Money… It’s such a common problem for aspiring / start-up entrepreneurs. You can have the best idea or the best people on-board but if you don’t have enough money to go through with your plans then consider your entrepreneurial dreams to be on-hold. That’s just one example of how much money matters in business hence this series will be all about money and things you need to know about it in relation to the business.
Well, we can’t talk about money and not talk about banks so our first article in this series will be on how to find the right one for your financing needs. There are so many bank brands out there but how do you find the right one? At this point, I’m sure some of you are even asking “There’s such a thing as the RIGHT ONE? Aren’t they all the same?” Thing is, you need to know if your business lender is can provide you with WHAT you need and HOW you need them. Ask them if they’re ready to provide you with the amount you need and this doesn’t just include the 1st payment but with other needs as well. Do they even understand your business and why you’re borrowing this amount? If they don’t, that’s a whole set of headaches you’ll want to avoid because you’ll have to explain again and again why you need the money and still end up unsure whether you’ll get your money or not. Business moves fast and you want a bank partner who can move as fast as you do and be a fit for you so as not to slow you down with unnecessary procedures and red tape.
Bottom line, you need to have a conversation with your prospective bank partners. Ask them the right questions and, from there, choose which bank you want to go with.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.