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Financing with debt: Borrowing money

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If you don’t have enough money to build and launch your business/brand, or if you prefer not to risk your own money, you may be able to borrow money from people or banks. The people may be family members, friends, or venture capitalists. You meet with them to pitch your idea, and if they think it has potential for success (and trust that you’ll pay back the loan), they’ll agree to loan you the money. They may charge interest, or they may not.

If you don’t like that option, you can try pitching your idea to a bank, which will charge you interest. Before approaching a loan officer at the bank, prepare for a meeting by gathering the following items:

 Your business plan

 The specific amount of money you need to borrow

 Legal documents pertaining to your business, including your articles of incorporation or DBA; any licenses you need to operate; your EIN; and any applicable patents, trademarks, or copyrights you own or have applied for

 Your credit score

 Your net worth (the value of everything you own minus what you owe), along with a list of assets and debts

 Proof of any money you have in savings, such as recent bank statements

 Proof of any income from sources such as your day job and investments (pay stubs or recent tax returns)

Lenders want assurance that you’ll be able to make the monthly payments on the loan and eventually pay it back in full. You can provide that assurance by pitching an awesome business plan or by showing that if your idea fizzles, you have the collateral to pay back the loan. Collateral is anything of value that the bank can take from you if you default on the loan, such as your house in the Hamptons, your Tesla, or your private jet.

Launching & Building a Brand For Dummies

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