Are you just starting out with your business? If so, you may be wondering how you’re supposed to get money for the initial operating cost while also paying for other necessities, such as rent and payroll. Fortunately, while it’s not always simple, getting the funding you need for your startup is probably not the insurmountable challenge you’ve anticipated. Today’s Revere Partners post takes a look at your options.‍

Forming Your Business

Getting your startup up and running means doing a few preemptive tasks before you officially launch. Creating your LLC or other business structure is one of these, and it is a step that you should not skip. Forming an LLC, which you can do via an online formation service for cheaper than you could hire an attorney, will help you look more legitimate than just an individual going into business for themselves. You may also be able to take advantage of tax breaks and management flexibility as you grow. Rules and regulations vary in different parts of the country, so make sure that you understand the process in your state before you file your LLC papers.‍

Funding For Small Businesses

While many small business owners first turn to friends or family, these are not the only options. There are many lending programs and other innovative options that offer capital to new businesses. These include small business grants and nontraditional financing opportunities.‍

Small Business Grants 

There are many types of small business grants available through both government and private entities. One example was the Save Small Business Fund, which was launched during the pandemic and recently quit taking applications. This particular fund was started by the U.S. Chamber of Commerce Foundation using donations from generous benefactors, including Vistaprint, American Express, and Travelers Insurance.

For women, getting money for a new business starts by looking at foundations that cater to female entrepreneurs. An example is the Amber Grant foundation, which was established in 1998. Women can apply online for a grant of between $10,000 and $25,000. Women of color may even have more options, with large companies, such as Visa, offering business grants to black woman-owned businesses in Atlanta, Chicago, and a handful of other key cities throughout the US.‍

Private Investors

Depending on the type of business you plan to start, you might even find investors that cater to your industry. Revere Partners is one example for those looking to start up a business in the dental services sector. You might also look for an angel investor, which University Lab Partners explains are great for startups in the early stages of growth. Angel investors inject cash into worthy businesses, often in the tech or healthcare fields. Like other types of funding or grants, you will have to fill out an application and there is no guarantee that you’ll be chosen.

When you’re starting your own business, there is no right way or wrong way to fund it. Those options listed above, however, are accessible to most and, with a bit of research, may be exactly what you need to get your business up and running.‍

Elena Stewart offers one-on-one coaching to women and men of all ages and backgrounds to help them reach their full potential in their careers whether that entails switching jobs or industries, becoming an entrepreneur, applying for a promotion, achieving work-life balance, and more.‍