Lesson 10: Access to Capital
What You’ll Learn: Restarting or rebuilding an existing business is far more capital intensive than a startup. In this lesson, we’ll explore some of the options that may be open to you as a business owner.
Access to Capital
- Take a hard look at your business operations. Are there any practices, procedures or business lines that aren’t profitable? Can they be modified, streamlined or eliminated? What would it cost to do that, and what savings or increased revenue would be realized?
- What is your company’s burn rate? How can you reduce it, even temporarily, by renegotiating terms, delaying computer and equipment replacement cycles, freezing recruitment or selling unused assets?
- Are there any business lines that can be easily updated to increase short-term revenue, or can any existing products or services that can be bundled together to create a new business line that would attract new customers and additional sales? What pivots can you make to generate revenue quickly?
- Download Startup Wisdom, 27 Strategies for Raising Business Capital to see if there are any other strategies you can use or adapt for your own business needs.