| As in everything, there are do's and
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| | Remember to speak in business language. A
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| don'ts regarding the successful outcome
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| | good impression is a very important
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| of a loan request. Keep them in mind,
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| | negotiating tool. It is what got
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| write them down if necessary and use them
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| | Aristotle Onassis to the very top of the
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| to make the best possible deal. It is all
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| | rank.
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| part of the preparation most people just
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| | Remember it is not a "register of the
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| will not take any notice of. We have seen
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| | money that comes in and the money that
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| lots of things happen, good and bad,
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| | goes out", it is a "financial statement".
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| that's why we're here, for you to
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| | It is not a track record of your "in's"
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| capitalize on our records.
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| | and "out's", it is your "balance sheet".
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| Do Not Be Put Off By Your Fears
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| | It is not "this is how we stand at
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| Banks need to give loans in order to stay
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| | present", it is "our current status".
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| in business. They want you to take one.
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| | Do Not Be Afraid To Ask For Determined
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| They need you, so that gives you a better
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| | Conditions
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| position. Perhaps you could get a loan
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| | For example, you may wish to ask for a
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| from a lender who is familiar with your
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| | determined payback period, explaining why
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| trade or specializes in what you want to
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| | you want it that way. If you are well
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| do. A car loan broker if you want to buy
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| | presented, well backed up by a business
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| a car, for example.
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| | plan and sufficiently confident with the
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| Most Startups
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| | reason for requesting a specific term,
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| Most loans for a startup will require a
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| | you will surely get it.
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| very safe security, since they know the
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| | It is A Negotiation, Remember?
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| risks of a new business. The best
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| | The agent will almost naturally accept,
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| antidote for this is a well-designed
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| | probably if you would provide more
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| business plan.
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| | collateral, or something he wants as
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| Tell your future lender how you are going
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| | compensation. So be prepared for this and
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| to carry out your business, what your
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| | maybe you might say something like,
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| assets are, what target market you are
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| | "instead of that, will you be willing to
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| aiming at and more than one contingency
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| | accept this?"
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| plan. And do not forget the possibilities
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| | An Important Answer
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| of on-line marketing, advertising and
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| | As a rule, an agent asks simple questions
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| sales.
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| | but, believe it or not, most customers do
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| Low Risk
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| | not know the answers to them or, in the
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| The more doors you open to success, the
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| | best of cases, they are doubtful. This
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| lower the risk of failure and your banker
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| | might mean you are inventing on the spur
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| has to know about it. Prepare a cover
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| | of the moment, or that it is all a fake.
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| letter, get a template from Internet if
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| | A Stupid Question
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| you are not familiar with the usual text,
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| | Yep, an apparently stupid question but
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| make a realistic cash flow and projection
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| | which produces an even more stupid answer
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| of the development of your business for
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| | is, "What will you do if there is too
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| the first three to five years.
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| | much demand and you can not supply
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| Fortune Making Preparation
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| | enough? Be prepared for an intelligent
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| Apply Onassis's technique to prepare a
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| | answer. That's what the question is asked
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| business meeting: Anticipate every
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| | for. To measure how sensible you are,
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| possible question you might be asked and
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| | when you are suddenly out of depth with a
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| work out a well explained answer.
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| | simple question the market asks you.
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