Most entrepreneurs are faced with this question. You need money to start, grow, and stay in business. Here are some questions to ask yourself as you look for funding:
* How much money do I need to get started or expand?
* Am I willing to use my personal funds?
* Can I find a part-time job in order to save some start-up funds?
* Do I have family members who may be able to help me?
* Is there someone, such as a vendor or supplier, who would be willing to trade my services for credit?
* If I want to take out a bank loan, how do I establish a credit history?
* If I borrow money, will my business generate enough money so I can repay a loan with interest?
Oftentimes, teens find that if they have a good idea, their parents and other family members are willing either to lend money or invest in the business.
Go visit a small business loan officer in a local bank and interview him/her about what the bank looks for when deciding to lend money to a new business. They can give you important tips for developing your financial plan.
Young people should visit the SBA Teen Business Link to learn more about starting, growing, and owning a business.
If you are considering an agricultural business you might also look into the USDA Farm Service Agency's Youth Loan Program. Learn more at Farm Service Agency Youth Loans
