Seeking out cash for a new business
Though the title of today's blog is important, the first thing is to make a budget to better identify how much you need. Like writing a book, creating a budget requires a number of revisions. What you imagine you have to have isn't necessarily what you need. Once you do arrive at a realistic budget, you are better able to start looking for cash.
I've known quite a few businesses which borrowed from family, their extended community, credit cards (not always the best idea) and of course loans. A great source of ideas for obtaining financing is utilizing your local small business administration. They can put you in touch with a wealth of information and contacts for securing a business loan.
If you can bootstrap your operation, so much the better. If not, perhaps starting a business part-time and continuing to keep your regular job until things pick up to the point of full self employment.
When starting a new business, you really, really need to get creative with money.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 06/24/2012