Small Business Resource Center for the 50+

Secure Funding for your Business

To start a business, you’ll need to start with capital. Funding can come from a variety of sources and choosing the right one can be the most important decision that you make.

• Traditional lenders: A common approach is to secure a loan from a traditional lender, such as a banks or financial institution

• Venture capitalists: If your business idea has high-growth potential, a venture capitalist, a private equity investor, can provide you with capital in exchange for an equity stake in your business. 

• Government funding: There are a number of loan and grant programs available through the U.S. Small Administration (SBA) and other agencies. These include SBA Microloans, which are smaller-size loans of up to $50,000. 

• Personal funds: Using your own money is another option, but may not be necessary if you are able to access capital through another avenue.
  

Research the Legal Needs of your Business

There are a number of legal requirements to start a business that you need to look into. From registering your business to purchasing the right insurance, you’ll need to research all the federal, state, and local legal requirements in your area to determine you have checked all of the boxes in starting your business.

When getting your business off the ground, the beginning is often the most volatile time. Your business plan is the foundation that will guide you through this period. Make sure that your business has clear goals before breaking ground, and includes a business description, goals, market analysis, marketing strategy, and cost and revenue estimates.

When joining a new industry, making connections is essential. These relationships will allow you to have an easier time managing all aspects of it, including supply chain disruptions, meeting new vendors, and dealing with any issues that might arise.