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4 Things to Check Before You Apply for Business Funding

Business

A lack of finance can hold your business back and prevent your brand from becoming as successful as you're hoping it will be. The good news is that, today, there are more and more options becoming available that you can consider in order to get start-up capital for your new business venture, or inject some funds into the business for necessary growth and development to help you hit your goals. Before you apply for funding, here are some of the key things that you will need to consider.


#1. The Type of Funding:

The first thing that you should give some thought to is the type of funding that you're going to secure for your business. There are several different options available; business bank loans, online loans, peer-to-peer funding, angel investments and even crowdfunding are some popular options that businesses use today to get together the funds they need. Consider all of the various options carefully and determine which would be the most beneficial for your business in terms of how much money you can raise, how quickly you would be able to access it, how likely you are to be accepted, and how you'll be expected to make repayments. Check out Become for a wide range of different business lenders to consider.

#2. Your Credit Score:

Whether or not you have had a business before, if you are applying for certain types of funding – especially a business bank loan – then you'll need to take your personal credit score into consideration. Most banks that provide funding for businesses will look at the credit score of the owner to get a better idea of your financial situation and determine your level of risk when it comes to lending money to your business. So, don't let your personal financial history come back to bite you; check your credit report first and determine what needs to be done to improve it, if needed. And, don't forget to check your business credit score too.

#3. Your Business Plan:

No matter what kind of business funding you are applying for, your business plan will be pored over and taken into careful consideration. Taking some time to improve and refine your business plan, along with making sure that you have planned for how you intend to use the funding and how it will add value to your company, is absolutely crucial. It's worth including this, whether you're going to invest the funds into employees for your company or a better online marketing strategy.

#4. Your Past Sales and Contracts:

In order to secure funding, you will likely need to create a sales forecast to include in your pitch and give potential lenders or investors a better idea of how much money they can expect your business to make using the funding that they will provide. Before doing this, it's worth getting proof of any sales and contracts that your business has already secured, which will add some weight to your forecast and show prospective lenders that your brand has the potential to be successful.

Getting funding for your business is a huge step forward, so it's crucial to be as prepared as possible.

3 Min Read
Career

Black LGBTQ Woman Powerhouse Launches Vegan Cosmetics Line

I am a proud Black business owner carrying a line of lip colors for the woman who wants to shine. At Vatarie Cosmetics you can find cruelty-free and vegan lip care products, including clear lip gloss and liquid matte lipsticks. The line is still under development, so there are more products in the making that you'll hear more about soon!

My products are high-quality and it is my dream to take my brand into high-end storefronts across the nation and even across the globe.

About Leticia

I have worked my way into my entrepreneurial career as I did not come from money. The goal of my cosmetic line is to bring excitement to everyone who tries the line. My products are high-quality and it is my dream to take my brand into high-end storefronts across the nation and even across the globe. I believe that with added makeup and a good set of threads, anybody can confidently face the world. I am a proud and firm supporter of the Black Lives Matter (BLM) movement and a proud member and supporter of the LGBTQIA community.

There have been plenty of hardships that I have had to face throughout my entire life, the most recent being the recent death of my father who passed far too soon. I have never allowed these hardships to deter me, and won't start now. I will continue to progress and work hard to build my business, knowing that this is what my father would have wanted.

About the Vatarie Line: What It's All About

Upon launching the line, I had the mission of inspiring every human to find their inner beauty and to have fun along the way. With this in mind, my products are designed for people of all genders, races, religions, and creeds. The Vatarie line will have more to offer customers very soon as I am continually working on developing products and expanding the line. In addition to the lip colors currently offered, the line will soon include highlighters, eyeshadows, and new lip gloss additions.

I believe that no one needs makeup to validate themselves, and we are all beautiful on our own. I do believe, though, that makeup can make life a lot more fun. Now more than ever we are living in a world where there is so much sadness and darkness. Sometimes all we need to change our moods and get away from that darkness is something to help us feel better and more vibrant — this is where a pop of makeup and a well put together outfit can really make an impact.

Now more than ever we are living in a world where there is so much sadness and darkness.

I encourage everybody to embrace their inner beauty and inner style, and express themselves no matter what. My line of products is inspired by high fashion and designed to make a bold statement. The running theme across my products is empowerment at every stage and level. I create products that make my customers feel happy, and I ensure I am happy myself with my products before I release every single one. There is no place for cutting corners as I believe in producing the highest quality product.

I bring my sense of humor and quirky personality into my products and you can see this in the names of each item. Take the lip color "Blood Money," which signifies all the money, tears, sweat, and yes, blood that was put into the brand. Let me tell you, it was hard work, and it still is hard work, but at the end of the day, it fulfills me to know the type of quality I am providing. It gives me great pride to create a line of legendary products that will positively affect someone and bring them to a place of self-love and acceptance.

About the Past that Gives My Business Meaning

I have struggled over the years with mental abuse that has left me feeling as if "I wasn't enough." Added to that, being a Black woman in an industry that is predominantly dominated by other races, I had to work harder to get to where I am today.

Coming from a broken home, my family struggled with addiction, making my entire childhood a miserable nightmare. My mother abandoned us as she was being physically abused, and it was up to us the kids to do everything necessary to take care of the home and each other. We eventually ended up living with my grandmother in Miami, Florida. At a very young age, I had to endure physical and mental abuse and was locked up. At the age of 22, I lost my younger sister to gun violence and found myself raising her one-year-old son as my own.

Being a Black woman in an industry that is predominantly dominated by other races, I had to work harder to get to where I am today.

While my past was a rough one, it is what has made me the strong, independent, and vibrant woman I am today. That woman strives to be her best every day and works tirelessly to provide a line of only the best cosmetics products. I couldn't see this while I was living through those bad situations and struggling to grow up, but I can look back and see how I was made more resilient because of my hardships.

As I grieve over my father's recent passing, I become stronger. It is this added personal strength that will push me forward in everything I do and will be reflected in my work ethic and in the development of new products for my Vatarie line of cosmetics.