How To Get Startup Funding For A Small Business
Summary
TLDRNoelle, a seasoned entrepreneur, shares her expertise on securing startup funding for small businesses in this informative video. She emphasizes the importance of establishing a legitimate business entity, obtaining an EIN, and setting up professional communication channels. Noelle reveals lesser-known funding sources like Accion and Five-Star Processing, which cater to startups and those with less-than-perfect credit. She also offers a free training course at noellesfreetraining.com to guide aspiring entrepreneurs through the process of gaining business funding and achieving success.
Takeaways
- š Starting a business requires initial funding to get the venture off the ground.
- š Noelle's experience shows that transitioning from corporate to entrepreneurship can lead to significant benefits like time freedom and control over one's work.
- š¢ Establishing a legitimate business setup is crucial for securing funding, including registering the business and obtaining an EIN number.
- š Professionalism is key; having a professional phone number, email, and website can help in building credibility for your business.
- š¼ Building business credit in the company's name rather than relying on personal credit or savings is a strategic move for funding.
- š° Focusing on funding first can lead to more success than the majority of businesses that start without a clear financial plan.
- š¦ Opening a business checking account can sometimes result in immediate offers of business credit cards, providing an immediate source of funding.
- š Regular deposits into the business checking account can attract lenders, showing that the business has revenue and is investing in itself.
- š¤ There are lenders like Accion and Five-Star Processing that cater to startups and those with less-than-perfect credit, offering alternative funding options.
- š Setting up business accounts with platforms like PayPal and Square can help establish a transaction history, which is attractive to potential lenders.
- š Noelle offers a free training course that provides further guidance on starting a business, securing funding, and generating marketing and leads.
Q & A
What is the primary focus of the video script?
-The video script focuses on providing a step-by-step guide on how to get startup funding for a small business, including insider tips and secret funding sources that are not banks.
Who is the speaker in the video script?
-The speaker in the video script is Noelle, a real estate entrepreneur, mentor, and mom of 5, who has experience taking businesses from startup to multi-million dollar enterprises.
What are some of the benefits of becoming an entrepreneur according to Noelle?
-According to Noelle, the benefits of becoming an entrepreneur include time freedom, the ability to own your own schedule, choosing your clients, and not being under someone else's control.
What is the first step Noelle suggests when starting a business and seeking funding?
-The first step Noelle suggests is to focus on getting funding before diving into the business details. This includes considering where the funding will come from before quitting a job or fully committing to the business.
Why is it important to have a legitimate business setup according to the script?
-A legitimate business setup is important because it makes it easier to secure funding. It involves registering the business, getting an EIN number, a professional phone number, email, and website, which helps build business credit.
What are some of the minimum requirements for a business to appear legitimate to potential lenders?
-The minimum requirements include having a registered business name with the secretary of state, an EIN number, a professional phone number, a professional email, and a professional website.
What is the significance of having a business checking account in the context of the script?
-A business checking account is significant because it can lead to offers of business credit cards and is a requirement for many lenders who want to see regular deposits and a history of transactions before lending money.
What are some of the 'secret' funding sources mentioned by Noelle for startups?
-Noelle mentions Accion, a community development institution that funds small businesses and startups, and Five-Star Processing, which offers business credit for startups even with low credit scores.
What is the purpose of setting up a PayPal and Square business account according to the script?
-Setting up a PayPal and Square business account helps in building a transaction history, which can be beneficial for securing loans from lenders who require evidence of business activity.
How can one access Noelle's free training on starting a business and getting funding?
-One can access Noelle's free training by visiting noellesfreetraining.com, where she provides an hour-long course on the steps to start a business, find funding, and get free marketing and leads.
What is Noelle's advice on investing in one's own business before seeking external investment?
-Noelle advises that most people will not invest in your business if you haven't invested in it first. It's important to show that your business is making money and that you are committed to its success.
Outlines
š¼ How to Get Funding for Your Startup Business
The video begins by addressing aspiring entrepreneurs who are starting their business journey but lack funding. Noelle, the host, introduces herself as an experienced entrepreneur who has successfully scaled multiple businesses to multi-million dollar levels. She promises to share a step-by-step guide on how to obtain business funding, even for startups, and mentions that she will reveal three secret funding sources that are not banks. Noelle emphasizes the benefits of entrepreneurship, such as time freedom and choosing clients, and shares her personal journey from being a corporate employee to becoming a successful entrepreneur. She stresses the importance of focusing on securing funding early and setting up a legitimate business structure to attract funding. The key takeaway is to prioritize funding and establish a proper business setup to unlock financial support and build business credit.
š³ Hidden Funding Sources for Startups
The second part of the video provides actionable advice on how to show financial activity in a business checking account to attract lenders. Noelle advises entrepreneurs to regularly deposit money into their business accounts to demonstrate revenue and investment in their businesses. She reveals two specific funding sources for startups and those with poor credit: Accion, a community development institution that offers loans primarily to minorities, women, veterans, and disabled individuals, and Five-Star Processing, a company that provides merchant processing services and offers business credit with minimal credit requirements. Noelle encourages viewers to take advantage of these opportunities and directs them to her free online training for more detailed guidance on securing funding and growing their businesses.
Mindmap
Keywords
š”Startup funding
š”Entrepreneur
š”Business plan
š”Funding sources
š”LLC
š”EIN number
š”Business credit
š”Angel investors
š”Accion
š”Merchant processing
š”Noelle's free training
Highlights
Noelle shares a step-by-step process for securing business funding for startups.
She emphasizes the importance of not starting a business without considering funding first.
Noelle reveals insider tips on common mistakes to avoid and reasons why businesses fail.
She introduces three secret places to get business funding that most people are unaware of.
Benefits of entrepreneurship include time freedom and the ability to choose clients and work conditions.
Noelle's personal journey from a corporate job to a successful entrepreneur and mentor.
The necessity of having a legitimate business setup for funding purposes, including registration and EIN.
Building business credit in the company's name instead of relying on personal credit or savings.
The advantage of having a professional website and email for business legitimacy.
Noelle explains how to unlock business funding by meeting minimum business setup requirements.
The potential of getting business credit cards on the spot when opening a business checking account.
The importance of making regular deposits into the business checking account to show revenue.
Noelle introduces Accion.org as a community development institution that funds startups and diverse businesses.
Five-Star Processing as a merchant processing company that offers business credit to startups with low credit scores.
Noelle provides a free training course and resources for entrepreneurs at noellesfreetraining.com.
The course includes an hour-long training on steps to get free marketing and leads for a business.
Transcripts
How to get startup funding for a small business?Ā Are you at the beginning of your big businessĀ Ā
journey? Are you at the beginning with no leads,Ā no contacts and no profits but you need money toĀ Ā
really get your thing going? Well, you'veĀ stumbled across the right video. I'm NoelleĀ Ā
and I've taken tons of businesses from startupĀ all the way to multi-million dollar businesses.Ā Ā
I'm going to show you exactlyĀ how you can do it too. Let's go.Ā Ā
I'm going to share with you a detailedĀ step-by-step process on how to getĀ Ā
business funding even for startup. I know, you'veĀ been told you can't. But I know that you can.Ā Ā
I'm gonna share with you some insider tips onĀ what not to do and why most businesses fail.Ā Ā
And I'm going to share with you 3 secret placesĀ to get business funding (not banks) that mostĀ Ā
people don't even know about. So, let's talk aboutĀ all of the benefits of becoming an entrepreneur.Ā Ā
I remember when I was wanting to be anĀ entrepreneur. I literally used to sit at my deskĀ Ā
and wish that I could own my own time. I've toldĀ you guys before I'm a real estate entrepreneur,Ā Ā
I'm a mentor and I'm a mom of 5. But before that,Ā I was a corporate flunky. I used to either sit inĀ Ā
a cubicle, sometimes I had a nice office.Ā But either way, I did not own my time andĀ Ā
I was really lacking in the family department. IĀ was always picking my kids up late from daycareĀ Ā
and I felt like they were actually atĀ daycare more than they were with me.Ā Ā
I just remember wanting to be an entrepreneur andĀ wanting to start my own business but I really justĀ Ā
didn't know how. Now that I am an entrepreneurĀ and I've transitioned from working full-time toĀ Ā
being a full-time entrepreneur, I can tell you theĀ benefits are enormous. You get your time freedom.Ā Ā
In other words, you get to own your own time. IĀ decide when it is I start working and when I stopĀ Ā
working. There is no one to tell Noelle what to doĀ anymore. Only me. I get to pick my clients. Again,Ā Ā
you get to decide the business that you wantĀ to do. Some people create businesses and theyĀ Ā
hate their clients and they own their own job.Ā That's not what I'm talking about. You literallyĀ Ā
can create a business where you get to chooseĀ your clients, choose when you work, choose whereĀ Ā
you work and choose how much you charge for whatĀ you do. It's available and I'm going to tell youĀ Ā
exactly how to do that. So, step one when it comesĀ to truly starting a business and getting fundingĀ Ā
is start there. Focus on getting funding. TheĀ problem with most businesses is they start withĀ Ā
thinking about the business too much. I'mĀ not saying that you're not going to thinkĀ Ā
about your business, you shouldn't write outĀ your business plan or what you're going to do.Ā Ā
But do not just stay there. Before you everĀ really get into the business or quit your job,Ā Ā
start thinking about where your funding is goingĀ to come from. There's so many different ways toĀ Ā
get funding and have all of the money that yourĀ business needs to sustain you and your family yearĀ Ā
after year after year. If you start your businessĀ and you focus on the funding first, you will beĀ Ā
more successful than 90% of the businessesĀ out there. Let me tell you how to do that.Ā Ā
So, the first thing that you want to do when youĀ are getting funding for your startup, you want toĀ Ā
make sure that you have an actual business setup.Ā I'm sorry, but it's very hard to fund a businessĀ Ā
that's not a real business. So, go ahead and nameĀ your business. Go ahead and register that businessĀ Ā
with the secretary of state. Either get that LLCĀ or a C-corp or an S-corp. Whichever entity thatĀ Ā
you want to but make sure that people can findĀ you on the secretary of state so that it's a realĀ Ā
business. Additionally, get the EIN number, getĀ a professional phone number, get a professionalĀ Ā
email and get a professional website. Doing justĀ those minimum things which I have students thatĀ Ā
have done that in one day is going to unlockĀ business funding. This way you can start toĀ Ā
build business credit in your business's name andĀ not have to rely on your personal credit or yourĀ Ā
savings to fund your business. If you do theseĀ steps, literally, there's tons of banks, lendersĀ Ā
all kinds of people --angel investors that willĀ lend you money for your business. But people willĀ Ā
not lend to a business that's not a real business.Ā So, don't just take the cheap way and try to do aĀ Ā
DBA or make a logo without having a real business.Ā Go ahead and follow those steps that I gave youĀ Ā
so that your business can get real funding realĀ fast. So, now that you have your business set upĀ Ā
and you understand why, let me tell you about someĀ hidden places that you can get business fundingĀ Ā
as a startup. The first thing that you want toĀ do and make sure that you have, like I said,Ā Ā
those minimum things is you're going to need aĀ business checking account. A lot of times whenĀ Ā
you go to get a business checking account, weĀ are historic times. There has been more moneyĀ Ā
available for businesses than ever before inĀ history. I have students that are going to getĀ Ā
business checking accounts and they are gettingĀ offered business credit cards right on the spot.Ā Ā
That's one. Another thing that you want to do andĀ this is completely free. Set up a paypal businessĀ Ā
account, a square business account and go aheadĀ and start putting it through some transactions.Ā Ā
You want to also make sure you're making regularĀ deposits into your business checking accountĀ Ā
because there's tons of lenders that will startĀ to lend to your business with 3 months of businessĀ Ā
checking account statements. So, all you have toĀ do especially if you have a job is start puttingĀ Ā
some money into your business checking accountĀ so that you can show some income and some revenueĀ Ā
into your business. You don't want to do anythingĀ unethical but you want to start showing that yourĀ Ā
business is making money and you are investing inĀ your business. Most people will not invest in yourĀ Ā
business if you haven't invested first. AnotherĀ hidden secret and this is top top secret is,Ā Ā
there's 2 new lenders out there thatĀ are lending to people that are startupsĀ Ā
and to people that may have some trouble credit.Ā One of them is accion. That's accion.org.Ā Ā
They are a community development institution. ThatĀ means they are funding small businesses, startupsĀ Ā
mostly for minorities, women, veteran, disabledĀ people and things like that. However, they haveĀ Ā
funding for all types of businesses especiallyĀ startups. That's secret number 1. Secret numberĀ Ā
2 is a company called five-star processing. TheyĀ do merchant processing. Very similar to PayPalĀ Ā
and Square.where it will allow you to take creditĀ cards for your business. Once you get that accountĀ Ā
set up, again, you can have a credit score as lowĀ as 300. I'm going to put a link below for you. YouĀ Ā
can go ahead and click that link and they will getĀ you set up and they will give you business creditĀ Ā
as a startup. So, now that you know exactlyĀ how to get funding for your startup business,Ā Ā
go ahead and get a full training that I'veĀ created for you. Go to noellesfreetraining.com.Ā Ā
I've created an entire course, it's about anĀ hour-long just for you. Again, it's completelyĀ Ā
free and it will teach you all of what I did,Ā all of the steps, all of the places to look,Ā Ā
all of the ways to get free marketing and leadsĀ for your business so you can start making profitsĀ Ā
quickly. Again noellesfreetraining.com. I want toĀ make sure you have all of the resources, all theĀ Ā
tools, and all of the knowledge that you need toĀ be successful. This is Noelle, to your success.
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