It’s often said that you need to have money to make money.
Whether you are starting a business in Massachusetts to change the world or your family’s world, it’s likely that you will need to finance your business to get it off the ground.
On top of that, there are a lot of tasks on your plate. From business licensing to incorporation you’ll need to focus on simplicity.
Let’s dive in and talk about the 5 most simple resources when financing a business in Massachusetts.
Quick-Note: Financing a business starts with your business plan. It’s critical for you to plan your business out then look for the money needed to get started. LivePlan helps you do just that.
LivePlan is a business planning software that gets you ready to pitch or look for funding. No more asking yourself ‘What do I even say?’ because this tool walks you through the entire process. If you’d like to see how LivePlan compares to all the other options, check out this guide.
Although financing your business starts with a great business plan, the next step is to understand the process and your options.
On the Massachusetts SBDC, you’ll see the 9 commonly asked questions when funding a business and how you can kickstart your knowledge.
In this Startup Savant guide we’ll walk you through the 10 best (and most common) options to financing a business. From credit cards to bootstrapping, know that you have options. This is an excellent resource if you’re starting from scratch.
Small business grants are an excellent way to kickstart your business. The best part is, there are 7 grants that you can take advantage of through the Mass.gov business portal.
Look into each and see if they apply to your business. There might be a gold nugget!
A business incubator is a company that helps entrepreneurs like yourself get started and develop by providing services and support.
On MassIncubators.org there are multiple Massachusetts Incubators at your disposal.
Visit their website, sift through the different organizations, and see if any apply to you.
Angel investing is for startup businesses that need financing and are prepared to give up equity.
On FundingPost there are plenty of angel investors in Massachusetts at your disposal who may be interested in your business idea.
Although crowdfunding is a relatively new, it can be powerful. It’s as simple as creating a ‘project’ or ‘profile’ and asking people to donate. Successful projects usually give gifts related to the product in return.
If you’d like to give crowdfunding a shot, look into Kickstarter.com. It’s a great place to get started.