A wise man once told me:
“If you have a successful business, you will need more money.”
He also said:
“If you have an unsuccessful business, you will need more money.”
The undisputed leading cause of business failure is that businesses just run out of money before they become profitable. Access to capital is, therefore, the single biggest element entrepreneurs need to have lined up to give them the best hope of success.
Capital comes from one of two principal sources: Debt (loans) and Equity (investors/stock).
Debt is hard to come by for startups without a long history, so equity financing is usually your only option. That being said, everyone knows people who might make good equity partners. Do you know a successful or retired entrepreneur or a professional such as a doctor, lawyer, or CPA? These people makeup seventy percent of all millionaires and may be looking for a private business in which to invest.
Do you have access to sufficient capital?
Related free course: Funding Your Small Business Startup
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