Episode Details

During this show, you will discover …

Exciting types of business financing for your new venture

Business creativity can come from anywhere

It should be YOUR passion, since you will work long hours at the start

Determine what you can do that is unique

Choose a unique, memorable business name

Set up a business address, bank account, phone, fax, and more

Choose a business entity and create a pro website on a domain YOU buy

Work with the IRS and get a free EIN

Get all needed business licenses and a business merchant account…

… so your business can accept credit and debit cards

Leverage assets you already have

Some ways to get funding depend on industry or TIB …

… or ability to secure collateral

Use stocks, bonds,  an existing 401(k) or IRA as collateral

Try grants from HUD or the USDA

Angel investing is another option

Angels are informal investors who invest in the start of a company

Venture capitalists give money to help build new startups…

… but only if VCs believe a company has high-growth and high-risk potential

Or try unsecured business credit lines, using your assets as collateral

Some alternative lenders now offer unsecured lines of credit for $50 - 150k

Or try crowdfunding, via a platform like Kickstarter or Indiegogo

And do not forget about business credit!

This is credit in the business name, not your own. Start with vendor credit

If there are 5 – 8 trade lines reporting, move onto revolving store credit

With 10 revolving store credit lines reporting, advance to fleet credit

With 14 fleet credit lines reporting, move onto cash credit

Good business credit will help a company get loans in the future