How to Get Your Business Off the Ground and Running

The success of your business depends on your ability to secure adequate financing. Being under funded is one of the most common reasons a start-up business venture fails. Knowing where to look for funding is the first step to accessing capital; being prepared to convince investors to fund your business is the next. Before starting your search, consider:

1. How much money you need.

2. How you’ll spend the money.

3. How you plan to repay the loan.

4. You must have Passion and Energy

5. Know your market. Long term and short term.

6. Know your 30 second pitch. Tailor the pitch to the client.

7. Invest your money first

8. What does the customer want?

9. Great quality, meet expectations.

10. Listen to what the person is saying.

11. Start a buzz about your business. Great press is good for starting.

12. My space page, blog, website, webto0 is the way to go.

13. Target bloggers, stand out, and always be truthful about your product.

14. Marketing direction (What does it stand for? Appeal to people, make it upscale and sexy, people want it. (Fab) Feature, advantage, benefit of product.

Action Steps

Recommended: best contacts and resources to help you get it done

Take stock of your personal finances The primary source for funding a new venture is personal finances or called bootstrapping. However, many experts say this method is the riskiest financing option. The reason: you’re putting up your own collateral to finance your business. If you take out a second mortgage on your home or use a line of credit, you can wipe out your assets if your business falters. Other options such as credit card loans or tapping into personal savings are equally risky. However this is the most popular form of startups for businesses. When you start your business based on your own capital. Building based on proven sales and profits lean to creditability. A proven track record will make investors more likely to invest in your business.

Whether you decide to self-finance or seek an outside loan, check that your personal credit history is in tip-top shape with a credit report from Equifax, Experian or Trans Union. Since you don’t have a business credit history, suppliers and lenders will base their decisions on your personal credit history.

Lucille Wood

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