Episode 7 - How to Fund Your Start Up Business & Get The First 10k You Need!
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- čas přidán 25. 07. 2024
- In this week's episode of CPTV, I'm gonna discuss How to Fund Your Start Up Business & Get The First 10k You Need and the 3 steps it takes to get there!
Last week in episode 6 we discussed the 5 things you need to set up to establish a basic structure for your business in order to make it successful and skyrocket to the top….
And today I am going to dive a bit deeper into one of those things….. finances…..
I get a ton of questions about financials. Specifically, how to get the funding you need to establish your business. And honestly this is a topic that I have avoided… ☹
I've avoided it because I think that my beliefs and what I did to fund my business is not the most popular opinion…
There are a lot of people out there that specialize in funding opportunities for startups…and they will give you lots of tips and tools surrounding loans………. and grants…… and establishing your business credit.
And while I do have an opinion on all of those things and I do have some insight into them. Those tidbits of advice always make me wonder…………but how to startup entrepreneurs really get there.
You know…to the point where they can actually pursue those loans, credit lines and grants. How can you get the very basic money you need to set up your business and even start it?
You see…… I'm a firm believer that before you can take advantage of any of those funding options for your startup…there are some very strategic and specific things that you have to do in order to get that first $15,000 to even get going…
So today I am biting the bullet……… and I’m actually going to walk you through How to Fund Your Start Up Business & Get The First 10k You Need………….. or at least how I did.
So let’s get to work!
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Chapters
00:00 Introduction
03:54 Set Up Your Basic Financial Structure
06:03 Have a Budget and a Good Grasp On Estimated Expenses
09:20 Personally Contribute Revenue
15:43 Wrap-Up/Outro
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This video is better. You have bullet points and the information is clearer and to the point. I see the links in your CZcams description for the services you recommend. I still prefer a result oriented content before I subscribe. For example if I do A how to I get B. Now why it feels good to do so. We are looking for hacks to get 10k for a new business not personal habits to get your business off the ground.
This was a phenomenal video! Even though it's two years old, it's right on time for me. Thank you for your transparency and willingness to share valuable wisdom.
Thanks for this it was right on point. I tried to follow strategies that I wasn’t ready for and do your the first person to say do what I did. I’m finding myself and moving forward while building credit and implementing what I can when my business is at that stage. Kudos to you for some real talk that has motivated me even more 🎉❤
The first video like this, that is actually helpful and caters to people who are actually starting with nothing. Thank you CP!
Thank you!! Absolutely! It's so refreshing to find content that genuinely understands beginners and provides valuable insights for those just starting out.
Love your business advices, CP! Absolutely brilliant instructions, always. Thanks for your transparency. ~Wanda
This was very helpful. Thank you so much!
I'm hooked found your video channel a few minutes ago.. ima go over all your videos when get a chance.. ty for sharing
Awesome! Thank you!
CP I like all your Videos.We have all that set up already. Thanks a lot.
Thank you so much!
This all makes sense. I have an EIN number already but need a business checking account. I work a 9-5 but money is really tight right now. I am not sure how I am going to contribute my own personal funds. I am really going to have to figure this out.
You've got this- Just start small- even $50 per pay will get you going!
This was that missing link for me. I'm B/W step 1 & Step 3. Thank you Thank you Thank you
What do you recommend for bookkeeping purposes?
I really enjoy and l understand the business world. You are a good teacher.
What if I am not making money from my business yet? I want to open a beauty supply in a small town in CA
If you don't mind...could you share a few financial software options viewers could choose from? Thanks!!!
Absolutely! Quick books is my favorite! I’ve tried many but still end up there.
Hi Mrs. Perez, I have had my business for 7 yrs, no business credit yet. How can I get some funding for my business?
Hi Cheryl. Can I just do a money transfer from my personal checking into my business checking? I'm paid monthly and both accounts are at the same bank.
Yes you can- auto transfer is perfect too! In quickbooks track them as owner contributions!
@@cherylcperez Thank you.
What if my start up business is in real estate and I've already funded the project with money I took from an IRA account I own? I bought the property through a bank tax auction sale and used my own money to renovate the property(duplex). My question is would this be considered funding my start up business all on my own?
Yes sir! Great job!
Hi Cheryl, what is the financial software that you attach…?
QuickBooks Online
👉Get access to the Establish Your Business Finances Checklist here:
www.cherylcperez.com/financechecklist
But how do we even explain to the IRS that this money that was split from regular job is money generated as business sale.? Kinda confusing
Your contribution is not considered revenue its considered owner contributions and that is the explanation on your taxes.
@@cherylcperez gosh!! It means I made a terrible mistake on pandemic times. I should it put some money every month in the chase business account even without any income .why nobody toll me these stuff's
what financial software are we talking about here?
Quickbooks my love!
@@cherylcperez oh ok great! thank ya much!
Algorithm algorithm algorithm. Thanks
Hi Cheryl hope your day is going well.
I have not been sleeping. Opened the business account. Listening to your video has moved me to place an ACH into my business account each month. That would cover the mandate of maintaining the required$ 2,000 each month. I spoke with rep at bank he looked at me crazy. I have a personal checking at same bank. I am thinking of closing once I move$.
I would like to email you. There is a lot more to speak on. Pleeze ! Moving forward!🤗🤑
Thank you very much for your video.
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