Even the best business ideas will not prosper without funding or at the very least, a financial game plan in place to support the business .
Regardless of the current market conditions, aspiring entrepreneurs will have to rely on good financing to find their footing and launch their products. Ali Mayar, the Chief Executive Officer of Platinum Rapid Funding Group, offers these tips for financing and sustaining a start-up to get you off to a solid start.
Prepare a Bulletproof Business Plan.
A business plan is essentially a blueprint of a venture. It may seem like a lot of work but every business that has ever experienced success required a map to help steady and guide its course. According to Ali Mayar, one of the best ways to convince an investor about the feasibility of your business is to have a solid, detailed business plan.
This plan will show the investors where you intend the enterprise to go, what your strategies are, and how you intend to grow it. At Platinum Rapid Funding, we take careful consideration of what is presented to us by a potential borrower.
We consider all prospects to potential business partners and as such, we want to see how serious and determined you are about your business. If you have a very good business plan, we are more likely to listen but it’s important to note that we don’t typically work with start-ups and new ventures. However, we realize that every business starts somewhere and establishing a relationship early on where we can help down the road is important.
Take Care of Your Credit Score.
Good credit scores are an indication of your credibility and reliability as a borrower and business partner. If your credit history is good to excellent, you are more likely to enjoy better interest rates and loan terms. The lender is also more likely to offer a larger amount to help finance your start-up. If your credit score is less than ideal right now, try to work out a solution to repair it.
Design a Reasonable Budget.
Even a good business plan will not be useful to you as a start-up entrepreneur if you cannot make a budget and stick to it. In fact, a budget must be integrated into the business plan as its core financial aspect. A start-up entrepreneur’s budget shows the lender how well they have planned for the expenses associated with running a business.
Lenders will examine this area to determine the entrepreneur’s level of understanding of the business and its demands. Very often, what is shown in the budget will reveal the capability of the entrepreneur to run a successful business. What this budget will show will determine whether or not the lender should work with the entrepreneur.
It is rare for beginners to get it right every time when it comes to a start-up enterprise. As such, I recommend getting as much information as you can about the industry and acquire advice from the right people, particularly those who have experience in the field. What people already know will prove to be invaluable to you
Ready to Take the Right Steps Down The Road?
As a start-up entrepreneur, you should try to optimize your opportunities and minimize the risks. When you’re ready to take your business to the next level (for example, after your first year in business) talk to us at Platinum Rapid Funding Group. We will help you work out the financial solutions to put your growing business on the best track possible for the future.