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The business landscape is constantly shifting, and there’s never been a better time for aspiring entrepreneur seniors and parents to make their dreams a reality. In the process, small business owners have to overcome a few challenges. One of the biggest challenges is the lack of finances. Various government and private grants and programs can be an asset in these circumstances. Here are a few options for you to consider.
Before you can secure the necessary funding, you’ll need to make sure you’ve established your business first. When starting a business, there are several business structures to choose from. Each has its own pros and cons, so it’s important to choose the structure that best suits your business needs.
Many small businesses choose to incorporate a limited liability company (LLC) as opposed to other options. An LLC offers several benefits that are especially advantageous for small business owners:
● Limited personal liability
● Reduced paperwork and administrative hassle
● Tax advantages (such as pass-through taxation)
● Ownership and management flexibility
● Flexible profit distributions
To enjoy the benefits of an LLC, the business needs to be legally registered. Be sure to read up on how to form an LLC so that you don’t skip any requirements.
If you’re feeling overwhelmed by these steps, you can hire help. Many businesses choose to hire a lawyer to help with the process, but keep in mind that this can be expensive. Hiring a formation service agency is a cost-effective and simple solution. A company formation agent guides the registration process, making it fast and efficient – without having to pay a heavy fee.
Now that you’ve chosen a structure for your business, we can discuss funding. Has your business been impacted by COVID-19? Perhaps you’re looking for support in a specific industry?
A traditional option is to get a small business loan. You might also pitch your startup idea to venture capitalists. Know that banks and VCs will want to make sure you know your stuff. Having an MBA can be very appealing to them and help you get the funding you need. You can complete the program offered by the University of Phoenix in about 16 months. Having significant work experience is also appealing to outside funders so be sure to highlight that factor if it works in your favor. Another option is looking at what grants are available. Here are two to get you started:
COVID-19 has had a serious effect on businesses around the world. The Shuttered Venue Operators Grant offers emergency assistance for eligible venues that have lost a large percentage of revenue due to the pandemic.
The program is administered by SBA’s Office of Disaster Assistance and offers over $16 billion to shuttered venues. Eligibility requirements include the following;
- Live venue operators or promoters
- Theatrical producers
- Live performing arts
- Museum operators
- Motion picture theatre operators
- Talent representatives
The Department of Education (DOE) has an active list of grants that are available for businesses in the education industry. These grants are constantly being updated, so small businesses in the education sector should follow closely. The topics cover a wide range, from pre-reading and language learning to behavioral learning patterns. The DOE also offers grants through the SBIR program for private nonprofits and charter management organizations.
When it comes to launching a small business, you’ll need to obtain the necessary funding to keep it running. The above suggestions are a good starting point as you’re conducting your search.