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Small business loans - sources
Get an idea, get some money, and go. Sadly, that is what too many entrepreneurs plan for. In fact, most of the time, entrepreneurs end up bootstrapping the business, some for a few months, some for a few years. Eventually most businesses need outside financial assistance, but it is anyone's guess on when that will happen.
Bootstrapping has become a very popular topic. The basic rule is to bootstrap the company for as long as possible. The earlier that outside funding is brought in, the more equity you will have to give up to get the funding.
I ran across an interesting blog by a venture capitalist who talked about bootstrapping. Also saw an article the other day that claimed that over 90% of all new businesses are self-funded (i.e., bootstrapped).
The moral of the story? Plan for alternative financing for as long as possible. Bootstrapping impresses most financiers -- they figure that if you can creatively bootstrap your company, you may be worth investing in.
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