Australian Business Podcast Getting money to fund your small business (equity, loans & beyond) [6/12]
Australian Business Podcast episode #6 is now live on the Rask network: how to get money to finance your small business -- using cash savings, loans or equity.
This episode aligns with Lesson 6 of the Rask free business course.
Note: if you're looking for a business partner, adviser, coach or investor in your business idea, I want to hear from you. I'm actively looking for small businesses that I (or my network) can support. Get in touch with me.
I highly recommend avoiding debt, especially when your company is new. If your debt is secured against you or your home (for example), the bank can come for you or your home if your business fails.In this episode, I -- Owen Rask, founder of The Rask Group -- dive into the all-important topic of financing your business:
- Using savings to grow your business (and working out how much you'll need)
- What you'll need to do in order to get a business loan:
- Details on your personal financial situation
- The business’ accounts (if any)
- Anything that can help you prove to the bank that your business will work (market research, competitor examples, your experience, etc.). See our lesson on business plans -- you'll need a proper business plan.
- Selling equity
- You'll probably need a company structure, which also requires a shareholders agreement (Legal Vision has a free template)
- Using "sweat equity" to motivate employees
- Getting money from friends, family and the faithful
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Podcast resources
Say G'day to The Australian Business Podcast partners
Rask – Get Owen’s best investing research
The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.
Rumble Coffee Roasters — our first partner!
Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike.
They pay farmers fairly so that they can invest in their land, their employees and their communities. You can buy some beans to drink at home or in the office via rumblecoffee.com.au. Alternatively, if you’re a coffee shop owner — get in touch and discover better ways to serve your customers. Tell them Rask sent you.
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