We (my business partners and I) believe that acquiring capital is a skill set - that can be learned and developed. Therefore, we also believe that virtually anyone can (with a sound plan, solid preparation and practice) acquire some basic capital (say $50,000) to start or expand a business.

 

I`d like your thoughts and opinions..

Hello robertj,
I have just started with Fundraiser 1.0 and have emailed 2 possible sources so far.
I think I am on the right track!?
I am wondering how many lenders I should contact, and in what time frame.
I am excited to learned about this and I am hoping for the best.
Do you have any suggestions or advice for me on this subject?
Thank you,
Troy
p.s. May I add you to my buddy list?

There are a number approaches to acquiring capital - including selling something. I believe the first step is to determine what will work for you.

As to the number of lenders you should contact - I`m not a fan of the shotgun approach. If you have decided that you want to "borrow" to acquire capital - then you should approach those lending sources that are "open" to your situation. (type, age, location and stage of business, etc)

Robertj

PS: Yes, you may add me to your list

 

Thank You robertj,
I am working with a company that I believe with give me a business loc. My personal is used up after 4 years. I have 6 suppliers with weekly orders.
How do you feel about American Capital Advance? Do you think this a good way to raise capital, and improve my credit rating?
I have a  business but sales have been low for several months.
Your time and advice is greatly appreciated.
Troy

Troy,

I don`t have any direct experience or any first hand knowledge of them. However, advances against future credit card transactions are becoming popular. You need to be sure that you have sufficient margin (gross profit) to cover the cost of the funds.  As with several other approaches, this "advance" tend to be useful for cash flow - but fairly expensive if used for long term growth capital.

Yes, of course! You have to have a solid plan, believe in your product or service, solve a need that is marketable and understand that no never means no!

Advances against future credit card receipts is very expensive money - 30%+ APR according to one funding source who has approached me. 

In response to the poll, I believe any seeker of capital will be better served by learning the right process.  That being said, there are some businesses and business ideas that will never obtain financing regardless of their capital seeking skills.

 

I agree with mlebovits.  Some people think they need 10k to start up a home made jewelry business with an e-presence.  Individuals will always think their idea is golden rather it is or isn`t.  I think someone trying to obtain capital for this business or the likes will not get funded even if they are savvy in raising capital. 

However, I have never successfully raised capital or approached anyone for this.  I am in this stage of my life right now.