No matter how you look at it, starting a business is hard. One of the hardest things you may ever have to do. There’s the business plan to think over, a name, government policies to consider, how it will affect your family, finances and the list rolls on from there. Some hardened entrepreneurs suggest spending a long time thinking about if that’s really the path you want to take. If so, there is plenty of advice floating around to help you with the grueling journey. Entrepreneurs are always willing to lend their words to the younger generation of business seekers and give them assistance when the time comes. Below we have asked Jeremy Brown, CEO of RapidAdvance for his advice.
Be prepared to access capital
Be prepared when the time comes to access capital. Working capital as a means to continue to invest in your business in both deliberate and opportunistic fashion is a key enabler of small business success, and very much a practical reality of being a small business (many small businesses borrow from lenders multiple times over their lifetime.) This means running your business with the discipline to be ready for these make or break moments. This starts with keeping reliable, audited financial statements; extends to being disciplined enough to keep some retained earnings (profits) in the business towards demonstrating to lenders your commitment to the business; and lastly includes closely documenting any ups and downs in your business as a means of being prepared for the questions that come around anomalies in performance – the good and the bad. All these efforts are critical to being viewed as a high-quality borrower and getting that funding for the next big move that can accelerate your success.
Thanks to Jeremy Brown, Rapid Advance