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Startup Business Financing Ohio

The article first gives some reasons why entrepreneurs fail to get start-up money and then tells how to know that you are ready for the financing you need.

Local Companies

Owen E. McCafferty, CPA, Inc.
(440) 779-1099
30980 Lorain Rd
N Olmsted, OH

Cincinnati Postal Employees Credit Union
(513) 381-8600
1243 West Eighth Street
Cincinnati, OH

Communicating Arts Credit Union
(513) 381-3070
1717 Western Avenue
Cincinnati, OH

KEMBA Credit Union Inc.
(513) 762-5070
8763 Union Centre Boulevard
Cincinnati, OH

Rosselot Financial Group Inc.
(513) 232-6500
7450 Jager Court
Cincinnati, OH

Capital Concepts Inc.
(513) 367-1793
9676 Dry Fork Road
Harrison, OH

Burkhardt Co.
(513) 984-3320
100 Techne Center Drive
Milford, OH

Berno Financial Management Inc.
(513) 474-9191
7454 Jager Court
Cincinnati, OH

Park National Bank Southwest Ohio & Northern Kentucky
(513) 576-0600
400 TechneCenter Drive
Milford, OH

CFC Investment Co.
(513) 870-2203
P.O. Box 145496
Cincinnati, OH

Almost every entrepreneur has a start-up financing horror story, how the banker giggled while reviewing the business plan. Because of experiences like these, entrepreneurs often assume that lenders and investors lack either money or good business sense to know a good deal when they see one. But the real reason that most entrepreneurs cannot get financing for their new business is they are just not ready for the money. In other words, if they received the money today, most entrepreneurs would spend it without any long term positive results. Being ready for start-up financing means having a plan for spending the money wisely and being able to prove to others that they will follow it. failing to convince potential lenders and investors that they can add value to their business using these peoples money is a surefire way to be rejected.

Here are some of the reasons why entrepreneurs fail to get start-up money:

1. Poor communication: Refers to inadequate description of the business.

2. Insufficient sales and marketing strategies: Remember the old adage: " Nothing in business happens until someone sells something." Investors like to see about 30% of a business plan devoted to marketing and selling.

3. Ignoring the negatives: Every business venture faces threats and problems. Investors get nervous if an entrepreneur cannot explain them.

4. Over-emphasis on the product or service. A common tendency of entrepreneurs is to fall in love with their product or service concept. Spend time in selling the entire business concept.

5. No assumptions for financial projections.

6. Insufficient evidence of the market.

7. Failing to know how much money you need.

8. Failing to set yourself and your business apart from the rest.

What can you do to prove you are ready for the financing you need?

1. Your business plan must explain the business, not just the product or service and its competitive advantage.

2. Your business plan must show that you understand the power of the bottom-line, providing a way to pay back loans or produce an attractive return on investment.

3. You must have a clear strategy for marketing your product or service and know what it will cost to make or provide.

4. You must show exactly how you will use the money to meet your company's goals.

5. You must prove that the business concept will work, that customers will buy your goods or services, before looking for money.

About the Author:

Andrew Smit

http://www.turtleherbestate.co.za where you will find Global solutions and ideas. Turtle Herb Estate Holdings consists of 3 forward thinking entrepreneurs with expertise in marketing & DTP advertising, farming culinary and medicinal herbs, web design and online marketing, horse breeding (sport horses), we embrace a holistic approach to entrepreneurship.

Article Source:

thePhantomWriters Article Submission Service

Featured Local Company

Owen E. McCafferty, CPA, Inc.

4407791099
30980 Lorain Rd
N Olmsted, OH

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