Financing Your Business

So you and your team have dedicated numerous hours to writing the perfect business plan. You have explained what the problem was and how you are going to solve it.  You found the perfect location and you even have a client.   So the next step is to open for business or is it.  Oh wait what about the funding to open your business.  Where do you go and look for funding these days.  One place to start of course as I mention before was to go to the Small Business Association.  Or you could take your business plan and go to the banks that specialized in small business loans. Of course if all those have failed and you still need funding for your business why not take the less traditional route.

According to an article written by Mitchell York, “Small businesses are getting very creative about financing and are leveraging the many alternative sources available to them.”  Since Congress and President Obama passed Jumpstart Our Business Startups (JOBS) Act in April 2012.  It has encouraged small business to seek out individual investors.  The law was passed to ease federal regulations. Crowdfunding has seen an increase in usage since the JOBS act was passed.  Some of them include as Kickstarter, Indiegogo, and Fundable.  Crowdfunding has become a major competitor in the way small businesses obtain funding.

There are numerous sources that you can acquire funding from.  Finding the right funding depends on the needs of your company.  Crowfunding is one of the ways small businesses are seeking funding.  According to Investopedia.com Crowdfunding is “The use of small amounts of capital from a large number of individuals to finance a new business venture. Crowdfunding makes use of the easy accessibility of vast networks of friends, family and colleagues through social media websites like Facebook, Twitter and LinkedIn to get the word out about a new business and attract investors.

Depending on which route you take to secure money to open the doors of your business, you need to make the right decision.  Some of the financial solutions that I mention might be too risky or too complex.  I wanted to mention a few of the alternative forms of financial solutions that are now available.  Rest assured there are plenty of funding solutions available for your small business.  So what are you waiting for? Get your business plan and open the doors to becoming an entrepreneur.

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