I attended a seminar on February 2, 2012, at the North Dallas Chamber of Commerce conducted by John Hart with Greater Texas Capital Corporation and Helma Gentry with BBVA Compass. They gave advice to individuals wanting to obtain financing for their own businesses.
Many relevant topics were presented. For individuals who are unemployed and have become frustrated with their job search and are considering opening their own business, below are two questions you need to answer:
DO YOU HAVE A BUSINESS PLAN?
A business plan is:
a road map to your business future
a measuring stick to determine how you have done
a sales tool to attract lenders and investors.
HOW DO I FINANCE MY BUSINESS?
The components of financing a business include:
Equity – How much investment do you have at risk?
Repayment Ability – How much debt can your cash flow support?
Collateral – What will the lender/investor get if you fail?
Management – Do you have what it takes to run a business?
Creditworthiness – Are you a good credit risk?
Starting and operating your own business is both an exciting and frightening journey. I know from my own experience. However, it can be very satisfying and rewarding.
A source of advice, tools and mentoring is available from Score – Counselors to Small Business. Please go to http://www.score.org for more information about Score.
Thanks.
Glyn
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