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As a small business or a startup business, you are going to find it very difficult to get financing of any sort. Of all the business categories, yours is the most risky. Your business is the most likely to fail, and most likely to be closed down within two years. Even if your business has been going for years, the obvious question is going to be “if you are so successful, why do you need financing?” How to help small businesses? Here are a few tips to help you get your business financing.
Start with a plan of action
This is not a business plan. This is a plan that details what you are going to do today, tomorrow, next week, next year, etc. This is a plan that has a goal that is more thought out than “get the money.” This is a plan that details your immediate goals and your final goals, and then has steps that explain how you are going to get to that point. For example, the money itself is not your primary aim. Your primary aim is something else, so figure out what that is and write it into your plan.
Not only is this exercise going to help you to get your financing, it is going to help you realize that there is more to do. You may actually realize that most of the work can be done without the financing. You may discover that you do not need as much money as you thought, and it may be that the financing is the final jigsaw puzzle that you slot into place, instead of being the motivator and fuel for your plan.
Start to research how other small online businesses got financing
Some other small businesses may be very forthcoming and tell you how, and others may not. But, do not fear, because stories of how small businesses gained their financing are all over the Internet in article form. They are on video blogs and regular blogs. They are in social media and they are written into e-books. Most of the stories you read are going to be bologna, but at least it will give you a few ideas to help you get financing.
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Make a business plan for your blogging business
The business plan is for you, your staff and your bank manager. Again, you need to make sure that it is full of actionable points and that it has taken as many eventualities into its processes as possible. The business plan should act as a template for your future activities, and it should show your bank manager that you are going to follow through, and that you have planned for every eventuality. A business plan is not as big of a plus as you may wish, but its absence is going to preclude you from ever getting business financing from a bank.
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Make sure to describe exactly what you will do with the money
This is very important for any sort of lending or financing situation and it where many people come unstuck. They will often give details of the bigger purchases, and then write a number with words such as “advertising” or “contingency fund.” But, this is not good enough because the people giving you credit want to know where and how you are going to advertise, and how much it will cost specifically. They do not want to see a contingency fund. They want to know what contingencies you are covering for specifically.
Highlight alternative means for you to repay the money you borrow
This is where collateral comes in, but it may also involve the fact that you have a part time job, or that you have stock and shares, and a life insurance that you can cash in (short) if you need to. Any sort of tangible collateral should be placed on the table.
Now How to Help Small Businesses
Discuss the matter with your bank adviser first
He or she may help you to figure out if approaching creditors is the best thing for you. You could ask for a business overdraft instead of a loan. They may advise you to consider a private business investor or maybe consider going into a partnership.
Finance your business with personal and business credit cards
You can do this but the interest will be high so you will need to be sure about your business venture. Similar rules may apply if you ask your friends and family for the money or for if you sell off whatever you have and use that money.
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