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Business Financing Raise Money to Start a Business

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Hello. My name is Bill Rae. I’m with EAS Financial. I’ve been in the business and finance field for well over 20 years. And today we’re going to talk about how to raise money to start a business. Excellent question, by the way. The obvious place to start if you are looking at creating a business is to look to see what you have in personal savings. That would be the least expensive place to get money obviously. Some people like to start businesses using their own personal credit cards. If you’re solid on your idea and you’re sure it’ll work, that’s the shot you can take, but be careful with the finance charges on those credit cards and make sure you make the payments. If you’ve got a really good idea and you are absolutely certain that it’ll work, you can also ask around for friends, family. When it comes to friends and family, a lot of emotion gets involved here, but it is a good spot to ask for money. Especially if you have a well-thought-out, structured, written business plan. When we think about approaching family and friends, try not to do it on an emotional level. Why not approach them just as if you are going down the bank to apply for a business loan Offer them some sort of equity or definitely some sort of return on their money. And by the way, there is another source of money. If you have a well-thought-out business plan, go to your local bank. Talk to them about small business loans. EAS is out there to help you. There’s all sorts of ways to raise capital to start a business. But my advice to you is before you step out, ask yourself this. Have you done your homework? Do you have a written business plan? More importantly. Do you really know what business you are getting into? As always, I would say, see sound, competent advisors. Give us a call or someone like us. We'll help you walk through it. My name is Bill Rae, I'm with Alumni Financial, and we're helping you build wealth.

Video Details

Duration: 1 minute and 59 seconds
Country: United States
Language: English
Producer: www.hbwfl.com
Director: Christopher Rokosz
Views: 80
Posted by: vecttra on Feb 20, 2012

Raise money to start a business by using personal savings, asking friends and family for loans or applying for a bank loan through the small business association.

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