Find Money For Your Company

Starting a business is more popular than ever

Starting a business is more popular than ever. It's also not the impossible dream that it once was. There are many resources out there, including funding solutions for just about everyone. Here are some tips on where and how to get the money you need for your business start up.

So you've decided to drop out of the job search rat race for employment and become a business owner yourself? The opportunities when you are self-employed are endless. You could find yourself a millionaire, or working for less that minimum wage. For people who have the stomach for this type of adventure, starting your own business is a great solution. While there are differences on how much money you will need to start your business, it is almost impossible to start with zero dollars in the bank.

Trading in regular employment to open your own small business is a bold step, and part of that requires asking people for money to get you started. These "people" can range from bankers that you don't know, to a great-aunt. No matter whom you ask to help fund your venture, you must have a business plan in place. For one, you will seem unprofessional without it, and two, banks and other institutions won't even consider you without it in place. Start by researching how to write a business plan. It's not as difficult as you might think, much like putting together your own resume, except in this case, instead of showing people what you have done, you'll be demonstrating what you are about to do.

Borrowing money from family can be the easiest method of funding your business, and if things go well, it's a win/win situation for your entire family. But keep in mind that this is not like regular employment, and that there is a greater than fifty percent chance that those family members could lose the money that they are loaning you. Some questions to ask yourself might be, in a worst case scenario, how will the family react to losing the money that they have loaned you? The best way to answer this is to simply ask them that question before they loan you any money. If they know going in that there is a chance to help you, a chance to have great financial reward, and yes, even a chance of losing it all, things are less likely to turn badly if the unexpected happens.

What to do if the family says no? It's off to the bank for the funds you need. Most small businesses go through the Small Business Administration, otherwise known as the SBA. They will not approve everyone, and for those that they do, the process can be very exhausting. If you have an aversion to turning in tax returns, bank statements, your credit report, and letting them see almost every aspect of your life, this will not be the route for you. But, if you can stomach it, the SBA is a great way to fund your business and leave employment behind.

by: Craig Calvin

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