How do I get funds to grow my existing business?
Below, I've listed a few options for you to consider.
Option 1: Seek a Strategic Partnership
This can be a tough decision to make but it is an option worth exploring if you can find a company that compliments your business. If you can find a partner that has a strong balance sheet (i.e. cash) and a complimentary business model, perhaps you can form a partnership.
Option 2: Seek Financial Investors
If all you need is cash, then perhaps you can raise capital by partnering with an individual investor who will just provide funding and take an ownership position in the company. Again, you will have to give up some ownership, but you will also have the ability to grow with fresh capital.
Option 3: Seek Further Financing Options with Banks
You may have to go to several regional and community banks to find a lender with favorable terms but it is an option worth exploring. The Small Business Administration also sometimes offers attractive opportunities to obtain financing. In working with the bank, be as forthcoming as possible regarding your history and your needs. Your banker, in turn, will tell you exactly the information he or she needs to present your "best case" to the bank's credit committee. Use your past success as a way to market yourself which will help give the bank assurance.
I hope you find this information helpful. Let us know how it all works out.
Ryan Himmel, CPA and registered securities analyst, is the founder and CEO of BIDaWIZ.com, an online marketplace where small businesses and entrepreneurs can obtain trusted answers to finance and tax questions from licensed professionals. Ryan has been quoted in The Wall Street Journal, Forbes, Fox Business and Crain's New York, among other publications. Ryan also regularly contributes to the community with his finance and tax blog. Contact Ryan at email@example.com,on Twitter at @BIDaWIZ and on Google+.