Are you confident that you want to start your own business and that you have what it takes to succeed? Perhaps the only dilemma that you have about starting a business is how to fund it. There are many options for financing your small business:
- Family and friends. You may have a close friend or family member who could loan you the money you need to start your business. If you choose this option, make sure to have an attorney draw up a contract to protect both parties involved.
- Savings. If you have been lucrative with your earnings and have socked away money in a savings account, then can use that money to fund your business.
- IRA and 401k accounts. Perhaps you have money in a retirement plan — you may consider borrowing against or withdrawing from these accounts to fund your business.
- A part-time job or even a second full-time job can give you the extra income needed to start saving money to invest in your business.
- Co-partner. Going into business with a partner could reduce your portion of the start-up costs, or your partner could fund your portion of the expense. Be sure that the person you partner with in business is honest, trustworthy and responsible, though.
- Sell personal items. Parting with your boat, motorcycle, recreational vehicle or vacation home may give you the money that you need for your start-up.
- Bank loan. Apply for a business loan at a bank to see if you qualify for financing based on the bank’s loan criteria.
- SBA Loan. The U.S. Small Business Administration is designed to fund small-business loans of varying types and criteria depending on the business type and need.
Bank and SBA loans will most likely be harder to attain. It may take some time to collect all of the required documentation and to complete and submit the prequalification information. However, be persistent; if one resource bank or resource doesn’t work out, try another one. And, you may be one of the lucky people who receive a loan hassle-free on the first attempt.
In the event that you cannot seem to acquire the funding needed for your business, don’t give. You will just need a little more time than expected to get your business up and running. As is true for many successful business owners, determination and perseverance will get you a long way.
If you are ready to make your dream of owning a business come true, National Property Inspections in the United States and Global Property Inspections in Canada have franchise opportunities available in your area. Contact Julie Erickson at 1.800.333.9807, Ext. 24, for information about our property inspection franchise opportunities.