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Hey y'all, c'mon in! Today we'll discuss the elephant in the room and bane of just about every entrepreneur's existence: FUNDING. How do you plan to fund or finance your dreams of entrepreneurship? There's crowdfunding, microloans, government loans and grants, bootstrapping, bank financing, credit cards, line of credit, personal loans, retirement accounts, investments, stocks and bonds, angel investors, venture capitalists, and that piggy bank you've had since kindergarten. Yes, the possibilities are endless, but not always easily attainable. One important thing you must consider when choosing funding is your personal credit. Yes, initially your personal credit will be the determining factor when trying to obtain bank financing, new credit cards, lines of credit, and sometimes government loans. If you find that you do not qualify for bank financing, we suggest getting creative and practice the art of bootstrapping. With bootstrapping, you can utilize crowdfunding and peer to peer lending sites, loans and donations from friends and family, investors, your savings or retirement accounts, personal credit cards, and so forth. I personally have used both options and will say, ensuring that your personal credit is intact and you have at least a FICO score of 680 and you have a solid business plan with your projected profit and loss statement that is attainable and realistic before attempting to obtain any financing backed by the bank. Other options include government grant and loan options. These are very attractive options as they have grants and loan programs for specialty products, minorities, veterans, Click the links below to see which programs would benefit your business.
If we could give one bit of advice about funding, it would be to not let this deter you from becoming an entrepreneur. You may have to launch in smaller stages, a smaller catalog, less products, etc. Just launch! You don't want to be one of those people who regrets not chasing after their dream. It's best to be one that can say they attempted than one who didn't.
Resources: (you will be linked to their respective websites)
*PLEASE NOTE: the aforementioned are examples of available resources. Linking to their websites and products, does not constitute an endorsement from Reese Salley & Associates, Ltd. Co. or their partners. The ideas expressed in this article are of the writer and are not paid endorsements. Thoroughly research your options and make the best decision for you and your business.