FUNDING
March 30th 2008 00:53
FUNDING
To Loan or Not To Loan
and where do you start.
A dilemma woman face in starting and operating a business is finding feasible funding for the business.
The first thing you must do is to research all avenues available. Go to the libraries and look up books regarding your expertise. Also do searches online. It is time consuming but make sure you gather all information for your budget plan before presenting such for a loan or trying to obtain a grant.
Another avenue is to use your government and state resource. Contact the Small Business Administration and your local Chamber of Commerce. For example, if you have $500 and these agencies may match your funds 50% - 100%, giving you a total of $750 - 1000 for your business.
Check with your local banking institutions. Some banks may have loan programs for minority and women’s businesses. They may also have programs to attend for more information. Before jumping into a loan, make sure you have a secure budget plan. Always make sure you have a solid budget plan to be able to pay these funds on time.
Of course there are family resources. You may be able to receive loans and/or charitable funds from family who may assist you in obtaining funds to open your business.
Another resource is www.score.com. This agency is a wonderful resource for ideas and pointers for your business. You are matched with someone who can answer your questions via email and can definitely point you in the right location.
As always remember to network. This should be your middle name. Go to as many meetings and networking events as you can. You will never know who you may meet who may be able to help guide you or invest in your business. Look up different female organizations online and see what they are doing. A great resource is also www.meetup.com. This organization list a plethora of groups who are formed for different causes. Remember to do a search on your interest and state and watch your list of resources grow. Remember depending on your business, you may be able to attend some of Meetup’s many virtual meetings and events. Be sure to read carefully. Some groups charge a fee to be a part of their group but the majority do not. When I ran my network, I conducted business specific meetings virtually and in person. Some networks charge a fee and some do not charge except you may have to pay for food depending on the location of the meetings.
Main Pointers
1. Do you Homework.. Research Research Research
2. Network.
3. Just Ask. Family, Government Agencies, Banks
4. Create a solid budget plan and business plan.
5. Read, Read, Read
6. Depending on your business, make phone calls, see how much they charge for their services. Compare your net vs your gross.
7. Get the advise of an attorney. If you cant afford an attorney, try calling the state bar for a referral.
STAY TUNED
Next session, we will discuss how to break down your budget plan to fit your business. What to look for and what to plan for .
To Loan or Not To Loan
and where do you start.
A dilemma woman face in starting and operating a business is finding feasible funding for the business.
The first thing you must do is to research all avenues available. Go to the libraries and look up books regarding your expertise. Also do searches online. It is time consuming but make sure you gather all information for your budget plan before presenting such for a loan or trying to obtain a grant.
Another avenue is to use your government and state resource. Contact the Small Business Administration and your local Chamber of Commerce. For example, if you have $500 and these agencies may match your funds 50% - 100%, giving you a total of $750 - 1000 for your business.
Check with your local banking institutions. Some banks may have loan programs for minority and women’s businesses. They may also have programs to attend for more information. Before jumping into a loan, make sure you have a secure budget plan. Always make sure you have a solid budget plan to be able to pay these funds on time.
Of course there are family resources. You may be able to receive loans and/or charitable funds from family who may assist you in obtaining funds to open your business.
Another resource is www.score.com. This agency is a wonderful resource for ideas and pointers for your business. You are matched with someone who can answer your questions via email and can definitely point you in the right location.
As always remember to network. This should be your middle name. Go to as many meetings and networking events as you can. You will never know who you may meet who may be able to help guide you or invest in your business. Look up different female organizations online and see what they are doing. A great resource is also www.meetup.com. This organization list a plethora of groups who are formed for different causes. Remember to do a search on your interest and state and watch your list of resources grow. Remember depending on your business, you may be able to attend some of Meetup’s many virtual meetings and events. Be sure to read carefully. Some groups charge a fee to be a part of their group but the majority do not. When I ran my network, I conducted business specific meetings virtually and in person. Some networks charge a fee and some do not charge except you may have to pay for food depending on the location of the meetings.
Main Pointers
1. Do you Homework.. Research Research Research
2. Network.
3. Just Ask. Family, Government Agencies, Banks
4. Create a solid budget plan and business plan.
5. Read, Read, Read
6. Depending on your business, make phone calls, see how much they charge for their services. Compare your net vs your gross.
7. Get the advise of an attorney. If you cant afford an attorney, try calling the state bar for a referral.
STAY TUNED
Next session, we will discuss how to break down your budget plan to fit your business. What to look for and what to plan for .
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