- 15. Secure capital in this economic climate.
Small business owners are always on the hunt for sources of capital and guidance on how to secure it. Whether hunting for venture capital funding (www.nvca.org) or an angel investor (www.angel capitalassociation.org), you need a solid business plan. Know the ins and outs of the plan; be sure it accurately details how your business produces a profit; and also clearly indicates how much capital you need and how it will be used—and how you’ll pay it back. Utilize government resources such as local branches of the Small Business Administration (www.sba.gov) and the informational Web portal Business.gov. Microloans from local and national organizations such as Accion USA (www.accionusa.org) are also an option; offering fair repayment terms as well as financing and business advice. And look to build relationships with community banks and potential lenders sooner rather than later, because they can actually help you get ready. Always follow the money by positioning your company to meet the needs of those industries and sections with business opportunities on the horizon.