how can i get funding to open up my own small business?

Answer 1

There's a question for the ages...whew! Okay, here goes; Before you begin, you really need to determine if you have a good business idea, or are you trying to finance your dreams. If you can answer yes to that question honestly, then you start the process...
1. Build a solid business plan to include the following:
1.0 Executive Summary
1.1 Objectives
1.2 Mission
1.3 Keys to Success

2.0 Company Summary
2.1 Company Ownership
2.2 Start-up Summary

3.0 Products and Services

4.0 Market Analysis Summary
4.1 Market Segmentation
4.2 Target Market Segment Strategy
4.3 Industry Analysis
4.3.1 Competition and Buying Patterns

5.0 Strategy and Implementation Summary
5.1 Competitive Edge
5.2 Marketing Strategy .
5.3 Sales Strategy
5.3.1 Sales Forecast

6.0 Management Summary
6.1 Personnel Plan

7.0 Financial Plan
7.1 Start-up Funding
7.2 Important Assumptions
7.3 Break-even Analysis
7.4 Projected Profit and Loss
7.5 Projected Cash Flow
7.6 Projected Balance Sheet
7.7 Business Ratios
7.8 Long-term Plan

You can buy low-cost computer programs like Business Plan Pro that will help you put your business plan into an acceptable format. You'll need some marketing research to support your numbers. (Banks and investors don't give out money on guesses) You won't have this done in a week, I promise you. Once you've completed your business plan, have it reviewed by an accountant to make sure all the numbers line up. If they don't, you're not going anywhere.

2. Once you've got a solid plan in hand, start by talking to you local small business administration. They can point you towards what type of financing you'll need. (conventional or private placement) If you have to start looking for venture capitol or investors, BEWARE...do NOT pay anyone "service fees" up front. Trust me, there are a lot of people charging thousands of dollars for services you'll never get, and they will bleed you dry with nothing but false promises. Somebody looking at your plan is a far cry from them performing "due dilligence" or funding your project.

3. Don't give up. You're gonna learn a lot about rejection and disappointment during this ordeal. Most business ideas never get out of the "sounding board" stage onto paper, let alone financed. It's like rolling a boulder uphill; you're gonna get dirty, scratched up and frustrated...and you're doing it alone, but you can rest assured it will NEVER happen if you don't do it. Let me know if you have further questions, I hope this helps.

Answer 2

The government gives small business loans if you meet qualifications. Also, if your credit is good, you may be able to get a small business loan from your bank. Those are the most common options. Other options are to contact business acquaintances and see if they may want to invest in a business for you and offer them a percentage.

Answer 3

Stop struggling and start protecting and growing your business with two of the leading service providers in the small business market: Pre-Paid Legal Services®, Inc. and GoSmallBiz.com. Simply put, a Pre-Paid Legal Business Plan does for business consulting and legal needs what medical insurance does for your health needs.

Answer 4

Last week on CBS Evening News there was a story on there about a place called prosper. Go to this website and check it out http://www.prosper.com It might be what you're looking for. Good luck.

Answer 5

You can try SBA.gov and/or your local bank!