1Q: What information do I need to bring with me when meeting with a banker?
A: Your banker will provide you with a checklist of documents required before you meet. You should never schedule a meeting with a banker until your trusted advisor, coach, or mentor has reviewed and critiqued your information.
2Q: How do I start a business?
A: It would depend on the type of business you want to start, i.e. will you offer a product or service. Once you make this determination you will be able to form your company appropriately and work on your next steps. Blue Print For The CEO has an in-house program designed to help CEO’s Launch, Build and Grow a Profitable business.
Click here to see the Blue Print University offerings.
3Q: Do I really need a business coach/mentor?
A: Yes, I recommend someone who is a successful history running a business. They will help you in your decision making process by sharing their wins and losses. Coaches are a great option and have varying prices to services your needs. It’s important to select one that you are comfortable with. It’s no fun to invest in a coach that is not a good match.
Mentors are wonderful and some may mentor you along the way, answer some questions and even introduce you to others; although most don’t require a formal payment, it is common courtesy to thank them monetarily.
4Q: How much money do I need to start a business?
A: Having a Clear, Concise and Captivating business plan will flush out the real amount of start-up cost required for a start-up based on your specific needs. There are also resources available to help you project your financial goals for 3-5 years.
5Q: Why do I need a business plan?
A: Do you want to expand your business, be more competitive in your industry or achieve certain goals? If you answered yes to any of the above, you need a business plan! Whether you've just started out or been running for years, business planning can be the key to your success.
• A business plan is vital to helping you get financed
• A business plan can help you prioritize
• A business plan can give you control over your business
6Q: Do banks loan money to start up’s?
A: It is very difficult for a new business to get a loan from a commercial bank for business startup. The SBA fills this void by guaranteeing SBA backed loans. Blue Print provides information on other sourcing options available to start ups. Note: banks prefer to see 3-5 year company history and profits to consider loaning money. We have relationships with Bankers and Lenders that often come to our courses to speak with CEO’s on their underwriting requirements.
7Q: Should I pay myself a salary?
A: The lower the CEO salary, the more likely your business is to succeed
8Q: What is working capital?
A: Working capital, also known as net working capital, is the difference between a company’s current assets, like cash, accounts receivable (customers’ unpaid bills) and inventories of raw materials and finished goods, and current liabilities, like accounts payable. Working Capital = Current Assets - Current Liabilities
9Q: Does the SBA make loans?
A: The SBA does not make loans they guarantee loans made by SBA lenders.
10Q: What skills do I need to become a great CEO?
A: CEO’s have to effectively communicate their vision to build trust in everyone associated with your business. Business partners, investors and customers need to believe in you. A CEO’s communication must be succinct and to the point. You will also need a CEO Mindset
11Q: Do you have a list of recommended reading?
A: Yes, we have several recommendations you can view. Grace and I recommend starting with Think and Grow Rich by Napoleon Hill and How To Win and Influence People by Dale Carnegie
The remaining list is available on this page as a download for your convenience
12Q: What is the difference between equity & debt?
A: For our purposes the word equity is used when referring to an ownership interest in a business. Debt is an obligation used by businesses to raise capital for a particular purpose. Please sure you take notes on this section when you take our Bankable Business Plan course.
13Q: Do you need good credit to qualify for a business loan?
A: Most lenders use a minimum credit score as a benchmark to determine your creditworthiness.
Be sure to ask us about some other ways to help get funds that do not require a PG or credit worthiness.
14Q: What does bankable mean?
A: For a start-up a business plan written to meet or exceed the criteria and expectations set forth by a lender or investor. Remember the stronger you are personally, the stronger your business is.
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