Small businesses are the backbone of the United States. Whether tutelage at school sparked an interest, or the skill and mindset is inherent, or it was passed down from previous generations of family members, many Americans across the country are business-oriented and have the metal to start their own business. Eventually, with enough luck and turnover, a person’s small business idea can evolve into a giant, powerhouse establishment beloved by the entire country. This idea is usually the endgame for many aspiring business men and women, and there’s nothing wrong with setting the bar high. Confidence is key!
One snag eventual business owners may run into out of the gate is money, or the lack thereof. Fortunately for those people looking to open their own business, there are ways to garner some of the funding necessary to build dreams into a tangible reality.
The capital you will need to start your business will vary. Anything from possibly dealing with the time frame of your long-term goals, or your short-term ideas or where you want to take them can influence the amount of money you need to begin. Federal Government Grants, like ones students may apply for, tend to be hard to find because of the intricacies and falsities of browsing the internet, even with the best intentions in mind. It should be known that the federal government does NOT provide grants for starting up small businesses or expanding your small business.
By expanding your initial plan with your priority financer–a bank and the loan you’ve received–you could potentially qualify for several government grants that are usually more closely associated with the individuals that will work for your team. Specifics in this area include, community service, school service, and workforce training, all of which could help your small business and subsequent employees qualify for veteran, minority, and female-oriented grants.
Basically, the idea is this: as a potential small business owner, if you have the community in mind, your chances of extra funding from grants can skyrocket. Here are a few other different ways to obtain a bit of extra financial cushion:
An Angel Investor refers to a wealthy member of the community that will finance or invest in a small business for a small percentage of the profits or stake in the company.
After an initial pitch is made to potential investors, it’s common to use crowdfunding via a website such as GoFundMe to obtain some of, if not, the rest of the funding a business needs. If the business works for the community and presents itself as integral to that community, the chances of obtaining funding greatly increases.
Private Business Grants
Some (inter)national companies, like Eileen Fisher and FedEx, offer grants to small business owners, as do a slew of other smaller organizations.
Child Care Facility Grants
A child care facility grant helps business owners by giving them the extra funds to cater to their employees’ children, whether it be through day-care or child-designation areas at work.