How To Get The Bag To
Start Your Business
Start Your Business
By Pierre Clark
Stats show that more than 60% of all small business startup funding for a business comes from the founders and personal friends of the founders. So you'll have to raise the first startup cash yourself and demonstrate your business commitment and your concept's potential before investors will be interested.
Writer's Note: Everyone thinking about starting a business wants to know: how to get the money. Here are some tips and strategies. (I'm using these myself. Let me know how they work for you.)
Here are 10 ways to raise up to $10,000 cash:
1. Host a fundraiser: Create an event, sell 100 tickets at $100 each.
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- 6. Create a website and sell your products or service through the website. Here is an example of one guy who generated $1 million cash by selling pixels on his webpage: http://www.
milliondollarhomepage.com. - 7. Locate investors with cash to invest (from $100.00 to $1,000) and offer them a promissory note stating that as investors you will pay them a 20% to 35% return on their invested funds within one year. These rates of returns are much higher than most investors can get from banks, mutual funds, etc.
- 8. Promote your business in the Business Opportunities classified ad section of your local newspaper (Sun-Times, Tribune, Defender, Crain's Chicago Business, local community newspapers and business-oriented newspapers like Trading Times). Many investors read these papers looking for deals and opportunities.
- 9. Compile a mailing list of new businesses that place their new business announcements in local newspapers, then prepare a letter introducing your company and its services and offering your services. You may generate a strong client list from these new businesses which can supply you with startup capital.
- 10. There are city, county, federal and state sources that offer business startup funding including the SBA (Small Business Administration), MBDA (Minority Business Development Agency) and others. The SBA offers microloans up to $50,000 for which you don't need collateral or even a tax return. Google "microloans" and you'll find hundreds of potential financing sources.
- 11. Crowdfunding websites.
- 12. Equity crowdfunding via the Jobs Act.
- 13. Crowdsourcing support.
- 14. Angel Investors.
- 15. Incubator/seed funding sources like Excelerate, 1871, YCombinator, TechStars, DemoGod, Since we first wrote this article, entrepreneurial startups are the new business development darlings.
These ideas should get you started. Good luck and if you have any questions feel free to call me at 312-970-0249.
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About the Minority Business Finance Scoop - is the premier news blog covering minority, black, and emerging businesses and how they develop and finance their companies. The publication is dedicated to showcasing the business and economic development of Black businesses and entrepreneurs of color.
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