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Opening a business
I would like to open up my own Coffee house business one day. I don't have to funds to open it, so how can I go about getting the money for my business? #small-business
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Jo-Ann Conrod
Woman Extraordinaire | Communicator | Business Development
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Jo-Ann’s Answer
Opening a coffee shop for business can be terrifying and exciting all at the same time. I know – I’ve done it! A reputable bank will require a detailed business plan before they’ll consider lending you any start-up funds. Do your homework! Come equipped with plenty of research and have a market analysis prepared before you step into the bank. They’ll want to know how you plan to make your business profitable. Some states may have low or interest-free government loans for first-time business owners. There are plenty of free tutorials and business plan templates on the internet to help you craft the elements of your business plan. Keep it short and concise.
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Manali’s Answer
One of the most popular source to get money to start a business is family and friends who are often willing to provide a start-up loan or even sometimes make an outright gift to help you get your new enterprise off the ground. Your second option would be to apply for a small business loan (SBA)/ bank loans. Another option is to look for investors. Angel investors, venture capitalists, or private lenders all may be excellent funding sources for your new business. While it’s certainly more difficult in most cases to attract investors to a start-up rather than to an established venture, it’s not impossible if you have the right business idea at the right time backed by an impressive business plan.