How to Secure Funding For Your Small Business
Billions of dollars worth of funds are provided to small business owners every year. These funding opportunities allow entrepreneurs to scale and further invest in their business. Here’s the top 3 things you should consider when trying to secure funding for your business.
The first thing you should have when trying to pursue funding opportunities is a legitimate business! This means that your business should be registered with your state, you should have an employer identification number, and a business bank account. You should also consider having a DUNS number from Duns & Bradsheet as a great way to build business credit.
If you would like to secure loans or investor funding then having some kind of bookkeeping will also be important. Bookkeeping will allow you to track your financial results so you can create reports to share with banks, lenders, and even investors. Keeping adequate records can also be helpful come tax time so you have a running list of potential deductions. Maintaining bookkeeping doesn’t have to be as difficult as it may seem. Some people maintain their bookkeeping in a spreadsheet, while others may use a bookkeeping software.
Lastly, accurate and up to date tax returns are good to have when pursuing financing or funding opportunities. Tax returns may be required during the application process. Additionally, it’ll be important that the information on your financial reports is consistent with the information being reported to the IRS.
Being a small business owner isn’t easy, but with the right tools and resources funding opportunities can be attainable for the average small business owner. The top three things to remember is that your business should be legitimate with a valid bank account. You should also maintain bookkeeping or some form of tracking your business results. And lastly, remember to file your taxes! Not only is it a legal requirement but tax returns may be required during the application process.
Can’t get enough? Don’t forget to check out Pachira Financials across all platforms.
