Best approach to asking for financial assistance (2024)

In the course of running your business, no matter how well you prepare, you’re bound to come across some pitfalls that would require help. This is more so for startups. Most times we don’t really understand the full financial implications of a new venture hence most people fall into ditches. Asking for help financially is not the easiest thing to do especially if

1. You don’t know who to ask.
2. You don’t know how to ask.
3. Your ego is two sizes too large, or
4. You are afraid of rejection.

Sometimes, frequenting loan homes or banking institutions isn’t always the answer.Before running off to the bank to ask for a loan or selling off a great asset why don’t you consider asking a family member or a friend? You may be skeptical about getting your family or friends involved in business but it might be the best option at this point.

The founder of Silverbird group, Senator Ben Bruce started his empire on a loan he received from his father; See where he is today. Family and friends are here to help you so take advantage of their presence in your life. Here’s how you go about it;

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• Makea note of exactly how much you need and what you need it for
• Havea working and practical strategy for recovering this amount as well as a payment plan.
• Findout who is in the best position to help you.Theyshould not only be able to lend you the money you need butshouldalso be the most likely option (they should be willing).
• Book anappointment.Themore business-likethistransaction is the better.
• Gostraight to the point without mincing words.Havingan outline would be better.Tellthem everything,giving them an offer theycan’trefuse in form ofinterest or something along the lines.
• Behonest about your financial status, the amount you need and the payment plan.The payment could be in installments, or in full depending on what both parties agree upon.
• Beclear about what you want a loan or some help.Letthem know whether they should expect returns or let go.
• Ifyour request is granted, keep your phone lines open from the day you gotthefinancial aid you were looking for to the day of payment.Beingreachable at all times shows reliability.
• Granted or not don’t forget to express gratitude.

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Following these steps will help you get the financial aid you need without any awkwardness or breech in relationships. Reach out to someone for help and don’t wallow. People are more willing to help and assist you than you are willing to ask for help. Don’t be afraid of getting help from time to time just don’t become totally dependent on others for everything.