Updated: Dec 27, 2022
Starting a business but don't know where to get funds? Here are three ways to get funding!
Friends and Family
Asking friends and family to invest in your business is one of the simplest ways to secure business funding. Mixing money and family matters can be dicey, but if done correctly, it can kick-start your business. Treat your loved ones like any other investor. Share your business plan, answer their questions and be transparent about the risks If they choose to invest in your idea, put your agreement in writing so everyone is on the same page. And if they choose not to, don’t take it personally. Imagine if you can get 10 family members to invest $20 dollars each, you can raise $200 dollars.
A business grant is money awarded to businesses in need. Unlike loans, grants don't have to be paid off. The money is not being borrowed. There is no interest attached. Grants are GIVEN to businesses with no expectation of return. Looking for a grant? Check out SBA.gov for more information.
Many business readiness programs, accelerators, and pitch competitions also provide money for entrepreneurs or small businesses.
This one is probably a no-brainer, but providing a service or product that your clients are willing to pay for is one of the best ways to support your startup costs.
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