Posted in business Funding
Funding to Start Up a Business
Beginning a new business is a very exciting time, but it can also become overwhelming very quickly. New business owners are faced with learning about the incorporation process, marketing a new business, establishing bank accounts, obtaining an Employer Identification Number (EIN), and by far their greatest challenge will be in finding the start-up funds needed to get their business off of the ground and running. New business owners who do not have the personal assets to infuse into their entrepreneurial venture have two distinct options to finance their new business: obtain a loan or locate a business start-up grant. Unlike a loan from a friend, relative or financial institution, a grant does not have to be repaid and does not collect interest!
Before a business begins the process of attempting to locate a business start-up grant, the business will need to develop a high quality and comprehensive business plan. The plan will need to include the mission, vision, and objectives of the entity. The business plan will also need to describe in detail the operational structure of the business; paying careful attention to highlight how the business plans to cover all of the necessary expenses to develop and implement their services or products. One of the most important components of a business plan for securing a business start-up grant is the construction of a detailed budget. Business owners may wish to consult with a professional writer for assistance in completing a business plan that will assist them in obtaining a business start-up grant.
Once the business owner believes that they have completed a comprehensive and logical business plan, the business owner is ready to begin their search for business start-up grants. Searching for business start-up grants can be a time consuming and frustrating task. The Small Business Association provides a great starting point, offering an online tool to assess whether a small business is eligible for a grant or loan. To access the tool visit: sba.gov. The federal government also allocates funds to local jurisdictions to increase economic development and these funds are sometimes available to businesses in the form of business start-up grants. To find out if business start-up grant funds are available in a local area, a business owner can contact their local Chamber of Commerce or their states Department of Economic Development to find out what business start-up grant funds are presently available. If business start-up grants are available, eligibility of a business to secure these funds will likely depend on the products or services offered by the business.
The key to being successful in obtaining a business start-up grant lies in a businesses' ability to locate a grant that this synergistic with the operations of their business. Businesses seeking a business start-up grant may wish to consult with a professional grant writer for assistance in locating and completing a business start-up grant. Good luck in successfully obtaining a business start-up grant!