Finding Capital
As part of your business planning process, you should have determined your financial needs to start your business. Here are some things to think about, and resources help you make the best choices to meet your needs. At the end of this guide, you will find free Fairfax CORE business counselors and other experts who can help you, and information to find upcoming learning opportunities.
Confirm your financial readiness
Gather your financial documents and be ready to share your financial picture with trained counselors who can confirm your financial readiness.
Some information that you should have available:
- Credit score and your financial obligations
- Business plan
- Tax returns
- Financial statements
- Market research and competitive analysis
Read more:
- Fund your business (SBA.gov)
- Personal Financial Statement Template (SCORE.org)
- The 6 C’s of Business Credit (SCORE.org)
Analyze your needs and your anticipated revenue
- What expenses will you have to establish your business? Consider materials, leases, marketing, employees, permits and licenses, construction, insurance, shipping/storage
- How much capital will you need to start your business? Be ready to explain your estimated need.
- What are the costs associated with meeting the regulatory requirements for your business?
- What are your tax obligations?
- What funding do you have available?
- What are your operating expenses?
- How much can you charge for your product or service?
- How much time will it take to establish and grow your business and when can you expect to start generating revenue?
- What is the lag time between a contract with your client and service delivery?
- What are you willing to offer to raise capital?
- How much money will you need in order to cover the obligations of the business (rent, utilities, administrative costs, materials/inventory, insurance)?
- How much money will you need to cover your living expenses and costs?
- How much money can you reasonably expect to earn during this time?
- Do you have a clear and viable business plan (one that addresses capital needs, operational overview, market analysis and strategy, as well as addressing the limitations)?
Read more:
- Calculate your startup costs (SBA.gov)
- Startup Cost Calculator online (Upwork.com)
- Business Costs (DOL.gov)
- Small Business Calculators (Bankrate.com)
- Manage Your Finances (SBA.gov)
- Business Planning & Financial Statements Template Gallery (SCORE.org)
- How to Create a Marketing Budget for Startups (SCORE.org)
Watch:
- A Practical Approach to Small Business Budgeting (SCORE.org)
- Small Business Budgeting Made Easy (SCORE.org)
Understand Funding Models
Before you seek funding, learn about the various ways to fund a business. Consider your circumstances. Are you able to take on debt? Are you willing to offer a stake in your company? Do you want a partner? Meet with a trained business counselor to help you make the best choice for your situation.
Read more:
- U.S. Small Business Administration Funding Programs (SBA.gov)
- Small-Business Funding: Where to Get Capital for Your Business (Nerdwallet.com)
- 10 Ways to Finance Your Business (Inc.)
- How to Fund Your New Business (Business.org)
- Finance Your Business (USA.gov)
- Best Small Business Loans (U.S. News)
- What is the Difference Between an Angel Investor and a Venture Capitalist? (Business.org)
- Askforfunding.com
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Research Local Funding Programs
Make sure that you are aware of local programs, as well as industry specific funding.
- Fairfax County Microloan Program (Fairfax County, Clifton, Herndon, Vienna)
- Fairfax Founders Fund (Fairfax County, Clifton, Herndon, Vienna)
- Fairfax County Thrive Technical Assistance Grants (Fairfax County. Clifton, Herndon, and Vienna)
- Talent Up Fairfax (Fairfax County, Clifton, Herndon, and Vienna)
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In many cases, the support you need will be available to you at no cost.
- Financial resources and assistance in Fairfax CORE
- Find an upcoming Fairfax CORE event; use the filter function to select Funding/Accounting
- The Community Business Partnership (“CBP”) routinely offers a training session titled “Preparing for Funding”. If it doesn’t show on the Fairfax CORE calendar, connect with CBP to see when it will next be offered.
- Connect with a Fairfax County librarian to get access to the Grants Research and Training Center (fairfaxcounty.gov).
- Sign up for the Fairfax CORE Newsletter to be alerted to new programs and opportunities.
If you do need to hire professional consultants, be sure that they are licensed, and qualified to provide advice in Virginia.
- The Virginia Board of Accountancy has a searchable database to help you find a Certified Public Accountant.
- The Fairfax Bar Association Lawyer Referral Service is a great place to find a lawyer.
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