The Always Present Funding Question

As a tax and accounting advisor, I see one of the biggest struggles of an entrepreneur is locating sources of funding.  Sources of funding can vary based upon the maturity of a business, its market, growth, etc.  Last night, I was fortunate enough to attend the November 30th meeting of the Cape Fear Economic Development Council. We were fortunate enough to have a host of experts to discuss the financing environment and options.  My take away is that there are options available, but you need to have your ducks in a row.  You need to have a business plan that is realistic.  In order to get there, you need to have people review it and shoot holes in it so that you can resolve them.  If you don't, your funding source will find those holes and turn you down.  The other obstacle is that the entrepreneur needs to have something invested in the business.  Unfortunately or fortunately, many startups arise out of a loss of a job or another opportunity that has failed.  This can make cash flow tight and tough to show that owner investment.  If you find yourself in that situation, do your best to grow and establish that investment in the company via cash flow or get an initial round of funding from friends and family.  The video from the event should be up on the Cape Fear Economic Development Council's web site in the near future.