5 Keys to Getting Your Company Funded

One of the most difficult times for entrepreneurs is when they realize that in order to succeed they are going to need more money than their business can generate. What will it take to get your company funded? There is no shortage of money! For the right opportunity, there is someone willing to invest and put their money to work for an increased return. Here are the 4 Keys every bank, family, friends and investors are looking for: Who are you? What is your product or service? How much money do you need? When do I get my money back? Even though there are only 4 things people are looking for, I have added an additional key which is often overlooked but extremely important. Let’s profile each one to give you insight and perspective. First, my bonus key to getting funded: the framing of your opportunity. It does not matter whether you are seeking money from a bank, family, friends or investors you cannot leave it up to them to see the potential. You must hold their hand and guide them to the promise land. Often times they lack the vision and understanding to see the opportunity and potential. The second key is: Who are you? Remember they probably don’t know you, so they are investing in your ability to execute. Sell yourself! What is your experience, track record, especially failures and how you learned from them? Think if someone you didn’t know asked you to invest, what would it take for you to give them money? The third key is: What is your product or service? What is...

The Nation’s Export Bank Is Back, but You Might Not Like Its New Look

The Nation’s Export Bank Is Back, but You Might Not Like Its New Look The U.S. Export-Import Bank may be back in business, but it’s not what it used to be. After a five-month hiatus–one that cost businesses billions of dollars worth of credit guarantees and insurance for overseas business opportunities–the 81-year-old agency regained authorization to once again begin supporting the export operations of thousands of its business...
How To Turn Your Business Opportunity Into Money In The Bank

How To Turn Your Business Opportunity Into Money In The Bank

The major reason businesses fail is the lack of knowledge, not the lack of capital (cf. ‘Where To Go When The Bank Says No’). Having a great idea doesn’t make it a business! What does it take to turn your unique idea into a commercially viable business that has the ability to scale? How do you go from providing an individualized service/product to delivering a consistent experience to hundreds and thousands of customers?   Know your numbers An idea has no real life until you put it down on paper and translate it into numbers. It turns ambiguity into focused goals. How many customers do you need, and at what price? What is your conversion rate? What profit margins will support your operation’s growth? Once you know your numbers, you can design the steps you need to take every day and measure your performance through your results (more numbers…). You can only manage what you know!   Create and implement systems and processes Systems and processes enable your business to run without you. Whether you onboard new team members to handle increased activity or expand into multiple locations, this structure prevents distractions and disruptions. Ownership remains focused on what moves their needle as growth strategies, daily activities and training are on paper in not in their head.   Evaluate your capabilities In the same fashion you benchmark your business to evaluate your current success, it is critical to identify and understand your entrepreneurial potential. What role are you best fit for as your vision manifests? Scrutinize and question your abilities in every aspect of business, from motivation to financial...