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When funding your startup, your goals may be modest or expansive; either way, you’ll want to start off on the right financial footing.
Funding a startup may seem either easy or daunting. Much depends upon your previous experience with finances.
Entrepreneurs who have dealt with financial matters in the past may find some of the following advice superfluous. On the other hand, those with little to no financial experience can find the whole process of funding completely terrifying. The following best practices for funding your startup can help anyone find a safe and sane way to finance their startup dreams.
Establish how much funding you need to get started.
One of the best ways to discover just how much money you’re going to need for your startup is to consult with someone who is already in the same business. If they’re friendly and honest, they should be glad to share that kind of information. Don’t push them for specific sums. Instead, keep your questions general and vague. Some of these questions might include:
How easy was it for you to get funding?
Where did you go for funding?
If you had to do it all over again, where would you go for your financing?
Approximately how much do you think it would take to begin a startup today?
There are plenty of apps on the market that will calculate costs and expenses for your particular startup. Some are free, some are not. Regardless, there’s no need to hire any kind of financial advisor or expert at the beginning of your quest…as long as your basic dream is not too complicated.
However, finances and funding your startup are always intertwined with the law. And with taxes. So make sure you have access to legitimate legal advice and tax expertise. Once you’ve decided, you’ll need to begin your great adventure. Start by canvassing the options that are reasonably available to you.
Fund it yourself.
Once you’ve calculated the amount it w… Read More
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