leadership and coaching launching your business doreen hughes business consulting galveston houston texas

Launching your business is a major first step in your business journey, you will have many more conversations dealing with this subject, take a deep breath and inhale, now exhale.  The reality is no one is waiting on the side-lines to give you money to start your new business or because you think you have a great new business idea!

Of course the #1 way to fund your new start up business is self-funding, also call bootstrapping.  But let’s face it, some of us may not be in a position to do this; so let’s look at other funding avenues and how to go about the process.

  • Pitch to family and friends
  • Angel investor groups
  • Crowdfunding campaign
  • Join an incubator or accelerator organization such as http://www.ycombinator.com/
  • Request a small business grant from government funds allocated to support new technologies, education, medicine or social needs.

www.grants.gov is a good place to start, the process is long, but it doesn’t cost you any equity

  • Trade equity or services for startup help
  • Seek a bank loan or line of credit – the most common

Connecting with business friendly bankers

  • Preparing to meet the banker
  • How do you choose a bank for your business?
  • What documents are required by the bank?
  • How to obtain those documents?

Here are a few things to help you decide on which bank is right for your business?

First, make a list of the services you want. Are you looking for low fees or no fees, business line of credit, an SBA loan or a combination of these services? Now rank the items in order of importance, and start shopping.

At each bank, ask for a meeting with the business banker, your goal is to start a business relationship with the bank. During your meeting ask a few questions:

  1. Do they make small business loans?
  2. What volume or percentage of business loans close
  3. Does the bank offer SBA loans and are they a Preferred SBA Lender
  4. What business resources do they offer, such as on-line bill pay, payroll deposit or direct pay, mobile banking, spending report/budget watch?
  5. Does on-line resources such downloadable account statement interface with such accounting software such as QuickBooks?
  6. Do they offer merchant services
  7. Is there a business banking support team?

You will have a clear picture whether this is the bank for your business or not.  Of course the ultimate test will be to apply for a small business loan.  Apply to several banks, then track to see who respond or not.

Open for Business Consulting can provide assistance in launching your business by connecting with the right banking resource! Give us a call today at 409-795-7826 or email:  www.openforbusinessconsulting.com