In his courses, Drew merges the theory taught in a traditional classroom setting with more than three decades of experience, providing a real-world marketing and innovation experience. Drew's earned three prestigious teaching awards and is honored to have been a guest lecturer at Columbia University, Yale University, the Wharton School of the University of Pennsylvania, the University of Michigan, the University of Chicago, the Kellogg School of Management at Northwestern University, and Duke University.
To ensure success for both entrepreneurs and investors, Plum Alley requires businesses that crowdfund to secure at least 30 percent of their goal during a one-week “private” campaign before opening the crowdfunding to the public. This ensures investors that the business already has some financing, making it more likely they will reach their goal since research indicates that businesses who get 30 percent of their funding goal within the first 48 hours of crowdfunding have the most success.
Think about your daily routine, you might stop at a coffee shop in the morning, perhaps you workout at the gym in the afternoon or go for dinner with friends in the evening. Every place that you visit, and every business you connect with during that day, exists because of an idea and an entrepreneur.  Whether that entrepreneur comes from a family of business owners, or is starting out on their own with no previous experience, running their business requires a set of key skills.  But what are the skills you need and how do you acquire them?
When you're searching for B2B partners, you'll have to choose very carefully. These companies will have access to vital and potentially sensitive business data, so it's critical to find someone you can trust. In our guide to choosing business partners, our expert sources recommended asking potential vendors about their experience in your industry, their track record with existing clients, and what kind of growth they've helped other clients achieve.
The MBDA does not directly loan money, but it does provide resources for members of minority groups who are trying to start a business. They have business centers around the country where entrepreneurs can seek mentorship and guidance as they start their business. These business centers are located in areas with a high amount of minority-owned businesses. You can go to MBDA.gov/businesscenters to find one in your area where you will be advised on everything from writing a business plan so you can apply for funding to marketing your business.

Dave Crenshaw is the master of building productive leaders. He has appeared in Time magazine, USA Today, Fast Company, and the BBC News. His courses on LinkedIn Learning have received millions of views. He has written four books and counting, including The Myth of Multitasking: How "Doing It All" Gets Nothing Done, which was published in six languages and is a time management bestseller. As an author, speaker, and online instructor, Dave has transformed hundreds of thousands of business leaders worldwide. Find out more at DaveCrenshaw.com.

I usually don’t provide referrals, but in this particular case it is definitely warranted. Karen jumped through hoops with multiple alternatives until we came up with a solution that provided what we needed. At one time i thought we were at a dead end, but learned that Karen continued to pound away until the right solution surfaced. If you need someone to assist up front with your SBA loan, Karen is a perfect choice.
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"Accountants can be an important source of advice for small business owners. That's why Bizfi has partnered with the National Directory of Certified Public Accountants," says Stephen Sheinbaum, CEO of alternative lender Bizfi. "But there are many other places to find good people to talk to, such as the Service Corps of Retired Executives (SCORE), a free mentoring service that is supported by the Small Business Administration."
I am looking into opening a truck parts supplies shop/ body shop repairs/painting. I currently own one semi truck and use it for hauling agricultural products. my credit score is in the 600’s. Would I qualify for some type of loan? The local banks in my area have not qualified my for a small business loan, while others with worst credit than I get approved. The town I live in is small, so it’s like you have to know someone to get approved. If you know what I’m saying.
With one or more of these three options, you should be able to reduce your personal financial investment to almost nothing. You may have to make some other sacrifices, such as starting small, accommodating partners or taking on debt, but if you believe in your business idea, none of these losses should stand in your way. Capital is a major hurdle to overcome, but make no mistake -- it can be overcome. 
SmartBiz does not originate loans. Rather, it is a service that matches business owners with SBA-preferred banks. If you don’t qualify for an SBA loan, SmartBiz can match you with one of its non-SBA partners to secure a loan. While SBA loans have the lowest interest rates and longest repayment terms — up to 10 years for most loans — you might still be able to get a medium-term non-SBA loan with an interest rate as low as 7.99% through SmartBiz.
With one or more of these three options, you should be able to reduce your personal financial investment to almost nothing. You may have to make some other sacrifices, such as starting small, accommodating partners or taking on debt, but if you believe in your business idea, none of these losses should stand in your way. Capital is a major hurdle to overcome, but make no mistake -- it can be overcome. 
Chris Guillebeau is a writer, entrepreneur, and traveler. His latest book, The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future, is now a New York Times bestseller. During a lifetime of self-employment and ventures ranging from online publishing to volunteer work in West Africa, he has visited nearly every country on earth before the age of 35. Host of the World Domination Summit, an international gathering of creative people, Chris is focused on encouraging individual quests while also “giving back.” His main website, ChrisGuillebeau.com, is visited by more than 300,000 people a month.
Before you can get a traditional bank loan, you need to have collateral, generally in the form of your house although other assets including land, cars, watercraft, motorcycles and equipment that has a title of ownership can be used as collateral. Understand the risk involved with your business venture before you put up collateral–the bank will take your house, car or whatever else you put down if you default on your loan. Make sure you have an accurate assessment of what your collateral is worth before you apply for a loan so you don’t wind up unpleasantly surprised when your bank assumes it’s worth today’s market value, not the value that it was when you bought it. If you don’t have an asset to use as collateral or are uncomfortable with the idea, then you’ll want to seek out a source other than a bank for your business lending needs.
According to Hecht, online lenders tend to stay away from lending to startup businesses: “The longer you’ve been around, the easier it is for you to get funding from an online lender.” Even though his business is based on online lenders, “we’re not anti-bank,” says Hecht. He advises every entrepreneur to begin their financing process by going to their local bank first to see what they have to offer.
An investor looks for a more high-risk opportunity to get a higher reward and will put their money in established businesses that have the potential for high growth. Investors generally expect to be involved in the business in the form of a seat on the board of directors or some other role in which they have a say in how the business is managed. For the most part, investors want to get in on a company while it is in its early growth stage, and they get out once the business has reached a certain level of growth.
Banks want to see a history of successful borrowing anytime they make a loan. That includes loans for your business. Unfortunately, many businesses don’t have any history of borrowing (especially new businesses), so lenders look at your personal credit scores instead. If you’ve got good credit, that’s a good sign that you’ll handle the business loans well. If you’ve got bad credit, lenders will be more skittish about lending. If your credit is “thin” because you haven’t borrowed much in the past (or if it’s in need of some repair), you may need to build your credit before lenders are likely to approve you for a loan.
Websites like Fundera serve as a marketplace for business owners to find lenders that match their business needs. The company works with every major lender in the United States and matches business owners with an advisor who can help them find the right lender for their business. You can also seek out online funding on your own. Read through reviews on ConsumerAffairs to find an online lender that matches your needs.
5. Social Media: Depending on your type of business, you will want a social media presence. LinkedIn, with more than 380 million members, is regarded as the business site for connecting with other businesspeople and offers excellent posting features for articles and blogs. Facebook is more of a social friends site than a business-focused site, but it’s also an excellent tool for “getting your word out” to your friends and customers. Both Linkedin and Facebook allow you to set up a commercial page for your new business.
Remember that a business is franchised for two reasons: to expand the business and to raise capital. So if you have a reasonably good credit record and pass all the financial requirements, most franchisors will bend over backwards to get you on the team. The help that franchisors provide to help you get financing usually includes assistance with business plans and introductions to lending sources. In many cases, franchisors serve as guarantors of loans you take out.
Visuals – As Instagram is a visual platform, special attention has to be given to the visual aspect of your posts. As well as choosing a color scheme to match your brand, you should also use a consistent filter. Using the same filter for your posts will help users recognize your images. For instance, Madewell’s Instagram incorporates its color scheme for consistent images and branding.
SBA.gov is the website for the Small Business Association. Founded in 1953, the SBA functions as an independent agency of the federal government whose mission, according to their website, is “to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation.” One way the SBA helps small businesses is by offering financial assistance through three programs: the guaranteed loan program, surety bonds program and venture capital program.
How do so many small businesses get started? It all begins with the right type of financing. Whether you're just starting up or you're expanding your existing business, you need money to get rolling. This guide will help you figure out the type of loan you need for your business and will look at the step-by-step process of securing a business loan:
Traditional loan: Banks and credit unions are a source of financing for all businesses, including franchises. New franchise owners are 15% more likely than other new business owners to use a commercial bank loan, according to the SBA. Lenders are more likely to finance franchises of an established brand that has proved successful in a variety of markets. However, you’ll still be subjected to the bank’s underwriting standards and lending policies, meaning it will review your net worth and credit history. You also may need to put up collateral, regardless of the brand you’re associated with.
Franchise fee: Most companies charge an upfront fee to start a franchise, paid in a lump sum or installments. The amount varies by company, but it’s typically tens of thousands of dollars and usually is not refundable once a franchisee is accepted. For example, Jamba Juice charges $25,000 per store, and Hilton Worldwide charges $75,000 to start a 150-room Hilton Garden Inn.
“For many individuals, funding a business may involve taking on significant business or personal debt. With most loans, you would need to start making payments right away. This makes it difficult for your business to grow in its early stages, when you’re trying to build revenue and generate profits. With ROBS funding, you avoid having principal or interest payments, which can greatly impede your cash flow, especially in the early years of business. Using retirement funds can also help your business reach profitability faster. And because you’re investing your own money in your own business, there’s no need to provide collateral, like your personal home.”

Sometimes it makes sense to tap 401(k), Individual Retirement Account or other retirement funds rather than seek a loan. But rather than just taking an early withdrawal, which may be subject to taxation, you may want to consider setting up a C corporation that will own and operate the business. Then roll over money from your self-directed retirement account into that corporation’s profit-sharing plan and direct that those funds be invested into the franchised business. But this is a risky option: If the franchise fails, your retirement fund can be wiped out. Check with a professional on possible tax implications, and consider the tradeoffs carefully.
If you can secure a credit card in your company name and make purchases and on-time payments, you can get financing and start building good business credit at the same time. Of course, the credit limit, interest rate, and terms of payment will vary, and each bank or credit union will have eligibility requirements, so this option will not work for everyone.
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