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Step 1
Obtain a bank loan. To do this, you must have above average credit and in most cases, a business plan. Creating a business plan isn't that difficult; it is basically a detailed look at what your business will be like, who it will serve and more. Entrepreneurs will teach you how to create a business plan (see Resources below). If you plan on going this route, visit the website BankRate.com to compare rates and fees from different banks and financial institutions. This can help you get the best deal on a loan for your business.
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Step 2
Contact the Small Business Administration. The SBA can be a valuable resource to you. Not only can you learn about investors and grants, you can also get priceless tips and information that can help your business grow and thrive. The Small Business Administration has local chapters in every state (see Resources below to find your local branch). Although the SBA does not give out grants or funding directly, they work with countless private investors and organizations that do. They also keep an up to date listing on small business grants made available by the U.S. government.
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Step 3
Consider government grants. Another option for your new child care business is to fund it with government grants. Each year, millions of dollars are set aside for individuals who need funding-from home repair to small business needs. These grants are a wonderful resource for finding grants. One great resource is the government website Grants (see Resources below). With the keyword search tool available on the site, you can search for small business grants in general and those available in your state. You're also able to obtain the details for each grant and the application from this site as well.
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Step 4
Seek angel business investors. Angel investors are wealthy individuals or organizations and decide to provide start-up funds or other types of funds to individuals with promising business ideas. You can also often get some wonderful advice from these individuals, as many of them are successful entrepreneurs. There are many ways to find angel investors. One way is by asking friends and family members who have used them in the past. Another method is checking ads in your local newspaper. Many times, you will find ads for angel investors that are offering to help finance projects in their community. Lastly, you can search online. A couple of sites to check out are Venture Worthy and Small Business Notes (see Resources below). By using the steps above, you can get investors to open a new child care business and watch that business grow and succeed.
Comments
dinrob said
on 6/12/2009 Nice article. This is what should we do, open up new businesses. Really helpful to obtain financing for those who want to have Day Care Center.