Business Startup Funding
Finding business startup funding often requires you to think very creatively. Business startup funding won’t just come to you, so you have to take a very proactive approach and commit yourself to research and applying for every type of business startup funding that is available. The following guide will help to give you some ideas to start with, but don’t stop there. Let it keep your creative juices flowing until you have thought of several more business startup funding ideas on your own.
Government Grants
You may think of the government as an entity that only want to take your money, but it also has a stake it helping new businesses get started and for them to make a profit as soon as possible. After all, the sooner you are earning money, the sooner the IRS can tax you on it. There are two websites you can go to and search for grant possibilities for business startup funding. The Catalog of Federal Domestic Assistance and Fundraising and Grant Writing
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Think eBay
Most people have more valuable items lying around their homes than they realize. Take a look around and see if you have anything of value that you can’t use anymore and list it for sale on eBay or host a garage sale. With eBay, you may be able to get a higher price than a garage sale, especially if you have collector’s items or anything which can not be easily found in other places. Both garage sales and eBay are good resources to raise startup business funding when you want to get cash quickly.
Personal Savings Account
If you have been considering going into business for a long time, you may already have a savings account set aside for the purpose of having business startup funding. If so, now is the time to use it. However, it is probably not a good idea to get business startup funding from your 401K from a former employer or from your spouse’s plan for business startup funding since it will raise your taxable income and you will also have to pay a penalty on it.
Bank Loans
Home equity loans and personal loans are very convenient to use as business startup funding. If you get turned down for one or both of them, you can always apply for a loan that is backed by the Small Business Administration.
I have spent years as a corporate consultant, offering my services to clients whom own businesses in all sorts of industries. While optimizing their
business models and guiding them to more efficient business models, I often noticed that many businesses lack the proper credit profiles needed in today’s
market to obtain additional credit or loans. I hope that my articles may inform entrepreneurs of the benefits of corporate credit.