Starting a Small Business

Funding a Business Startup: All the Best Ways You Need to Know About

12/11/2017

Starting a new business and creating something from nothing can often seem like an uphill battle on the best of days – and that's before you start to think about perhaps the most important factor of all, how you're supposed to fund it. As the old saying goes, "You've got to spend money to make money." Any startup founder in existence can tell you how true that really is.

It may take a while, but funding a business startup certainly doesn't have to be impossible – or really all that difficult. You just need to keep a few essential things in mind.

Entrepreneurship and the Art of Self-Funding

Many experts agree that one of the best ways to fund your business startup involves keeping in line with that entrepreneurial spirit that has carried you so far in the first place: Don't be afraid to just do it yourself. While it's true that the feasibility of this will vary depending on the type of business you're trying to start, the existing resources that you're working with and several other factors, this is actually a much more viable option than a lot of people tend to realize.

"If you can invest personal money or personal savings, you don't need to deal with investors – or pay interest," said Luba Milgram of StarLite Tax Solutions. "Depending on what your business does or your personal profile, like if you're a minority or a military veteran, you may also be eligible for federal or state grants. Always do your research and see how this option may work for you before writing it off completely."

Tyrone J. Taylor of Taylor Tax and Financial Consulting, Inc. agreed when he said, "The best way to fund a business startup is with your own funds. That way, you owe nobody any money, and you own 100% of your company."

However, if you DON'T have the funds necessary to get your business off the ground, that doesn't necessarily mean that you have to run right into the arms of investors. Taylor continued, saying that "the next best way to fund a startup is by having people you know, such as friends and family, help you by investing in your business. They can do so by buying equity in your business or giving you a loan. Depending on your preference, either option is good for startup businesses."

Other Essential Start-Up Funding Options

There are a number of other unique options that you can experiment with when it comes to funding a startup business that simply did not exist even a decade ago. One of them has become incredibly popular for everything from starting a business to self-publishing a novel: crowdfunding.

"Crowdfunding is a relatively new concept. You create a campaign through one of the crowdfunding platforms," said Luba Milgram of StarLite Tax Solutions. Depending on your business, you may not even have to give away equity at all – people may invest simply because they're interested in the products and services that you're trying to create.

Another popular option is also one of the most common: Start building business-related credit as soon as you can. "One of the best ways to fund a business startup is by establishing and building a business credit profile," said Darvincia Warren of DW Tax Preparation. "That way, it's easy to separate personal and business funds and to use business credit to establish valuable relationships with creditors."

Tyrone J. Taylor expanded on this, saying that "generally, a startup that is able to successfully obtain a loan is able to do so based on the personal credit rating and collateral of the owner of the business. If you have good credit, and can show your lender you have the ability to pay back any money they lend to you based on your credit and collateral available, then obtaining a startup business loan may be possible."

One thing that might complicate this is if you have a unique business model, like a SaaS or "software as a service" company. You have no physical inventory to speak of, something that tends to make traditional banks and other lenders nervous. You're still not without your viable options, however – private money is always available as are business loans from providers like PayPal and their PayPal Working Capital program.

As always, you shouldn't try to look for money to fund your startup too early. You need to not only know what you want to do but how you're going to do it – THEN you can begin your search for people who are willing to financially support you as you work to bring your business to life.

Lee Reams II, writes for TaxBuzz, a tax news and advice website. Reach him at [email protected] or on LinkedIn.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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