Financing a small business Advice. |
Question And Answer Category: Small Business Finance |
Question: |
| Dear Blankhelp Team, I have a business idea, but the main hurdle seems how am I going to finance it. Is financing a small business suppose to be so difficult? I just want some start-up money to get my idea rolling, and I feel like as each day goes by my chances of making it big are flying by. Help! How would you finance a small business if you had to start one up? Thank you, Luke |
Our Advice and Answer: |
| Dear Luke, Financing a small business can be difficult, but there are ways to make it easier. One of the first difficulty is financing a small business is not a hindrance, it can be a blessing. See a good business person isn't just a person who can plan for something and make it happen, but a person that turns lemons into lemonade. You need to be using this time to further detail out your business plan. This way once all the planning is done, you can hit the ground running. Now time for your answer, face it, when we all start a new business, regardless of it being a corporation, mom and pop shop, or a sole proprietorship, any avenues for financianing this small business will depend on who is running it. Example, if you are resourceful, your business will have funding. If your need a loan, the loan companies will check YOUR credit history. If you need a credit card, you need your credit report clean. So, the first step is cleaning up your financial history. Once your financial record is clear, you can approach any small business financing option with an image of being a reliable financial planner. So here are some ideas we can suggest for your start up money. 1. Small business loan. 2. Business Credit Card 3. Your Business Card 4. Separate personal savings (not your emergency funds, or retirement funds) 5. Investors We suggest you never borrow money from family members, or friends. Should your business fail, you don't want it to come at the cost of friendships and family ties. You must refuse loans, and if you accept any money, it must be a gift, no expectation of repayment. We wish you good luck, and this time that you have should be used to setup your business plan. The BlankHelp Team |
Small Business Finance Help and Advice Notice: |
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