This is the third part of a multi-part series that will help prospective entrepreneurs to develop the tools they need for a successful business venture.

In our last installment, we covered the need for a good business plan. Your business plan will help you figure out how much money you’ll need to start your new business, so now it’s time to move onto the next step: finding those funds in order to get your future business off and running.

If you happen to have enough cash or investments on hand to launch your business, one option is self-funding. Known as bootstrapping, self-funding lets you leverage your own financial resources. This can include using your savings accounts, getting capital from family and friends either through personal loans or gifts, or even tapping into your 401(k).

Self-funding has the benefit of letting you, as the business owner, retain complete control over the business, but the drawback is that you’re also assuming all of the company’s financial risk yourself. It’s important to ensure that you don’t spend more than you can afford, especially if you’re draining your retirement savings in the process. Doing so can have the added drawback of a hefty fee or penalty, so be sure to check with your plan’s administrator and a personal financial advisor before taking the leap.

If you don’t have the amount you need on hand, you’ll have to either raise or borrow the capital another way. Money may not grow on trees, but it’s out there waiting for you if you know where to look and what’s best for your kind of business.

One source of funding that won’t cost you anything (monetarily) is venture capital from investors. This isn’t for just any kind of small business, but rather for a startup or small business that potential investors see as having a good chance of long-term growth potential, such as a tech company or one with a unique product or service with the potential for mass appeal.

If you do manage to secure venture capital, there’s a catch: because capital is being invested in return for equity, investors will very likely want some control and ownership over your company in exchange for funding.

Over the past few years, crowdfunding, or raising funds from a large number of people, has taken off online. Although you can use a site such as GoFundMe to solicit no-obligation donations to get you started, websites such as Kickstarter and Indiegogo are specifically designed to help get new products or creative works to market.

Unlike venture capital investors, crowdfunders such as these don’t receive a share of ownership and don’t expect financial return on their investment, but they do expect to get something in return such as a physical product or a chance to meet the business owner. It comes with very little risk for business owners, but because every crowdfunding platform is different, it’s important to read the fine print and understand the full legal and financial obligations of the crowdfunding campaign.

If you want to retain complete control over your business and lack the start-up funding you need, a small business loan may be your way to go. You’ll need to do your homework here to make sure you look for the right solution for your business and your financial needs. The Small Business Administration (SBA) is a great resource for securing a loan; its Lender Match will help you find lenders who offer SBA-guaranteed loans, for instance.

If you need a little extra assistance figuring out what’s best for you, the UAH Small Business Development Center and Procurement Technical Assistance Center (UAH SBDC/PTAC) and The Catalyst Center for Business & Entrepreneurship provide free business coaching and online workshops geared toward helping prospective business owners navigate the financial aspects of starting a business.

The most attractive option, of course, is getting free money for your new business in the form of a grant. There’s a caveat here: it isn’t easy to get a grant, and as a result many prospective business owners have found themselves taken advantage of by scammers offering free money.

According to Sandy Edwards of The Catalyst Center, “grants are few and far between and the few we find always have a catch. As they say, nothing is free! Many grants will have something you will have to do, [such as] complete a training or join their organization as a member.”

Edwards noted that there are a few viable options, and The Catalyst is always seeking out opportunities. “Currently, The Catalyst is proud to be a partner with LISC and the Verizon Digital Ready Program. Verizon is very supportive of small business and has put together a learning program to help small business,” she stated, adding that business owners who sign up and complete several classes will be eligible for a $10,000 grant.

Tech companies have additional opportunities for grants: the government offers several Small Business Innovation Research (SBIR) grants in the Innovation and Technology arena. This is a highly competitive program that encourages small businesses to engage in Federal Research and Research and Development, enabling them to explore their technological potential and providing the incentive to profit from its commercialization.

Edwards stated that The Catalyst’s TECHRICH program provides support to qualified small businesses through its SBIR Summit, which takes place during the annual Innovate Huntsville Week each February, as well as through ongoing workshops and coaching.

In addition, an award from the SBA Growth Accelerator Fund has enabled The Catalyst to launch the SPARK program for Historically Underutilized Business Zone (HUBZone) Companies, which provides proposal writing and coaching support to apply for grants. More information about innovation grants can be found at SBIR.gov.

Now that you’ve determined how you’re going to finance your new venture, it’s time for the fun part: deciding where your business will be located. We’ll look at this step in the next installment of our guide.