Are you at the beginning of your big business journey? Are you in the beginning with no leads, no contacts and no profit, but need money to really take your point? Well, you have stumbled upon the right article. I'm going to tell you exactly how you can get startup funding for your small business.
I am going to share with you a detailed step-by-step process on how to get business funding even for a startup. I know, you've been told you can't. But I know you can. I'm going to share with you some insider tips on what not to do and why most businesses fail. And I'm going to share with you 3 Secret Places to Get Business Funding (Not Banks) That Most People Don't Even Know About.
Benefits of becoming an entrepreneur:
You get the freedom of your time. In other words, you get your own time. You have to decide the business you want to do. Some people build businesses and they hate their customers and they do their own thing. That's not what I'm talking about. You can literally build a business where you get to choose your clients, choose the hours you work, choose the location to work and how much you charge for what you do. It's available and I'm going to show you how to do it.
When it comes to truly starting a business and getting funding starts from there. Focus on earning money. The problem with most businesses is that they start by thinking too much about the business. I'm not saying you won't think about your business, you shouldn't write down your business plan or what you're going to do.
But don't just stay there. Before you actually get into business or quit your job, start thinking about where your funding is going to come from. There are so many different ways to get funding and have all the money your business needs to sustain you and your family year after year.
If you start your own business and you focus on money first, you will be successful in more than 90% of businesses. I'll tell you how to do it. So, the first thing you want to do when you're getting funding for your startup is to make sure you have a real business setup. I'm sorry, but it's very hard to fund a business that isn't a real business. So, go ahead and name your business. Go ahead and register that business with the secretary of state.
Either that LLC or get a C-corp or an S-corp. Whatever organization you want, but make sure people can find you on the Secretary of State so that it is a real business. Additionally, get an EIN number, get a professional phone number, get a professional email and have a professional website. Doing only the bare minimum of things that I have students who have done in a day is going to unlock business funding.
This way you can start making business loans in the name of your business and you will not have to rely on your personal loans or your savings to fund your business. If you follow these steps, there are, literally, lots of banks, all kinds of people who lend -- angel investors who will lend you money for your business. But people will not lend money to a business that is not a real business. So, don't just go the cheap way and try to do DBA or make a logo without doing real business.
Go ahead and follow the steps that I have given you to get your business real money real fast. So, now that you've established your business and you understand why, let me tell you about a few
Hidden places you can get funding for business as a startup:
The first thing you want to do and make sure you have, as I said, are the minimum things you need to have a business checking account. Very often when you go to get a business checking account, we are in historical times. There is more money available to businesses than ever before. I have students who are about to get business checking accounts and are being offered business credit cards on the spot.
One more thing you might want to do and it's completely free. Set up a PayPal business account, a Square business account and go ahead and start putting it through a few transactions. You also want to make sure that you are making regular deposits to your business checking account as there are many lenders who will start lending your business with a 3 months business checking account statement.
So, all you have to do is start putting some money into your business checking account especially if you have a job so that you can show some income and some revenue in your business. You don't want to do anything unethical but you want to start showing that your business is making money and you are investing in your business. Most people will not invest in your business. If you haven't invested before.
Another hidden secret and this is the biggest secret, there are 2 new lenders out there who are lending to people who are startups and those who may have some trouble with credit.
One of them is Aksion. That's accion.org. They are a community development institute. This means they are funding startups for small businesses, mostly minorities, women, veterans, people with disabilities and things like that. However, they have funding for all types of businesses, especially startups.
That's secret number 1. Secret Number 2 is a company called Five-Star Processing. They do merchant processing. Very similar to PayPal and Square. Where it will allow you to get a credit card for your business.