From incorporating in Hawaii to completing business licensing obligations to getting your business ready for customers, there are likely a lot of things on your mind right now.
One task that needs your full attention is the financing aspect of your venture. Keep in mind that unless you have an unlimited amount of money, having enough to get started should be at the top of your to-do list.
This guide helps you do just that. I’ll introduce five excellent resources to finance your business with links to get you started on a specific option. The options range from common incubators to the more unconventional crowdfunding option. At the end of the day, the one thing you need to keep in mind when making this decision is to choose a funding option that aligns with your specific business goals.
Quick Note: When you’re looking for business financing, you have to present to lenders/investors that your business is a viable income-generating venture that they can benefit from. You can do this by making a solid business plan through a planning software. A business plan software is specifically targeted for entrepreneurs who are looking to write an effective business plan even without prior experience to making one.
Before you start the entire process of looking for the right funding, you should first learn the basics of how to finance a business in Hawaii. Essential information and resources help you best find the right financing. With this Startup Savant guide you can learn the basics of the most common financing options and decide which are right for your goals.
Each option has advantages and disadvantages, which are also presented in this guide so you can weigh your options carefully and decide from there.
Small business grants in Hawaii are a good option to have your business financed. In addition to enjoying a lot of benefits when opting for this kind of financing, you can also have liability-free financing provided you can present a good business plan in select industries (like tourism).
Also, business grants come from many different sources and are not only limited to government funding. You can get started with business grants by visiting GrantStar.
Taking advantage of startup incubators in Hawaii is another viable financing option. Incubators are groups that push for the growth and development of small startups by helping them find the necessary capital to get their business up and running. In Hawaii, Gaebler offers a list of some business incubators if you’re considering this option.
The Hawaii Angels is a solid resource for anything that has to do with angel investors in Hawaii. As compared to conventional investors who are looking to score a high ROI, angel investors are more invested in seeing a startup succeed and are more likely to stick with you through good times and bad.
For a more unconventional approach to funding, crowdfunding to finance a business in Hawaii is a consideration. IslandFunder is a Hawaii-specific crowdfunding platform that helps fund startups and small businesses. Crowdfunding to finance a business is a group effort to raise the money needed to get your idea off the ground.
Getting financing for your Hawaii business is a time-consuming and delicate process, but you should keep in mind that the wait and effort will be worth it all. Remember, a business will only remain in the planning stage until the appropriate funding comes in to finally put it into realization, so patience is always a virtue in this regard.