Where does a new entrepreneur go for financing to formally start a business?
I want to start my own sports bar pub and grill. I have an updated business plan which includes all the financial plans drawn out. I just need finances to start building.
There are many ways you could finance this startup. You could sell your existing assets if they are not needed. Depending on the scale of your business, you should decide what type of finance do you actually need. The best way to approach for finance could be finding a partner at this point of time as to be very honest, you can succeed and fail both in a business that is why entrepreneurship requires a risk-taking ability. If you go for a bank loan, and your business does not run very well, you have to sell both the business and it will be unlimited liability as sole proprietorship is an unincorporated form of business which means you also have to risk your personal assets and not just the money that they have invested in the business. Finding a partner will help you divide everything and keeping in mind the competition, scale and other factors of your business, I strongly advise you to ponder upon what I've shared with you.
Wishing you all the very best for the future!
I suppose that working with corporate bank loans and angel investors would make sense. But I have to say, one of the perks of being an entrepreneur in the 21st century and riding the social media wave is the fact that you can create awareness and get clients before you actually have a product to distribute. And you can do all that for free or a very minimal investment.
So my suggestion is to start small - think of something online, that'll be easy to produce and enough to convince your audience about the value that you provide - and garner enough attention/interest to convince organizations to invest in scaling your business. That way, you provide your investors with proof that your business idea won't be a failure.
Hope this helps! Good luck :)
Small business associations and/or PEER TO PEER (close relative, friends, other business owners).