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So you started to put into motion your great idea for a company that was taking up so much of your mental energy. After researching market demand, you did your financial planning. The only thing left to do is raise funds to make it all a reality. Like so many entrepreneurs in the start-up phase, you will certainly go knocking on your account manager’s door. How will this first business meeting go? Here are five tips to put all the chances on your side to secure a loan.
"The best way to convince someone is to be well-prepared," says Benoit Deschamps, Advisor, Internet and Mobile Technical Support at Desjardins Business.
Preparation involves drawing up a business plan that's well put together and includes financial forecasts. At the same time, you'll need to show that you know the market and your competitors. Details like client numbers, financial resources and operating methods are important.
2.Reassure the creditor
Reassurance also plays a big role when it comes to convincing the other person. The odds are stacked in a business leader's favour if they set up a team of professionals that includes a tax specialist, accountant, etc. "If the entrepreneur has an accounting firm check their financial forecasts, it's reassuring and shows that they're fully committed," says Benoit.
3.Have a solid credit history
The account manager will examine your credit history, personal investment and/or down payment on your project. When they review your file, they'll also take into account the grants you received, or the money you borrowed from your friends or family (i.e., love money).
Interested in knowing the two other tips?
Read the full article on Desjardins’ website