Small Business Development Center                                      Business FinancingSit down and do your planning fir...
IV. Prepare yourself to look for credit    1.   FICO/Dunn & Brad Street    2.   Debt income ratio    3.   Amount to ask fo...
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Business finance gustavo handout

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Business Finance Workshop
Presenter- Gustavo

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Business finance gustavo handout

  1. 1. Small Business Development Center Business FinancingSit down and do your planning first. You will never get “THERE” if you do not know where “THERE” is.Find out what you want to achieve and by when. You need cold numbers and time frames to measurethe progress of your business.I. Write down your businesses plan. 1. How much do I need? How much do I have on hand and where I am going to get the balance. Be realistic, you do not have the money until you actually have it on hand. 2. Marketing plan. What do I want to achieve? Set your expectations in cold numbers. How much is it going to cost me? Find your business differentiation advantage 3. Get experts to help you. CPAs, attorneys, business coaches, advisors. They cost money, but they will save you more money and time. 4. Talk to your friends and family about your business, listen to what they have to say and then try to convince them to invest money in your business, even if you do not need it. They will start asking you questions and engage in arguments that will show you weak points in your plan. They see things from a different perspective and will help you avoid mistakes and save money. 5. Contemplate at least 2 scenarios. 70% off-plan and worst-case- scenario.II. Review your Business Plan every month and find out the deviation. 1. Try to explain what happened and why. 2. Find ways to adjust your plan to the new situation.III. Finding the funds. 1. Personal savings or credit 2. Friend & family 3. Banks 4. Factoring 5. InvestorsGaston Blanc, MBA gaston@DoubleDiamondFinancial.com Cell 760-685-6906
  2. 2. IV. Prepare yourself to look for credit 1. FICO/Dunn & Brad Street 2. Debt income ratio 3. Amount to ask for. 4. Be prepared to answer all kind of questions and provide all type of documentation.V. Different Credit Instruments 1. Secure vs unsecured 2. Loan vs Line of credit a. Personal (HE, Credit Card) b. Business (Equipment, invoices, liens) 3. Business Notes/sharesVI. Operate and Control your business 1. Now you work for your business; do not comingle funds. a. Pay yourself b. Have an accounting system 2. Protect yourself from unexpected situations. a. Insurance b. Taxes 3. Do what you do best, or like to do, outsource the rest.Gaston Blanc, MBA gaston@DoubleDiamondFinancial.com Cell 760-685-6906

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