Connect with your very own business advisor through the SBDC FREE of Cost, For Life:
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Welcome to another episode of Business Breakthrough New York, where we simplify business concepts and bring you insights from business owners, industry experts, and business advisors. In this episode, we delve into the world of startup funding, exploring the different avenues for raising capital and how to navigate them.
1. Identifying Your Unique Capital Requirements: We kick off the episode by helping you identify how much money you need to start and run your business.
2. Lenders Want You to Put Money Down: We discuss why lenders want you to invest your own money in your startup.
3. How Do Financial Institutions and Lenders Define a "Startup": We explore how lenders view startups and what they look for when deciding to invest.
4. The Difference in Startup Costs Between Products vs Services: We compare the startup costs for product-based and service-based businesses.
5. Untraditional Money Sources: We look at some unconventional ways to fund your startup.
6. Impact of Personal Credit: We discuss how your personal credit can affect your ability to secure funding.
7. SBA Lender Match: We introduce you to the SBA Lender Match, a tool that can help you find lenders.
8. Cash Flow/Collateral: We explain why cash flow and collateral are important to lenders.
9. Professional XP: We wrap up the episode by discussing how your professional experience can influence lenders.
Remember to subscribe for more insightful content on business breakthroughs. Let's simplify business together! 😊👍
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Resources/Links from this Episode
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SBA Lender Match
https://www.sba.gov/funding-programs/...
Find an SBDC Close to You for FREE Business Advising for Life
https://americassbdc.org/find-your-sbdc/
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Have an Idea???
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Do you have a topic that you’d like to see us cover? An idea for a series of episodes that would help your business? Contact us here!
[email protected]
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Workshops and Training Events
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Visual Mastery: Photography Essentials for Small Business Success
10 January 2024 11:00 am – 12:00 pm
Register here: ➡ https://www.eventbrite.com/e/visual-m...
Crafting Customer Connections: Strategic Content for Small Business Growth
17 January 2024 11:00 am – 12:00 pm
Register here: ➡ https://www.eventbrite.com/e/crafting...
To learn about additional upcoming SBDC workshops click here:
https://www.farmingdale.edu/small-bus...
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🔗*Connect with the Business Breakthrough Podcast!
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LinkedIn: ➡ / farmingdale-small-business-development-center
Spotify: ➡ https://open.spotify.com/show/6DW01ZF...
Connect with our Host: Matthew Lostaglia:
LinkedIn: ➡ / matthew-lostaglia
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Disclaimer
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Books, materials, and other products discussed in this episode are not sponsors of this show and are not explicitly endorsed by any Small Business Development Center. They are the recommendations & experiences of the individuals on the episode
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The Business Breakthrough | NY Podcast is produced by the NY Small Business Development Center (SBDC) at Farmingdale State College.
Your go-to podcast for small business
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Chapters
00:00
00:20 How to Identify my Capital Requirements?
01:00 Skin in the Game
01:40 How Lenders Define “Startup”
3:00 Startup costs Products VS Services
6:00 Sources of Capital outside of Banks (Nontraditional)
7:30 The power of iterations
9:45 Power of Personal Credit in Getting Business Credit
11:09 SBA Lender Match
12:15 What to do before reaching out to a financial lender
14:00 Cash flow and collateral
15:30 Does Professional Experience in the Industry Matter
19:00 Priorities for entrepreneurs before they open the doors
