Saving Money

After polishing and presenting my business plan, I decided that I should work and save money to actually start my business.  While I search for employment to keep a steady income, it is best for me to find ways to receive and save money.  As an entrepreneur, it is wise to have a budget if I want to start a business venture.  I found a list of financial tips from Under30CEO that may help you with finance savings.

Set Goals

Setting goals helps you decide on how you invest your money.  Be sure to have realistic goals.  We cannot all become billionaires overnight.  Start off small, and then build your way up.  It shows that you are consistent with what you want in your business and life.

The Best and Worst of Times

Along with setting goals, you should always have a backup plan.  Things happen in life and some things we can’t stop.  Instead of complaining about how you are the victim, you could put some money aside “for a rainy day.”  When those unanticipated events happen, you have money reserved for emergency.

Track Your Money

When I see something new that comes out in stores, I am always ready to buy it.  However, if it is too much money, you should try to buy last year’s model. Whether you buy the new or old model, you should always keep records of your purchases.  If it is certain equipment, you can write that off during tax time.

This is only a portion of what can do with your money.  If you are aware of what you have to spend and what you spend it on, you should be well on your finances.  For more tips, check out Under30CEO.  They have plenty more tips on what you can do with your money as you build a business.

Funding Alternatives

Everyone knows that money is a large factor in starting a business.  As I build my business plan, I have been looking for resources such as loan agencies and alternative funding agencies, to grant my business money as a loan or investment.  I have reviewed a few funding websites that could benefit to my cause.

One website I researched for funding was the U.S. Economic Development Administration or EDA.  This website offers sections including federal funding opportunities, programs, and even a newsroom.  The federal funding opportunities section involves different grants and investment priorities like the Disaster Relief Opportunity, An Advanced Manufacturing Jobs and Innovation Accelerator Challenge, and the EDA’s Planning and Local Technical Assistance Program.  EDA also have investment programs such as public works, community trade adjustment assistance, and trade adjustment assistance for firms.

Another funding website I checked out was the Community Development Venture Capital Alliance or CDVCA.  They are a non-profit company that offers equity money to start-up businesses.  This company provides consulting services for businesses that want to start a CDVCA fund.  Some services involve start-up, performance and operations, government programs and fund raising, and investor services.  They offer national and international funds.

I can see both of these being having an advantage with my company.  As my company grows, I will want to give back to my community.  These companies offer charity options, which would look great for my company.  It would add publicity to the area and the community around my company.  Another advantage with CDVCA is that they offer consulting.  They have the expertise to plan charity funds rather than a regular finance officer.

Although I have discussed two companies, there are plenty of funding alternatives that can be useful.  The websites for these companies are at www.eda.org and www.cdvca.org.  Also check out CFED and NCIF for more funding options.