Question
I've spoken with two organizations regarding a partnership on an event promotion. I need 40k to fund the event and would then receive the full revenue, estimated to be 120k. My question, having never started a business before, is how would I go about getting that first $40,000?
Answer
I've helped several people with this type of dilemma. The first option is to agree to a contract and ask for installments for payment. Most companies understand you need capital to conduct your operation and will agree to give you a portion up front. Option 2 would be to secure an LOI and seek either a high net worth individual or someone willing to provide contract financing. Contract financing can get extremely costly and I would view it as a "last ditch" effort. My recommendation is to push for an installment. Hope this is helpful, best of luck.
.png?1481658534)