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imarketing0
Member
| Joined: | Mon Dec 5th, 2005 |
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| Posts: | 28 |
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Posted: Mon Dec 5th, 2005 02:18 pm |
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There are many methods of gathering funds for your business. Often times you will need a combination of more than one. Here are a few starting points.
I. Using some of your savings account
III.Apply for a small business loan
IV. Apply for business grants
V. Loans from friends and family
Vi. Find Investors
VII. For small businesses you can sometimes sell some of your items you no longer need (for example sell on ebay)
What other methods are a possibility?
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marksman
Member
| Joined: | Mon Nov 28th, 2005 |
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| Posts: | 56 |
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Posted: Wed Dec 7th, 2005 05:33 pm |
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My current business is entirely bootstrapped. I basically made use of already available resources and then have invested about $30-$40 to get going. All growth and money now come from the business itself. That is one of the appealing things about my current business model. I have substantially mitigated my risk and investment but can generate a good level of cash flow. I do have a general idea as to a reinvestment percentage, but only time will tell if it will be sustainable.
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imarketing0
Member
| Joined: | Mon Dec 5th, 2005 |
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| Posts: | 28 |
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Posted: Thu Dec 8th, 2005 09:00 pm |
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I am wishing to expand my business and could use some additional funds. I'm not sure if I should try borrowing some money or just wait until I save enough from current profits.
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TPT
Administrator
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Posted: Fri Dec 9th, 2005 06:44 am |
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I've been getting a lot of offers from banks for business loans, some SBA backed. I'm not too fond of the rates (some as high as 12%), but at least I'm getting the offers. I guess that means my business has decent credit.
So, I'm thinking of talking to my bank and see what they can offer me. I'm showing positive cash flow now, but I would like to have that cusion available.
Another option that I've thought of is to buy a mixed-use building. I would set up my office in the store front and rent out the upstairs floors to residential or office use. I'm looking to see if I can generate enough rental income to cover the expense of the building.
____________________
Fred
Intensify.biz Founder
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marksman
Member
| Joined: | Mon Nov 28th, 2005 |
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| Posts: | 56 |
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Posted: Fri Dec 9th, 2005 02:13 pm |
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This brings me back to our business plan discussion. In order to get a lot of financing you real need to have a business plan in order. I remember going through some pretty grueling interview with private investment backers a while back for a business we had. We had spent a ridiculous amount of time on our business plan and presentation. I really hated how much time it took away from the running of the business but it was entirely necessary to grow the business.
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xadet3
Member
| Joined: | Fri Jan 13th, 2006 |
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| Posts: | 20 |
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Posted: Fri Jan 13th, 2006 04:06 pm |
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I set up my paypal with my bank so i could fund from there but it keeps getting denied :/
Another other sites like paypal were i can recieve the same service.
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TPT
Administrator
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Posted: Tue Jan 17th, 2006 12:24 am |
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marksman wrote: This brings me back to our business plan discussion. In order to get a lot of financing you real need to have a business plan in order. I remember going through some pretty grueling interview with private investment backers a while back for a business we had. We had spent a ridiculous amount of time on our business plan and presentation. I really hated how much time it took away from the running of the business but it was entirely necessary to grow the business.
I have a meeting with the SBA lender for my bank on Thursday. What kind of questions did they ask you? What sections of the business plan did they disect the most?
____________________
Fred
Intensify.biz Founder
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