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How does a service based company get startup funding?

Here are some suggestions:

  • Bootstrap it yourself. Self-funding from your savings is always preferred as you don’t have to give up any of your ownership.
  • Ask your “friends and family.” This can be a risky source as business relations can affect your personal relationships, yet they can be some of your biggest supporters and open to attractive terms for repayment.
  • Find a major customer to front the beginning costs
  • Use a crowdfunding website like Fundable. Make sure you read the fine print in your agreement with the various sites.
  • Loans through the U.S. Small Business Association. A lot of different options here, and historically a solid option for small businesses.
  • Credit cards / mortgage your house. Eeeek.
  • Peer-to-peer lending on a site like Propser. Like crowdfunding sites, read the fine terms.

Hope that helps! If you need some sound legal advice during your fundraising then feel free to stop by LawTrades! We have experienced startup / corporate lawyers to walk you through the process. Best of luck.

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