Small Business Funding Detroit MI
DeSERANNO Wealth Planning
(313) 885-0114
Grosse Pointe Farms, MI
Creative Financial Design
Toll Free (877) 566-9301
Southfield, MI
Northern Financial Advisors, Inc.
(248) 985-1632
Franklin, MI
Norman Financial Planning, Inc.
(248) 408-1990
Troy, MI
Moore Financial Strategies, LLC
(248) 731-7060
Bloomfield Hills, MI
Y.D. Financial Services, Inc.
(734) 447-5305
Southfield, MI
Cambridge Connection Inc.
248-737-7090
Franklin, MI
VisionQuest Financial Planning LLC
(248) 619-3978
Troy, MI
Core Financial Planning, LLC
(248) 758-2304
Bloomfield Hills, MI
Capelli Financial Services, Inc.
(248) 594-9282
Bloomfield Hills, MI
Financing Options for a Small Business: Finding the Right Funding
A while back, we were approached by "Brian," an entrepreneur who started a company with a combination of funds from his personal savings account and credit cards. He was looking for a venture capital investment, but part way into his pitch, it was clear he was heading down the wrong path.
As in Brian's case, it's no mystery that funding is front and center in the minds of entrepreneurs. Financing options for starting a business abound, but what we've noticed is that people often go after the wrong type of funding for their kind of business. This can lead to undesirables like a shift of control that's out of your hands, feuds between you and your financiers, a waste of one of your most precious resources - time, and other nasty consequences.
With this in mind, we thought you might want to consider applying the "Goldilocks Principle" to your funding quest…choosing the type that's “just right.” To help you, we've highlighted various financing options that might fit your business.
Debt Financing
The vast majority of new small businesses are funded with debt financing via financial institutions. If you pass muster, banks can provide you with a loan or line of credit that comes with a repayment schedule and an interest rate. They will look carefully at your company's cash flow, collateral and the liquidity of your assets. You've got to have a sensible, written business plan, and you must know your financial situation inside and out.
Copyright 2009 StartupNation, LLC