Fund Your Passion! PART ONE

This will be a multi-part blog series. Funding your passion has several layers and I want to provide as much information to help you through the funding process.

As I write part one of this blog series, I can't help but think, I wish I had read more about funding sources or someone had told me about possible funding options prior to starting my business. I only knew one way - use my own money (known as bootstrapping) to start a business. I considered it an investment in myself and my dream. However, I could have invested the money I "invested in myself" and used it to truly invest in myself and not the business. THERE IS FUNDING FOR YOUR BUSINESS AVAILABLE! You don't have to make the missteps I did in the beginning of your business journey. Here are several ways to obtain start-up business funds:

1. Grants - Grants are not some magic pot of gold that you find at the end of the rainbow. However, if it is unrestricted funding (no specific guidelines for use), it is a great source of funding that can be used to address any of your start-up costs from equipment to employee hires. One thing to remember about grant writing is that it is just like writing a paper in high school or college. I have a lot more to say about grant writing...so, it may be a separate blog post focused solely on grants. But, for now, here are a few examples of grants that are currently available for start-ups:

   1. ZenBusiness Small Business Grants - The ZenBusiness 2024 Small Business Grant Program offers $5,000 to small businesses who form a legal business entity (LLC, S-Corp, C-Corp). To qualify for this grant, you must use their formation services within the last 3-6 months when applying. Application deadline: 12/31/2024 - https://www.zenbusiness.com/grants

   2. YippityDoo Big Idea Grant ($15 application fee) - Each month, one $1000 grant is awarded to a woman, age 18 or older, in the US to invest in their Business or Idea. This grant funding can be used as a start up grant, marketing grant, operational grant or whatever you need to help get you to the next level with your idea or business. - https://programs.yippitydoo.com/thebigideagrantforwomenSmall

These are just two examples of start-up grants that area available to you for the remainder of the year! What are you waiting on?! Check these out today to get started with your business ideas and concepts.

2. Crowdfunding - Crowdfunding is pretty much explained in the title. It is a crowd or group of people who provide funds to support the start-up or the growth of your business. And before you get scared off by the thought of asking people for money, there are online platforms that can help you crowdfund for your business in a structured way. Wefunder, Crowdfunder,

GoFundMe, Patreon, and Kickstarter are a few examples of crowdfunding platforms. There are many options to choose from to help you find the right fit for you and your business.

3. Business Loans - Business loans can be a great source to support your business. There are several lending institutions that offer low-interest rate business loans. A great place to start when looking to find a lending source for your financial needs is the Small Business Administration (SBA). The SBA can help you as a small business owner in being matched with lending sources, making it easier for you to get the funding you need. The best part about using the SBA to help guide you in finding a match with the right lending institution is that most SBA services are a free or very low-cost.

This is a brief introduction to funding your passion. There is so much more to share, but I try to keep these blogs somewhat brief, lol! Now, let's get this funding to help you invest in your dream. Looking forward to sharing more in the next few weeks!

Until next time,

L.Walker