How Did You Fund Your Business? What Methods Would You Recommend For Others?
Answered by:
Paulette Smith
DonPaul Enterprises - Business Mentoring Svs.
Hi Alexis,
I have two words. Business Plan. We don't advise anyone to leave their day job without one!
Looking at your question and then your comment, I'm not sure if you are asking about starting a business or funding a business...but in either case, a business plan is critical and it is a must to get some sort of written plan BEFORE taking any other steps towards starting a business. If it's not in writing it's not real!
Business plans are fluid and will most likely change as you grow, however like a travel map, even if there are some detours along the way, it's easier to arrive at your destination if you have one.
If you need help getting started with your business plan, simply Google for FREE templates! You'll fine about 136,000,000 results.... so there's absolutely no excuse to go off "willy-nilly"!
And don't hesitate in reaching out for EXPERT HELP to create your plan. I dare say there are dozens of resources right here on Alignable. My company does not provide business plans as such, however we do prefer to work with clients who can provide one.
As B2B service providers, it makes creating their Web site, Mobile app and yes, even their marketing strategy easier.So if funding is an issue, think of this….it take less time and saves big $ when our clients have a clear cut business plan in place, before they start shopping for business assets!
Much success!
Thanks Paulette. The original question was asking people how they funded their business, but I think Alignable admins may have changed it. It definitely is at odds with the explanation I gave, so I'm not sure why they did that, if they did.
That said, this question is not for me. I'm just curious to hear other people's stories about how they got their business started. My business is 11 years old, already has a business plan, and provides professional assistance with writing business plans for other companies.
I do agree that business plans make it easier to create marketing plans and websites. I tell Clients that all the time. If they already had it in writing in a business plan, I wouldn't need to charge extra to do all the website copy from scratch.
When writing business plans, the marketing strategy or marketing plan should always be included. In fact, in any business plan that should take up more space than anything else. It certainly does in mine, but then I own a PR and marketing firm, so I'm probably biased.
All the best, and much success to you as well!
First any entrepreneur will tell you a business plan is more like a guideline. Once the business starts there are always changes and corrections. I build 5 successful companies in my career and looking back at my plans was a funny experience because not one of the successful businesses I sold looked anything like the original plan. I am saying if you do not want to be in the 95% failure category be ready to think and adapt, that is the key to business success, adapt or die.
Secondly as a loan officer and manager of my own investment fund, dedicated to funding small businesses, I have never read a business plan nor has any one I work with in my industry. Executive Summary is important, it is your resume and tells me if I want to take a chance on you, and what experience you have that will enhance the chances of success. The other primary read for me as a funder is the marketing report and the compatibles. I want to see how you plan on reaching your customer, and how much you know about the industry.
Contact everyone you can find online, on craigs list, family friends, offer private stock to people you know. Always start at your bank, best terms, best rates. If that fails go to Angel Investors, third party lenders and brokers. There is no shortage of money, just a shortage of ideas worth investing in.