FOR RELEASE: DECEMBER 2003
TITLE: FINANCING THE START-UP BUSINESS
STILLWATER---When starting a new business,
one of the biggest concerns for a prospective
business owner is finding enough money to get the
business on its feet and headed in the right direction.
Another resource for the owner is a small loan. This
requires the owner’s personal credit record to be in
good shape with no missed payments or recent
credit problems.
Many of these owners look for grants, only to be
disappointed to find out that there are no programs
available that offer “free money.” This often
becomes the reason for the prospective owner to
give up on his or her dream.
“A clean credit record begins with a solid personal
financial management plan,” he said.
Glenn Muske, Oklahoma Cooperative Extension
Services micro and home-based business specialist,
said that owners should not give up and that many
small business owners open their business with little
or no outside funding.
“New businesses are the life blood of Oklahoma,”
said Muske. “They are also the dream of many
individuals. That is why the OCES is there to help
those people.”
According to the United States Small Business
Administration, on the average, the solo small
business owner needs only $6000 to start his or her
new business. More than one-half of business
owners indicated that their start-up needs were less
than $5000 with the most commonly estimated
amount being only $2000.
“Having a well-thought-out business plan will help
you find out how much money you need and where
you can get that money,” said Muske. “Prospective
business owners need to first look at his or her
savings for start-up funding.”
One of the services of the OCES is helping potential
business owners develop their own plan.
Not having the finances or being able to get a grant
or the “free money” to start a business may be less
of a problem than the prospective owner may think.
Muske said to develop a plan for what you need and
then begin working toward your goal.
Prepared for:
Glenn Muske, Ph.D.
Home Based & Micro Business Specialist
muske@okstate.edu
Prepared by:
Katie L. Reim
Communication Specialist
kreim@okstate.edu