Starting a business can be a truly exciting and fulfilling venture. It can also be complex and time consuming. The key to success is knowing the steps you should take to get your business up and running and where to find funding resources to get local business funding in Homestead / Miami.
Here’s What to Do First if You Want to Get Local Business Funding in Homestead / Miami
Funding your business will likely be the most important financial decision you’ll ever make. Your choices for funding can also affect how you structure and conduct your business. Before you get local business funding in Homestead / Miami, there are several steps you need to take:
1. Do Market Research and Analysis
This is what you need to get an idea of whether or not your business will be successful. It should include demand, market size, economic indicators, location, market saturation, and pricing.
2. Create Business Plan
Consider this the road map to your success. Your business plan is the foundation of your business and should be written as a guide for each stage of your business. If you’re unsure how to write one, there are many templates online you can find for free.
3. Calculate Start-Up Costs
Before you seek funding, you need to know how much you need, right? Your start-up expenses might include but aren’t limited to office space, equipment, utilities, marketing materials, website development, and legal representation.
4. Establish Business Credit
It’s much more difficult to get funding if you haven’t established personal and business credit with an above-average credit history. You should also monitor your credit regularly.
So, How Do I Get Local Business Funding in Homestead / Miami?
Miami has vast resources for funding. There are specific resources for minorities and women, grant and loan programs, and general business resources.
Once you have determined how much of your own money you can invest in your business, you should contact the Miami-Dade Management and Budget Division for a complete list of potential funding sources.
If You’d Like More Information About Business Funding for Homestead / Miami, Contact the Economic Development Council for S. Miami-Dade!
We are happy to answer your questions about local business funding and lead you to valuable resources. Contact us at 305-378-9470. We look forward to hearing from you!