Many people believe that they can just simple walk into a bank and get a small business loan. This is just simply not true. In opening a new business, you need to have personal credit to use in order to receive a business loan. Then, once the business starts to make a little profit, you can use your company’s assets as collateral to provide the bank with proof of your financial stability which can help lower your interest rates (www.loan.com).
The music industry is a tough one. It goes up and down and, as of lately, can be highly unstable. When you are out looking for a loan to start your business, you need to make sure you understand how to become successful in an industry that is constantly battling against you. When you present your business idea to the bank, you need to present to them with keys, important factors which are: experience in the industry, success had so far, a need for your business, resources you plan to use to market and promote the business. Also, you will need financial projections and estimates for the first, third, and fifth year of the business (www.loan.com). All in all, the more information brought to the bank, the better your chances are in securing the loan.
Federal incentives and investors are very important for new entrepreneur. The Small Business Administration will guarantee some loans to young or economically disadvantaged entrepreneurs (www.loan.com). Investors are what is needed to truly take your business to the next level. For those trying to start businesses in the Orlando area, the Winter Park Angels are your best bet. They are a group of accredited investors who provide equity capital to early-stage entrepreneurial companies located in Florida (www.winterparkangels.com). They are open to any/all types of business ideas as long as you come prepared and offer a product or service that is different from any other and can have great results (profit).
Starting a business in the music industry can be tough. With the right tools, resources, and people behind you, your vision can be executed into reality. So, don’t wait any longer to chase your dreams; it’s been here waiting for you all along!
(Resources: Photos courtesy of http://careercopilot.com/8-tips-for-running-a-successful-business-meeting & http://businessbeginners.net/uncategorized/on-angel-investors/attachment/angel-investors-can-finance-a-business-to-success-if-they-think-its-worth-the-risk/. Information courtesy of www.winterparkangels.com & www.loan.com)
These articles might interest you :
Crime Fiction5*s The genealogical expert Jefferson Tayte is back! I love this series which has taken me back to historical eras I know little about while tellin... Read more7 hours, 37 minutes ago by Cleopatralovesbooks
(Photograph by Abhay Tiwari) Please, talk to me about who you were before the walls were painted blue; Tell me the bruises, the aches, and time just added... Read more8 hours, 45 minutes ago by Shantam Sahai
DIARIES, SELF EXPRESSION
9 hours ago by Vickilane
I’ve moaned about it enough, so you’ll all know by know that despite having graduated last summer I’m still studying. I’ve chosen a career path which pretty muc... Read more10 hours ago by Ninegrandstudent
FASHION, FOOD & DRINK, LIFESTYLE
I love Chicago. I have family there that I'm normally always looking for a way to be with. And I have friends that I don't see nearly enough. So when I first... Read more11 hours, 15 minutes ago by Eastofmidnight
Whenever I have stale bread I want to make one of two things . . . either I want to make a bread pudding, or I want to make French Toast. Today the French... Read more12 hours ago by Mariealicerayner
FOOD & DRINK, RECIPES
(Image Credit) Like most things in life, exercise can be a dangerous game. It’s very easy to injure yourself while you’re exercising; if you fail to take the... Read more15 hours, 57 minutes ago by Peppertan
MOST POPULAR FROM ENTERTAINMENT
- Netflix Movie Review: Tramps is Before Sunrise for the Great Recession Generation by Weminoredinfilm.com
- Ripple Music's West Coast dealers of heavy riffage ZED hit the Road to tear up the Lone Star State! by Ripplemusic
- Kind of Obsessed with John Mayer by Stephsscribe
- Sleight by Sirmac2
MOST RECOMMENDED IN ENTERTAINMENT
- Denmark’s hottest post-punk export The Foreign Resort conquering Canada. by Hendrik Pape
- Bandcamp Bonanza – Skunked by Ripplemusic
- Barstool Prophets crank up the heat at sold out Barrymore’s by Hendrik Pape
- Mia Mackintosh by Mike Lindley