When you open a new business you need a source of capital to provide adequate funding. Having a funding mechanism in place is a prerequisite to any viable business plan. With the help of the right accounting service, you can devise a financial plan to launch your entrepreneurial adventure. Here are some tips that may help you locate the required funding.
One of the easiest ways for a new business to get funding is to apply for loans based on the owner’s personal credit. There are also loans available directly through banks and the U.S. SBA (Small Business Administration) to help small businesses get on their feet. To obtain any loan, a well thought out business plan that credibly illustrates the cash flow your business will generate must be prepared and submitted. Engaging the services of a professional accounting service to help you prepare a business plan so that potential lenders can determine the feasibility of the plan and their interest in providing financing is highly recommended.
An accounting service can analyze your assumptions to determine estimated cash flow and what your expected cost will be for employees, products, and other services. This will also help you invest money in the right areas focused to produce revenue and profits as quickly as possible.
Investigate and identify potential accounting services on the internet and in the yellow pages that offer advice on funding a business. Set up initial consultations, which should be free, to verify credentials, knowledge and experience, then choose the one your most comfortable.
The author: Dawn Contardi, owner of Sharp Bookkeeping Service, a Certified QuickBooks ProAdvisor and a member of the American Institute of Professional Bookkeepers with 25 years of experience can be reached at 732-458-3800 or contact us.