Posted by 2016-02-18 14:49:00
Title: Gluten Be Gone Inc. needs help - an investor/partner is needed.
You’re not alone in wanting to find capital or investors to inject some money to take your business to the next level. You have several options to consider:
- Talk to your bank. While you might not like the idea of a loan, the interest you will pay may be substantially less expensive than the returns (read: profits) that an investor will demand in exchange for use of their money. An established business with two years of financial history should be able to secure growth financing in the form of a loan or line of credit.
- Angel investors. Go online to search local or national angel investor groups to get connected to potential backers. Check out http://www.nacocanada.com/
- You can also visit or join your local Chamber of Commerce or Board of Trade to rub elbows with plenty of businesspeople who might be interested in your venture.
- Arlene Dickinson! She founded this site and our favourite Dragons’ Den star is willing to hear your pitch. There’s a link on this website to take you through the process: https://youinc.com/ade-pitch
- Think family and friends. While the idea may make you uncomfortable, most entrepreneurs end up borrowing money from family or friends (known as “love capital”). Tread carefully for all of the obvious reasons – like never getting invited back to Thanksgiving dinner if you don’t repay a family member.
Before you try any of these approaches, you must update your Business Plan so that potential investors or lenders can see what you have in mind for the future of your company – and so they can see how you will repay their money.
Best wishes for continued success!
Roger Pierce, Small Business Expert