Would it surprise you to learn that the Number One source of funding for startups is the founder’s personal savings? Second on the list is credit cards; third is family and friends. Bank loans and outside investment don’t come until much later, if at all.
Watch this short video from the Kauffman Foundation for a more detailed look:
To learn more about potential funding sources, check out our Startup Funding Comparison Table – compares the key attributes of 31 common capital sources so you can make an informed decision about how to finance your business
By the way, just because you aren’t pursuing funding from outside sources doesn’t mean you don’t need a business plan. It’s extremely important to have a roadmap as you build your company. If you need help, give us a shout.