The Business Side

So today I had an unexpected meeting with a few of my neighbors. One of them has been helping me out lately in opening my own business. He has been pointing me in the right directions in order to get what I need. The most recent roadblock that I have faced is that banks are requiring you to have at least 10% of the amount of money that you are asking for in the bank. Obviously as a young aspiring entrepreneur I don’t have that kind of money to have sitting in a bank account.

So during this meeting we were strategizing different ways of getting around things in order to successfully get my business off of the ground and start working. We went back and fourth with different ideas. Until we were able to figure out that its not the fact of having the physical money in the account or not. It is all about making the numbers work. Getting 15 or 20,000 dollars is not the biggest problem here. The biggest problem is getting the numbers to look good enough that the bank will just oversee the fact of not having the money in the account.

I learned through this meeting that my overall goal when presenting my business plan to the bank is to make sure that they absolutely do not have any questions in regards to the business by the time that they are done reading that packet. I want to try and cover all of my bases within that package in order to minimize the number of questions that I am going to get when they are done. Not only will this help me out with their financial decision but also it will show them that I am a very organized person and like to keep things simple enough for them to understand it easily.