So you've been stewing for years with a great idea for a business and now you're ready to make it a go. There's only one thing missing—capital. You put a list together of friends, family, former business associates and investors in the hopes of finding someone to financially support what you know can work.

Fund raising is at the very core of getting a business venture off the ground, but it is an elusive target. Depending on interest rates, your ability to post collateral and your past professional experience, institutions can be less than willing to lend you money. If your personal savings are tapped and your credit cards maxed, the next step is often to turn to family.

"Raising capital is very difficult," explains Mark Stepka, director in the Akron, Ohio, office of the accounting firm of SS&G Financial Services. "Aside from raising money just to get the venture up and running, there are also many costs for professional service—legal and accounting fees—before you can even open your door."

After that, you need to seek funding from a bank or from family and friends. "There are some individuals who are interested in investing in start-ups," says Stepka, "but those people are not easy to find."

He advises having a network of people in place to help with initial financing, providing you with enough capital to get under way. "You can't start early enough developing that network. You will have a better chance at success if you have a foundation of people who are willing to support your idea."

Unfortunately, developing a network with people who can and will help fund your venture is not a six-week or three-month process. It takes time. Certain investors will want to scrutinize your business plan.

Statistics show that more business start-ups are failures than successes, according to Stepka. "You need to be aware of the toll that borrowing from family and friends can take on relationships," he says. e