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
- ๐ Starting a business requires initial funding to get the venture off the ground.
- ๐ Noelle's experience shows that transitioning from corporate to entrepreneurship can lead to significant benefits like time freedom and control over one's work.
- ๐ข Establishing a legitimate business setup is crucial for securing funding, including registering the business and obtaining an EIN number.
- ๐ Professionalism is key; having a professional phone number, email, and website can help in building credibility for your business.
- ๐ผ Building business credit in the company's name rather than relying on personal credit or savings is a strategic move for funding.
- ๐ฐ Focusing on funding first can lead to more success than the majority of businesses that start without a clear financial plan.
- ๐ฆ Opening a business checking account can sometimes result in immediate offers of business credit cards, providing an immediate source of funding.
- ๐ Regular deposits into the business checking account can attract lenders, showing that the business has revenue and is investing in itself.
- ๐ค There are lenders like Accion and Five-Star Processing that cater to startups and those with less-than-perfect credit, offering alternative funding options.
- ๐ Setting up business accounts with platforms like PayPal and Square can help establish a transaction history, which is attractive to potential lenders.
- ๐ 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.
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