Are you building the right foundation to take your business to the next level? Well, we know it takes capital …
The Simple Stages of Funding Your Business
Most common questions …
“I started my business, what should I do now?”
“How do I start my business when I literally have no money?”
“How much money do I need?”
“Can I get a business loan with bad credit?”
“Where should I focus my time and energy for greatest impact?”
In my experience of working with clients, I’ve heard these questions hundreds of times, maybe even more.
It’s natural to think about these things, especially after you have great idea or concept for a business. That big ‘what do I do next’ question can loom large for quite some time and often times, stall you from even starting.
Often times the challenge of financing your business, no matter where you are in the process, gets to be overwhelming. Many times, you seek assistance from family and friends or turn to your retirement plan for capital. Although these are feasible options, they are not always the best choices to make.
The reality …
It is possible to finance your business, even with bad credit! Regardless of which stage you are in developing your business, there are three important factors that should remain at the forefront. By learning these principles, they can be applied and reapplied as you move, grow, change and evolve, no matter where you are in your business…
Have a plan and some idea of how much you need
Know the difference between personal credit score & business credit profile
Know the few things you must do to initially start a business credit profile & score
Know what you should know about accounting and bookkeeping
Understand what will get your business denied credit
Make sure you business is its own entity and NOT an extension of yourself
What happens when you need more funding
Once you put aside the thinking that your situation is unique, you free yourself up to use this simple strategies to get to the next level without the unnecessary detours other businesses seem to experience.
In this lesson, I’ll help you understand …
- The three core elements of obtaining business funding
- Understanding the Basic of Business Credit
- How to establish business credit and your Dun & Bradstreet Profile
- What are the best funding options for your business and a step-by-step guide in obtaining them
How Does This Work?
As a new or seasoned business owner, these lessons provide guidance through the nuances of financing, as it relates to your business.
I teach you and help you move through the steps quickly and efficiently. You are still in full control of the process and can assess whether you’re on the right path, or you need to make some adjustments along the way. As we navigate through the stages, we will continuously assess where your business stands in the process and what we should be focusing on next.
Need a D&B Profile?
You should make sure you have a Dun & Bradstreet business credit profile if:
You are planning to obtain a business loan
You need to purchase or lease equipment
Your cash flow is tight
You want to ensure you are getting a fair deal from lenders compared to your competition
You want to pay net 30 days instead of COD (Cash On Delivery)
You are paying interest at prime plus 1, or even higher
You plan to do business with entities that require a D-U-N-S® Number, e.g. the US Government
Next steps …
- Become more strategic about how you are going to finance your business.
- Gain the necessary knowledge and understanding to obtain business capital.
- Determine and execute your funding strategies.
- Be clear on what steps you need to take next and which direction you need to go to get to the NEXT LEVEL.
- Make sure you have a plan. A fully mapped business plan as it is your GPS for your business.
Congratulations! You are on your way!