Innovative Funding for New Businesses

Having a great business idea can only be converted into a real business when you have the required funds. The requirements of each business plan are unique and hence need varied levels of investment. While really small business owners, for examples, those who work out of a home based office, generally need very little funding and can raise the amount themselves in most cases. However, if you are going to set up a medium scale office then you may not have the required funds at hand. Office space, furniture, equipment as well as hiring staff can be expensive and you would need the help of external sources to meet this investment. Here are some innovative yet effective methods of acquiring funds for your business in the United States:

1. The U.S. Small Business Administration is an organization aimed at helping upcoming entrepreneurs with workable plans. You can get find out if your business qualifies for one of their many funding schemes by visiting their website.

2. Individual states and counties too have their own initiatives to help out budding local entrepreneurs to acquire fund. Get in touch with these departments to know about on going programs.

3. Small community banks are driven towards helping their target community to develop businesses as it eventually means ore business for them too. They also run funding programs along with providing loans to small business owners at subsidized rates.

4. If you have a major college or university in your state, you can approach them too as they may have mentoring and funding programs for young entrepreneurs.

5. Some of the corporate giants too have such initiatives as part of their Corporate Social Responsibility. Look up the major players in your state and approach them with a well etched funding plan.

Start Up Business Tip: Joining the Chamber of Commerce

The hardest part about being a start up business is the ability to get customers to come to your business. People are unlikely to visit or use companies that they are unfamiliar with. So how does a start up business get their name out there for customers to know and trust? One of the most recommended ways to create a name for yourself as a business and gain referrals is by joining the local chamber of commerce.

A local chamber of commerce is a group of businesses that are located within one central location that focus upon networking and furthering other businesses. There are usually very few requirements to joining a chamber of commerce. The only requirements are that the business pay the fees associated with the chamber of commerce and the business operate within the area of the chamber of commerce.

Many businesses might ask themselves why joining a chamber of commerce is beneficial to their business. There are a number of reasons that joining a chamber of commerce can really help out a business.

The first benefit is that of the referrals. Many chamber of commerce members will recommend a business within the chamber of commerce over another local business. This type of referral service could really bring in a number of new customers to your place of business.

The second benefit of joining a chamber of commerce is the credibility that it creates. Many customers are likely to view a business more favorably if they are part of a chamber of commerce then if they were not. By just joining up with a local chamber of commerce you establish yourself as an important and established business.

The last benefit is that of advertising. Even if other chamber of commerce members do not recommend your service, the chamber of commerce itself will do some advertising. Your business will be listed on their site and in their booklets, which can create new customers.