How to get funding for your business. This is Noelle Randall, real estate millionaire,
entrepreneur and mentor and in this video, I'm going to share with you some secret ways
to get funding for your business that almost no one is talking about. Let's go.
In this video, I'm gonna share with you so many different ways to
make money. I'm gonna give you the 5 best ways that I know how to get funding for my business,
almost any business and ways that I've shown other people that are super surprising, that most people
are just not talking about. And so, I'm going to go through this list and I'm going to share with you
and I want you to comment below as to which one that you are going to be doing, so let's get to it.
Number 1, bootstrapping. This is the number 1 way that most people use to get funding
for their business. Most people think that they have to bootstrap, that they have to use their own
savings, that they have to use their 401k, they have to use their retirement accounts, things like that
and this is definitely a good way to start finding money for your business. Obviously using
your own money and saving and things like that is definitely a way that you can use to get funding
for your business. Now, it's definitely not the most ideal way because obviously you have to have money
in order to do this and if you are someone, you know, like myself that started a business from
my, you know, parents basement, bankrupt, no money, things like that, then you're probably
not in the situation where you have a lot of money, but if you do have some savings, it really does not
take a lot of money to start a successful business. Like I said, you probably only need a few hundred
dollars, most people think that they need thousands and thousands of dollars to start their business
or to invest in real estate or to, you know, open a store and things like that and that's simply
not true. So, the first thing that you want to do because this is going to be important for
the other ways that I give you because you do want to at least show that you do have
something invested in your business and that you have done something, you started saving, you started
you know making an effort to actually have money for your business. So, you do want to sit down
and just take an assessment of what you have, how much money do you have in your checking account or
your savings account or your retirement account or in a CD and things like that, how much money
do you currently have saved that you can use for your business? It's super important that you have
this information, that you think about this before you ever go to ask anyone else for money, okay?
This is super important. Many times people just want to start asking investors for money or
asking different people that they know for money for their business without ever seeing how much
money that they have themselves and having that as a reason why someone else should match you
or give you something towards your business as well, so that is a very easy way, that is definitely
something most people never really think about that they do have money. I know people you think
that you have no money and you're broke but that's simply not true. I bet if you look at your expenses
and you started taking away things that you just don't need, you just don't use. You know
for example y'all see me up here thinking I'm all cute and stuff but I had to do my own hair,
do my own nails, I had to take a lot of that stuff off of my expenses and start saving that
money and putting that money towards my business. I can't still go to the hair salon and go to the
nail salon and get pedicures and manicures and, you know, go shopping and buy purses and shoes if
I'm trying to start my own business so step 1: bootstrapping. Look at your own finances, look at
your own savings and look at your own spending patterns to see what you can take out and start
putting towards your business each month because like I said, it does not cost very much for you to
start your business. Okay, number 2, friends and family. I know, I know, I know you're like,
"Friends and family?" Yes, your friends and family, even co-workers are a great way to start getting
the money that you need for your business and yes, Noelle did the exact same thing. Yes, my dad, I
tell you this all the time, my dad helped me out so much with my business by helping me fix my credit,
adding me as an authorized user on his credit card so that I can increase my own credit score so then
I could, you know, start using my own personal credit cards and getting personal credit cards
and things like that. So, friends and family, okay, and like I said not just their money, you can ask
them for a specific amount of money which is what I always suggest. Don't just ask them for
money for your business be very specific like, "Hey, can you loan me $1,000 or can
you give me $1,000 for my business or $500 or 750 or 2,000. Again you know your number,
be very clear and very specific with your request. If you want to get money from someone, you should
ask and if you want to ask for money, you should be very specific as to how much you need. I often
coach people and mentor people and they are really unclear about how much money they need and they
don't ask for a specific amount. They'll ask their friends and family for money for their business
but they never ask for a very specific amount. You should have a number that you're looking
for and tell them, "Hey, I'm looking for 10 people to give me $500," or "I'm looking for 5 people
to give me $1,000" again, whatever it is that your number is, be very clear with that
because that makes it really easy for people to give you that amount .If you're not specific,
they're gonna say that they don't have it or they don't know they have to check, but if you ask for
a very specific number, then you can negotiate from there. Okay, so that's the 3rd, that's the
first part of it but let me give you the 2nd part. You don't necessarily need to ask for money.
If you are in a situation like me, you may need to fix your personal credit so that you
can get credit cards and business credit and all this other stuff that is available to you,
again that I teach you right here for free on my YouTube channel, on my podcast and things like that.
But very important is you could also ask friends and family to be a sponsor for your
credit, to add you as authorized users, to help you get secure credit cards and
to co-sign for loans, things like that. So, it may be where you're not asking them necessarily for
money, you may be asking them for help with credit type of things or help you borrow money
for your business. So, do not rule out friends and family, you'll be surprised at how many people are
willing to help you if you give them a reason to, if you tell them what their return on investment
is going to be, if you kind of create a timeline when you expect that you'll be able to pay it back
or even a payment plan that makes the payments due give yourself 6 months, a year before you
start promising them money. Do not say, "I'm going to give you this money back in 3 months and
all the other stuff." Space it out and let them know that you're probably going to need the money and
you're not going to give them any payments and try to stretch it out as long as you can, you know.
Say a year, don't say 3 months to kind of get them to give you the money. Try to make
it reasonable where it's not too much pressure on yourself. A year is really good especially if
you are following what I'm telling you and you're following my guidance, you can definitely get very
profitable in 1 year, I assure you. So, friends and family is number 2. Number 3: crowdfunding.
This is an amazing way to start getting money for your business. Like if you need money for
your business, if you need to get funding for your business, crowdfunding is an amazing new thing. It's
much newer than it was maybe 10 years ago. When I was in my parents basement in 2008 and 2009,
I did not have crowdfunding as an option. Now that I'm this multi-millionaire with lots of properties,
yeah I've learned about crowdfunding but I'm telling you right now, it is not for the
millionaires. In fact I did a crowdfund and I'm not going to do another one because I already
had more money than I was even raising through the crowdfund because the limit for crowdfund last
year was a million and 70 dollars, okay? Now it's 5 million though so it's really easy to
do this. You are gonna have to spend some money to get a crowdfund. I think I spent about 40
thousand dollars setting mine up. You do not have to spend that much, that is way more than I needed
to spend. Again, I have deep pockets and I think of people a few people were just in my pockets
trying to charge for things that they didn't need to. I promise you, you could get a crowdfund started
for just a few thousand dollars and I'm actually even going to be making some more videos teaching
you that. But crowdfunding, kickstarter, Start Engine, truecrowd.com. Truecrowd.com is actually one that
I have used personally and I have my crowdfund up there. We raised over a million dollars really
quickly so I can kind of vouch for them and again, they do take fees so you want to account for that
in there if you are raising just say for example a million dollars, please know you're not going to
ever see a million dollars in your bank account. The crowdfunding website is going to take, you know,
5, 10, 15%, they all vary depending on you but it is negotiable. So, know that crowdfunding
is an amazing way to get money and to get money quickly and you can do it legally and ethically
through the securities and exchange commission, you just need to make sure you have a clear
business idea. You have a clear idea on how your investors will be repaid
and you cannot have a criminal background of any type. You really have to be really clean with your
background, no felonies and things like that and again, that's really the gist of it and they will
walk you through the rest of it. They will help you get a CPA, they will help you get an attorney.
The crowd funding sites actually do help you and have a lot of resources to help you with that
and if you need more information, of course you can always contact Noel Randall's office at
888-479-4542. Okay, let's get to the next one. Number 4 and this is going to be a quick one because
I don't use this one a lot. It's funny, in fact now I am one, but it is angel investors. Angel investors
are people that have lots of money and they want to invest in business and in fact, there's
tons of angel investors in different websites. You literally can google "angel investors" but
what I would do is angel investors and I will put my type of business. So, I will put "angel investors
real estate investing," you know what I mean? So, it's angel investors that want to invest in real estate.
If you have a hair salon or if you do nails or if you bake pies or you make cookies or
videography, put that also so that you're searching for angel investors that are very specific to the
business that you have because most people invest in things they know. There's a famous
quote by Warren Buffett and I follow it as one of my investing tips is I only invest in things that
I know and understand. If I don't understand, if it's over my head and you are explaining
something and I kind of get it, I'm probably not going to invest. I need to have a clear picture
on what I'm investing in and so that's what I do and so, that's what you want to do. You want to find
angel investors that already kind of know your space because a lot of angel investors are like
you know the Mark Cubans and the Barbara Corcoran, you know, the shark tank type people and they
invest in all different types of businesses and they also usually have those types of businesses
so they also are able to help you with your business and give you some tips and tricks to
really help you along in your business. So, it's an amazing thing, angel investors, look it up, that's a
great way to find funding for your business. And last but not least, this is my absolute favorite,
this is bank loans, okay? Most people do not think that they can just go to a bank and walk into a
bank and get money for their business but you are completely wrong if you think that. You can go into
a bank and get funding for your business. There are tons of money, there are tons of dollars out
there for businesses, okay? This is actually where most people want to lend because businesses and
and people creating economic activity, okay, and take this from someone with a master's degree
from Penn State and economic development and an MBA from Baylor, okay? I'm not just saying
stuff out of the blue, I'm telling you about the actual economics especially in the United States.
So much money goes towards businesses and the economic development that businesses create,
the multiplier effect and all different types of things. It's just a lot of money usually generated
when someone is making a business, even if it's not profitable, even if it's just generating revenue
you know and employing people and creating jobs and, you know, they're buying products and services
for their businesses and they're creating products and services. So, most businesses
are not profitable in the beginning. So, banks know this but they're willing to invest in you
if you really just go in there and start asking. Most times people do not ever go to a bank, they
don't think that they can and that's why they don't but banks are a great way to start finding
money for your business. So, I have an amazing offer from North One. They have sponsored this
video and they are an amazing way to get you a business account, okay? This is an amazing thing
that almost every business owner needs and having a business account will change your business
and allow you to have the statements and the documentation that you need to show that you
are a real business. North One is amazing because they allow you to manage your money from anywhere.
You get to save time and manage your money from anywhere when you use North One, so make
sure you click that link. The 2nd amazing thing about North One is that they allow you
to save time because you can connect your account to other services like Quickbooks and Stripe or
Paypal and things like that so that you have these full integrations where you can take credit cards
and then you also have your accounting done and it all goes to your account and so they're all
interconnected so it works amazingly. And the last amazing thing that I love about North One is that
you can save automatically for big expenses. So, as your business grows, you know, kind of like Noelle has
going on where I'm buying all these condo's. I'm actually literally at one here now. I am able
to save for bigger purchases because they let you do that automatically so it's a great resource
for any business entrepreneur. This is how you get funding for your business, you are going
to need an account so you want to go ahead. If you don't already have a business account, this is the
perfect place to get one. Noelle just wants to make sure that you have all of the resources, all of
the tools and all of the knowledge that you need to be successful. This is Noelle, to your success,