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Small Business Startup Funding
Small business startup funding may seem like a daunting
task, but it need not be overwhelming if you follow a few basic
business practices. If you have a viable idea that will net a
return for your investors and prepare a compelling business plan
the chances are good that you can find investors to join you.
Your first task is to create a business plan, sometimes known as
a “business proposal” or “prospectus.” Your business plan needs
to be very detailed and concise. You should include information
about your educational background, experience and training in
the area of business you are contemplating. Just like a resume
for a job, include references and any other favorable personal
qualities that you feel reinforce the reasons why an investor
should trust in your ideas.
It can’t hurt to include any information you feel comfortable
sharing with regard to your positive credit history. If you have
records of various satisfied loans along with the payment
history, that information could be helpful to prove your
stability with regard to financial obligations.
If you are requesting funding for an existing small business the
rules are a bit different than a new business startup. The
current owner should be able to provide you with profit and loss
statements.
If you are purchasing an online business, statistical information
pertaining to traffic, number of units sold and paid advertising are
definitely necessary.
The purchase price of the business needs to be included along with detailed
information about how you intend to service the debt as well as how the
potential investor will benefit from your request.
If you are seeking investors for a new business, the information
required increases. In addition to the information outlined
above, you will need to include market research, projected costs
and a detailed summary of how you intend to generate income.
This information needs to be projected for a period of three to
five years. It’s a good idea to project your expenses on the
high side.
Have some idea of what you expect to pay your investor. The only
reason someone is going to lend you money is if they can see
decent profits in exchange for lending it to you. Your market
research had best substantiate that your plan is viable and will
provide them with sufficient return on investment to justify
their involvement.
Before you begin your search for investors, it’s a good idea to
have an attorney and/or accountant take a look at your plan. A
good professional may suggest specific points that you may have
overlooked.
Once your paperwork is in order, it’s time to start looking for
investors. One place to begin your search might be friends or
family. You might approach them singularly or in a group.
Whatever method, you need to have a complete copy of your
proposal carefully outlining your research and what they can
expect in return for their assistance.
Read the classified pages of your local newspaper. Venture
capitalists often advertise this way. Their rates are usually
pretty high because they have a tendency to take on “risky”
investments. A twist on this method might be to run your own ad
either locally or nationally. If you select this method, explain
the particulars and emphasize how much they can expect to
receive for the load of their funds.
Use local business directories to find companies that specialize
in “investment services.” You can approach a local bank, but try
and find a bank that specializes in industrial or business type
loans.
You might consider incorporating and selling stock in the
company.
Another option might be a “money broker.” This can be risky.
There are some legitimate brokers and others who operate on the
shady side.
Be creative. If you believe in your idea, don’t be afraid to do
what ever it takes to launch. There are plenty of ways to come
up with funding for a small business. Think outside the box.
Whether you are looking for $500 or $500,000 the money is there
you just need to dig for it.
One internet business that will not require small business startup funding
is the Plugin Profit Site. Everything is set up and ready for you to
start making money in 3 easy steps for less than $80. Learn how you
can add another income stream here:
Plug In Profit Site
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