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Published: Oct. 14, 2020, 11 a.m.

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NEW SOUNDS, NEW MIC, same great content

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SBA, Small Business Association vs Traditional Banks

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• Payment schedule
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Venture Capital

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• Piece of business
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Crowd funding: kickstarter, GoFundMe

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Private funding

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• Many of them don\\u2019t require as much documentation and can release money quicker in exchange for much higher interest rates. Some of them are quite predatory. (https://www.quora.com/Are-business-loans-effective-or-useful)
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Gotta have your sh*t together

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• Uniqueness, Business Plan
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• if one bank approves your application, don\\u2019t be afraid to shop around for more favorable rates.
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• If no bank will take you on as a client even just for an overdraft or line of credit, take it as a sign that you may be doing something wrong with your business. Remember episode 42, don\\u2019t let ego overshadow facts
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Listen to episode 45. Ms. Levy talks about how she started her Successful Childcare network through self-funding

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Ask yourself, why do you need the additional funds. Are you struggling to meet demand? Is there a massive opportunity that you couldn\\u2019t afford to miss out on? If these are the reasons, then your business may be strong enough for you to manage a loan. But if you\\u2019re looking for funding because you\\u2019re struggling to fund your operations, there may be deeper underlying causes that you should address first. In such cases, a loan may just be another hole you\\u2019re digging yourself into.

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You can always ask your family to lend you money. However, just be aware that personal loans from family and friends mean you\\u2019re risking the personal relationship alongside their money. Don\\u2019t play with your relative\\u2019s retirement, college, or emergency funds.

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Rule of thumb: Never borrow money to pay debts, in life or business

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FREE AUDIOBOOK

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Instagram @marketadventurespodcast

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WHAT\\u2019S THE KEY: Learn \\u2192 test \\u2192 \\u201cperfect\\u201d \\u2192 Scale up = $$$

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This episode is sponsored by \\xb7 Anchor: The easiest way to make a podcast. https://anchor.fm/app

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