Creative Commons License photo credit: AMagill

The following is a guest post by Sahail Ashraf.

You know how it is. You’ve got this great killer business idea that is guaranteed to bring in the bucks, but you just don’t have the money for it.

You have some money, but not enough to fund the development of your product or service, or the hiring of the minimum number of staff that you need. So you end up tossing the idea out of the window. No way to fund a business, means no business.

There are, actually, two great ways in which you can find money fast for your new business. They are quite easy to get involved in, and can yield cash quickly, if you do things right.

The Friends and Family Route

This is still one of the most popular ways of gaining cash quickly. However, some people don’t like to ask their family and friends for seed funding which, let’s be honest; can be quite a large amount.

So tackle it the sensible way. If you need to build trust with someone, offer a contract, or at least some kind of written agreement, which will give profit options or some other stake in the company when you take off.

Don’t forget that these people are people who believe in you. When you say you want to do something, they want to help. So let them if they offer. It is a great confidence booster anyway, to know that the people closest to you want you to succeed.

Free Money

Business grants. They can bring you a massive part of the money that you need to start your business. They are becoming a little bit harder to find these days, but if you go about it right, you can get a grant sum that you don’t have to pay back. Go to www.grants.gov for starters.

Grants add a massive amount of kudos to your enterprise, as well as that all important confidence booster.

All you need to secure that grant is a strong business plan, and some extra documentation. It is well worth doing this due to the respect factor, and the benefit of large amounts of funding from secure backing.

So there are two great ways to get money for your enterprise. Investigate them both, get serious about your business, and get some cash flowing.

Sahail Ashraf blogs about setting up your own home business at www.smarthomeworker.com.

Originally posted by Dane Carlson on August 17, 2009 in Guest Posts.

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