Feedback Form
Home Features Mastermind Videos About Advertise Blog Network Contact
   

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

Featured Ebook


ebook Famous Entrepreneurs - Modern Empire Builders


Featured Ebook

More Evan Carmichael
Have A Suggestion?

Sales Lessons From Starbucks And Dell

The Do's and Don'ts of getting finance for your business



The Do's and Don'ts of getting finance for your business
   

Let’s face it, if you want finance for your business, times are hard out there at the moment. Banks and other lenders are a lot more cautious about who they’re going to lend to…at the end of the day they want to be paid back! So bearing that in mind, here are my top do’s and don’ts for getting finance for your business.

DO….WRITE A BUSINESS PLAN
You’re not going to get very far without doing this tip. Lenders will want to see that you’ve thought everything through. They may also come back with questions, comments and concerns about your plan – don’t expect that the first time you hand it in will be your last. But as long as you’re patient and are prepared not to give up, you should eventually get what you’re looking for.

DON’T…THINK IMMEDIATELY ABOUT A BUSINESS ANGEL
How many times recently, have I heard people saying they’d like to get money from an investor or business angel? There are other options you know. And if you’re looking for less than £100K, you might be better off going to see what a bank can do for you.

DO….SHOP AROUND
These days, shopping around is more important than ever. Visit all the lenders you can think of and see what they can offer you. Don’t be tempted to go with the first lender who offers you money – make sure that it’s the right deal for you.

DON’T…GIVE UP
Lenders want to see that your business idea is viable and want you to be realistic about being able to pay the loan back. Bearing this in mind, it is highly likely that they’ll come back to you asking for some more information. Don’t take this personally – they’re just trying to reassure themselves that you’re a good risk. Give them the information they’re looking for without getting stressed and don’t give up until they say no for the final time. I recently worked with a client on his business plan and it took 7 attempts to get the funding he needed. He was ready to give up, but we hung on and got the money.

DO…HAVE SOME PATIENCE
Your loan is NOT going to be sorted out next week. In this current climate it is taking between 1 month and 6 months to get the money you need so plan your business around this.

DON’T…BE UNREALISTIC
Time and time again I hear people say “I’d like to borrow £x” and when I ask them what the money is for, often they’re unable to tell me. Make sure you know exactly what you’re borrowing the money for and be realistic about this. There is no point wanting to borrow £20K and only being able to spend £5K. Would you lend me the money if I told you that? No – and neither will lenders.

If you found this article useful, you might also be interested in the other guides we’ve got:
• How to get the money you need to start your business
• How to pitch successfully and wow investors

If you’d like more information about either of these guides which take you step by step through getting the money you need, please feel free to contact me using the information in my profile.

The Do's and Don'ts of getting finance for your business - To learn more about this author, visit Helen Dowling's Website.

Like this article? Share it with your friends
[Get Copyright Permissions] E-Mail | Print | More  


Related Articles Related Articles
9.3 Micro-finance institutions (MFIs): Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
  Micro-finance operators in Tanzania function within the framework of the Government’s National Micro Finance Policy of 2000. The objectives of this policy are to provide the basis for the evolution of an efficient...
Meso Finance: the next area of financing for SMEs in Africa
  There's been a lot of talk on micro-finance and it's impact with the base of pyramid market (BOP). Dr. Muhammad Yunus's non-profit Grameen bank was the first to commercialize micro-finance in Bangladesh, now everyon...
To Successfully Obtain Business Capital Every Business Needs A Coach
  If you are a business owner the task of obtaining business capital can be very daunting. Most businesses fail because they have never been taught how to obtain financing and therefore they have no clue where to begi...
SME's - whose responsibility is finance for SMEs?
  Is it the role of government to fund SME's?
Financing Corporate Growth in Ghana: The Role of the Stock Market
  We examine how listed corporations in Ghana finance their growth and to what extent do they rely on external finance relative to internal finance. As companies expand through the acquisition of assets they have ch...

Related Forum Posts Related Forum Posts
Forum suggestion Forum suggestion
Finance is the basic requirement Finance is the basic requirement
Proper planning to get investors Proper planning to get investors
Re: Ever been scammed... Re: Ever been scammed...
Using your home for collateral is one thing, but... Using your home for collateral is one thing, but...
Getting financed Getting financed
Re: Lessons in the guise of fiction Re: Lessons in the guise of fiction
How to get financed How to get financed

Related Forum Posts Related Businesses - Evan Elite Authors
Leanne Hoagland Smith
Are your sales where you want them to be? Will you be one of the few who achieves sales success or one of the many who have failed to change? So what are you doing to change those results? Let’s be honest, with companies moving globally and at lightening speeds, the traditional business solutions are outdated and dead. My approach moves your business out of its comfort zone and secures your competitive advantage now. If you are seeking to increase sales, build customer loyalty, create a culture of great attitudes or just achieve some sleep filled nights, then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspecialist.com/customer-loyalty.htm Give me a call at 219.759.5601 for a free strategy session. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website

The Evan Elite Authors program is currently in beta phase. For details please contact us.


 
About the Author


Helen Dowling
(Visit Helen's Website)
Helen Dowling runs Exceptional Thinking, a market research and business planning business based in Gloucestershire, UK.
Have A Suggestion?

View Author's Blog
Become An Author

View Author's Video
Become An Author

Free Downloads


Helen Dowling's

Complete
List Of
Marketing
Articles

First Name
Last Name
Email
 
If you enjoyed this article, get Helen Dowling's Complete List of Marketing Articles For FREE!

More Helen Dowling
Why is my marketing not working for me
How to enjoy Christmas in your business
The purpose of startup courses
The Importance of Following up
My top 10 tips on doing your own PR
Why you should stick to one business idea
How to make an email campaign work
Why you should go to networking events
How to followup effectively with your contacts
How to find out what your customers want
Become An Author