Small Business Financing For Customers

George asks…

What is the best option in getting financing for my business?


My name is Devon. I just started a small business a couple of months ago and I really need a grant or a loan to utilize its full potential. Where should I go and what should I do. My personal credit is not good, so the loan I’m not to sure about. My business is registered with my state and I and an EIN number. I’m all set just need the extra money. Take a look at my business proposal and give me constructive criticism please!!!

Submitted on __________________
Executive Summary
VIDEO MEMORY seeks $30,000 to fund its enterprise endeavors that will serve the families of every community. This company will serve many different families by transforming their filmed special events into memorable home movies. VIDEO MEMORY will also offer internships to college students concentrating in film and video studies. The skills college students will gain working with Video Memory will allow them to establish or significantly enhance their resume.
Contact: Devon Chambers · Video Memory · 562 candle lane #303· Newport News, VA 23608
Phone: (757) 438-5523
A. Business Overview
VIDEO MEMORY’s mission is to bridge the past and the present with the technologies of film production and video editing. Our company has no limitations. We film any and every special event, big or small. VIDEO MEMORY is located in the heart on Newport News, Va. Video Memory was generated after a successful attempt to create a treasured digital video memory of the owner’s daughter. Our company offers a broad range of film recording related services. Video Memory is dedicated to allowing people in different communities to take advantage of the company’s talent in capturing and transforming their treasured memories. The company’s specific aim is to create digital keepsakes for people to love, cherish, and enjoy forever.
B. Description of Service
VIDEO MEMORY works to bring an emotionally compelling and modernized home movie viewing experience for the luxury of all families. Our services includes filming major events such as weddings, bar mitzvahs, family reunions, and small events such as birthday parties, cookouts, picnics, etc.

While serving our customers, we also make a strong effort to provide educational resources and career opportunities to students. We highly encourage youths to apply to our internship program because we are certain the skills gained will be critical in both academic and professional arenas. Internship students will obtain film making, video editing, photography, web design, videography, customer service, marketing, and entrepreneurship training. Through our wide range of services offered, our student interns, will have a unique opportunity to experience meeting the real world demands of digital media customers.

Starting as a company that converts VHS tapes into DVDs, VIDEO MEMORY, has evolved to offer a series of filming services. The evolution of Video Memory will allowed us to employ local teens and young college students. VIDEO MEMORY is proud to create such a rich opportunity for the young people of Hampton Roads to become pioneers in the film making revolution. The market for high end video editing technological skills is increasing exponentially. This is why it is critical to educate the youth of Hampton Roads to hone in on their digital talents and skills to meet the demands of valued customers.

C. Population Groups Served
VIDEO MEMORY serves people of all ages and backgrounds in Newport News, Va. We plan to expand to many different areas with our products and services. However, we have already started to reach out to and capitalized on the population groups accessible via the internet.

D. Business Description
VIDEO MEMORY seeks $30,000 to fund the camera equipment needed to complete the tasks of capturing and filming events. We offer a series of different packages, two of which requires VIDEO MEMORY to travel offsite to film different occasions. We also offer a series of incentive packages such as free limousine and disc jockey services to customers scheduling their special events with us. To the customer’s satisfaction, we will then edit their event footage and create a digital keepsake they are guaranteed to love.

Here at VIDEO MEMORY, we strive to provide a very exciting and valuable experience for our interns and employees. We have developed an educational approach that incorporates the following elements:
*Internship: We offer internships to any student willing to learn about the business and or continue to improve on their abilities to be creative and dynamic.
*On the job approach: Each of our interns will be trained on video filming techniques. Ultimately, interns will be expected to capture and edit event footage under proper supervision to ensure the customer needs are met. We believe the on the job approach p

admin answers:

Eskimos camp out in my back yard

Donna asks…

What is the most challenging aspect of running your own business?

Owning a small business can lead to some complicated and confusing times. From keeping customers happy to ordering the right supplies to balancing your finances it can be difficult to stay on top of everything. What helps you stay afloat? What would make it easier for you to run your business?

admin answers:

As a business Consultant with some 18 years of experience under my belt and having consulted thousands of businesses, I have isolated some basic points that are critical to the survival of any business.

A) Effectively promoting the business. This includes outside sales and not just adds. There are millions of promotional actions, a healthy mailing list and a birthday card for everyone on your mailing list can make a world of difference.

B) Effective organization. You have to be able to organize smartly, work on production quotas and eliminate money and time wasters. Do not have duplicative functions and put all your policies in writing. Differentiate between policies and orders. A very important aspect of this is delineation of functions and successful delegation. You must know what each hat does and not try to wear the hat of your employees. Smart hiring and training for employees helps.

C) Have a good quality control, nothing kills a business more effectively than failure to deliver service/goods, or delivering bad service/goods.

D) Friendliness, your staff and you must care for and be friendly to the costumer, helpful and even if the costumer is wrong, a polite friendly response is always good.

E) A proper financial system, not spending more than you have on hand and creating a reserve fund, ( save 5% every month ands never use it unless it is a true emergency) and what ever goes on, pay yourself first. It is a fact that many small business owners earn less than their employees per hour, and this should not be that way. A good CPA is worth his weight in gold. But he must have the authority to say NO. Or to issue funds when needed. When you don’t buy equipment that could cut your cost, you are not saving money.

These are the basics. No matter what your line of business, you must work on these and if you do, your business will prosper

Linda asks…

Looking for sources to find Businesses seeking financing?

I am a broker with a small firm in Colorado and we finance business owners who need equipment- ranging from trucks to refrigerators to computers and office furniture. I am getting mixed results with cold calling- I’ve had some success but it’s tough hitting everyone at the right time. I have tried some other sources- mainly Craigslist- but it’s been tough to manage as you can only post there so much.

My question is-What is the best way to find a prospective customer without calling and writing and generally irritating every business owner in the U.S.? What are the best ways for me to find business owners that I know are looking for funding? Are there websites dedicated to people seeking financing, like Prosper? Any help is greatly appreciated.

admin answers:

Develop a website a put good content on it about starting a business and other business related topics. Show them what they need to start, operate, and grow a business. List your products and services on the site. The people that come to your site will be seeking information. Once you provide answer to their questions, you can sell them your products. Advertise your website to drive traffic to it. Most of the vistors will be presold and you will have an easier time selling your products. Remember to provide great content on the site. Don’t just list your products. Provide good information and you will do a lot of business.

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