Getting started in any business is tricky and involves money that is often not easily accessible. There are some easy to obtain and common forms of small business financing solutions that anyone can do to get the money they need quickly and with a minimum amount of hassle. Even if your personal credit isn’t as good as it should be, you can still find money to get your business on track. Getting Started Right Small business financing solutions begin with a solid foundation.
Too many times, new business owners are so excited about the idea of their business they want to jump right in and start selling products or services without taking the time to make sure their company has the right set up. *Get the proper licensing *Create a real entity including a separate business phone, tax identification number and DUNS number *Make sure you are included in the area 411 list *Most important of all, create a well thought out business plan Your business plan is a concrete way of showing investors, lenders and other funding resources that you have the stability and knowledge to get the job done.
A business plan will first tell others what your business is, and what you plan to do. It will highlight all of the principle people involved and show what their abilities bring to the business, and it will break down all of the expenses involved from start up to operating expenses as well as giving a reasonable time frame to show a profit from the costs. Beginning Capital At the start, getting traditional funding may not be easy.
However, you can open business credit card accounts and vendor accounts to provide you with access to operating funds and make it possible to get started. Seeking Venture Capital A popular notion for those looking for small business funding solutions is to search for venture capital. This is attractive because there is no monthly repayment with interest involved. It is close to a grant, but unlike a grant, you will pay money to the investors. With venture capital you give investors a percentage of your business in exchange for a dollar amount up front. Grants and the SBA Two better small business funding solutions are grants and the SBA.
There are thousands of different grants available and you don’t have to repay the money. However, they can be very specific in regards to what kind of business is eligible and you have to use the money exactly as stipulated by the grant. The SBA, or Small Business Association, is a very wise place to start looking for small business funding solutions. They have many available programs and a lot of helpful information on developing business fundability.
