You aren't the only one with this question on your mind. We have brought in funding expert, Danielle T. Douglas of Inspire Enterprise, as part of our Open Line Thursdays, to provide us with some answers.
First place to look for small business funding: Not your local bank
The first place most people think to look for funding is, not surprisingly, at the bank. Below Danielle gives us us one more step before knocking on the local bank's doors.
“The advice I would give new businesses about seeking funds and start-up money is to look in your own backyard. There is a term called Bootstrapping which means looking to internal sources for potential capital like personal savings, home equity loans, friends, and family, and credit cards."
Thanks for the tip, Danielle! If you would like to contact Danielle or her business, please see below:
Danielle T. Douglas
Inspire Enterprise, Inc.
danielle AT inspiretovision DOT com
Check out the other small business funding tips from Danielle below:
1) Make sure you’re in good shape before running to the bank
2) Visit the Small Business Administration to see what tools and resources are available
3) If you’re in the NYC area, you should look into NYC Small Business Solutions
4) Let the CFDA do the legwork for you when searching for grants available to you
5) Find financing support through Project Enterprise
Be sure to read about one woman that used a particularly unique way to fund her new business.
Have other questions about getting started on your small business? Don't panic! Our experts are here to help. We are the online help desk for your small business needs.
Need other tips on your start up? Check out our training videos. We have a full library with money-saving tips and resources for your small business that you can't afford to miss.