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One of the greatest obstacles for a new business owner is how to get business capital. So one day you are in your garage organizing your shelves and you come up with a great item that would be perfect for a garage. Now only if you had the money to start. Where do you start? All the ideas in your head are running around until they all come slamming in to the brick wall of money. Money is what you need. That will get you help in design and production, marketing, shipping and logistics.  Since capital is an issue, we will discuss 6 ideas to obtain capital.

1. Contact your local Small Business Administration office. There is at least one in every state. Many services are free due to the fact that it is new and small businesses that keep the country moving forward. They will be able to assist you in getting patents, applying for grants and filing any forms you might need. They can also counsel you on financing.
2. Get a personal loan. Some would say that you should first look to friends and family. This can be bad. Even if you make up a contract that has 2% interest and your product starts booming, it could be sour when you pay them off. They could see it as I helped you build your company and all you are going to do is pay the loan off. I would try to get a very small loan with a bank first so you can at least hire a patent lawyer so the item you have in mind cannot be stolen by anyone else.
3. Not everything a business sells needs money to buy those products. In fact many are using a strategy called “Consignment”. This is the main premise of the idea. You get a company to deliver their products to you. You in turn act as the company’s sales agent. You pay the company on the products sold usually the 1^st or 15^th of the month. The rest of the money is yours to work with to generate more capital by maybe taking out a local radio ad or the start of a website. All of this will bring traffic in and traffic means sales.
4. Credit cards for the business are another good way to create capital. You can charge for items and pay for it later. Rules are that you want to make purchases right after the cutoff date for your next statement. If you use a business credit card you can track you entire cashflow out with the tools that credit card issuers have. Credit cards are good for startup but are best for at least a 6 month old business.
5. If you are not very sentimental, than you can liquidate personal property, cars, jewelry, stocks and bonds for your seed money.
6. Usually the last resort for a large loan is a bank. This is because they are leery of lending to start a business or for one that has only been established 6months to a year. Unless you have the collateral or proven credit record, this is the last place to go.

There are many ideas of how to get business capital and some are unconventional. The most important thing to remember is that if you check all options and resources, someone will get the money to you if you have a solid product or service.

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