Starting a small business is equal parts excitement and terror. You’re finally making your own dreams come true, making a difference in your community, and becoming your own boss. But you’re also taking a huge risk and putting all of your resources on the line to see if it’ll work, with a little voice whispering to you: 90% of small businesses fail within the first year. The good news is that small businesses are thriving these days and there are more and more options out there that make funding a start up easier than ever.
One small business funding option is to take advantage of the crowdfunding websites that are out there. If enough people believe in your idea, you may just be able to get enough money to start your business. Another small business funding option is an SBA loan, which a loan facilitated by the Small Business Administration. The loan does not come from the SBA itself, but their involvement helps small business owners get funding that they would be unable to acquire otherwise. The last of the small business funding options we’ll talk about here is a short term loan. Short term loans are generally a smaller amount of money lent to a borrower for a shorter period of time — typically one year or so.
If you’re finally ready to take the steps to find funding for your business, there are a number of other options out there — way too many to name here. To find out more about what your options are and which ones are right for you, you should take a detailed financial plan to business funding services and let them help you.
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