What options are there?
You’ve got a great idea for a business. You have developed a solid business plan and have a vision of where you want your company to go. Here’s the problem: You don’t have the money to get things off the ground. Or, you’ve got a well-established business and you’re looking to expand, but – you guessed it – you don’t have the money to move forward. The harsh truth is this: securing funds for your business isn’t easy. But it is possible.
The first step in getting the business funding you need is to have a well-crafted business plan. You may already have this if your business is established, but if you are looking for money to expand your business, to start offering a new service or product line, or to otherwise change the direction of your business, you’re going to need to create a new business plan. If your business is just in the development phase, your business plan should outline, as clearly as possible, your business objectives and projections. You’ll want your business plan to tell an investor that you know what you are doing and that you’ll be responsible with their money.
Even with a strongly crafted business plan, lenders know that the majority of businesses fail within the first few years, making it a risky investment to invest in an upstart. What to do in this case? One of the best things you can do is to show your willingness to go “all in” on your own company If you can show a potential investor that you have invested a measure of your own personal money into the project, they will be much more likely to invest in your business, too. Why would they be willing to take a chance on your business if you’re not? It costs money to make money, and if you can show you that you are willing to invest in your business, you’ll bolster the chances that an investor will give you some money, too.
Next, it’s important to know where to look for funding. One of the best places to start is to investigate government programs for which you may qualify. Failing that, start approaching banks and other lenders to seek funds for your business. You can also go the route of hiring a professional consultant will can help you to secure funding for your business. They can help you to explore your options, such as grants, business loans, programs, etc.
It’s not easy to get the funding you need for your business, but it’s wort the effort to try. If you do your due diligence and show a potential investor that you, too, are invested in the business financially and are willing to take the risk, you’ll give yourself a much better chance of securing the funds you need to move your business in the direction you want it to go. It’s about putting your best foot forward and knocking on the right doors.