Success Funding Advice For Young Entrepreneur

Re: Success Funding Advice For Young Entrepreneur

If you can, funding yourself is the best option but a very few people can do this. Well, another tip is to have a partnership with some of your friends. Getting a bank loan is the last option for me.

By the way thanks for the tips.

Re: Success Funding Advice For Young Entrepreneur

great topic, nice tips for share
thanks alot

Re: Success Funding Advice For Young Entrepreneur

Great tips, thank you very much
I will share it with my friends.

Re: Success Funding Advice For Young Entrepreneur

Thank you for your usefull information. I like this kind of post which tell us much wanderfull massage!!!

Re: Success Funding Advice For Young Entrepreneur

Whеn thе business wаntѕ tο boost enough funds,thе younger entrepreneur сουƖԁ search fοr angel traders,confidential institutions οf funding аnԁ public ones.Each οf thеm hаѕ obtained іtѕ criteria whісh clash frοm thе others.Hе ought tο therefore ɡеt thе proper informations ѕο thаt nοt tο bе stunned bу thеіr situations whеn submitting hіѕ demand οf loans tο thеm.

Re: Success Funding Advice For Young Entrepreneur

good advice! I like the self funding/borrowing from friends family and fools the best.

Re: Success Funding Advice For Young Entrepreneur

In addition to the suggestions already provided by bytrade001, here are some additional suggestions for accessing funding:

1.) Use a crowdfunding entity like Kickstarter or Indiegogo to fund some of your startup or expansion costs. If you have a cool product or service or one that you think will resonate with customers, crowdfunding can work very well. To generate the most funds you need a compelling story, a great video and high-demand perks.

2.) If you think your company can grow to a million or more in 3 years and be profitable, then pursue angel investment groups. Most angel groups focus on tech - software, hardware, biotech, medical devices - but some do focus on more traditional industries. Angels want to make money on their investment and typically want to exit in 3-5 years. Therefore, they are not interested in lifestyle businesses where the owner will be the sole manager and/or the company provides no way to sell or repurchase the shares or membership interests.

3.) Partnerships. Entrepreneurs often think they have to do everything themselves. However, you can never scale quickly with this viewpoint. You can't do everything yourself...unless you stay very, very small. One way to grow quickly and reduce your personal expenditures is to partner. For marketing, you can partner with a company going after the same market and split the cost. Or you can become an add-on service for a company and give that company a percentage of all your sales.

4.) Barter. You can barter with other business owners for products or services of the same value. You can barter directly or go through a barter exchange for more flexibility. Bartering is completely legitimate. The IRS requires you to include bartering related revenues and expenses in your company income statements / taxable income.

There are many, many alternative sources of capital. The source depends on the stage of the company, the industry and the sales and profitability levels of the company. For more information on the various sources and how to access them, you can check out Help! I Need Money for My Business Now.

Re: Success Funding Advice For Young Entrepreneur

bytrade001;77462 wrote: here are some of the ways to get fund for The Young Entrepreneur
1) Fund yourself. Easy enough right? Truth is I put everything I had into the store, I cashed out my mutual funds and emptied my bank account. This is an obvious choice.

2) Hit up friends and family. I bought some light up signs at an auction in Maryland and my parents drove them up to me, that normally would have cost shipping and such. I borrowed 5K from a friend. If you have a solid plan and a repayment schedule your friends and family will have faith in your idea.

3) SBA Loan. Here's where I got the bulk of my money from. I went to the local Small Business Development Center (SBDC)and worked on a solid business plan for over six months and submitted all the paperwork and next thing you know I had over a 100 grand in startup capital.

4) Lines of Credit. I got lines of credit for everything from magazines to concessions to DVDs. If you get a tax number and open lines of communication then more than likely a company will extend you a line of credit.

5) Bank Loans. After I got my business up and running I got a small loan to continue operations. All I needed was my taxes and quickbooks file and they extended me 10K to continue operations.

Nice advice, It is useful tips for young entrepreneurs.

Re: Success Funding Advice For Young Entrepreneur

They are nice tips, I think crowdfunding is also good if you want to start a business, otherwise choosing a online service is also going to work for funding a business.

Re: Success Funding Advice For Young Entrepreneur

bytrade001;77462 wrote: here are some of the ways to get fund for The Young Entrepreneur
1) Fund yourself. Easy enough right? Truth is I put everything I had into the store, I cashed out my mutual funds and emptied my bank account. This is an obvious choice.

2) Hit up friends and family. I bought some light up signs at an auction in Maryland and my parents drove them up to me, that normally would have cost shipping and such. I borrowed 5K from a friend. If you have a solid plan and a repayment schedule your friends and family will have faith in your idea.

3) SBA Loan. Here's where I got the bulk of my money from. I went to the local Small Business Development Center (SBDC)and worked on a solid business plan for over six months and submitted all the paperwork and next thing you know I had over a 100 grand in startup capital.

4) Lines of Credit. I got lines of credit for everything from magazines to concessions to DVDs. If you get a tax number and open lines of communication then more than likely a company will extend you a line of credit.

5) Bank Loans. After I got my business up and running I got a small loan to continue operations. All I needed was my taxes and quickbooks file and they extended me 10K to continue operations.

Thanks for these useful tips. Funding is the necessity of a new entrepreneur and these tips can help a lot.

We learned a lot from merchant cash advance and building our business, here are a few things I wish we knew when we first started:

1. Determination is the biggest predictor of long-term success.
2. You will grow what you measure.
3. Do not mistake activity for growth.
4. Make decisions quickly.
5. The key to growth is progress.
6. There is no substitute for hard work.