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MARQUETTE -- In today's economy, it's difficult to think about opening a new business.  First of all, how do you get the money for your business?  That's why the Lake Superior Community Partnership and Northern Initiatives hosted a workshop to showcase the available finance options.  But before looking at financing, entrepreneurs need a good business plan.

"In a good business plan; the business owner not only wants to convey what their product and services are going to be, but also who are your customers, what's your market, what market research you have done, who are your competitors, and then also help the lender understand the finances of your business," explained Northern Initiatives Vice President Loan Fund Manager, Kathy Leone.

As for financing, there are several options.  The most common involve personal savings, family investments, business partners, seller financing, traditional lenders, and alternative lenders.  The workshop provided some guidance for the would-be entrepreneurs.

"I learned some of the advantages of where to get loans for/if I were to expand a small business, such as the differences between loans from a variety of different sources--from small business loans to banks to non-traditional loans," described Burns Severson.

The entrepreneurs were also given warnings:  if at all possible, avoid financing your business through credit cards and personal retirement accounts.  Above all, be smart and get good professional advice.

"One of the good ways to start is by contacting a lender.  If you've never applied for a business loan before, ask them.  Contact the lender and ask them what they want to see, or use some of the other free resources in the community," Leone stated.