Having reached the five year mark, Sharon McRill, President of the Betty Brigade, is actively seeking financing for her business. She shares her strategy for approaching banks and other sources of funding.
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Like many entrepreneurs, Sharon McRill, President of the Betty Brigade, did not want outside investment when she started her business. She did not want to owe people, in addition to the disappointment, if her business failed. Now, having achieved the five year mark, she is actively seeking to finance her business after reading Michael Gerber's E-Myth Revisited.
How is she packaging her business to speak with banks and other sources of funding:
- With some success, her business case is now more solid. Perhaps as important, she has a higher level of confidence than she did initially.
- She is looking for funding before it becomes a problem. That gives her some breathing room to evaluate options, and also allows her to present a better picture of ongoing operations.
- She has done a demographic study of her business and discovered that 60% of it is repeat, thereby helping strengthen the case for her receivables as collateral.
- She is willing to show her house as an asset, demonstrating that she has confidence in her case.
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