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How to Finance a Business : How to Get Start-Up Business Financing
Poziom:
Temat: Biznes
Hello my name is Emily Gasner and I'm with
Working Solutions and I'm here to talk about
how to obtain start up financing for your
business. Often times banks require that you've
had a few years of track record of being in
business before they will lend to you. So
as a start up you'll need to possibly go to
alternate resources to finance your business.
You might go to friends, family members you
should personally have, or save some of your
own money to invest in the business. There
are, banks are more eager to lend to start
ups if they have what's called a guarantee
from the Small Business Administration which
makes them more likely to make a high risk
loan to a start up. There's also non profit
organizations throughout the country that
do small business lending and they are much
more flexible about lending to start ups.
So knowing the right place to go to ask for
the funding is the first step. Before you
actually ask for the funding, you're going
to need to do some planning, so one of the
things you'll need to do is to put in writing
a business plan. The business plan is one
of the most important things that you can
do as a potential business owner. To really
set the stage for what you're going to be
doing with your business and really to have
a road map of what you need to do and what
your goals are. Typical things included in
a business plan include competition, your
target customer, who is that. What is your
product or service that you're going to be
offering. Those kinds of things are included
in the business plan, they need to be in writing
so you need to do that as well. Also at the
step before actually approaching the lender
or the family member if someone is going to
be running your credit which usually a non
profit organization or bank or financial institution
would do, you need to make sure credit is
as clean as possible. So if you go to annual
credit report .com you can obtain your credit
report from each of the three credit bureaus
and you need to make sure that there's no
errors on the report and that you are current
as possible on everything that you have in
terms of credit card, bills, car loans, anything
out there. Then you're ready to go to the,
to the financial institutions or the funder
and ask for financing. And you need to know
how much money you need and what exactly you'd
be using it for and find out the terms and
conditions and requirements for each particular
lender. They will guide you through the process
and then the next step will involve you filling
out all the applications and forms. And then
hopefully they will be able to fund your business.
