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codeforamerica / bizport

http://bizport.longbeach.gov
MIT License
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Page Content: Finance Your Business #2

Closed rossettistone closed 8 years ago

rossettistone commented 8 years ago

From Patrick

  1. Finance Your Business LEARN

You have a plan, now you need capital. You need money to start your business and to sustain it. Let’s identify where to find resources.

You will need: Savings Private Loans City Loans DO Define your Starting Capital Calculate your monthly operating costs Create a budget for the year to track costs and incoming revenue. Work with the Long Beach Small Business Development Center to finalize

rossettistone commented 8 years ago

I'm thinking to focus this page on the raising money aspect of financing, rather than operational finance, which I think is more a component of the business plan. What do you think?

LEARN

You have a plan, now you need capital. You need money to start your business and to sustain it. Let’s identify where to find resources.

Be sure that you prepare enough money to run your business for at least the first several months, as it may take time to set up before you have enough customers to be profitable.

Starting a business can be expensive. Using the calculations and estimates from your business plan (link to business planning), decide if you have enough money to begin, or if you need additional money first.

Here are some ways to get additional money if you need it: • City Loans: The City of Long Beach has a loan program for small businesses.

Loans are based off of the quality of your business plan as well as your resume and other personal documents. Credit score is part of the decision, but a low credit score might not prevent you from getting a loan. More information is available on the city's website: (link)

• Private Loans: Many banks will also give loans to small businesses. The requirements for these loans may be more demanding, however, and interest rates may also be higher.

DO 1) Calculate how much money you'll need ("starting capital"). 2) Determine how much money you'll need to raise before starting your business. 3) Work with the Small Business Development Center (SBDC) and the city's Economic Development Department (EDD) to find city and bank loans that will help you get started.

(Primer Peso goes here, eventually)

patrickm02L commented 8 years ago

3rd paragraph: Original: Most businesses cost a significant amount of money to start. Change: Starting a can be expensive.

rossettistone commented 8 years ago

Sounds good to me. Changed.