Financing a Business
Whether you are starting or growing a business, financing plays a critical role in achieving success in your venture. Undercapitalization – that is, running out of cash – is one of the primary reasons businesses fail. In the business planning process, you need to determine how much money you need, and what you are going to do with it. Next, it’s time to focus on where you can find the money. The Small Business Development Center atDaytona Statehas many tools to help you determine your cash needs, prepare for borrowing money or attracting investors, and managing cash.
The first step in financing your business is to determine how much money you need. To do this, you need to develop a business plan. The process of planning involves thinking through the things you will need to get started and how much it will cost you to operate your business on a month-by-month basis. Your financing needs are based on these projections. The SBDC atDaytona Statehas many tools available to help you through the business planning process, including outlines, workshops, one-on-one counseling, and ActivePlans, a netware program that provides a secure, on-line template for you to use in building your plan.
