Photo:NAPSI
Aaron Mulherin, owner of AM Glass, goes over company financial details with his SCORE mentor John Brockhardt. There are many options for financing a new or existing business, and a mentor can help guide you.
NAPSI -- If you’re wondering how to finance your startup, you’re not alone. Depending on your business, financing it can either be relatively simple, such as drawing on your personal savings, or more complex, perhaps requiring you to seek loans or investors.
Here are some common ways to finance a business, along with pros and cons to keep in mind:
Personally Finance Your Startup
In the digital age, many small businesses can be up and running with little to almost no capital, which can make financing your business with your own money more realistic.
Personally financing your business has some distinct advantages—you retain full control over your company, take on zero debt and have no loan payments to worry about.
On the flip side, you could lose money if the business doesn’t work out.
The bottom line is that if you’re willing to take on personal financial risk, using your own money is one of the most straightforward methods of funding your startup, while maintaining full control.
Ask Friends and Family For Financial Support
Help from friends and family is another common method for financing a business. This could look similar to personal financing or a private loan.
The advantages depend on the terms of the contributions. You might retain full control over your company and not have to take on debt or you may have to relinquish some control and agree to repay what you’ve received plus interest.
Take Out a Bank Loan
Banks and credit unions are another financing option. However, you’re taking on debt and will need to make regular payments on the loan, which can cut into cash flow. On the plus side, financing your business with a loan means that you retain full control of your company.
Be prepared to show a bank a business plan, expense sheets and financial projections, often for the first five years.
Securing a bank loan is a challenging process. A mentor can help you prepare a loan application, so you have the best chance of securing the loan you need.
Bring in an Outside Investor
Bringing in an outside investor is typically not a realistic option for most businesses. The experts at SCORE found that only about 2% of businesses have a business model that would interest investors.
Most often, equity investors require not only a percentage of ownership in the company but an “exit plan”—otherwise known as your plan for how they’ll recoup their investment and see a healthy return.
With an investor, though, you get relatively quick access to capital without periodic loan payments, potential access to business expertise, and connections you might lack.
If your startup requires a significant capital investment, bringing in an outside investor may be a smart option.
Rally Support Through Crowdfunding
Once considered an unconventional way to finance your business, crowdfunding is now a common method for raising startup funds.
The structure of a crowdfunding campaign depends on your platform host. The idea is to encourage small contributions from a large pool of people. Funders receive gifts for their support which usually includes the product or service you sell.
The downside to crowdfunding: it takes a lot of effort and money and failure is very public, unlike with private ventures.
Choosing the Right Financing Option is Key
As you develop your startup, connect with a SCORE mentor. They can guide you toward the right financing options for your needs and lead you on the pathway to success.
Learn more about traditional and creative ways to help your business by visitig www.score.org.
URBANA -- The annual Champaign-Urbana Pride Fest Parade will be held this Saturday, October 1, starting at 11am in Urbana. The route will start on the corner of Busey and Green Street and head east on Green to downtown Urbana.
Judges for this year's parade are Xander Hazel, Executive Director of the Champaign Center Partnership, long-time local radio personality Diane Ducey, and Berry Stevenson, the Executive Director of the Greater Community AIDS Project. Judges will review entries as they pass from under a tent on the corner of Race and Elm.
This year's awards include the Best Float/Vehicle, Best Marching Group, and an Overall Best of Show. Winners will be announced at the Fair Stage in downtown Urbana at 12:30pm.
Parade route
Unity's Emmalee Atkins and Kaitlyn Schweighart put away six kills each in the team's home match against St. Teresa on Monday. Their effort was not enough for the Rockets, who fell to the visiting Bulldogs, 2-1.
JJ LeFaivre, who recorded one block, contributed five kills to the UHS cause. Schweighart also had 11 digs and hammered four aces in the non-conference clash.
The Rockets won the opening set 26-24 and then dropped the next two, 25-17, 25-23.
Today is what we have. If today is the last day of your life, how is it going? If you knew for sure, how would you want to spend your last precious 24 hours? You wouldn’t be planning next year’s vacation. No, you would want to get in all that you could possibly do. Only you know for sure how you would want to spend your day and everyone is different. Maybe you would spend your day with loved ones or maybe you would want to be strolling in the mountains or by the oceanside. Maybe you would want to spend your day eating ice cream, hamburgers and pizza. If it’s your last day then why not?
I like ice cream, hamburgers and pizza but my doctor doesn’t recommend them as a daily diet because of the hopes of tomorrow. There are ways that we can shorten our days and too much of what we enjoy is not always very good for us.
Since life is one day at a time, we can’t go back and repeat yesterday. All the good you did is in the past. All the mistakes you made are in the past. You can spend the rest of your life wishing you could repeat high school, college or an old relationship. Actually, you are better off if you don’t sit around and think about it all the time. It’s good to remember the good memories of family, friends, life’s successes and joys but they are in the past. This often makes us sad because we know we can’t relive some of those great moments of life. It’s best to give thanks for them and move forward.
Today is a good day to make some more memories – good ones. Living your life today regardless of what you are doing is the life you have. Make the best of it by enjoying your life. Do what you enjoy. Be good to yourself. Don’t beat up on yourself. Don’t live your life fighting with others. Do your work. Find joy in your work or move on to a work that you do enjoy. Find ways to reduce stress and to be happy.
Keep in mind that you can’t make everyone else happy and don’t take on everyone else’s problems. You probably have enough of your own.
Be patient. All good things take time if they are worthwhile.
Finally, just in case you do live a bunch more years, live today in such a way, that you can look back to today and remember it as a good day.
ST. JOSEPH -- St. Joseph-Ogden High School will introduce four new inductees to the St. Joseph-Ogden Hall of Fame during the Spartan football team's Homecoming game against Nokomis. The distinquished group includes 1960 graduate 
Fanson was then taken by ambulance to 