10 Ways to Get Money for Your Business

By Eric Rosenberg –

Dollar coiinsBusiness ideas come easy to some, but what happens when you have a good idea but no money to get started? Countless entrepreneurs have run into funding challenges when looking to found and build a new business. Here are ten ideas to get you started when looking to get money for your business.

1. Personal Savings

The first place to look for capital when starting a new business is your own bank account. If you are smart with your personal finances and keep good habits, you should have an emergency fund and retirement savings, but you should avoid tapping into those whenever possible.

Instead, try to draw on your own cash and stretch it as far as possible. “Bootstrapping” is a term commonly used to describe starting a business in such a manner. Succeeding in a bootstrapped business generally requires you to be very thrifty and tight with the budget, but at the end you could come out as the sole owner of a debt free, successful business. That’s the best possible scenario for you as a new business founder.

2. Credit Cards

Tread with caution if you want to tap into your credit cards for your business. Credit cards are an easy way to get fast access to cash for your business, but that cash comes with a big price tag. The current credit card average interest rate is 14.87 percent, according to this household credit card debt survey. That expensive credit card interest adds up very fast when you are starting a new business and can’t pay the balances off right away.  (more…)

How to Consolidate Your Business Loans

By Constance Brinkley-Badgett –

Consolidating Business LoansIf you’re like many small business owners, you’ve taken on some debt in order to cover the costs of starting or growing your business. According to the Federal Reserve’s latest figures in the 2016 Small Business Credit Survey, 64% of loan applicants sought funds for a new business opportunity or to expand an existing one.

Whether you applied for a small business loan, used business credit cards or even sought out investors, you needed that initial cash infusion to get your business off the ground or to the next level. But what happens with that debt should your business hit a slow period?

While paying back that debt may be going well for you now, it can be wise to consider how you’ll continue making those payments should sales go down and those debt repayments become uncomfortable. If you’d like to get your debt out of the way faster and save money at the same time, debt consolidation could be worth considering.  (more…)

Tried & True Ways to Increase Your Cashflow in Just One Month

CashflowFormer Congressman Chris Chocola once said that one of the earliest lessons he learned in business is that balance sheets and income statements are fiction, and cash flow is the true reality.

Investopedia defines “cash flow” as the net amount of cash that moves in and out of a business. Cash flow is positive when liquid assets are increasing and negative when they are decreasing. There are only two main ways to increase your cash flow, and that is to bring more revenue in (increase sales) and/or to keep less revenue from going out (decrease your expenses). For this article, I will expand upon both concepts further.

Bringing In More Revenue

There are a variety of ways you can increase your revenue, and what makes you a strategic business owner (with a thriving enterprise) is the fact that you’ve developed your own secret sauce (business plan) to do so. Some ideas to bring in more revenue include, but are not limited to, the following:  (more…)

How to Find VCs and Angel Investors

How to Find VCs and Angel Investors

By Lydia Roth

When you’ve mapped out the coming months for your business and expect to need a good amount of capital to grow, you may need to find outside funds. If you have a wealthy family member who believes in your venture, you’re in a good position. Otherwise, you can seek funds in the form of debt or equity financing.

Debt financing is when you take on someone else’s money in exchange for interest paid throughout the duration of the loan. Equity financing is when you take on someone else’s money in exchange for some ownership of your company.

Two popular forms of equity financing are VCs, or venture capitalists, and angel investors. If you’re thinking “I’ve heard of those and want in,” ask yourself these questions first:

• Are you ready to share control of your company? VC firms and angel investors can provide capital, guidance, and a big network of important people, but you may have to give up partial control of your company.  (more…)

Half of Millennials Want to Start a Business: Here’s How to Get Going

By Kali Geldis
NAV

Millennial businessIf you were born between 1977 and 1995, there’s over a 50% chance that you would start your own small business if you knew where to get help to make it happen.

America’s SBDC, the face of a nationwide network of Small Business Development Centers (SBDCs), collaborated with the Center for Generational Kinetics to better understand how different generations view entrepreneurship. The findings indicated that millennials were especially eager to start businesses of their own, but there were some things standing in their way.

Millennials stated that they’d like help writing a business plan, and they rate money high on the list of things holding them back from starting a business. In fact, 45% of the study respondents said that finding capital to start a business was their biggest barrier. That’s not a huge shocker — there are more than 44 different types of business financing out there, and they come with unique interest and fee structures.

Here are five tips that can help any millennial, no matter their entrepreneurial dream, get started.  (more…)