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Options for funding a new business
September 17, 2022
Starting a new business requires some level of funding, which is often something that holds potential entrepreneurs back. It’s wise to investigate your options in advance so that you can figure out what will work best for you.
You may also want to consider your business structure at this time. For instance, with a limited liability company (LLC), you remove the personal liability that you would have for business debt. If you’re about to acquire debt as you fund the company, this is a way to protect yourself. In any case, here are
for funding that you may want to consider.
At times, the easiest thing to do is to find investors who believe in your vision. They don’t necessarily want to run the company, but you can sell them an ownership percentage so that they make money back on their investment.
Getting a loan
You can also go to a credit union or a bank and get a loan. The Small Business Association (SBA) may provide options that go beyond what a traditional lender will offer. This is a good option if you do not want to give up any ownership of the company, but you do need to consider the risk of taking on this liability.
Funding it over time
You might be able to start your company with a small investment and do it on the side until the business is big enough for you to run it full-time. This does mean it takes a lot longer to get your company to where you want it to be, but there’s less risk.
No matter what you choose, make sure you know all the legal steps you will need to take to
launch your new business
. Having legal guidance can help.