Once you have made the decision to be your own boss and start your own business, you want to get started right away. But as any new entrepreneur knows, obtaining funding for a new business can be tricky and time-consuming. However, if you use some innovation along the way, you’ll find there are many ways you can get the funding you need for your startup quicker than you imagined. If you’re ready to get started, here are five methods of funding you may want to consider.
If you have some credit cards with little or no balance on them, this is an instantaneous way you can fund your startup business. If you go this route, keep in mind that while you’ll gain instant access to funding, the bills will need to be paid back with interest, which can get quite high.
Friends and Family
Once you have your business plan in place, don’t be afraid about approaching your friends and family for the funding you need. Since they want to see you succeed, they may be eager to invest in your business. If you use this option, do be sure to get everything down in writing regarding how you’ll pay back the loans, since this will eliminate potential confusion.
Sell Your Home
If you have thought about moving, the thought to sell my home may have run through your mind as a way to fund your new business. Though this will give you access to a very large amount of money, it could take time if you use a traditional real estate agent. For a fast sell, you may want to work with a company that specializes in buying homes quickly from owners who want quick cash.
Sell Your Car
Should you not want to part with your home, selling your car may be a good alternative. If you do this, you can either sell it yourself to a private individual, or instead sell it directly to a dealership. However, selling to a private individual may take longer than you wish, and you may get a bit less if you sell to a dealership, so keep these points in mind.
Yes, there are always venture capitalists who are eager to invest their money in new and exciting businesses. By presenting your business plan and working out additional details, you may find a person who serves not only as an investor, but a mentor as well.
Now that you have several funding options at your fingertips for your startup, time is of the essence to get your entrepreneurial dreams on the right track.