You have a great idea for a new business.  You have a business plan forming, and you foresee a great market need for your product or service.  All you need is start up money to transform your business idea from paper into a live business.

First, you should always have an accurate estimate of how much money you need.  Never think, “$20,000 should do it.”  You need to have a good plan on how you will spend that start-up money.  Do you need to rent an office?  Do you need to do additional market research?  Know how you plan to spend the money before you get it to ensure that you maximize your chances for success.    

With an accurate estimate in mind, you can then secure start-up money for your business – if you know where to look.  While you may not have access to millions of dollars to really jumpstart your new business, funds are available that can transform your idea into reality.  Here are five options you can use to secure quick start-up financing:

1. Your Own Money – Don’t always expect only others to finance your business ideas.  If you want others to invest in your business, you need to show them you believe in it too.  Put as much money you can afford toward your business venture.  Sell your stocks and bonds.  Liquidate large assets, or use a portion of your savings.  Keep in mind that another good reason to use your own money is that you get all the return.

2. Friends and Family – Don’t be afraid to ask your family and friends to invest in your business idea.  Show them that you are confident it will work.  Present a business plan with realistic goals and success figures.  Your loved ones will most likely be the ones who believe most in you.

3. A Partner – Not everyone goes it alone in the world of entrepreneurship.  See if you can find a partner with whom you can go into business.  Both of you can invest money, assets, time, and experience.  In addition, having help with all the legwork of starting a business can be a big help to your long-term success. 

4. Your Bank – Ask your bank for a personal loan.  If you are a long-time customer with good credit history, you should be able to obtain a loan or line of credit that can help your business get off the ground.

5. SBA – The Small Business Association guarantees millions of dollars in loans to small businesses.  These loans are financed through traditional banks, but with the help of the SBA guarantee, you can get adequate start-up financing.

If you are excited about your new business idea and wish to get it off the ground, start now to get the financing you need.  Make a plan.  Determine how much you need to get started.  Then go to the sources listed above and start selling yourself and your business to them. 

Tags: angel investors, find angel investors, Find funding, secure start up capital, vc marketing plan, venture capital

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