If you searching for ways to fund your health and wellness business in New York, your definitely in the right place. Here at the business finance lounge, we educate entrepreneurs and small business owners on the various funding options available and provide you with the information needed to approach funding a health and wellness business the right way. Obtaining funding for a business may seem like a difficult task but it doesn’t have to be. Funding your health and wellness business in New York can be easy, it’s all about proper preparation– properly preparing yourself to qualify for funding.
How to Prepare Yourself to Qualify for Funding
Let’s face it, many of us who want to start a business (or own an existing business) may not have sufficient personal savings to invest in it. Furthermore, giving up equity ownership may be completely out of the question, especially if you want to maintain significant control over the company. That means you will be left with several options — begging your family for money to fund the business, applying for debt financing (loan and lines of credit), or crowdfunding. All of these options require some planning. Your family, lenders, and crowdfunding donors or investors will all want to see some type of business plan with financial projections. I suggest working with an expert to write your business plan. The best business plan writing experts know how to write the business plan in the way lenders and investors want to see it done.
No Time or Money to Write a Business Plan?
If you don’t have the time or money to invest in writing a business plan at the very least you should write your own executive summary. A business plan is typically a 50+ document but an executive summary is around 5 to 10 pages and is a very basic outline of what the business is all about and how it will make money. A business plan or executive summary is very important because you will need a guide or road map to follow while building the business.
Now You’re Ready to Fund Your Business
If you have the business plan and/or executive summary written (and you’ve already registered your business and got a tax ID), now you’re ready to go after funding. A business plan, executive summary, along with a registered business and tax ID gets you in the game. You now have some of the basic tools to apply for a small business loan or line of credit. Small business loans can take time to obtain, especially for startups. Furthermore, traditional banks rarely fund new businesses (because they lack a track record). You could apply for an SBA microloan (but it can take 3 to 6 months to get approved through that program).
A better option would be unsecured business lines of credit. If you have a good credit history, you could get up to $250,000 (or more) in funding for your health and wellness business startup in New York. You don’t need a business track record and the process won’t take 3 to 6 months to complete. You could have your unsecured business lines of credit in as little as 30 days. If you think you’re in a position to go after funding (with your business registered and business plan or executive summary written), contact the experts at LenCred to find out of you qualify for an unsecured business line of credit.