Need Funds For Your Small Business?

Need Funds For Your Small Business?
Money

I hope that you are there right now thinking about how you can get some money to start or grow your business! And your need could range from the entrepreneur who has never tried to start a business before to the owner in business for several years who is ready to take the next step in your growth plan.

This post will give conceptual ideas for all of those range of needs and give you places to search for more information or to come for more discussion on how best to go about your specific need…and that is to call or email me. There is no charge…it is time to give back for all those who helped me!

Need Funds For Your Small Business?

 

Let’s take this in steps…let’s say that you have your  business idea in mind and you know that you need to develop a business plan if you haven’t done so yet.  You know the product or service you want to offer, you have identified a need in the market, you consider that buyers will pay the price that you can offer, you have a marketing plan, and you now need some money to get started or to grow to the next level.

Need Funds For Your Small Business?
Financial Independence

Where do you start or go now? You start first by determining how much money you will need to get your business to the next level… think about your needs over a 3-year period in terms of 3-month or quarterly segments.  Put together a budget that will allow you to be successful within that 3-year period…many small businesses require more time than 3 years however looking at this time frame will give you a good estimate of the amount and timing of the money that you will require. So now you have a 3 year estimate planned out in 3 month periods or quarters. What is your total for the first year? The second year? The third year? How long will it take you to get customers to buy your products or services to meet those totals plus your profit targets?

For anyone starting a small business the odds are very much against success, it usually takes longer than you planned to be successful, and it takes more money than you expected. This is not to discourage you…it is only said to prepare you for reality.

Successful small business owners deal with a lot of adversity, are extremely determined to succeed, and usually make good decisions, especially when it comes to money matters. Decisions matter.

So depending upon the amount of money that you have estimated that you will need for your business over 3 years…here are the range of options that I consider that you have to give you some idea of where to begin and where to obtain funds…you can start with as little as $100 or obtain venture capital funding for millions of dollars…it all depends upon what your business venture will require…here are several of your options…

Do You Need Money To Start Your Business?
Finally it’s time to start your own business!

1.   Personal Savings

2.   Credit Card Loans

3.   Bank Loans – Secured or Unsecured

4.   Loans from relatives or friends

4..  Grants

5.   Group  or Crowd Funding

6.   SBA Loans

7.   Angel Funding

8    Venture Capital Funding

This should give you an idea of your options…how do you go about pursuing any of these to get started or to fund your business?

There is excellent information available on the internet to give you a starting point.

And for anyone with questions about a given approach I have experience personally with most of these options and will be pleased to discuss any with you on a no-charge basis.

Just give me a call on 407-749-9395 or email me on dannorris42@gmail.com.

I look forward to hearing from you.

Sincerely,

Dan Norris
Small Business Consultant
Author
Phone: 407-749-9395
Email: dannorris42@gmail.com
Orlando, Florida

4 thoughts on “Need Funds For Your Small Business?”

  1. I think listing credit card loans as the second method for securing capital is a risky suggestion to make, mostly for the reason of personal financial consequence. It also encourages borrowing down a slippery slope, especially for those without solid training and/or experience in personal finance: which usually is not taught in the school system.

    1. Rammy….I agree with you regarding the fact that credit cards carry higher interest rates and the risk of default is certainly greater. In today’s society, and with the scarcity of bank loans for small businesses, this is my recommendation. Banks loans are very scarce now for small business whereas major business has much more access to significant growth capital. Out of curiousity, where would you rank credit cards in the scheme of money access to fund or grow a business? Thank you for your comment.

  2. While using personal credit cards to fund your business is not recommended, it has been and is done by budding entrepreneurs, some make it though. I believe those that have are the exceptional that have great drive, commitment and a well thought out plan. But, in general a business wants to use them for immediate purchases such as equipment, supplies, utilities and the such. Not for funding a business unless maybe it’s a MLM. And when you are thinking of financing your business, alternative online financing should be one of your options as they use a different algorithm and criteria than a bank. Although usually at a higher rate than a bank, you have more expediency and a better chance of getting the capital you need.

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