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10 QUESTIONS YOU MUST ASK YOURSELF WHEN SEEKING FINANCING
The Small Business Funding Centre, Knowledge Level: All Levels, Keywords: Financing, small business, funding, start-up
10 QUESTIONS YOU MUST ASK YOURSELF WHEN SEEKING FINANCING
2005-10-01 v7n10
Answer these questions yourself first. Then you'll be prepared for fast answers when talking to potential funders.
1. Why do you want the money? (Launch your business, grow your business, etc.)
2. What are you planning on using the money for? (Capital improvements, marketing, hiring, inventory, etc.)
3. How much of your own investment are you putting into the business?
4. How much money do you need?
5. Do you need short-term or long-term funding?
6. How and when do you plan to repay it?
7. Do you have any security?
8. How much of your security are you willing to bet on your venture?
9. Why should a funder invest in you?
10. Have you considered other potential sources, and why do you think this one is your best move?
A checklist of potential funding sources
· Self finance
· Friends and family
· Government grants
· Government loans or loan guarantees
· Bank loans
· Investing angels
· Cash flow hiding in your business
The Small Business Funding Center grants permission to reproduce this article in its entirety only, with credit given to the Small Business Funding Center at www.grants-loans.org.
For information on grants & loans for your new or existing business call 1-800-658-9792 . Or write us at Small Business Funding Centre 1500 Bank Street, Room 425, Ottawa Canada K1H 1B8 or e-mail us.
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