No matter how great your business idea is, one essential element of startup success is your ability to obtain sufficient funding to start and grow the business. Financing options depend on what kind of business you have. Its age, position, performance, market opportunities, team, and so forth are very important. So you should tailor your funding search and your approach accordingly.
Navigating the different business financing options can be confusing. Every business has different needs, and no financial solution is one size fits all. Your personal financial situation and vision for your business will shape the financial future of your business. There are multiple ways to finance a business and some might be better suited to your needs than others. Understanding how each one works and what’s good (or bad) about different business financing options can help you narrow it down.
The GRID and our network of partners and resources can help to walk you through a broad level overview of what you need to know about the various ways you can finance a business. With the proper education, planning, and preparation, you’ll be ready to take the necessary steps to find and secure the best funding for your small business.
A crucial step in startup or growth is to understand the funding options that are available to you. You must understand your business model, financial situation, capital needs and which sources are a good match.
Free Assistance:
Start up funding resources:
- Wisconsin SBDC resources
- Calculate Your Startup Costs (Small Business Administration)
- Fund Your Business (Small Business Administration)
- 9 Realistic Ways to Fund Your Startup (Startup Grind)
- The costs of starting a business (annuity.org)
Growth funding resources:
- Bootstrapping, Equity Funding or Borrowing (SCORE)
- Wisconsin SBDC resources
- Fund Your Business (Small Business Administration)
- Grow Your Business (NFCC)
There are numerous funding options available for small businesses, but which one is right for yours? Identifying your best financing strategy, managing business credit, and positioning your company for loan eligibility are all important factors in choosing the best option for you and your business.
Funding options and resources:
- Resources for entrepreneurs, WEDC
- Finance Your Business, WWBIC
- Business Lending, WHEDA
- Access to Capital 101, SCORE
- 8 Things to Consider to Find the Right Funding Option for Your Startup, Entrepreneur
- 10 More Creative Ways to Finance Your Startup, Forbes
After deciding on the appropriate financing option for your business, it’s time to prepare a business case, as well as any required documentation, including your business financials, for potential funding, lenders or investors.
Free assistance:
- Wisconsin SBDC
- Free small business counseling, Wisconsin SBDC
- Find a mentor, SCORE
Accounting and Legal Advice:
- Find a CPA, Wisconsin Institute of Certified Public Accountants
- Lawyer search, State Bar of Wisconsin
- Free legal answers, American Bar Association
- Focusing on Pro Bono, American Bar Association
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