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FINANCE YOUR OWN BUSINESS. Garett Suttton Esq and Gerri Detweiler
Reviewed N D Brown
I loved this book!
This is one of those ‘how to books’ that you wish you had known about before you knew you needed it. Both of the authors have more than enough credentials to write this book, and all the others they have authored. You, and your start up business, are in good hands. Actually they could have titled this book “How To Keep Money Lenders rom Letting You Fail.” As you seek the essential ‘start up’ cash you’ll think lenders don’t want you to start at all!
Here are the answers to questions you didn’t even know you had to ask to get the what is necessary to run your American Dream. Money. You’ve probably thought about starting your own business or you would not be looking at this book. It is essential to understanding why you need cash or easy access to it. It will show you how to get it and explain why.
How many times I have heard a wannabe entrepreneur say “This is so good it sells itself.” Whatever it is, it won’t. It has to be made and marketed and that requires cash.
Before you can get started you need to know where the money is, where it will come from and how you can get it. Without start up financing ‘whatever it is’ will never be more than something in your imagination.
“Finance Your Own Business” is not just a ‘how to’ book it is a reference book.
Buy this book and after you read it, and after you pass it along to your colleagues, make sure it is easily available so the pages can become dog eared, smudged with finger prints, coffee cup rings and colorful with underlining.
You need to know bankers jargon; why a business plan is important and what to expect when you stick out your hand for money. The book tells you what you need and what you will have to give up to get the cash to make your dream real. It also tells you how to act and react when your hand comes back empty. It explains you need to look and behave like the people you expect to loan you money. You need to know what they expect from you. This book tells you.
Loaded with instructional case studies it takes the mysteries out of finance and makes it easy to understand. Unlike many academic tomes this is ‘readable’.
It’s not a ‘one sitting’ book. You have to read and then digest. You’ll learn how to look at your business from a different angle. Of course it’s your baby and you love it. You think it’s gorgeous. It is your entire life.
So learn why, to the money people, your baby is just something to measure and re-measure. Yes, it is important to them that you have bled to get it going but they want to know how much blood you have spilled and how much more you are willing to spill. It’s all about numbers. Sutton and Detweiller explain it all.
FINANCE YOUR OWN BUSINESS is THE book everyone who is even thinking about starting their own business needs to read and own. Make it your first investment.
One of my favorite financial education authors, Garrett Sutton, Esq, presents his case for incorporating proven highly effective methods that will help an entrepreneur establish a firm financial foundation for a business as quickly as possible. Proven. I like that word. He doesn't just talk legal talk. He backs it up with evidence. Yep, self financing fast track is real and highly effective. His legal expertise provides the insight necessary for the entrepreneur to manage his business - legally. He is a stickler for legal details and presents them in an easy to read and understand format. He is adamant that the entrepreneur recognize the difference between managing a business legally and illegally. He doesn't mince words. My kind of author!
Garrett Sutton, corporate attorney and asset protection expert and Gerri Detweiler, a top credit expert have teamed up and written this winning number titled, Finance Your Own Business – Get on the Financing Fast Track. This book seems to cover it all. The first chapters offer solutions for how to set up the proper business entity, where to get money to finance a business, the advantages and disadvantages of business credit cards and how they differ from personal credit cards. One of the very best chapters is all about Loans, MicroLoans, and Small Business Loans and how to apply for them. In my opinion, the information in this one chapter is well worth the cost of the entire book.
In addition, the authors have anticipated even more of what business knowledge the entrepreneur might need to be successful. They cover Grants, Special Financing, Seller Financing, Factoring and Equipment Leasing, Business Credit and How to Build it, and SEC Reporting. There is also a section on How to Avoid Scams. As an accounting and business major, I am very impressed with this book. I think it would serve well as a handy reference guide for anyone who is in business already or those who are thinking about Getting on the Financing Fast Track and wants to learn the best way to Finance Their Own Business.
Finance Your Own Business Garrett Sutton and Gerri Detweiler
These days, it's pretty easy to imagine you can start your own business -- the Internet is out there beckoning, with success stories from mom-and-pop eBay stores all the way up to Facebook and Google. The stuff an entrepreneur's dreams are made of. Luckily there are people like Garrett Sutton and Gerri Detweiler to help you and keep you on "the fast track."
The first, biggest mistake they warn against: underfinancing. It's a leading cause of business failure. The authors use the image of a "runway" - if you underestimate the length of your runway-- that path from start-up to success-- you are likely to trip and fall.
They recommend various strategies for funding your business through the runway stage. Setting up a business credit card account is one, when used carefully, as they explain. Yes, you can use your personal savings - but ask yourself: how long can you go without savings, and can you afford to invest, and maybe lose, all of it? Consider crowd-funding, an internet-based development that can be utilized for getting initial capital -- again, when used with care. How important is your personal credit score in starting a business? Answer: very. Sutton and Detweiler offer tips on how to raise that score, avoiding typical business loan/financing scams, and the inadvisability of using retirement savings to fund your business.
If you, like me, get a nosebleed when you see words like "remediation" and "indemnification," or even "liability" and "due diligence," you need this book. The authors have included handy templates for the start-up documentation you will need, along with a list of resources, so you don't have to memorize every term.
As stated by one successful businessman whose experiences are recounted in Finance Your Own Business, you need to have it read and on the bookshelf for future reference -- before you start your business.
Starting your own small business is an incredibly stressful process. Forget writing a business plan and creating customers and deciding on a physical location -- the question of money looms largest. You have no idea how long it will take for your business to turn a profit, or if it will even succeed at all. To answer these questions about financing, “Finance Your Own Business” is a smart place to start.
One of the great advantages of this book is that it is written as if by a close friend. There’s no high-handed language or dry, textbook explanations. You can almost imagine the authors Garrett Sutton and Gerri Detweiler sitting across from you at the kitchen table, sipping coffee from chipped mugs, explaining the advantages and disadvantages of small business credit cards.
The personal accounts at the start of each chapter peaked my interest and gave the information a practical application. For example, Aaron and Kathy Corr’s story about trying to apply for a small business loan shows why having a solid business plan and strong capital is really only half the battle. Of course, not every story ends well; some serve as cautionary tales. Betty and John’s mismanagement of their LLC ended their catering business.
Sutton and Detweiler are incredibly thorough in building their book. In addition to the references in the back of the book, the authors include many websites, organizations and regulations to investigate within the text. If you’re developing a small business and aren’t sure how to get started, “Finance Your Own Business” is an excellent launching point.
The first thing you need to know about Finance Your Own Business: Get on the Financing Fast Track by Garrett Sutton and Derri Detweiler, is this is a book for serious business people. Broken down into four basic parts, with multiple chapters within each larger part, this book goes into detail primarily on how a new business owner can finance and begin his/her startup.
Unlike other books of this ilk, which tend to be more along the line of documented cheerleading works, where they writer is more of an encourager to wannabe rookie business owners than anything else, this books assumes its readers are already serious about getting a new venture off the ground. The first part, titled Finding Financing, speaks to the different ways new business starters fund their ownership dreams. These methods can include personal savings, home equity loans and even loans from friends. Later in the book, the writers delve into crowdfunding methods, which – in our internet-dominated, social network-connected culture – is oftentimes used, especially in the music business where there just aren’t as many sugar daddy record labels around to fund new album projects.
The book concludes with a story about Bill Rasmussen, the founder of ESPN who overcame many obstacles to create a huge sports entertainment business. And like him, those that dream equally big can apply their “dedication, energies and resolve” to “find the financing solution that is right.” Rasmussen’s story is one of many examples – both good and bad – that help the writers make their points. Better than all its personal interest stories, though, are its resources in the resource section at the end. Here, readers can find links to helpful information, ranging from trademark insights to credit unions. In other words, this book is filled with practical advice. If you want to get all emotional over underdogs overcoming great odds, watch those puff pieces in between events during the Olympics. But if you’re serious to dig in and finally finance and start your dream business, this is a fine place to start.
An empowering and well put together book, Finance Your Own Business: Get on the Financing Fast Track, is an absolutely essential guide to business financing.
Proficiently co-Authored by two experts in the business arena; Garrett Sutton ESQ. (a lawyer and prolific business author) and credit expert, Gerri Detweiler, this is a work that teems with an expansive knowledge-base when it comes to sensible business financing and thoroughly examines the benefits and drawbacks of the multitude of possible financing approaches for any business.
Overall an edifying work that is built with important business finance particulars and exemplifies with relevant, real-life relatable, scenarios with which, engaged readers will find themselves taking notes and taking pause, as they proceed through the book's astutely composed sections. Furthermore, this is work that is well written, and easily comprehendible, making this a generally uncomplicated read. The book proceeds, swiftly to the heart of the business finance scenario, as each section offers an extensive look, at the many methods available for; finding financing, building a solid credit environment, utilizing investors, as well as the possible frauds and the triumphs.
I enjoyed reading Finance Your Own Business, this book is definitely a keeper for anyone either thinking about starting out with their own business, or already established but in need of financial guidance. I particularly liked the authors' efficiency within this work as the book covered the very basic principles of business financing and moved to other more uncommon but, creative and plausible methods for financing. I do recommend this book to entrepreneurs everywhere it is truly an important read that liberates as well as edifies, especially, if you desire a successful business. Personally, as someone who has always wanted to start my own business, but thought I could never afford to own one, this book gave me hope.
Starting your own business is not for the faint of heart. A lot can go wrong and it must be well thought out from start to finish to succeed. It can be a daunting task, from wondering if your idea will be a success to finding a way to pay for it all. In their book, Finance Your Own Business: Get on the Financial Fast Track, Garrett Sutton and Gerri Detweiler talk about not only the importance of well-planned financing but also the ups and downs that you might find along the way. This book contains beyond valuable words of advice for any entrepreneur, whether they are just starting out or have been in business for years.
Financing can be a very confusing topic, at least for those of us that never really loved math. However, the approach to each topic in this book was not only informative, but interesting and easy to understand. Each chapter is like a miniature step-by-step guide of what to consider, what to do and what to watch out for. From the tried-and-true methods like borrowing money from friends to newer more innovative financing structures like crowd sourcing, the authors guide the reader through the intricacies of each with relevant facts and personalized stories and examples along the way. I personally would never venture into starting a business until I had read this book page to page.
Every business, no matter how big or small, needs money running through its veins. Authors Garrett Sutton and Gerri Detweiler sit you down and share valuable strategies and insight into raising and keeping a cash influx in your new business.
Sutton pulls on his experience as a corporate attorney and Detweiler shares insights gleaned from her years as a credit expert. With a friendly tone, but backed with fairly detailed information, Sutton and Detweiler set out to helps new and experienced business owners master the fine art of finance. Real world examples flesh out and ground the sometimes difficult/confusing concepts discussed. While the material is fairly in-depth, the authors provide resources to delve deeper.
Overall, the material provided here should get you up and running with a basic understanding. Hopefully, you’ll delve deeper and/or contact an expert to provide personalized guidance. I think with the information in “Finance Your Own Business” most people should have enough understanding to converse with a CPA or other authority without feeling overwhelmed or being taken advantage of. That feeling alone makes this a worthwhile read. Couple that with pages of expert information, financial strategies, and a huge section of forms and resources, anyone should expect their business to have ample runway to take off from.
“Finance Your Own Business: Get on the Financing Fast Track” is overall a bountiful resource for small business owners who want to put more into and get more out of their businesses.
The explanations of financing methods, advantages, and drawbacks are pleasantly thorough. At the same time, the explanations aren't bogged down with jargon or legalese. The scenarios the authors use are great at illustrating the problems you can run into and the questions that need to be answered at various stages in the life of your business. These scenarios make great lead-ins to and references for the information that's provided.
While you may want to do some further research into the methods that you like most, there's little chance of finishing the book without having narrowed your choices down and without having started to form a plan. In fact, to help you further along with those plans, the resources in the back are invaluable. Not only do the authors provide a funding comparison chart, but they also provide a handy list of resources so you can start the search for funding.
While the funding advice is solid, the book's advice is not limited to that one area. You will also find advice for protecting yourself and your business by putting the right protections in place and following the proper protocols to keep those protections. You'll learn how to actually keep the limits on liability in place for your LLC and choose a business structure that fits your needs and how to spot a scam. The appendices in the back have checklists and templates to help you get started and on the right path.