Hey guys Sean Mory joining you for another session of LenCred Credit Geek Q&A. Joined by once again Dustin Weitzell. Today Dustin is asking me the question, he says it is right up my ally. The question comes from Jon located in Maine. The question is, “What are the basics of startup financing for dummies?” Great question Jon, I actually appreciate when any of my new clients are vary honest and transparent about the fact that they do not know a lot. Really taking that guard down it is a big trust piece. The reality is we are here to help and educate, not to harm, not to take advantage. Anyone you work with should have those same exact principles. First, before you ever start researching for people to help you, get some education. Go out there and research the product.
Do you know how many different business credit bureau’s there are and why that matters? There are three of them, they all report potentially different information. I find a lot of people who think they are building their PAYDEX score when they get business credit cards. Just simply not the case. Education first and foremost for me. Second, know your options and what those options and what those options are. You need to know your products and you need to know how they are going to benefit you and when to use what and why.
This is probably your lively hood now, this is your family, this is your income, this is your future. Doing education and informing yourself is only going to help you do better in this part, because this is a huge piece of your business. But if you cannot fund it and stay afloat, none of that matters. A lot of small business owners do not know that there are about 16 different options that you can borrow money on. A lot of small business owners think of one. I go to the bank and I get a loan and come out. There is less then a 7% chance you are going to do that. There is less then a .0002% chance you are going to get an SBA loan which majority of those banks go to. Doing research, educating yourself, finding out what is the best option for you and your business.
Startup Financing for Dummies
If a small business owner does not know what the best options are we will teach them, we do not just jump into a decision or let you get discouraged because you went to a bank and did not get financing. There are tons of other options. especially if you speak to somebody who doesn’t really care about getting them that education. Who just wants to try and sell them on a product. I do not sell anyone, what I do it help educate my clients and let them come to whatever logical conclusion.is going to make sense, that is going to best benefit their small business. If LenCred is right for you, we will be here until to tell us to stop calling you and just send you a Christmas card.
What really aggravates me is when a client decides to go forward with our program, and we establish lines of credit is the best option. Then they go back and say, “my accountant” said that I dont want to deal with lines of credit. Well you have been trying to establish this money for two years and this accountant has not gotten you the money. I am going to get them the money and he doesn’t want the extra work managing the lines of credit. It really comes down to going to the right place to get your information and using the proper financing because your brother or Bob your accountant said credit cards is not right or lines of credit is not the way to go. Once you are educated and you understand why we do things the way we do, for me, it is a no brainier. I think it is for them too once a small business owners know those products. Education, education, education.
Call if you would like more information. We have tons of free eBooks and Whitepapers that we would love to give to you. Otherwise if you qualify we will give you a free no obligation consultation. We love what we do and want to help our clients do this the right way. Thank you for joining us for another section of LenCred Credit Geeks Q&A. We will see you next time!