How much money did you put into starting a business?

Standard

My answer to How much money did you put into starting a business?

Answer by Ken Larson:

Boot strapping was the mode I used.

Bartering, industry teaming and networking my way into small business federal government services contracting. My startup funding was roughly $10 k on that basis.

I used progress payments on government contracts that are a form of financing that allows billing work on work in process twice a month for small business to facilitate cash flow.

I also used contingent hire agreements to attract talent who worked with me without jumping on the payroll until the business was at hand.

I built fringe benefits into my overhead rate on government contracts, a requirement for every competitor I faced, since the agencies mandated it. That attracted top talent.

How much money did you put into starting a business?

Advertisements

About rosecoveredglasses

2 Tours in US Army Vietnam. Retired from 36 Years in the Defense Industrial Complex after working on 25 major weapons systems, many of which are in use today in the Middle East. Volunteer MicroMentor. I specialize in Small, Veteran-owned, Minority-Owned and Woman-Owned Businesses beginning work for the Federal Government. MicroMentor is a non-profit organization offering free assistance to small business in business planning, operations, marketing and other aspects of starting and successfully operating a small enterprise. You can set up a case with me at MicroMentor by going to: http://www.micromentor.org/ key words: "Federal Government Contracting"

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s