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How to Set Up a Sole Trader Business in Australia

Having an Australian Business Number allows you to register as a sole trader, which basically means that you're closely linked to your business. Operating as a sole trader business means that you have to learn the tax-related rules and regulations because your personal finances are connected to that of your business.  Take a look at the benefits and advantages of sole trader before you make a decision of becoming one.   A Sole Trader business is a business structure in which the proprietor is responsible for the entire business, essentially YOU are the business. When tax time comes around, all business profits, income etc. is counted together with your own personal, individual income. Benefits of a Sole Trader Simple to set up and operate (in comparison to other business structures such as a Partnership, Trust or Company) You have complete control over your business including all assets and decisions Sole trader business is much less expensive to set up and maintain There are less reporting requirements, paperwork and government interference and regulations Any losses may be offset against other income earned As you are not considered an employee, you are not required to pay payroll tax, superannuation contributions or worker’s compensation on income you earn Sole trader business has more privacy as you are not required to disclose your profits to the public It’s the easiest business structure to change if the business grows or if disbanding and you’ll keep any after-tax gains when you sell Disadvantages of Sole Trader There is unlimited liability, meaning your personal assets are at risk when things go wrong You are personally liable to pay tax on all income derived from the sole trader business and there is a little opportunity for tax planning How to Register as a Sole Trader Applying for an ABN registration (GST) In order to operate as a Sole Trader you must have an Australian Business Number (ABN). To apply for an ABN you’ll need to apply for one through the Australian Business Register (ABR). It’s an extremely simple process and will only take around 30 minutes to complete online. You can use this number for all your business dealings. Having an ABN ensures no withheld payments when you issue an invoice. Without quoting an ABN business clients are required to withhold 46.5% of any payments. It is also essential if your business collects GST, which you can apply for within the ABN application form. GST is required when your business earns $75,000 or more. How to Register a Business Name If you use your own personal name for your business then there is no need to set up and register a business name. However, if you don’t wish to trade under your own name, you’ll need to apply for a business name. Your business name should be something relevant to your business, preferably catchy and memorable. To register your business name, first check if it’s available by checking the National Names Index and if you wish to trade online it’s a good idea to check that a suitable domain name/address is also available. You can apply for a business name through the Australian Securities & Investments Commission (ASIC). Next you’ll need to ensure that your new business name is linked to your Australian Business Number (ABN) by contacting the Australian Tax Office (ATO). The business name you choose for your sole trader business has no legal entity status and does not give you ownership of that name or legal protection of it. If you wish to legally protect your business name and stop other businesses from using it, you’ll need to trademark it. Who Pays Tax? As the business income is treated as your personal, individual income, you as the proprietor of the business are responsible for any tax the sole trader business must pay. After claiming a deduction for all relevant and allowable expenses, you are required to include all business income with any other personal income earned and report it on your individual tax return. After your first year of sole trader business you may pay quarterly, Pay As You Go (PAYG) instalments towards the expected amount of tax payable at the end of the financial year. As a sole trader you are required to pay the same tax as an individual taxpayer, at personal income tax rates. As Sole Traders pay tax with their individual Tax File Number (TFN), at the start of the business there isn’t generally any tax applications to register for as most individuals will already possess their own TFN. However if you do not already have a Tax File Number you can apply for a TFN through the Australian Business Register. Who Pays Superannuation? Sole Trader is responsible for his own superannuation arrangements. When making super contributions you may be eligible to claim a deduction. You will first need to notify the fund of your intention to claim a deduction and wait until their confirmation before proceeding. Once you receive confirmation you are able to claim the super contribution as a personal deduction on your tax return. You may also be eligible for government super contributions when paying your own, depending on the amount you earn and the amount you contribute. You will also be required to pay superannuation to any eligible employees. Are you thinking about registering as a sole trader business?

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How to supercharge your network in 3 months

Does the success of your business rely on your own personal brand and the exposure you have in the professional community? Imagine if you could double your online networks in just 3 months – how would this affect your client pulling power?  It sounds simple, but growing your network does take a little time and effort. Here are some things you might wish to invest a little time into:Get the Year Book outIf you’re not already an active player on LinkedIn, you’re missing out on a wealth of opportunity. LinkedIn is the professional playground for those who want to become a key influencer in their field. Because LinkedIn only really took off a couple of years ago, there’s probably many people you’ve met in a professional or social capacity, whom you’ve not yet connected with. Set aside a whole day to rummage around your mental rolodex of colleagues, friends, university classmates, acquaintances, suppliers, clients and even your extended circle of family and friends. Think even outside the box – people who you’ve spoken with but not done business with. Don’t be afraid to connect with high profile people too, if you’ve dealt with them in some shape or form. You’ll very quickly discover that LinkedIn is a gold mine.Select three LinkedIn Groups and get activeWhen you find out where your customers hang out, it’s time to start building a relationship with them. This doesn’t involve direct selling – what I mean, is engaging in topical conversations related to your field, displaying your expertise in a way that adds value to your customers. If your customers aren’t hanging out on LinkedIn, you may want to consider Facebook groups. Whatever groups are appropriate to your customer base, you’ll be able to understand whether they’re the right groups for you just by listening to the conversations. Observe the conversations that unfold. If you’re not able to engage in the group conversation topics at least once every few days, you’ve joined the wrong group. Choose two social media channels and do them wellDecide on two social media channels that you enjoy using and that are relevant to your customers. Do these well and forget the rest. Your profile will benefit much more from being highly visible and consistent in two channels, than doing bits and pieces in four.  That way, when you connect with new people, they can see you’re active and (hopefully) interesting! Put on your power suit and say ‘yes’Your ‘power suit’ doesn’t necessarily have to be the traditional one. By power suit, I’m referring to the ideal version of you, you wish to present to the outside world. Don’t turn up to networking events with lack-lustre attire or personality.   Turn up with purpose, with business cards in hand and with reams of enthusiasm. Be that person in the room who people want to talk to. If you’re serious about expanding your networks, physical events are a great way to develop relationships that go beyond likes and tweets. Research the events in your area that are relevant and go to as many as you can. Some you’ll perhaps only go to once and some will become your regular platform for meeting new people.  As you start out, try and say ‘yes’ to as many as you can. One useful contact could open up a whole world of opportunity Create the HabitEach time you meet someone new –it doesn’t have to be a potential client, connect with them on all your social media outlets the day you meet them. Don’t leave it pass a few days and eventually get around to it. By that time, you may well be a distant memory of theirs.  Your new contact might only be a new colleague, your new hairdresser, a friend of a friend you met briefly, but there are two important things to remember here. Firstly, they know a lot of people you don’t know.  Secondly, this habit is a good one to have, because you will grow your network with what seems like minimal effort.

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How To Use A Business Mistake To Enhance Your Reputation

It was 9:25 am when I arrived at the office and I was faced with an entire team of panic-stricken staff, some tears, and looks of dread-laden terror. I knew something had gone wrong. Really wrong. As a company that promotes itself as "training development experts" -- we had conducted a mail-out campaign the day before to over 1,000 prospective clients that contained samples of our work. These samples had been checked, rechecked, audited by professional(and very expensive)auditors which were verified and validated by subject matter experts. We were feeling awesomely optimistic about our campaign. However, despite our thoroughness, two emails arrived in the early hours of business today, with the words within them that no business owner EVER wants to see. The samples we had sent out contained a couple of highly embarrassing errors. Errors that suggested anything BUT us being the "experts in training development." **Cue: Sickening heart sinking moment** After calming all of my staff down and reassuring them that nobody was getting fired, I get back to my job. Find a way to fix this and find a way of ensuring it doesn’t happen again. I found a way, and (believe) we have come out the other side a better company and with an even better reputation. Here are my tips for how to get it right when you’ve got it wrong, and still come out (humbly) on top: 1. Investigate This does NOT mean find out who is to blame. This means check what the complaint or error really is about. Is it subjective opinion, is it fact? Where did the system fail? Why? Make sure you fully understand what’s gone wrong. 2. Accept Accept the error as your own, not your team. You are responsible for setting up and/or approving quality assurance processes and procedures within your organisation, and you need to accept that YOUR system is not working. You have failed your staff in some way -- whether it be training, clarity, structure, policy, process, procedure, support, resources or something else. Provided you have the right people in the job, people don’t fail, processes do. Getting angry at your staff is not going to solve this problem. 3. Discuss Call a team meeting. Even call in staff that don’t belong to that department or have anything to do with the error that has occurred. Fresh perspectives on what it means for the business and how to overcome it really come to their own here. Get everyone to contribute how they would deal with this if they were the company CEO, and then collectively agree on an approach (to patching things up with the customer, AND improving the process that has failed). 4. Address Do not ignore the complaints, do not hide behind an email; do not reply with a smart-ass defense. Pick up the phone, call the customer(s) that this has affected and speak with them personally. If you have a huge customer base that was affected, record a video and publish it. 5. Gratitude By complaining, or even sending an angry, abusive or derogatory-business-bashing email, this customer has brought to your attention something you may not have known about as the CEO. They have given you an opportunity to improve your business, your operations, your service, and expertise. They have also given you the opportunity to show yourself as caring and humble human, or an a**hole. You have the choice which one. Thank them for bringing it to your attention. Thank them for this opportunity they have given you to improve your business. Thank them for their valuable feedback that has instigated a re-evaluation of your internal quality assurance processes. Be human and tell them that you’re very embarrassed that such an error has been made. The response I had at this stage was a real turning point. Angry customers suddenly become friendly and supportive peers. They share their surprise at getting such a nice phone call from the CEO, thanked me back, and wished me luck going forward. 6. Offer Offer the angry customer a ‘gesture of goodwill’ gift at this point. Whatever it was you were selling, give it to them for free. Perhaps offer a free consultation, a credit voucher. Something that makes them think "Wow, they cared enough to call and thank me, and they top it off with integrity and a genuine desire to please me." After I made the "offer" stage to an upset client, I saw a social media post about how refreshing it was to be treated so well after making a complaint. If I hadn’t had taken these steps, I am pretty sure that that social media post would have been damning and disastrous, but instead, I've made a fan. As much as no business owner would ever wish to make business fans in this manner, my point is that mistakes happen. And when they do, surely you’d rather have this result from a complaint than the alternative, right? How do you "get it right, when you’ve got it wrong" in your business?

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How to validate your crazy business ideas for under $100

  Am I crazy or creative? Everyone has thought of a great idea for a product/service, and you're probably reading this right now because you have something in your mind right now. Your "eureka" moments have probably happened in the most unlikely of places such as in the shower or while you're on the toilet (I won't judge). Most of my ideas ironically come from my tendency to be extremely lazy. Take my idea for an automatic apple peeler, this was born because I was too lazy to keep peeling apples myself.  These little fantasies occur often but the hardest part is knowing whether this idea is worth pursing and turning into a business. Apart from asking your family and friends who will either tell you you're crazy for the sake of it because they want you to go to university and become an account/doctor/lawyer (cue various professional occupations) or support you no matter how stupid you are, where else do you go to confirm of your idea really is marketable - especially if your target market are aliens from mars that enjoy toffee? Never fear! You can now validate your idea for under $100 and with very little technical skills required.  Your prayers have been answered  The answer is Facebook - yes the thing that wastes your day from doing productive things is also the answer to your wildest dreams. For under $100, I've been able to work out whether my idea has been valuable, and once I've established that - what angle to best market it from.  The beauty of marketing on Facebook is that you are able to target the exact people you feel will buy your product. After that you can see from their behaviour whether they would be interested in it. The best thing about behavioural validation is that there is no bias from people wanting to say yes to you because they are polite, you've essentially cut through the crap and have a chance at getting your real answer.  So, how the freak do I do that? So what do you do? You simple set up a Facebook page with details of your business, or a simple one page website and run your Facebook ads with a message that sells your product. You don't actually NEED a product you just sell your IDEA, and then you target this message to green aliens in mars that like toffee. After that, you just sit back and wait, I like to play computer games while I do this :). After a few days of waiting you can start to see which messages get the most clicks if you get clicks at all. If no one clicks - I think you're idea will take a but more effort to sell. If you get tonnes of clicks then you are onto a winner, and you may have quite a few people expecting to use your product already. The Facebook ad reports given you a very good idea on the clicks and actions. If you get a click through rate of 0.02% it's generally pretty promising. Any less and you may need to think of the way you are wording it and refine your message again. This may be daunting to you, but if you do a little search there are so many resources that teach you how to create a Facebook page and create your own ads. I'd love to hear your crazy business ideas that you have had in the comments section below:

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How to win the interest of investors when pitching

When pitching your idea to investors, ensure your concept is clear, compelling, and begins with a strong hook. Your speech should show you're targeting a niche market, that you're passionate about your idea, and meet all the requirements that have been laid out beforehand. The presentation should have easy to read slides, simple language, and clearly present the problem your product or service solves. Pitching for capital is the way to create the path for your business to move forward. Finance can be a huge roadblock and the difference between a great idea being realised or fizzling out. It is incredibly important that the individual pitching is articulate with a confident presentation. Being able to tell a story to support the struggles of your end users is crucial. The bigger your idea and the more value your idea brings to the end user, the more interest you will attract from the potential investors. What are the problems that business owners face with pitching for finance and what are the solutions that could help attract the interest of investors? Here are the top nine things that need to be addressed in a pitch: 1. The pitch's concept needs to be clear If the concept isn’t clear, then you will be grilled by the investors about what the business is trying to achieve. After the pitch, questions and answers will be very important to understanding the business proposition. The success of the pitch depends on the investor’s understanding the problem you have identified and the solution your business is offering. 2. A compelling case for investing Throughout the pitch, you are building a compelling case for the investors to buy into your idea and business. Work out your objectives for the pitch, how much capital you are looking for, how this capital is going to be used, and the payback time. Understanding how the money will be generated is vital. Your delivery needs to give the investor the information they need to make an informed decision. Define the problem and match that with an innovative solution to overcome the problem. The bigger the problem and the more innovative the solution, the more compelling the case. 3. A strong start to the pitch The opening of your pitch gets the investors' interest. Find a way to draw their attention fast. Starting with a story illustrating the problems faced by the end user is a sound start. Asking questions to the audience to see if they had experienced the problem is another great way to garner interest. Keep your nerves under control and work on delivery. Having a confident mindset and managing any self-defeating thoughts is important. You need to be prepared, polished, and confident to fight for your business proposal to reach the next stage. 4. A clear niche market is essential Demonstrate that the product is solving the problem that is being faced by a well-defined target market and show that you have traction in the marketplace. At the moment, just choosing one target market is important as it shows you know where to do your marketing. While marketing to other target markets may be possible, show the investors you have chosen one and the impact your product is having there. 5. Exude passion and enthusiasm You are selling your business idea to investors who are being asked to part with their money. So, the more passionate and enthusiastic you are the better. Be careful in selecting the person to do the pitch. It doesn’t need to be the mastermind, but it is important that the person who is delivering the presentation is persuasive and energetic. And make sure they can deliver a polished presentation. Also, consider their pace of speech. If your deliverer speaks too fast, it will be difficult for the audience to take in the details of the pitch. But also ensure they can deliver the pitch in the designated time frame. Presenting the important information in a polished manner is the goal. Reduce the content to stick to the pertinent points, so they keep within their allotted time and get the message across. Your speaker needs to show passion and enthusiasm for your great idea and keep the content within the time frame without rushing. This takes planning, preparation, and practice. 6. Meet the requirements of the pitch Give the investors the information to make an informed decision. Pitch decks are easily accessible on the web: see Pitch Deck. You don’t need to use their slides, and it's better not to, but that information structure is what investors are looking for, and it is important to address each of these points. The information that is essential to be included in your pitch is: Identify the problem your business is solving The solution Target market and market size How your business is to make revenue Business model Proprietary technology Competition Marketing plan - the plan for achieving sales Team- who is on your team? Money milestones - what are you going to spend and achieve? 7. Have clear, easy to read slides A picture says a thousand words: it's true. Ensure your graphics are clear, simple, and easy to understand. If there are lots of words, small font, too many graphs on the screen, etc., it can be difficult to take in the information during a fast-paced pitch. So, make it easy for the viewer: use large fonts, home in on the message you want to display, and use simple graphics. Well-designed slides will display the professionalism of your business idea. Using video can also support your case, especially when presenting a complex problem with a high-tech product solution. Video can get across a message in far less time and shows professionalism. Just make sure you have practised with getting the technology working, so it's seamless when going to the video and back to the slides.  8. Use easy to understand language Being clear, articulate, and delivering with a strong voice will get your information and message across. Ensure the pitch will have easy to digest language. If you use long, complicated language, the investors may not understand the presentation, and they may miss something. It's a skill to make complex scenarios easy to understand. It will clarify your product and the benefits it brings. The benefits of the product are what will sell the concept. 9. Be crystal clear on your product or service Being clear on the problem the end user is experiencing and the solution your business has developed to overcome it is essential. Being able to explain this in a concise and clear manner will be vital to your success. If there is any confusion in the mind of the presenter, this will be obvious to the viewers and the investors. Deliver the best pitch of your life By being diligent with each of these points, you will impress the investors. And depending on the business proposal, perhaps you can begin discussing capital investment. Every time you pitch a product or service competition, you will learn so much. The investors will ask you questions that will help you on your journey of building your business. Even though you may not always be successful in getting the interest of an investor and raising capital, it gives you the information to look at your business with new eyes. Then, when the time is right, when your business proposal is sound and secure, and when you’ve nailed your pitch, you’ll be onto the next phase of your business journey. (Image courtesy of Shutterstock)

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Interview with Mobile Developer 'Appliquette' Founder Andrew Osborne

Tell us a bit about your business? www.Appliquette.com.au is an iOS and Android application developer. We specialize in building socially connected Games & Apps for Marketing and Creative Agencies, Publishers, businesses and  individuals. Since launching in Nov 2011 we have been fortunate to work on some exciting projects, across a variety of genres ranging from Data Apps, Games & Handheld Training Tools/Simulations. Why did you start up your business? Locally the industry here is quite small with minimal opportunities for securing full time work. The combination of my professional experience & always feeling quite entrepreneurial, I felt it was a great opportunity to go for it. What are the major hurdles you experienced when starting up your business? Securing a decent amount of work was difficult at first, there was always enough to get by but not enough to effectively grow. Finding repeat clients in a world where often you are just developing 'one-off' products was also a major hurdle in finding a steady stream of fee for service work. What tips can you give other SavvySME members that are thinking or in the process of starting up their business? Try not to be too discouraged by perceived failures, I spent a large portion of 2012  networking &  pushing our services out there with little return at the time beyond faint glimmers of opportunity. I got to a stage where it felt like there was very little hope, but I kept persisting and suddenly everything just 'clicked' and I started seeing immediate growth. What made you decide to take the jump and focus on your business? I wanted to be in control, I wanted flexibility in my work life, and I knew that I could be successful doing it. How did you family and friends react? Thankfully I have had nothing but 100% support in the process. How has your life changed? There hasn't been too much of a change to my life, but through the business & networking I have opened doors to new people and new opportunities that I would otherwise not have had.  Having the flexibility as a result of running my own business is also certainly a positive in my overall well being.  What success have you experienced since starting your business? Things have been very positive in the past 6 months, we have secured some longer term clients with running projects, and have had to bring in additional hands to manage the workload. We have also been fortunate enough to work on some projects for major businesses, and seeing the results of these advertised in magazines & papers, as well as seeing products in major grocery chains advertising the apps has been a great feeling. What is the vision for your business going forward? At this stage we will be continuing along with our current direction, with an eye to develop some more in-house IP, to remove the need of relying on 3rd parties for revenue streams. What tips can you give other SavvySME about motivating yourself to push through the challenges that rise up while building your startup? Set yourself short term goals along the way and celebrate the small wins, it is always a hard slog building a start-up so staying positive by achieving even the smallest success is important. 

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Interview with Service Seeking .com.au co-founder Oliver Pennington

Tell us about your business? ServiceSeeking .com.au helps you get quotes from local businesses.  You describe what you need done on our website - eg "I need a plumber to install a new sink"- then our customer support alerts plumbers in your area by email. Available plumbers send you quotes - eg "I can do this for $200 next Tuesday..." We launched in October 2007. Since then we've had over 600,000 customers use the site and over 70,000 business signups. Why did you start up your business? We thought getting quotes from local businesses was more difficult than it should be. By having businesses compete online our customers save time chasing quotes, and most get a better price. We first thought the model would work best for professional services like lawyers and accountants, but it actually works best for construction and trades according to the received quotes. What are the major hurdles you experienced when starting your business? The biggest hurdle was the lack of expertise in our support team. Most of what we were doing we'd never done before and needed to learn fast. We overcame the initial knowledge deficit by making lots of mistakes, reading everything we could find about business, talking to others, and keeping close contact with our customers. What tips can you give other SavvySME members that are thinking or in the process of starting their own business? Keep plodding along. We're 5 years into this and we still make lots of tiny enhancements. Over time little changes add up to a lot of progress. Hope this helps. What made you decide to take the jump and focus on your business? When we came up with the idea I wasn't really going anywhere in my job. I'd always wanted to run my own business, so I thought it was worth quitting my job and giving this a chance.  How did your family and friends react?   My friends and family were really supportive. I'm sure some had doubts about whether we'd make it work out, but nobody ever told me to my face.   How has your life changed? Since starting the business I've been married and had 2 kids. That's changed me more than anything work wise. I don't think my life would be too much different if I hadn't followed this path. I'd be less engaged or satisfied with my career, though. I think the big lifestyle changes might come later as long as we can keep adding value to the business. What is the vision for your business going forward? We want ServiceSeeking.com.au to be the best way for people to compare quotes and prices from local businesses. That means we have to deliver a better experience than Google, the Yellow Pages, or calling businesses from the local paper. About half of our customers report having an amazing experience, so we still have lots of work to do because we love to heart more positive user opinions on selected products. What tips can you give other SavvySME about motivating yourself to push through the challenges that rise up while building your start-up?  If you don't have the motivation to work through challenges you may not have what it takes to run your own business. Despite being in precarious situations several times, particularly in the first 2 years, I've never had to dig very deep for motivation. I've always had an unwavering belief that we'll succeed. If you have that sense of belief you can probably work out a solution to most problems.

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Investors For Start-ups: Where to Find Them?

There are a variety of different types of investor that businesses looking for financial support can look towards for funding. Which type of investor a business owner should approach relies predominately on what kind of business it is, and how much money is needed.  Angel Investor An angel investor is a good option for start-up businesses, but can be very difficult to find. Angel investors are most often individuals with significant financial resources who invest into a business because they personally feel it has potential. In exchange for their funding, the angel investor normally gets a percentage on the return of their investment, or partial ownership of the company. To find an angel investor, business owners should research who might be an ideal candidate, and work to make a credible connection with them. Avoid mentioning investment straight out; instead, work on building a relationship first and discussing money once a connection has been made. Try and find investors with a connection to your business, whether it be an interest in the product or just an interest in the location the business might be set up in. There are also websites that help start-ups make connections with angel investors. Another way to source angel investors is through crowd funding websites like Pozible and Crowdfundit. On these websites you pitch your business concept, and other users can personally contribute to funding it, often in return for a sample of a product or some other benefit. Bank Loan A bank loan is one of the most common and easy ways to get funding for your business, provided you have a good concept and a quality business plan. It works in the same way as most other bank loans, which you pay back with interest at a later date. To get a bank loan, your best bet is to follow the following five steps: 1) Know which loan you want Do your research. Different banks offer different loans at different rates. Figure out which is the best one for you before you start applying. Applying for any loan you think you might get can damage your credit rating and ruin your chances of receiving another one in the future. Once you know which loan you like, make contact with the bank/s and ask them what you will need in order to apply for that loan. 2) Know your financial history Before going for a loan, find out your credit history. Check your current rating, review your financial history and make sure it is accurate. Once you are familiar with your credit history, use this information to figure out exactly how much you are likely to be lent, and how much you can afford to borrow. 3) Get your documentation organised Based on the advice you get from the bank, organise all of the documentation you will need prior to applying for a loan. Some of this can take time to secure, so don’t waste time by trying to apply for anything before you get it. 4) Have realistic expectations If you have developed a realistic time schedule within your business plan, you will have factored in the time it takes to get a loan, and will be prepared for it.  It takes time, and being rushed and unprepared is a sure way to reduce your chances of securing a loan. 5) Be Persistent When you are talking to banks, many might be willing to give you a loan, but not with the terms you want. Call as many banks as you can- you will eventually find one that suits you, or that will want your business enough to work out a deal with you. Personal Investors Personal investors are another good way for new business owners to get the capital they need when starting out. Friends or family members might be willing to contribute financially, or provide other resources that are needed. As with any other loan, it is important that personal loans use an investment contract that outlines the size of the investment and the repayment details. Getting a personal loan can be simple or very difficult, depending on who you know, but often carries greater risk than the others, being that failing could result in strain on a personal relationship. Other types of investors, such as Venture Capitalists, are more appropriate for businesses that are already established, and have a history of returns. These deals are often worth millions of dollars, and are therefore not normally suitable for start-up businesses.

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