You have a unique vision. You’ve written a business plan. You’ve done the market research. You know who you are, and how to tell your story to sell your product or service. But how will you get it to market without the capital? It’s a question all entrepreneurs ask themselves, again and again, in the course of doing business. When you are starting out, you will do a lot of research, and the research will continue throughout the tenure of your company. If you aren’t sure where to begin, we have some tips about where to start and how to approach the financial aspect of starting up in Maine. Do you know all you can about how to finance a business start-up?
The financial start up of a Maine business might begin with a traditional business loan. Are you a good candidate for a direct loan? Could you use an amount from $5,000 to $3,000,000? The funds are available. Whether you are a start-up or an existing business that is ready to grow, there is money out there to finance your dreams of business success. The best way to approach this traditional method of lending is to know your credit score and understand the terms of the loan, including interest and repayment method. Your business plan should allow for a structured loan repayment and if you choose to go this route, you don’t have to worry about a relationship with venture capitalists or owing your lay investors before your business is even off the ground.
Micro Funding or Crowd Funding
Are you looking for finance to start up a business? Microloans like Wicked Fast Microloans are a great way to get started when you have a pressing idea that you just have to get to market right away. You can get approved for up to $25,000 and have the money in as little as three business days. You can also consider crowdfunding, which is a popular tool that allows you to take advantage of your personal and professional network. Appeal to the people who know you, or cast a wider net to appeal to people who want to invest in great ideas. You can compensate your investors with various levels of rewards or involvement. It’s up to you how you structure the funding, and it gives you a built-in audience of vested stakeholders who want to see you succeed.
The Maine Venture Fund is always looking to back businesses that will scale and increase the value of our state’s economy. The benefit of venture capitalists is that they can take advantage of their expertise and build your network with savvy partners and potential collaborators.
Greenlight Maine wants to see you pitch your big idea on the next season.