How do I get funds to grow my existing business?
Opinions expressed by Entrepreneur contributors are their own.I'm glad to hear that you are considering different options to grow your existing business. Obtaining financing can be difficult but it is achievable if you put together the right plan.
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.