Funding makes our world go around—but what exactly is it and how can it help you and your business? In general, funding is the resources put towards a project, program, or need that make its execution possible. While funding can also include labor or time, generally it is a pool of money or capital.
A person or company can put funding towards a variety of projects, programs, or other similar endeavors. One of the main spheres of funding is from the public sector. For instance, each fiscal year, Congress funds a variety of programs for public programs and projects as part of passing the annual national budget. This provides the funding that keeps the United States afloat—from programs as vast as the military to those as minute as recreational services hosted by your township. Without funding for the public sphere, the government loses function. Many nonprofits and businesses similarly rely upon funding from the government. These loans and grants can be used by businesses and not-for-profits to reinvest in communities, hire people, purchase equipment, and serve more customers and clients.
Funding serves as the backbone of the private sector. Monetary support allows for the day-to-day operations of businesses, academic, nongovernmental organizations, and nonprofits. Monetary support likewise makes the larger missions of all these private groups possible through the long-term support provided by financial, temporal, and laboral resources.
But where exactly does funding come from? For the public sphere, taxes compose the main source of funding for the government and its various offshoots, while other miscellaneous revenues (remember that fee you paid to enter a national park last summer?) also contribute. For the private sector, there are 22 possible sources of funding. Whether the source be bootstrapping, investments, grants, or general revenue, having funding to launch and maintain a business is pivotal to your company’s success.
When considering your personal business ventures, funding is the financial fuel to not only getting your business off the ground, but also in keeping it off the ground in the short- and long-term. Affinity Consulting Group works to attain funding for businesses and governments so that they may function and achieve their goals. In the fall, the company will launch The Fund Finders Academy, an educational membership platform that will have courses, expert speakers, group calls, and resources for business owners who want to learn how to secure funding. Contact us today if you want Affinity to find funding for your business.