“More Money More Problems” to solve with an LLC
Congratulations again on getting this far in our series, you are well on your way to creating the first or maybe your 50th company with the information provided. With the help of the sixth part of this series, you will find out what are some the smartest ways to fund my LLC. You will be one step closer to getting your LLC in front of future customers to use the money you raise to solve their problems.
Should you find a bank for your new LLC?
Yes, finding a great bank will be one of the first things you need in order to legitimately capitalize your business. The reason being is whether it is your personal finances going into the business or an investor giving you a check, proper bookkeeping of receiving capital needs to be in order. Therefore, go online and find a bank that is suitable to your liking as an entrepreneur. Finally, open a business account with that bank and have your friends, family, or investors send the check to that account in your business name.
[bctt tweet=”Yes, finding a great bank will be one of the first things you need in order to legitimately capitalize your business. ” username=”Magnitax”]
Should you fund your new LLC with personal savings?
Your personal savings, in my opinion, should be used only if you are someone who understands it may take a few years to get a return on investment (ROI). As you may know, this can be a somewhat risky venture depending on where you are on the totem pole. For instance, if you are a barber who is taking your personal savings to open a small barbershop; there is a greater chance the venture will prove to be a success based on your knowledge of the business. In the end, I am on Team Personal Savings since you will not have to answer to anyone; unless your partner is a significant other. Lol
Should you use Crowdfunding from strangers for your new LLC?
In 2019, you have everything from Kickstarter, IndieGoGo, GoFundMe and so many other crowdfunding platforms to get funds into your business. No longer will you have the excuse that nobody likes my idea when we have all of these platforms available to us. With these platforms, any person with internet access can have stakeholders, investors or partners in their business without leaving their hometown. Once you’re able to create a campaign and get the funding you will have to use it for what your objective stated. Below, examine the number of crowdfunding transactions projected until 2023 by Statista.
Future investment opportunities for your new LLC?
In an upcoming eBook, I will break down other investment options which include: angel investing, venture capital and different partnerships so look out for that in the near future. To be alerted of the investment options related eBook, and more in our Ready. Venture. Go! Newsletter click here.
How thi series, is structured to benefit you?
The series created by Jean-Désir Fils is structured as seven separate blog posts. Each post breaks down the steps needed to form your LLC without an expensive attorney fee. This will not go into details for your state. The series will include a downloadable checklist that will ensure you remain on track to succeed no matter your level of business know how. Continue to our seventh and final part of the series here: