Startup Financing for Dummies


Hello guys, Sean Mory joining you for another session of Lenecred Credit Geek Q & A. He joined Dustin Weitzell again. Today Dustin is asking me the question, he says he is my ally. The question comes from Jon located in Maine. The question is, "what are the fundamentals of boot financing for mannequins?" Great question Jon, I really appreciate when any of my new clients are vary honest and transparent about the fact that they do not know much. Really taking that guard is a great piece of trust. The reality is that we are here to help and educate, not to hurt, not to take advantage. Anyone you work with must have the same exact principles. First, before you start researching for people to help you, get education. Go there and investigate the product.

Do you know how many different business credit bureaus there are and why that matters? There are three, they all report potentially different information. I find many people who think they are building their PAYDEX account when they get business credit cards. It simply is not the case. Education first for me. Secondly, know your options and what those options are and what those options are. You need to know your products and you need to know how they will benefit and when to use what and why.

This is probably your animated hood now, this is your family, this is your income, this is your future. Doing the education and informing yourself will only help you to do better in this part because it is a big part of your business. But if you can not finance it and stay afloat, none of that matters. A lot of small business owners do not know that there are around 16 different options that you can borrow money from. Many small business owners think of one. I go to the bank and get a loan and I go out. There is less than a 7% chance that you will do that. There is less than a .0002% chance that you are going to get an SBA loan that most of those banks are going to. Do research, educate yourself, find out what is the best option for you and your business.

If a small business owner does not know what the best options are, we will teach them, not only jump to a decision or let them get discouraged because they went to a bank and did not get funding. There are lots of other options. Especially if you talk to someone who does not really care about getting you education. Who just wants to try and sell them in a product. I do not sell to anyone, which I do help to educate my clients and let them come to any logical conclusion. It will make sense, it will better benefit your small business. If LenCred is right for you, we'll be here until you tell us to stop calling you and send you a Christmas card.

What really aggravates me is when a customer decides to go ahead with our program, and establishing lines of credit is the best option. Then they come back and say, "my accountant" said that I do not want to deal with lines of credit. Well, you've been trying to establish this money for two years and this accountant has not given you the money. I'm going to get them the money and he does not want the extra work that manages the lines of credit. It really boils down to going to the right place to get your information and use the right financing because your brother or Bob your accountant said that credit cards are not good or credit lines is not the way to go. Once you are educated and understand why we do things the way we do, for me, it is a no brainier. I think it is for them also once the owners of a small business know those products. Education, education, education.

Call for more information. We have tons of free eBooks and Whitepapers that we would love to give you. Otherwise, if you qualify, we will give you a free consultation without obligation. We love what we do and want to help our customers do this the right way. Thank you for joining us for another section of Lenecred Credit Geeks Q & A. See you next time!

Video credits to LenCred YouTube channel





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    Startup Financing for Dummies

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