More and more professionals are moving away from a corporate-centered outlook in favor of owning their own businesses. Millennials are interested in charting their own course and not following the same career paths as their parents. Baby boomer business owners are retiring and looking to sell their businesses. No matter which path you take to owning a small business, funding is a critical early step in your process to becoming the captain of your own ship. In fact, funding is Step 4 in this helpful guide from The U.S. Small Business Administration, right behind writing a business plan, business assistance and training, and choosing a business location. When making an application for small business funding, be prepared to provide the following documentation:
- Personal background
- Business Plan
- Income Tax Returns
- Financial Statements – profit and loss, income statements, balance sheets, etc.
- Legal documents – leases, business license(s), franchise agreements, and other contracts associated with the business