Transcript
Hi as you probably guessed today we're gonna be talking about financing
financing for your business before you begin looking for financing
for your startup first ask yourself three different questions which all of
the financing providers ask themselves are you solving a real problem like
Apple or uber think different how different is your solution to what
exists on the market today do you have a killer team it's all about the people
you surround yourself with and finally are you gaining traction the easiest way
to raise money is when you don't need money
remember what Tom Cruise said in Jerry Maguire show me the money and why do you
need financing ask yourself two simple questions what do you need the money for
and do you really need it is there another way you could do what you're
trying to do are you overthinking things juice really need the private office do
you really need the new iPhone to actually make your business successful
so really think about why you need financing and if at the end of that you
conclude that the only way to make your business a success is to raise a lot of
money firstly think about where could that money come from think about the
different financing options personal savings credit cards actually selling to
more customers selling your product crowdfunding ask your friends and family
find out if the Small Business Administration is trying to help people
just like you to start the business you're trying to start think about
joining a incubator or accelerator of course my
participate in a business plan competition or go to angels which is
high-net-worth individuals people who can help you raise that money and they
could be friends and fall family they could be professional investors it will
be cheap I think the cheapest way is to just try
and do it with as little as possible and I've been showing you all kinds of
bootstrapping techniques to try and keep the cost as low as possible