where do i get money to start a business

Where do I get money to start a business? The traditional way of starting a business with capital borrowed from a bank is out, unless you already have that money sitting in the bank. I know it doesn’t make sense to me either.

But do not take offense. Its not that they do not like you or your idea, rather most banks just play the statistics game and statistically you are going to fail in business. (But, that does not mean that you have too.) Studies have shown that only one out of every ten businesses succeed in the first five years. In the following five years only one out of the ten that survived will still be in business. However, in the same studies 87% of businesses that have a business coach succeed.

So if the bank denies you a loan due to bad credit, capital or some other reason where do you go to get money? There is an old adage that says, “There is more than one way to skin a cat.” Well, in this case there are 3.

1. Owner Financing – Purchase an existing business and have them finance the transaction.
2. Downsize – Begin with the core product that you wish to sell, start small and as you get more capital, expand. The most profitable companies have few products and low expenses.
3. Business Partner – link up with someone who has the capital or access to the money and have them put up the investment and you put out the labor.

Big dreams require smart borrowing. Irwin Union Bank has a commercial loan to fit every kind of dream and business.