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People have great ideas for new businesses all the time. And yet only a tiny portion of those people ever make the transformation into entrepreneurs. What is the main deterrent? Business funding. Creating a start-up business can often require a significant amount of upfront cash. It can be difficult to find investors for a business that is only in the idea phase, and banks especially do not like to take on such risk. While friends and family can be a good source of business financing, potential entrepreneurs should always think through their funding needs before looking for external investments.

First, start by identifying the market for your product or service. It can be difficult to break into a large market where there are already plenty of competitors with your business, but you may be able to find success if you tap into a niche market of the larger one. Try pinpoint exactly what type of customer your product or service would appeal to.

Next figure out if you can raise money on your own using your field-specific knowledge or expertise. Perhaps you could take on some consulting side jobs, pick up a second job, or offer classes on something in your field. If you can find a way to make some extra income, the next step is to calculate exactly how much you need to make to get your new business off the ground, including working capital. If that number is $20,000 and you can make $40 an hour on consulting jobs, you will need to work 500 hours as a consultant to reach your goal. Breaking your business funding goal down into achievable units will make it more attainable.

Finally, the last step is to just get out there and work hard until you raise the capital. You will have immense satisfaction when you reach your goal and start your company, having complete freedom to run it the way you want without having given up any equity or control.


Search for Small Business Loan Sources and receive your matched lender list
AND received FOUR free Business eBooks worth $39.95!
Search for Small Business Loan Sources