Write a business plan with financial projections. While not all alternative financing providers will demand to see your business plan, many funding sources have this stipulation, so you should prepare your plan now. [Read related article:The Do’s and Don’ts of Writing a Great Business Plan]

Do market research and know the conditions of your industry. Lenders may be more likely to approve borrowers in growing industries. As such, if you can prove that your company’s sector or market primes your business to expand and succeed, present your argument firmly somewhere in your application. It also demonstrates your knowledge as an entrepreneur and business strategist.

• Know your credit score. Often, a credit score below a certain number is an immediate disqualifier for loan applications, even if your company is primed for rapid growth and you’re working on repaying your loans. Find out your credit score, and if it is too low, work to improve it before seeking capital.

1. Meet with a small business expert and attend training provided through the SBA. As with any important small business decision, you shouldn’t go this one alone. Consult experts and seek training on how to apply successfully for the funding your company needs to thrive.

As a small business owner, you should also establish a strong online presence and pay attention to how your company looks online, because lenders will be reviewing this information, too. Online review sites such as Yelp, Angie’s List and TripAdvisor help paint a picture of your operations and serve as an indicator of your overall business health. Social connections and customer relationships on social media can also play a role in a lender’s decision to offer financing.

How to find business financing options

Trying to find financing for your startup can easily turn into a full-time job. From building a network of investors to connecting with other founders, financing is at the heart of any business’s success, but it can turn into a serious time commitment.

However, by working with the right investors and taking the time to be purposeful in your pitch, you can take important steps toward funding your company. Make no mistake; it will be difficult, but by being precise in your search, you can position yourself for success.

“What I find is when people get lots and lots of rejection and little progress, oftentimes they’re just talking to the wrong investors,” said Mike Kisch, founder and CEO of sleep technology company Beddr. “If they had a better sense as to who the right investor was, they’d see their success rate go up fairly dramatically.”

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Warm introductions

The key to obtaining funding as a startup is the “warm introduction,” according to Casey Berman, managing director of VC firm Camber Creek. Berman said startup founders can look to their immediate network to try to find opportunities. While this includes obvious connections – like friends and family or other startup owners – it’s also important to consider professional services your company is using. If, for example, you work with a legal consultant or PR company, they may be able to help you find funding, he said.

The key, said Berman, is https://worldpaydayloans.com/payday-loans-pa/lock-haven/ to partner with a company, whether it’s an investment firm or a payroll processing service, that adds value to your business.

“The warm introduction goes a lot further than really any other potential avenue,” he said. “Any professionals that are surrounding the company should absolutely be the first stop and the first location a company goes to try to have access to venture capital and a warm introduction.”