So you've got a great idea for a new product or business that you just know will take the world by storm and turn you into a millionaire. There's only one problem. In order to make your dream a reality, you need some cash to develop, manufacture, and market your idea to the masses.
The big question you have to ask yourself is:
How Can I Get Money To Start My Own Business$%:
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Well, let's go over your options.
1. You can take the money from your personal savings. This assumes that you have a huge wad of cash lying around and nothing else to use it for. It's nice if you can pull it off, but few people have the necessary resources on hand.
2. You can borrow from friends and family. This option works well when you don't need enormous sums of money, but beware that business deals gone sour can spell doom to even the best of friendships.
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3. You can take out a loan from a bank. You'll need a solid business plan but if you work with your local Small Business Administration office you may be able to get a decent rate. Keep in mind it may be difficult to pay the loan back in the early years before your small business really takes off.
4. Borrowing the money on your credit cards is rarely a good idea. While it is convenient and readily available, the interest rate will cost you a lot more in the long run.
5. Angel Investors and Venture Capitalists are hard to come by when you are just starting out. Unless you have a business plan that promises high returns quickly, they won't be interested. Another downside to dealing with this type of investor is that they demand equity in your company and they can be meddlesome in your affairs.
6. Perhaps the best place for a small business to raise capital is through state and federal grant programs. The government gives away billions of dollars in grant money every year, and much of it goes to support small businesses.
There are far too many grant programs to name here, and eligibility can vary. Your best bet is to access a Grant Directory that has a searchable database of all active grants. They usually charge a small, one-time fee but it is money well spent since it will save you hours and hours of tedious work.
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