.
Step 7:
Tips and Questions to be Answered by you
- Know your Breakeven (How many sales per month to cover your operating expenses)
- Do you meet lenders 3 Cs requirement? – Credit, Collateral, Cash Flow
- Do you understand what an SBA guarantee can do for you?
- Match your funding requests with appropriate time lines
- Create a path from yesterday to tomorrow. Your history is as important as your future (cash flow projections)
- Know your industry and your market
- When you are ready, prepare an executive summary as a sales tool that highlights the strengths of your business.
Step 8:
Learn where to go to seek fundng to meet your needs.
Select the best option for your company:
- Commercial Banks
- Savings and Loan Associations
- Thrift Associations
- Micro lenders
- Factor Companies
- Private Foundations
- Asset Based Lenders
- Crowd Funding
- Angel Investors,
- Venture Capital Funds
- Credit Cards
- Pay Day Lenders
Step 9:
Obstacles to address in today’s business environment
- Compliance Issues in your Industry
- High Cost of Real Estate
- Insurance Requirements
- Credit Issues
It’s imperative that small business owners understand their market and the various segments (generations) and new residents from other countries
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