You’ve got this awesome idea for a new business. You can’t stop thinking about it and it’s guaranteed to be huge! There’s just one problem—money.
Yep, turns out that starting a new business isn’t free. It’s lame, but just the way it is. Fortunately, you’re not alone. Most people who have started successful businesses were in the same situation when they started out, which means you can find a way to finance your venture!
Your Financial Options—A Basic Overview
Once you’ve figured out how much startup funding you’ll need to get moving, it’s time to get the financial backing. Here are a few ways to finance your small business:
- Do it Yourself: Pretty straightforward stuff, either pull money from your savings accounts or ask your friends and family if they’ll help you out. In theory, you could also use retirement money, but this can be very risky.
- Crowdfunding: You’ve probably heard of websites like Kickstarter and GoFundMe. Getting financial help from the public is a great way to build up financial backing while also giving you an opportunity to establish a community around your new business.
- Loans: If you have a thorough list of financial projections and other planning information ready, you should be able to get a small business loan from a local bank or credit union.
There are more options out there to finance your small business, but these three are a great start. If you have any questions or need guidance, our accounting and tax services company can help you!
Get Your Small Business Accounting & Tax Services Consultation
Integrated Tax is a woman-owned accounting firm with services tailored to each client’s unique needs and goals. We guarantee that every service we provide is essential and propels your goal.
Contact us today for a free business accounting and tax services consultation. We have locations in Prior Lake, MN, and Ft. Lauderdale, FL, and can provide service to surrounding areas.