So you are starting your own small business. Following are 3 tips to get things off on the right foot.
Know Your Money
You need to know what you have and what you need. Small business financing does not always cover 100% of what you need to get started. Lenders want to know what “skin you will put into the game.”
- Can you sell something?
- Do you have savings or retirement you can dip in to?
- Will a family member or friend lend you some, or better yet, give you some of what is needed?
The key is to demonstrate that you have some of your own money up front.
Put Your Best Foot Forward
You need to exude professionalism. Everything about your presentation should be professional. Your business plan must include an executive summary and important elements including experience in the industry, management team, revenue projections, marketing plan, etc. If you want to start a business you demonstrate that you know how to run it.
If you need help writing a business plan, there are software programs and consultants who can help with the research and the writing of the business plan. The format and language of the plan can be tricky, as is the necessary research. Finding support throughout the process can be well worth the cost.
Biz2Credit can help any entrepreneur in search of business financing. We have a network of over 1,300 lenders that offer a variety of financing options. Our job is to match you with just the right lender for your needs. Visit Biz2Credit.com today for more information and to get started.