Let me tell you the story of how I raised $100,000 to fill a gap needed to purchase a new home for my young family years ago. I had located a beautiful home that would be a stretch to finance, and had arranged for a first mortgage from the bank, and a second from the seller.
It’s not uncommon for me to see a startup business plan “mission” to be the “premier brand” for their product, yet their marketing budget in the financials is trivial. This combination will almost certainly get your plan tossed by potential investors.
You don’t need an MBA to launch a company, but you do need some business know-how. No matter where you are in the process—whether you’re brainstorming ideas or getting ready to sign the commercial lease—don’t forget about six key decisions that will need to be made
One of the first challenges new entrepreneurs face is finding a way to finance their businesses. You have a great business idea but little money to implement it; and, like every entrepreneur before you, you try to scrounge enough money to launch your startup—your dream.
The key to gaining investors is the ability to convince them of your passion and drive to see the success of your one-of-a-kind business all the way through. Aside from that, though, there are some concrete things that look good on paper to investors that make them…
If your startup is looking for an Angel investor, does it makes sense to present your plan to flocks of Angels, and assume that at least one will swoop down and scoop you up? In reality, hitting large numbers of Angels in multiple locations with a generic pitch is one of the least productive approaches.
Many potential franchisees, as they get further into the actual prospect of owning their own business, end up expressing surprise at the myriad of avenues available to them with regard to funding their franchise opportunity. Some have a healthy nest-egg of their own waiting in the wings, while others may rely on traditional bank loans.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.