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Business Startups-Finding Cash For Your Business

Updated on June 16, 2016

Need Money To get Started? Get Serious!

Money options for starting a new business can be new business owners biggest challenge.

If you want to own your own business then getting involved in a business with a low overhead cost ratio at start-up is one of your best bets. What I mean by that is that there are a long list of businesses out there that involve little to no overhead start-up costs and there are those with low overhead costs that you can pay off that loan in a short amount of time.

Bookkeeping, for instance, outdoor painters, handy men (or women), housekeeper, etc . . . If you need to find your niche, look at those things you have a passion for that you can get into with little to no initial cash flow. For more information on those things, check the internet – if it's bookkeeping you are interested in, check with AIPB – American Institute of Professional Bookkeepers. For $35 a year you can join their organization and you get enough information to set up a bookkeeping business, or do temp work until you figure it out. A bachelor Degree helps, so stay in school!

If you have a great idea for a startup but need capital – check with a party who would partner with you, but not steal your idea. And, always, get it in writing if you form a partnership because it is not "if" a partnership ends, but "when" a partnership ends.

You reap what you sow – Hard work, cash flow and tenacity are often what keeps a business going for the initial 5 years after inception of your idea (startup and creation).

Grants are often already awarded up to 5 years in advance and with the economy, grant funds are shrinking.

It takes money to make money. It takes time, too. Time is Money! Most new business owners need some form of start-up money. There are those that maintain a full time job until the new business can support them. If you don't have access to those resources right now then there are resources available for finding start-up money for your needs. Don't forget to include in your business plan how you are going to survive once the influx of cash for the new business is used up. If you cite pie in the sky sales on a new business (for instance)plan, with no track record and no initial sales recorded and no proof of interest in your product then the most you'll get out of your SBA business plan is a good laugh. Seriously – Get serious!

Look Everywhere!

1 – Small Business Loans:  The United States Small Business Administration offers mentoring programs, classes and online help for those people interested in pursuing a loan through their resources.  They have low interest loans for serious entrepreneurs with a fair to good credit rating – with 'good' being their preference.  If you are friendly with your personal banker and have an established track record with your bank you can pursue a small business loan through them.  Credit Unions deal with smaller business entities faster and friendlier than the bigger banks with stricter underwriting requirements.  Know how to write a business plan, present your idea professionally and clearly and be honest about your business projections – or hit the road.

2 – Grants:  These are not for the faint of heart.  You must follow ALL guidelines outlined for any grant.  There are companies that specialize in grant writing and they promise you all kinds of success (for a mere $2,500.00 +), but it has been my personal experience that these companies are in the business of promising and not performing.  Buyer beware.  Your local library grant section is the best place to start for this.  Next, go to your present company that you hold a job in and ask if they know of anything out there available to new business owners.  Ask people in business in the field you want to pursue.  Again – you must know how to write a business plan and read some financials. Be prepared to write a proposal and make a presentation if you get to the final phases.  In this economy the grant market is dwindling, and most grants are awarded 1-5 + years in advance.  But there are still opportunities out there if you want to do your homework and the research to find those opportunities.  With government grants, you will find more opportunity if you are a minority or have a disability or are willing to start a non-profit company that benefits several instead of a, 'for profit,' business entity.

3 – Investigate personal loan options:  Ask family, friends and business associates for a personal loan.  Believe it or not, this is the riskiest.  You risk losing a friendship over money if things go sour.  You risk losing your idea if it is stolen from you by a partner.  You may risk becoming the black sheep of the family if you run into hardship and can't repay the money timely, so make sure your backup plan does not involve borrowing money from family, friends, or business associates (partners).  There are no guarantees in any startup, but one thing you can do to give yourself credibility is to have legal paperwork in the form of a contract drawn up and have a well thought out exit strategy planned for any partners.

Get Moving-Don't Just Stand There!

Starting your own business is one of the hardest and most rewarding things you can do. You'll work long hours but you'll reap the rewards of your labor if you plan well. Keep in mind that start up is only the beginning. You will need to carry yourself though the low peaks, so keep your credit rating as high as you can so that if you need to apply for or use a credit card to get you through some down turns or unexpected financial stress, you can do that.

There is a reason why 95 percent of people who start a business fail within the first five years. And if you go into Affiliate Marketing then the statistics go down to 97percent. Stay educated in your field, build repertoire with your clients, remember your passion. Because . . . people DO succeed. Be THAT PERSON!

On February 4, 2010, According to the, "The Treasury Department said Wednesday that it would use as much as $1 billion from the Troubled Asset Relief Program to spur lending to small businesses in lower-income areas."

Going into business for yourself really is a sweet deal and if you decide to do that then CHEERS! Remember one last thing . . . Knowledge is POWER!

Many thanks to SEO IT! for her inspiration on this Hub!

Business Startups-Finding Cash For Your Business Comments

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    • mwatkins profile imageAUTHOR


      7 years ago from Portland, Oregon & Vancouver BC

      Hi Don S! This is an excellent suggestion! I completely agree with your membership budgeting! And for people new to an area, I highly recommend getting involved in any community volunteer efforts as well as local marketing groups like BNI - Business Networking International. I was a member for over 6 years and got back every penny I ever spent on any membership I paid from my referrals and connections! That's just money in the bank when you do that! Thanks!

    • Don Simkovich profile image

      Don Simkovich 

      7 years ago from Pasadena, CA

      I've written about the value of bookkeepers before . . . on my blog Cash Flow Tips for Companies but not on Hubpages. Hmm, I should do a Hub about it - with your perspective. I like your options for starting a business with low overhead. People should also budget for potential chamber memberships and mixers. The cost may not seem like much but the fees can easily total $35 to $40 a month for events plus gas to attend and then they should really try to project when the first dollars will roll in.

    • mwatkins profile imageAUTHOR


      8 years ago from Portland, Oregon & Vancouver BC

      Thanks, baggz - Knowledge is Power! ;-) I've got other great tips on my site, too.

      Click here for more

    • baggz profile image

      franky joe hanson the third 

      8 years ago from bakk woods of sksk

      Some great info here......Sure can use this information...thnx huh

    • mwatkins profile imageAUTHOR


      8 years ago from Portland, Oregon & Vancouver BC

      Thanks you two - It has been my experience that you can never have enough good information when it comes to knowing and understanding what your options are both in financing and in cash flow and also in write offs. And - God Bless You Both!

    • stars439 profile image


      8 years ago from Louisiana, The Magnolia and Pelican State.

      Great information. We ran a small bussiness for over thirty years. I wish we would have known more. Great Hub. God Bless you.

    • kowality profile image


      8 years ago from Everywhere

      Great Information. It's hard starting and maintaining a business when you first start-up. This hub has incredible common sense and insight. Thank You mwatkins


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