Being an overzealous millennial, I find entrepreneurship extremely important. We’re a generation that thrives on doing things our own way on our own time. That’s why we’re the perfect people to head out into the world and take the risk of starting our own businesses.
There are many entrepreneurs out there dying to get their ideas up and running. I actually know a few and I commend them on the undertaking of starting your own business because it’s a long and hard process. It’s also extremely rewarding.
So, in honor of all you looking for a way to get out of the hum drum 9-5 entry level job your in I offer you the Be Your Own Boss series! I’ll be highlighting a little bit of everything including some personal interviews from entrepreneurs who have been through the process you’re worried about jumping into. And our first topic, which is probably one of the most important, is funding.
One of the hardest and most stressful things about starting your own business is figuring out where you’re going to get your start-up capital from. It’s expensive to venture out on your own and you need a good sturdy plan of where you’re going to get your initial funding. Here’s a brief list of funding options that will help point you in the direction you need to get your business rolling.
Small Business Loans. To get your business started you might head over to your local bank and apply for a small business loan. In order to qualify for one you’ll have to show that you have decent credit and a solid business plan. It’s a good option for many who are trying to get out of the gate but don’t know how to approach other funding options like those listed below. However, it will always come with a hefty amount of interest that you’ll have to repay.
Grants. This type of funding is great, but also takes a lot of hard work to get. You often have to provide a lengthy application and you’re pitted against other people who are also trying to start up something new. However, this is a great option, especially for non-profits. There are also a plethora of grants especially for women and minorities who are looking to start something new so get online and start researching! Head on over here to start searching for grants today.
Angel Investors. Angel investors are wealthy individuals looking to help out someone else. They need to have a net worth of at last $1 million and be accredited by the SEC. They will give you money in exchange for equity in your business. Beware though. While this seems too good to be true you better have a really great business plan in the works to woo them! They won’t just hand you money for nothing!
Crowdfunding. Websites like Kickstarter and Indiegogo provide a great platform to raise start-up funds and get your idea out into the public. This option is great because while you raise the money you need, you’re also building a client base. This can give you a little extra motivation considering others are already amped for whatever business/product you’re starting. Be aware though, not all business concepts/products will fit their regulations so you may have to check in on that before you get your campaign up and running.
Now, it’s your turn! What other types of ideas would you like to see about starting your own business?