Dear Danielle: How Do I Obtain Financial Backing?

Dear Danielle: How Do I Obtain Financial Backing?

Dear Danielle:

Do you have any advice on how to secure financial backing? —Anonymous by request

What kind of financial backing do you mean or think you need?

Because these aren’t the kind of businesses that you’re going to be able to find “financial backing” for.

The great thing about our kind of business is that while all businesses require at least some investment of time and money, it costs relatively little to start up an administrative support business.

Best to bootstrap, build up your own capital for launch, make use of whatever resources you already have, and be putting your business foundations solidly in place before launching.

If you’re still working, that’s a great time to do all of that.

Thanks, Danielle. I’m pretty much set up. I have my equipment and such. So perhaps I am good to go. I keep seeing websites, though, that state I need to have a mentor and that it costs X amount of dollars for their insight. So that’s why I was thinking that I need to get a fianancial backer. What do you think?

I think you’re good to go.

Business learning is something that will be ongoing throughout the life of your business. You’ll always be learning.

And no one is going to give you money to get mentored so it’s really a non-issue.

Beyond that, as far as mentors go, you find people to follow who make sense to you and take advantage of their at-large mentoring.

For example, the ACA website and my blog here are where I mentor the industry as a whole with my blog posts, resources, etc.

As you go along, that’s when you might find you need some some personal coaching/advising/guidance here and there when you get stuck, and then you just pay for that when/where/if you need it.

2 Comments Posted in Dear Danielle, Mentoring, Starting Your Biz. Bookmark the permalink.

2 Responses

  1. I couldn’t agree with you more. Take advantage of the free mentoring and check out the local SBA in your area they offer free mentoring!

  2. I do want to clarify for everyone, I’m not an advocate for people thinking everything should be free. Some things are and some things aren’t (and shouldn’t be). Far from it. In fact, people thinking nothing should ever cost them is one of their biggest barriers to financial success.

    My point is that getting your business actually running and your feet wet will be a much better indicator of where or whether you need some additional, personal guidance from a paid advisor.

    And you should absolutely expect to pay. You aren’t free in your business, right? Well, neither is the brain, time, talent, expertise, knowledge and experience of anyone else.

    I’m also not a fan of the SBA. I’ve had to help more people than I can count get back on track after they’ve been given misguided and flat out wrong advice from advisors there, who are often retired folks from another generation who don’t understand today’s business environment or the Internet.

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