(Add to Favorites | View All Articles | Resource Directory)
|
|
|
Looking for small business financingFinance Your Small Business: So Much Money, So Little Time$37.4 million funded from venture capital today. $86.4 million funded yesterday. $51.4 million funded the day before. These numbers are not made up. They are actual numbers from actual reported venture capital funding. I get these notices emailed to me day after day, rain or shine. I'm not personally looking for business financing - but the entrepreneurs who read my website are. These numbers are a constant reminder to me that companies - lots of companies - are getting funded every day. And these numbers just reflect the reported venture capital funding. There is probably double that amount from angel investment and unreported fundings, and millions more from the $16 billion pool that SBA has this year. All in all, it's a lot of money. That's a lot of companies and banks and groups and individuals actively investing in small business. So how come you're still looking for financing? Perhaps you aren't presenting your company effectively. Or perhaps you haven't located the right lender. It's also possible that your concept just isn't very good, but I doubt that. The fact that you are reading this article means you are a serious entrepreneur, with a serious business. So where do you go to find all these investors? Here are some starting points: For standard business financing, talk with the local office of the Small Business Administration. It's a new agency, with new programs and services, and lots of money to lend. Although much of the focus of the SBA is on minority business enterprises, the SBA still has a lot to offer non-minority companies. Also talk with your local banks. (That was plural "banks", not "bank".) Talking with a number of local bankers will rapidly bring into focus the wide ranging priorities of the various banks, and where your company fit in. As for venture capital and angel investors, there are several options. One option is to go to online sources. There are a number of online services, such as VFinance, that sell the names and addresses of possible investors. It's not expensive, perhaps $2-5 per name. The idea is that once you get the list of 200 or 2,000 names in hand that you will contact each with a written executive summary or business plan, and then wait to hear from one of them. This is a very passive approach, roughly akin to throwing paint on the wall and hoping that something will stick. If you are like most entrepreneurs, patience is not your strong suit, so sitting and waiting for a response is not quite your cup of tea. Another option is to go to one of the many directories of venture capital firms. These directories typically include addresses, phone numbers and emails, along with the geographical areas of interest and the types of investment that each is seeking. Most businesses can narrow down their list of prospective investors to several hundred venture capital firms this way. And again you are faced with the prospect of sending out written material for each one, and waiting for a response. A third option is to take a more proactive approach. Identify your best prospects yourself from a number of reliable sources. Get introductions where possible. Learn everything you can about your target investors, and then go after it. Typically a phone call is the first contact, not an anonymous executive summary. Knowing that you are calling your best prospects, you know too that they are open to hearing from you. You have names, you have investment histories, you have everything in hand to make a real connection with the target investors. Then go do it. Getting your company financed is one of the hardest things you will ever do as an entrepreneur. It can be hugely frustrating, disappointing and genuinely discouraging. But lots of entrepreneurs do it. And so can you. Get the Nos out of the way and go for Yes! The exhilaration of the handshake sealing the deal is unlike any other transaction in business. No one knows when this amazing window of financial opportunity is going to close. Spiffy up your business plan and go for it. Now. MaryAnn Shank Ms. Shank is a seasoned business plan specialist.
MORE RESOURCES: News provided by Yahoo! News and Google News Bill Aims to Simplify 1099-Ks for Small Biz - Reuters Small Business Hiring Intentions Best Since January 2008 Oh baby! Small biz scores huge Angry Birds deal - CNN M&T Bank Best in Nation for Small Business Banking Stratford Small Biz Owner Hosts Workshop Series - Patch.com Small business lending fund will profit taxpayers - Treasury |
|
|
|
RELATED ARTICLES
Boat Detailers; Add-on Products and Services As a Boat Detailing Specialist, you may want to offer services such as making sure your clients' boat's batteries are charged and offering to charge them or test the boat before they arrive for their departure. This is an easy service to provide and will keep you on the top of the boat owners list of reputable and reliable service companies. Drivng Home the Point - An Outsourcing Story in China A few years ago, I visited Beijing for the first time. At Beijing airport, I got into a taxi and paid 450 yuan (about US$54) to get to the city. Don't become a statistic - Get business advice on a regular basis It's a commonly quoted statistic: 80% of all small businesses will fail within the first five years of running. In fact, in Internet marketing, this figure can be as high as 95%. Dispute Resolution; Competing With Other Franchisees If you are in a franchise and have a territory dispute with another franchisee you need to prevent a lawsuit use dispute resolution techniques to resolve the dispute. Competing with other franchisees is a subject that franchisors would prefer not to need to talk about. How to Compete with the Big Guns?! Many small business startups fail within the first 2 years of existence. There are several different factors reason for the failure. Build Credibility with Expertise As an Investment Representative you've worked hard to build trust with your pension clients. Now, you can solidify that long term relationship with your expertise on one of the greatest fears of small business retirement plan sponsors. How To Build Business Credit Having their own business is something many millions of people dream of doing. Many do, of course, but so many others never quite get around to it. Freelance Tips: How to Cope with Spring Fever When Theres Work to Be Done We all know how glorious those first warm days of spring feel. The trees are blooming, the birds are singing. Put off procrastinating until another day One of the most common issues that comes up for business owners is procrastination -wasting time, putting obstacles in the way of taking action towards goals, making excuses for delays, creating confusion/busyness etc. Procrastination is a self-defeating behavior. Fleet Washing Expansion Considerations Many times small businesses want to expand their businesses and are not sure when the best time to do that might be. The key of course is cash flow. Starting your first business - some sound advice It seems so long ago that I started my first business. Since that time, I've created several successful businesses and learned a lot of lessons along the way. Increase Your Profits with a Point of Sale (POS) System Whether you operate a chain of restaurants, a mom-and-pop convenience store, or a medium-sized retail shop, you are in business to make money. And, one of the most critical aspects to your profit and loss is your ability to track information? you need to know which products are making you money, what items need to be re-ordered, who your customers are, and so on. Creative Business Card Marketing Announcements can be handed out as a business cardAnnouncements can be more than just a press release that lets the world know that something special has occurred at your place of business or to you personally. You can make announcements for almost anything. Starting a Business in New Hampshire Hew Hampshire car wash market. Well we have visited every city in New Hampshire over the population of 10,000 at least twice, the larger ones four and five times talking to many people in various industries. There has never been a better time to start a small business As a teenager I worked for my father's small business. At 18 I worked for a small video rental business owned by two partners; there were 4 employees. Surviving in a tumultuous economy Contrary to popular belief, small businesses can survive a crazy economy by taking some proactive steps. Provide spectacular customer service -- every time. You Are Invited Business card size works well for invitations to special events.What do you visualize when you think about invitations? More than likely you are thinking about a wedding or a party. Success involves more than just money Achieving real success should be the goal of any good businessman. But what is real success? I believe that it is no just money, or instant growth. Small Business Franchise Opportunities Many businesses offer small business franchise opportunities. There are many things that are needed for a small business of this kind, but the rewards are great. Solving the Late Paying Customer Blues Nothing can drive a business down faster than customers who don't pay their bills as agreed. When you sell to customers on credit you are making an agreement with them.
|
| Home | Site Map | Privacy Statement | More Articles |
| © 2006 |