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Resources, information and helpful links which apply to business start-up, as well as everyday operation.
Tips For Finding Funding:
Funding Options
- Assess the financial needs of your startup business.
- Calculate the financial resources you personally can contribute.
- Prepare financial statements.
- Contact professional resources who can serve as references.
- Consider bringing in a partner with complementary talents and money to invest.
- Work out barter arrangements, if possible, with any suppliers.
- Consider what possible collateral might be possible for a loan, including unpaid accounts payable.
- Look for any business incubators in your area which might be interested in investing in your business
- Investigate strategic partnering opportunities where a successful firm in a complementary business would be interested in investing in a startup that would be a business partner.
- Apply for guaranteed loan through the Small Business Administration.
- Cost cut every way possible, except on the quality of your product.
- Ask friends and family to invest, giving them a written agreement on repayment.
Tips:
- Almost anyone lending money will want to know how much you have contributed. They don’t want to take a risk on you if you aren’t willing to risk your own money.
- Learn the business terminology of the financial world. Not only does it help with understanding your options, but it impresses lenders.
- The Small Business Administration has a large variety of financing options for startups available.
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