5 Step Venture eMentoring Program™
Module 4h: Funding Requirements
How much money is needed to start the business and what is the proposed source of these funds, e.g., customer, NHVR (up to $3000)?
All too often, smaller businesses just start, without any consideration of what the start-up costs may be, and how they will pay for them. This places them behind the 8 Ball right from the start and may create such problems that the business never recovers. In Step 3, you looked at the initial funding or start-up requirements for your own venture. These expenses were divided into four categories: Initial Equipment, Inventory and Supplies, Negative Cash Flows and Contingency Reserve. Once you determined this amount, you looked at possible ways to finance these start-up costs. Revisit both the Uses (expenses) and Sources (cash to pay) categories, and make sure that both make good sense. This will give you a productive framework to discuss financing options with you counselor, mentor, or banker. For more information on financing options and programs, visit the U.S. Small Business Administration Loan Program Summary, or local public funding program index at BUZGate.org.
If you've completed Step 3e: Uses and Sources of Funds during this session, the following fields will be populated with your answers. If you've completed Step 3e at another time, you should have an email record of the results. You may enter the data from that email below, or enter new data.