How To Be Creative with Funding and Financing When Starting a New Business

As a female entrepreneur, who started my business six years ago, and understands what its like to have a dream to start a business but you don't have enough capital - I can offer some valuable tips on financing start-up capital. Any woman wanting to start a business, wants to start with a plan. A business plan. You don't have to become a professional writer, but even jotting down some general information about the business will be a start. Jot down things like what type of business it will be and how you plan to market and promote the business to generate revenue. Who will your target market be? What will make your business unique? Also make mention of other business partners that will be involved in the business and where their or your expertise lies in this type of business. This is important because any investor or bank will want to see your vision put on paper. They will want to see your growth potential. To find investors, do a search for 'private business investors' or use websites like gobignetwork.com that brings together small business entrepreneurs with investors and other important connections. Check with your local Chamber of Commerce who often will have a wealth of resources about getting start-up money. When I was starting my business, I reached out to some of my local economic development organizations. I attended workshops on financing a new business and I was able to secure a micro-loan for $5,000. If you're starting a non-profit, you definitely want to check out grants that may be in place for your business type. Try searching on business.gov and if you’re a woman try womensbusinessgrants.com. Don't forget about approaching family and friends to see if they're willing to invest in your new business. One tax client of mine started her own hair salon and her mom loaned her $10,000 towards her new salon. It took her several years through installments to pay her mother back from business revenue but she did pay her back. Your loved ones might be glad to help you pursue your dreams. Your business plan will help them see and share your vision. So I can't stress enough how important your plan is. Without a plan, you plan to fail. Saving up some of your own start-money is essential too. Any investor or family member will want to see what you're willing to contribute to this 'dream'. Other resourceful places for start-up funding is SBA.gov, score.org and bankrate.com which all offer a wealth of information and resources.