I’m back with another update on Entrepreneur.com’s “2 Weeks to Startup” Series. I have previously written about Days 1 to 4, which can be found in post archives. Also, my posts are quick summaries; take the time to go to the website and read the articles. This post will be about Day 5 and 6.
As an Entrepreneur, you will need money. Even if you run a non-profit, money is needed to cover costs. The article mentions many ways to find financing:
Microloans: “private and SBA-backed agencies make loans from a few hundred dollars to $250,000”
Crowdfunding: “a way of networking with people online willing to invest usually smalls amounts of money…”
Niche or specialty loan: loans given to certain groups such as minorities, women, students, etc. or certain types of business
Venture or angel funding: great ideas can get large amounts of funding but in exchange, for a portion of the company. The process for venture or angel funding can be a long process and as the article points out, needs a well-put-together business plan. I learned a little about the process from watching the reality show “Start-up Junkies”.
Take the time to search online. One of the websites I visit for quick business news and resources is theCashflow.com. The website is about helping small urban entrepreneurs. On the website, the creators offer $10,000 funding to businesses. It is an application process, and the site is filled with stories on funded companies. There might be other similar sites or major business sites that have their own funding program.
The name is very important. The name identifies your business and is your brand. But sometimes we like names that might be taken. The article advises to take some time to search through public resources to be sure the prospective name of your company is not taken. Also, search the website. Every time I think of my future domain name, I put it in the address bar or Google it. The article also offers a link to a trademark database.
The next step is to hire a trademark professional to help ease the process of trade marking your name and then, the next step is to determine the type of business you will have, for tax purposes. For all of the paperwork, the article states, your city should have a business resource center.
As stated read the articles for more information and for links to other similar articles on the website.
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