Funding is one of the most crucial steps in starting a business and the biggest challenge as well. Every new business needs money when starting up. It is essential to have an accurate overview of your financial needs. Fortunately, there are more than enough options out there to fund your new company, but finding the right source to get your funding done takes careful research, amazing negotiation skills, and above all, a strong commitment to start your business.
The “Choosing the best finance option for me” tool evaluates the advantages and disadvantages of the five (5) possible financial options that you have in order to obtain your startup capital:
1. Use your own money to set up a business
2. Use funds from friends and family to set up a business
3. Use bank finance to start a business
4. Use investors to finance a business
4. Use other grants or government support to start a business