With all the different aspects of starting a business you have to think about, from business licensing to incorporating in Georgia with the right business structure, finding the right financing for your business might be easily overlooked.
Doing this is a big no-no, as the task of financing a business in Georgia is a time-consuming process, and one that needs patience and perseverance. So before you get carried away with the deluge of requirements in starting a business, it is best that you properly allocate time in finding the right financing for your business situation.
This guide provides you with five excellent financing resources that you can look into while you’re tackling the task of finding a great funding option for your business.
Quick Note: One of the best ways to achieve the right funding for your business is through an effective marketing tool. When it comes to this, a business plan is the most effective one. Being able to present your business idea in a clear and comprehensive manner through the use of your business plan can attract investors who are willing to put up capital for your business. You can learn how to write a solid business plan with the help of a business planning software, using video walkthroughs and numerous samples of business plans.
Before you plunge head on into the busy world of starting a business, you must also take the time to learn how to finance a business in Georgia. Doing so will best equip you with the knowledge to choose the right financing option fit for your business conditions.
This Startup Savant guide should help you get around to finding the best option available. It presents ten of the most common financing options a startup entrepreneur can choose from. Each option’s pros and cons are briefly discussed, so you can make a well-informed decision.
A common way to find the capital your business needs is through small business grants in Georgia. There are several small business grants available from both private and government entities that your business may apply for. You can get started with a business grant with the help of GrantStar.
A great way to fund a business is to look into startup incubators in Georgia. As an option, startup incubators are not only limited to helping you with finding the capital needed for your business, but they also provide additional resources to grow and propel your business to success.
At times, these incubators also establish a beneficial network to foster cooperation and communication between business coaches and startup entrepreneurs. The Georgia USA Small Business Resource Directory is an excellent source to find a number of startup incubators.
The growth of angel investors as a viable primary funding source for small startups has been steadily increasing. As compared to other funding methods, angel investors take more financial risks when investing in small businesses and are looking more into providing local assistance and employment opportunities rather than focusing on monetary return.
Recently, with the enactment of the Angel Investor Tax Credit in the state, more and more angel investors in Georgia have participated and provided an opportunity for startup entrepreneurs to fully realize their business plans. For a list of angel investors in Georgia and in its capital, Atlanta, you can check this Atlanta Angel Investors guide.
Another innovative way to obtain capital to start your business is crowdfunding. There are many great benefits of crowdfunding to finance a business, and you might want to consider this as a viable financing option. In crowdfunding, you have a startup entrepreneur in need of capital, then a group of people or a specific community willing to raise the funds you need and the platform where the two meet.
Aside from the recognition that the community receives as thanks for raising the intended capital, some startup entrepreneurs also give small tokens or rewards for the crowdfunding efforts. You can check out Kickstarter for more information on crowdfunding.
Finding the most appropriate financing option for your business is not an easy task nor should it be taken lightly. It is when your business gets the financing it needs that it will truly be fully operational.
When choosing between various options, take the time you need, but don’t be afraid to take risks as well. At the end of the day, you know your business best and what it needs, so be an informed decision maker!