Working Americans choose to start a business for any number of reasons. There’s increased flexibility and independence, as well as more ambitious goals, like fulfilling a lifelong vision or dream.
According to the U.S. Small Business Administration, nearly 30 million Americans are small business owners as of 2017.
And although those millions of Americans are all small business owners, every startup is very different. The details of a business owner’s operation—from how you establish yourself legally before you even purchase a single piece of equipment or inventory, to the way you scale your business once you’re in hyper-growth mode—vary widely from operation to operation.
As you might expect, then, options for financing through business loans are different, too—especially depending on how you categorize your company.
First: Are you an entrepreneur or a solopreneur?
You’ll need to know how to categorize your company in the business landscape.