As the Nations Leading Expert in Business Funding, Pat Gage has created a system for raising unlimited money for any business. The system is called “10 Steps To Money®” and has assisted many of his students and himself in raising hundreds of thousands of dollars for their businesses. Pat is not only a sought after business funding expert but also a national speaker and frequent radio show guest. For more information on any topic discussed, visit Pat Gage’s site at http://www.10stepstomoney.com
There are several different options for people looking for new business funding. To find the type of funding that’s right for you, you need to consider the type of business you have and what the funding would be used for. Before you even think about going to a lender or a bank you should figure out how you are going to use the money to grow your company.
What Type of Loan Do You Need?
Different businesses do better with different types of loans. To figure out what type of loan you need, ask a few questions to yourself about your company. First ask if you are able to take on all the risk for your company, or if you want someone else to help you. If you support the company on your own you could end up losing some of your assets, but if you get an investor to give you money, they may want some control over your company.
The second question is whether you need the money for operating costs or for assets. If you put your money into assets like equipment and property, you can set up a lease. This is much easier than buying it all at once. Operating money is harder to make back, so be sure you have a good business plan first.
Types of New Business Funding
Now that you have answered these questions you are ready to figure out what type of funding you need. Regardless of what type of business you have it is usually the owner's desire to run it their way, on their own. If at all possible you should try funding your business on your own or with money from friends and family. Sometimes this is simply not an option.
If you are not afraid of putting your personal assets forward equity financing may work for you. The banks will give you the loans you need, but if you don’t pay them back they can take your assets away, like your home. If you are willing to handle this risk, you will be able to enjoy sole ownership of your company. The safest and most logical way to avoid this from happening is to obtain business credit, this will enable you to obtain unsecured loans with no personal guarantees.
If you need a lot of money for your business and you don’t want to put your personal assets on the line there are still options. Although it will be hard to convince banks, you may be able to get the attention of private lenders and angel investors. They will give you money, but they expect to make a large return on it down the road.
For those people who put most of their money into assets it may be best just get a lease for the property. If your business runs almost solely off of equipment like trucks, computers, or machines, you may be able to get the supplier to set up a lease with you. You won't have to make a payment until the end of the month, by which time you should have enough money to do so. Remember that there are plenty of other resources as well that you can go to for new business funding.
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