I want to start my own business, but I need ideas for raising the money.
There are many ways to raise money for your business.
What ideas do you have?
Well, first you should look into different start up sources.
I have looked in my community for resources available to me, but have had no luck.
Then you should inquire at your bank for a business loan.
I did try to get a loan from my bank, but they do not want to help me.
Then you should definitely market your idea to a private investor.
I don’t want to rely on someone to guarantee my loan.
Well, if you have a product that you are sure will make money, then look into royalty financing.
What is that?
You will provide the proof of your future sales to secure a loan now.
That is a much better idea, I’m sure I will be able to get a loan that way.
After you have your loan, what else will you need?
I am looking for an office and I am also going to need a lot of special equipment.
You can just lease the items you need until you can afford to buy them.
Well that makes me feel better.
What other obstacles are you facing to raise money for your business?
I’m afraid that once I get started, it won’t make enough money.
Then you should consider selling shares of your new company to the public.
How will that help me?
If more people are financially invested in your business, they will be more concerned about it succeeding.
That is a wonderful idea, but what if I can’t find enough people to buy shares?
You can always look into angel investors, but it will mean giving up a portion of your company.
Well, if they can get my business of the ground and keep it running, it would be worth it.
Good luck with raising money for your business.
Thank you for all of your great ideas.
We need to discuss our marketing strategy.
Where should we start?
Let’s start with our target market segment.
Okay. Who is our target market?
I believe we should target middle-class males, ages 18-25.
I think this is a good target market for our product.
Let’s discuss the four P’s.
You mean Price, Promotion, Product, and Place?
Yes. What do you think our price should be?
I think we should lean toward the less expensive side.
Do you think $5 is a good price?
What about our promotion?
We should use TV advertisements and ads on websites.
Good idea. Where should we sell our product?
We should sell at large supermarkets rather than specialty stores.
Why is that?
Because our product is inexpensive, so a higher volume will help us have higher profits.
What about selling online?
I think we could sell our product on our own website and also affiliate websites.
What sets our product apart from our competition?
We have additional accessories customers can use that other products don’t have.
That does give us an advantage. I think we have a great marketing strategy.
I think so too.
My sister will be working abroad for the next year.
What does it mean to work abroad?
She is travelling to another country to work.
Why doesn’t she stay here to work?
She has always wanted to travel to other countries.
Which country is she going to?
She will spend her first six months in Australia.
What kind of work does she do?
She is a nurse, so she will be able to find work easily.
Can she not find work in this country?
Yes, she is already employed with a hospital.
Are they making her work abroad?
No, this is something that she wants to do and volunteered for it.
How is she going to pay for all the travelling expenses?
There are certain programs that specifically help people that are working abroad.
Why does she want to go to Australia?
She wants to meet new people, eat new foods and explore a new land.
Where will she go after her six months in Australia?
She hasn’t decided yet, but she might go to China.
Are nurses the only ones that work abroad?
No, many occupations travel to different countries, especially teachers.
I can understand why a nurse would go, but why a teacher?
Many countries like to hire teachers to teach a foreign language.
So a teacher from England would teach English in China.
Exactly, and a teacher from China would teach Chinese in England.
It sounds very exciting. I’m going to see if my job can go abroad!
I don’t know how I am going to pay off all of my debt.
Do you have a job?
Yes, but I don’t make enough money to pay all of my bills.
Have you considered filing bankruptcy?
What is that?
When you file bankruptcy, you are essentially wiping your financial slate clean.
That sounds too good to be true.
Yes, there are disadvantages to it.
What are the advantages first?
One of the advantages is that your creditors have to stop collecting from you as soon as you file.
That would be a big help right now.
Another benefit is that once it is all done, you will be able to start from scratch.
That is exactly what I need.
Yes but there are also some very bad disadvantages to filing bankruptcy.
What is the down side?
A bankruptcy goes on your credit report for up to ten years.
Why would that be a bad thing?
When you go to apply for future credit, it will be harder to obtain with a bankruptcy on your record.
So if I want to buy a house, I might not be able to do so?
Exactly, because creditors are more cautious with those that have filed bankruptcy.
I want my credit to be as good as possible.
Do you think you will be able to pay off your debts within five years?
If I am able to budget well with my current pay, then yes I could.
Then I wouldn’t suggest that you file bankruptcy.
You’re right, I will just have to be better with my money and pay off my debts.