Whether you’re looking for a small, short-term loan or actively pitching venture capitalists, strong preparation and planning can improve your chances of finding financing. You need to put your small business in the best possible financial light to make a good impression on prospective sources. Take time up front to get yourself ready for this process.
Here are 10 things you can do before you seek financing to help your chances of getting that loan or investment you need:
Get your business plan in shape
Put your paperwork in order
Be prepared to show how you’ll use the money
Examine your ratios
Check your credit
Incorporate
Register your business
Practice
Make your applications impeccable
Be patient
(Adapted for SME Toolkit from content excerpted from the American Express® OPEN Small Business Network)
