money to small businesses. Try Googling “small business loans” to see more results. Most lenders will require the loan to be backed by certain assets, and the fees will be higher. An owner talked to us about a short-term loan he was considering. He said the rate was 3 percent. However, the period is 30 days. We have to explain to him that the annual interest rate for the real loan is 36 percent, because the actual calculation: 3 percent/month X 12 months/year = 36 percent/year. This is very different from the 3 percent he had thought.
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SBA Loans – The Small Business Administration offers many programs, but in most cases, these loans require a guarantee that the loan will be repaid, in order to ensure that the business receives the loans from traditional lenders.
Banks – Banks always offer small business loans. However, they often require a track record and will most likely require a loan that is secured by assets.
There are more options for small businesses than we can cover here. However, with a good business plan and more dedication, money can be secured.
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Doug and Polly White are small business experts, speakers and consultants working with s from Whitestone Partners. They are also the authors of the book GO GROW, which focuses on growing your business.
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