Are you ready to grow your business but don’t really know where to find small business financing? Amber and Maelisa met Joseph Hogue at FinCon and knew he had to come on the show. Joseph is a financial guru with 4 blogs and 10 published books, so he knows a thing or 2 about starting a small business. He has an awesome YouTube channel called Let’s Talk Money that helps people learn more about finances. Discover Joseph’s creative small business financing ideas on this episode of My Biz Bestie.
How do you make the leap from side hustle to legitimate business?
Many entrepreneurs start their businesses as a side job with their personal money and run their business much like they run their personal finances. But if you’re not great with your personal finances this may not be the best idea. And once their business begins to grow they don’t understand how to keep their business and personal finances separate. As you start to scale, finding small business financing can be challenging. How do you make the leap from side hustle to a legitimate business? What financing options do people have when growing their business?
TWEET THIS: PEOPLE DON’T REALIZE THAT THEY CAN FIND MULTIPLE FUNDING SOURCES AND THAT THOSE SOURCES CAN BUILD ON EACH OTHER.
What small business financing options do people have when starting or growing their business?
To take your business to the next level you need to find small business financing. People don’t realize that they can find multiple funding sources and that those sources can build on each other. You can start your small business financing with a small business loan or even a personal loan. Just make sure to pay attention to interest rates. Once the business has grown a bit and you have established a community you can then begin crowdfunding. The next step that many small business owners never think of is an investor group. Listen to Joseph Hogue describe why an investor group is a great way to find funding and take your business to the next level.
How can small business owners use crowdfunding to raise money?
Crowdfunding sites like Kickstarter are a great way to raise money to grow your small business. Using crowdfunding can be intimidating since it is so real and public. Using crowdfunding is a risk and you need to be ready to level up. One way to confront that risk is by setting your initial fundraising amount a bit lower than you initially expect to need. You can also set milestone amounts to help keep your followers engaged. Kickstarter has the added benefit of being a natural marketing source that will help grow your community and take your product to the next level.
How does applying for a small business line of credit help your business credibility?
Applying for a small business loan can be challenging. But there is not only one way to get a loan for your small business. Before you even apply for a loan you need to be prepared. You want to make sure that you are only borrowing as much as you need to since you will have to pay it back with interest. You need to be able to explain your business and have your numbers all mapped out. Your income and sales need to be there to back you up. Discover how to build your creditworthiness while obtaining small business financing on this episode of My Biz Bestie with Joseph Hogue.
In this episode…
[3:12] Who is Joseph Hogue?
[9:31] How can small business owners scale their business?
[18:40] What do you need to think about as you look for financing?
[24:55] How can you build your business credibility?
[28:43] How do you strike a balance between taking an income and reinvesting in the business?
[34:11] Sometimes there are small solutions rather than one big solution
Connect with Joseph Hogue
BOOK – Step by Step Crowdfunding by Joseph Hogue
BOOK – Zero to Business by Joseph Hogue