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- Key steps for acquiring funds for starting or growing a business
- Potential avenues for financing
- A word of caution on alternative fintech lenders
- Financial technology options can be an appealing option for entrepreneurs who have trouble accessing funding through traditional lenders
- However, fintech can also come with higher interest rates and more onerous repayment terms
- Proceed with caution when looking for financing
- How to develop a relationship with your bank to meet your small business needs
- The important documents to bring when meeting with a bank representative
- What banks are looking for to gauge creditworthiness
- Entrepreneurs often have to rely on personal funds for early-stage funding
- Tapping into personal funds, bringing on partners, and convincing friends and family to lend their support
- Crowdfunding options to take your appeal to a wider audience
- While entrepreneurs often focus on profitability, cash flow is arguably the more important consideration
- The benefits of tracking how money is coming into your business and how it is being spent
- Calculations involved in calculating and predicting cash flow
- Finding the funds necessary to start or expand a business until it can reach profitability
- Forecasting expenses and revenues as part of your business planning process
- Calculating how much money you’ll need to sustain your business until you break even
- Lending authority, small business services, and other inquiries to make to a bank
- Weighing the benefits of a local, regional, or national bank
- Using a one-page information sheet to narrow down your options
- Understand why a business plan is important and what it needs to accomplish
- This document provides crucial guidance and minimizes the chances that you’ll run into common mistakes
- Business plans can be dynamic documents, useful to both startups and established companies
- Understand different types of business plans
- Business plans can assist you when starting a business and when growing one
- Choosing wisely during the different periods of your business will help you better achieve your goals
- How an operating agreement can assist with the management of a Limited Liability Company
- For those looking forward to starting their company as an LLC
- Helps govern internal operations of the business in a way that suits the specific needs of the business owners
