As a small business, funding can be one of the biggest on-going struggles. While you’re trying to grow your business, lack of funds can be a huge issue--and that’s why we’ve taken the time to collect all of the resources you can put at your disposal to get more funding.
All of these ways to get funding for a business will apply to your small business. We’ll cover some funding companies, some methods for small business funding online, and all the other types of funding available for small businesses.
Tips for Funding Your Small Business
As you begin going to all the possible places you can locate funding for your small business, keep these crucial tips in mind:
You need a business plan in place that proves you have good profit potential over the short-term.
The faster you can get investors’ money back, the more likely they will be to invest. Prove they will have a high ROI and clearly define your market in your plan while detailing the size and purchasing power of that market.
Don’t try to be “everything to everybody”. Investors want to see that you have gotten deep into the market research process and targeted the exact customer you want to sell to. Show off your competitive edge.
No one will invest in you unless you’re willing to invest in your business. Show that you have put a personal investment into this venture to prove your commitment--that could be money, savings, time, or all of the above.
Where Can I Get Funding for My Small Business?
All of these sources of finance for small businesses are readily available for most industries. If you’re wondering how to finance a business, here are the answers to start up financing:
Grants.gov is a federal source for small business grants. Though it can be a daunting process, they have a comprehensive database of grants available from a range of government agencies. You can search through all sorts of financing opportunities here to find ways to get more funding.
BusinessUSA is another federal resource that’s a bit more user-friendly than the above. Fill out a short questionnaire to find relevant grants available (and some loans).
The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) allow small businesses grants for focused research/development programs, mostly for scientific and tech-driven businesses.
Economic Development Agencies can be found in each state to help new businesses find financing and even recruit new employees. They can also help you locate local and statewide grant opportunities to fund your business.
Small Business Development Centers (SBDCs) are another local resource that can get your small business off the ground. A local SBDC is also able to help you connect with mentors and network with other businesses.
Many corporations also offer small business grants, including FedEx, Miller Lite, LendingTree, and the National Association of the Self-Employed (for NASE members only).
Certain groups are also eligible for specific opportunities, such as small business grants geared towards female business owners, small business grants for military veterans, and small business grants for minority groups. If you fall under one of these categories, you could definitely take advantage of certain opportunities at your disposal./funding-tips-small-businesses//wp-content/uploads/2017/12/business.jpg/wp-content/uploads/2017/12/business-200x133.jpgBusiness