have aspirations to quit their job and start their own business. It's a dream many of us have, but rarely do people take the steps needed to do it. Instead, they hope and dream, but it stops there. And there are many reasons for that. It's a daunting task, and your chances of failure are extremely high.
According to Forbes, nine out of 10 startups will fail. That's a staggering number, and one that will certainly make the risk-adverse dreamer run for the hills. But what if you have that big idea that you're confident in? What if you know you can make it happen if you can round up the necessary people and resources?
From what I've seen, heard and experienced, the single most common factor preventing people from starting their own business or growing their existing business is money. Regardless of the industry or type of business, it takes money to make money. Unless you've planned and saved for a long time or have people you know who want to invest, you're faced with trying to figure it out on your own.
Most people start with friends and family, and that is definitely a logical approach. But when it comes to the money you'll need to buy real estate or remodel an existing piece of property for your business, you'll definitely need a professional financial institution to help.
There are a lot of options for entrepreneurs and business owners to access the capital they need, but there is one organization in New Hampshire I recently learned about that is worth a mention.
The Capital Regional Development Council (CRDC) is a nonprofit development corporation that provides financial services to businesses in New Hampshire. They have offices in Concord and Manchester and are not affiliated with state government in any way. They work directly with traditional lenders, such as banks and credit unions. And the services they offer and how they provide them are hugely beneficial and is extremely valuable information for business owners.
CRDC is not a lender that a business owner would go to directly. Instead, CRDC works with lenders to help complete a loan that a traditional lender can't fully execute, given the circumstances. A simple example would be if a business owner wanted to purchase a new building to expand their business, but didn't have enough for the full down payment; CDRC could potentially help the business owner bridge the gap and get the additional funds needed to get the deal financed.
So in other words, if money is a challenge, your lender can work directly with CRDC to help secure the additional funds the lender isn't willing or able to provide.
The CRDC has worked on many local projects with companies such as Manchester Music Mill, Shorty's Restaurant in Bedford, Makris Car Wash and Bunny's Superette.
Services like those provided by CRDC have a major impact on the state's economy, the local communities they serve and, of course, the businesses themselves.
In today's business climate, things are looking bright. Financial institutions are flush with cash and competing aggressively for deals. If you've thought about starting a business or expanding your existing business, it's certainly a great time to make a move. And with the right people and resources involved, anything is possible.
Christopher Thompson (email@example.com) is the vice president of business development at Talient Action Group in Manchester and writes Closing the Deal weekly for the Sunday News.