Get Funded Series | 2 Great Ways to Finance Your Startup


Got a Great Business Idea?

By: Ervin Hughes, Jr.

Managing Director at Rainstar Capital Group | President at Dominion Capital Management

Congratulations!  You’ve got a great business idea or opportunity but now you need a bit of startup funding.  Does this situation sound familiar? It should because this happens every day. Getting funding for a startup can be a seemingly impossible task – but, it’s not a problem if you know what to do.  So, read on startup person. Here’s some good news for you!

Preselling Your Product or Service Is Key

To get started, you must first register your company as an LLC or corporation in your state.  Then, go to work and start your new venture by preselling your new product or service. This step is critical to the funding process because running a successful pre-sales campaign can prove to yourself and everyone else that your product or service will sell.  The benefits of launching a successful presales campaign are many, but chief among them are the following;

  1. Builds a “buzz” about your new product or service.
  2. Helps you develop a list of interested prospects to buy your upcoming product or service.
  3. Proves that your product or service is needed, useful, and affordable and,
  4. It substantiates your business plan sales forecasts.

Develop Your Business Plan Sales Forecast

We’ve all heard amazing stories about exceptional entrepreneurs who have launched highly successful business with no business plan.  It can and has been done; however, while these stories are inspiring, they are in fact the exception and not the rule. Most businesses will fail without a plan to follow.  Here’s a great free online business plan builder tool to help you develop your sales forecast.  The business plan is the key to showing any potential lenders how your business plans to repay any loans or other financing.

Here’s Two Great Ways to Fund Your Startup

Since startup companies often have little or no income or assets to support the financing, its important to understand what financial products to use to fund your new startup business.  There are (2) lending products that you can use to fund your startup.

    1. Unsecured Credit Cards.  If you or members of your friends and family network has great personal credit scores, generally (700 or above), you can get prequalified for free to get multiple cash lines of credit up $175,000 all at introductory interest rates at 0.00% A.P.R.  Just use the link to register and confirm your email address to get instant access a free information kit on how to do this.  Unsecured Business Funding takes about 20 business days to fund, has no restrictions on how the funds are used for the business, and it has cool features like:

  • Multiple Partners Can Apply
  • No Collateral Required
  • No Tax Returns Requested
  • No Personal Income Verifications and,
  • 0% Introductory Interest Rates!

    2. Net-30 Day Trade Accounts.  All business owners should be building business credit.  Even if you don’t have good personal credit, you can still get funding for your startup by building business credit.  Depending on the type of startup expenses you need to fund such as inventory, equipment, materials, or supplies; you can start using business credit to finance your startup by using your company’s EIN# instead of your SSN.  This is a widely used but typically little-known way to fund your startup because there is;

  • No Personal Credit Needed
  • No Collateral Required
  • No Tax Returns Requested
  • No Personal Guarantees Needed
  • No Personal Income Verifications and,
  • No Interest Rates!

If you don’t know how to start getting business credit, there’s even a free online training course that will show you how to get started.  Just complete the short form to enroll and check your email for further instructions.  Signing up for online resources can be tricky, so always be sure to check your ‘Spam’ folders often because email confirmations can and do get caught in email traps.

What’s the Goal?

To fund your new startup.