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How do you intend to fund your new business startup?

You have come up with a wonderful and potentially lucrative idea with which to start your own business. Put your enthusiasm on hold for one moment so that you can focus on the next important ingredient for a successful enterprise: funding. Unless you are wealthy, you probably do not have sufficient funds to start your business without assistance.

At this stage of business formation and planning, many future Minnesota business owners turn to an attorney for guidance. This is a great way to find good funding sources, but you can get a head start before you meet with a lawyer. Below, you will find several funding sources for you to consider while preparing for your attorney consultation.

Friends and family: In some cases, your family and friends may want to invest money into your enterprise. At the least, this method can give you enough money to continue your endeavors.

The Small Business Administration (SBA): Supporting entrepreneurs is a big goal that the SBA believes in very strongly. You may qualify for one or more loans available through the SBA.

Venture capitalists: Many individuals and firms are always on the lookout for new projects in which to invest their money. You may successfully persuade some of these investors to trust in your new business and provide you with startup funds.

Crowdfunding: In the modern era, you may not have to turn to venture capital firms for investors. Many crowdfunding organizations exist to help you acquire adequate funds for your business formation and planning efforts.

As always, it wise to seek a legal opinion when you are funding a startup. Guidance from an attorney familiar with business formation and planning can help you decide which sources of funding are right for you and your business.

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