Rick Brutti discusses funding options with Ernie Brown on his show MYOB. They introduce a new segment called “Working Capital Made Easy”, where Ernie explains that there are various options for funding a business that maybe a lot of people don’t know about.
The basic part that every business needs is a business plan. A good business plan enables you to tell people what it is that they are looking for in order to have enough faith in you and be able to support you.
According to Ernie, a business plan is a great foundation to start but it does need to have adjustments along the way. When you start a business you need to find out what type of financing is going to be available for what you are doing.
So the best place to start is to talk to someone in the banking business or someone like Ernie who can tell you the guidelines you need to have a successful business plan thats is appealing enough to get the funding you need.
Other key things to know when you are going to talk to your bank are 5 c’s for landing which are: Your and your business’ Character. Your Credit score.If you have business Collateral and personal Collateral. Whats your cash flow. How much cash you need to bring into the business? And last but not least the Conditions, around which your business is going to develop into.
Ernie also gives three pieces of advice for entrepreneurs that make things happen in business: Know what they don’t know and admit to it. Delegate as much as they can to others. Review on assess things as often as you possibly can.
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