TLDR: There are several options available for financing a business, whether it’s a new venture or an expansion of an existing operation. It’s important for business owners to carefully consider their financial situation, credit history, and funding needs before exploring financing options. Some key steps to consider include:
- Figure out the amount of funding needed
- Review financial situation and credit history
- Consider using personal funds or help from family and friends
- Take out a small-business loan
- Look into SBA-backed loans
- Open a line of credit
- Launch a crowdfunding campaign
- Raise venture capital
- Apply for government grants
- Negotiate seller financing or debt assumption options
- Receive the funds to get the business off the ground
