Melvin Feller MA Discusses Raising Money for Your Business
Melvin Feller MA Discusses Raising Money for Your Business
According to Melvin Feller, a long time entrepreneur and business specialist, capital is one of the first things that need to be taken into consideration when one is setting out on a business venture, and there are many different sources to obtain this capital. It is not necessary to stick to one particular source rigidly; even a combination of various different sources can be made use of.
Anyone who is wondering how to raise money for a restaurant, a small business, an advertising agency or any other small-scale venture should keep these methods in mind. Approaching the right people for the money is vitally important for the success of the business, and if this is not catered to properly, the business will be doomed from the very beginning.
Personal Savings
This is the most obvious source of money for starting a business. If you have saved up enough money over the years, go ahead and make use of it for your business. You will not be answerable to anyone, and you will not have to worry about repaying someone. If you choose this option, ensure that you are not using all your savings though. Many people neglect this option because if they lose the money, they will have nothing left to live on.
Venture Capitalists
This is the next most obvious source for your potential business. Venture capitalists are professional agencies who put in money, or venture capital, into an upcoming business. What they get in return is either a share of the business, or a share of the profits, or high interest rates. It may sound like exploitation, but this is one of the best ways to get money. Venture capitalists are always looking for new and innovative business ideas that are likely to succeed.
Angel Investors
These are a refined form of venture capitalists, but many people think they mean the same thing. Angel investors are less demanding than venture capitalists, and are with your business in the end. Usually, they are someone who you would know personally, and they are simply looking for ways to get a higher return on their investment. How companies raise money depends a lot on the nature of the business, and the method of entrepreneurship adopted. Angel investors also help the business by providing some guidance and mentoring.
Personal Borrowings
Here is a method that should be avoided as far as possible. You can borrow money from someone you know, namely your friends, family or other people. The problem here is that once you mix business and personal relationships, things start to get a bit sour. This is a situation that needs to be handled with great tact and diplomacy, and not everyone can manage to do that. Still, many people opt for this method.
Bank Loans
Another answer to how to raise money for a small business is to approach a bank for a small business loan. With banks, you will not be required to pay a very high interest rate, but you will need sufficient documentation about the business model of your business. Along with that, your credit history and financial stability will also be scrutinized, to see if you are worthy of getting the loan. Most people would love to get a bank loan, but are simply not eligible. This is especially true for someone who is wondering how to raise money to start a business without owning any fixed assets.
Advertising
Here is another answer, but one that requires a suitable amount of investment, and more than a fair share of patience. If you can handle the advertising of your upcoming company well, you can get more than enough money to sustain it in the end. Some websites also let you advertise your business plan, and then suit you up with a matching investor. This is a slightly unreliable method for sure, but it works wonders if one can find the right match. People wondering how to raise money for a marketing campaign, can use the methods already mentioned above.
Other Options
One can approach some small business investment companies, some business development commissions, some life insurance companies or a money broker as well. The reliability of these other options will not be very high, and their demands may be exorbitant, but if you have run out of all other options, then this is something that you will need to resort to.
You should move as soon as possible in order to get as much capital and business financing as you can. There are varieties of sources available to you, and as long as you have a great and reliable business plan, you will be able to procure capital. It is not very difficult to raise enough money for a business, but all you need, more than anything else, is the faith and belief in yourself.
Melvin Feller is known as “The Entrepreneur’s Mentor” because Melvin walks his talk. Melvin Feller has been there and done that and more importantly, Melvin Feller knows how to transfer the skill set for success. This is main reason that he has been the sought after coach to hundreds of small business owners, entrepreneurs, Realtors, real estate investors and service professional internationally. Melvin Feller’s main talent is to show you how the step by step process to build and enjoy a successful 6-figure plus business while having a balanced life. Melvin Feller maintains offices in Texas and Oklahoma.
Melvin Feller MA is in Texas and in Oklahoma. Melvin Feller founded Melvin Feller Business Group in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.
