As touched on in the previous section, the financials set a business apart from a hobby. Ultimately you strive to break even and then make a profit, but to start requires an input of money -- this is called capital.
Funding can be found in various ways with various degrees of success:
- Personal savings
- Family loans
- Bank loans
- Investors
- SBA- Loans
- Business loans or microloans from small business incubators, towns - FCCDC,
- Crowd Funding websites (eg, kickstarter, indiegogo)
No matter your vehicle or combination of vehicles, getting the money to start your business off right is challenging. This guide does not intend to exhaust and explain all options and avenues; a financial advisor or even a small business counselor will give you advice best tailored to your business and financial needs.
Information about obtaining loans, filing and understanding self-employed taxes, and choosing a liability insurance option is beyond the expertise of this guide. Learn more about them at the following: