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What you should know before starting a small business

To start a business, you need money for licenses, equipment, software, legal fees, operating expenses, and more. You can consider financing your company from outside investors, says entrepreneur Jayson DeMers. Potential sources include your friends and family, angel investors or venture capitalists, or crowdfunding on Kickstarter.

You can also consider bootstrapping your company, another word for self-funding and not giving up ownership too fast.

“Bootstrapping for as long as possible gives your product or service time to gain traction and catch on,” said entrepreneur Brenton Hayden. “Only when you can demonstrate to investors that a new influx of capital will go towards clearly defined milestones should you look for funding.”

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