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Answer from our Guest Expert Lillyvette Montalvo - page 3
Funding Tips & Options
You may want to contact entities, such as local chambers of commerce that have a "venture club" in place, ACEnet.org, garage.com and brokerage firms, such as Star Capital, Inc. that seek funding for their clients. You can also find additional sources at Idea Cafe! (Isn't that convenient?)
When seeking venture or angel funds, be sure not to spend all of those funds on things you can accomplish on your own, thus making your debt larger and your portion of equity smaller.
For instance, your business plan should contain your Capital Equipment List. Make sure your funding is in place, apply for a lease and let them know that you have this additional financial backing, and last, but by far NEVER the least, make sure you build up your own personal credit nicely. You want to ensure that you aren't riddled with debts or that your credit is less than desirable. This only shows poor personal money management and will not permit you to get leases for your company at good rates. The better your credit, the better your rates and vice versa. At times, if your credit is too poor, you'll be denied the lease without the blink of an eye (at that point, you'll just wish you could've at least gotten the lease regardless of the rate!).
Also, you'll have an opportunity to combine factoring and venture funds within your company. This will allow you to use more of your own funds and less of the venture capitalist's funds -- again maintaining your equity at a higher level.
Bottom line is don't rush out of your job just yet. You still have some initial due diligence to take care of. Answer some of those questions -- and any others you can come up with -- to ensure you're moving in the right direction and possibly bring on the right people. Have a solid, firm plan in place before you go running toward your goalœyour dream.
Plan carefully, because you never plan to fail, you fail to plan! Success requires some planning on your part!
I hope this helps you out! Best of success and keep moving toward that goal!
Lillyvette Montalvo of
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