Throughout the world. Every entrepreneur
has money problems. In this episode you learn how many successful business
owners were able to find startup funding for their business, especially after a
banker said, "No." Not one of these companies got a startup loan from a bank.
Each owner used creative thinking to find money in unexpected places.
Lightbulb: Prepare to
visit the bank. If you are just starting out in business, approach a bank
after working with your local
Small Business Development Center. They will
teach you how to put your plan in writing and how to talk to a banker. However,
if you've been in business for over a year and you have kept decent records,
you can now go to a bank and establish a line of credit or even get a
traditional loan. Banks and banking are changing; they need you. And once you
have paid your dues and proven your idea works, you will need a solid
relationship with a banker. In fact, without this, you may stunt your growth
even though you are achieving your initial goals.
Geoff Allen has worked hard and
long all of his short life. He got his first job at McDonald's when he was just
14 and was in charge of the computer. When he discovered he was making less per
hour than the new employees who were over 21 he complained. Nothing changed so
he went to work for another employer who had troube paying Geoff what he was
worth because he was just too young. By saving and living at home with his
parents, he had his own cash to get started in business.