This is an exceprt of a post by Marco Terry, Invoice Factoring Blog. He writes mostly about invoice factoring, but these points apply to any kind of business loans or financing.
Here are the three big “Don’t Do’s” of business financing.
1. Don’t be clueless about your own business
The biggest deal killer I see in my industry is business owners that are clueless about their business. … If you need financing you must be able to explain a) why you need money? b) how much you need? c) what you’ll do with it once you get it.
2. Don’t try and get financing at the last minute
Almost every day I get a call from a frantic business owner that needs working capital for his business – today – or he won’t be able to meet payroll. It’s a sad situation but there is nothing we can do to help them.
3. Don’t be unprofessional or rude
Every week or so I’ll get a call from someone who is just plain unprofessional or rude. They’ll ask for financing but balk and complain when asked about their business. … Almost 100% of these people don’t get financed.
Read the whole article.
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020
- Economic self defense for small towns - June 7, 2020
- The best things you can do for local businesses in light of coronavirus - March 27, 2020
- How to get more parking downtown without adding any spaces - March 7, 2020
- Exact Yeti Blue mic volume and Windows settings to reduce background noise - February 17, 2020
- Getting local businesses to cooperate with you: Shop Hopping Around Brownsville - December 16, 2019
- Survey of Rural Challenges 2019 results - December 5, 2019
- Shop Indie Local adds a new twist to tired Buy Local campaigns - November 11, 2019