Choosing the Right Business Funding Advisors
If you are looking for capital in order to start your business, it can be well worth your time to consider speaking to a trusted team of business funding advisors. When it comes to these advisors, however, there are a number of them out there and that means you will have your choice to choose from. However, not all business funding advisors out there will always have your best interest in mind and because of that, you want to make sure you are working with the right advisor for your needs. Here are some things that can help narrow it down:
Get a Trusted Recommendation
As with anything, you will find that it can be a great idea to get a recommendation in order to find the right advisor for you. You will, however, want to make sure that this is a qualified and trusted recommendation. This means, you will want to probably get the recommendation from someone you trust, but also from a trustworthy person who knows what they are talking about. Though you may trust a neighbor who advises you to go to their cousin who is a business advisor, if they have never used the services before, they obviously might not be giving you the best recommendation possible. Traditionally the best place to get trusted recommendations is in the business community itself. This is accomplished by attending local business events, conferences, meet and greets, and even charities. The first place to start is the Chamber of Commerce, they host many events through the year, usually have a young professionals club, and also can offer recommendations. Additionally visit the Better Business Bereau. The next place to visit is the local civics and business clubs. These organizations sometimes have a specific goal or demographic, there are clubs for real-estate agents, financial groups, and usually down-town betterment business organizations. Getting a recommendation from these organizations is usually a great place to start, because many people in these organizations probably already use each other’s services already. If you are in a small town or city, word travels fast. Just like a parent hearing about the best teacher in a school for a child, or doctor and mechanic recommendations from friends and family, the business community is similar. Everyone will know the best lawyer in town, the best CPA firm, and also business advisor. There is something to be said for “putting your money where your mouth is”, if a business person you meet recommends a lawyer, accountant, or business advisor – ask them if THEY use them. If they do, then that is the best recommendation they can give you.
If the local community is not providing what you need, it may be time to widen your net to reach your goals. Consider seeking out successful business owners in a similar business in different geographic areas. Make sure you mention you admire their success and immediately mention your desire is to succeed in your local market. Once the competition barrier is removed, many successful business owners like to “tell their story” and that story often includes a creative business funding strategy that was one of the main reasons for their success. A referral to a business funding advisor from a valued, longtime performing customer is invaluable.
Pay Attention to Objective Ratings
You will also want to take a look at ratings when it comes to finding the right advisor for business funding. You will find that there are many organizations and websites that will independently rate business advisors and you should certainly take these ratings into consideration before you work with one of them. If, for some reason, you can’t find ratings, or you want to learn more about the company, consider contacting the Better Business Bureau in the area where the business operates. They will be able to, in most cases, let you know about the businesses reputation.
Before getting your advisor
Stop, you are not ready to hire your business advisor yet, there are two more important people to have as trusted allies and partners; you lawyer and accountant (CPA). Frequently people starting businesses will rush out and try to raise money first, hire a business advisor, and start applying for loans. However in many cases this is putting the proverbale “cart infront of the horse”, getting a trusted attorney who specializes in small business and contract law as well as a certified public accountant (CPA) is always your first steps. You don’t have to hire them, but you DO have to meet with them and discuss your plans and that you are interest in hiring them once the business starts. In fact odds are if you find a trusted attorney and CPA, they can give you the recommendation you are looking for.
Walk Away if They Guarantee Success
Finally, remember, these advisors are just that…advisors. They are not taking money out of their own pockets to give you, nor is their company supplying any loan. They are simply helping you to have the best chance possible of securing the money you need. This is why, if they give you a guarantee that they will 100% get the money, walk away…a business like this shouldn’t be trusted.