In The Money - Methods To Get Start-up Funding For Your New Business
You've decided to stop "working for the man" and become "the man" or woman - a new business owner and entrepreneur
. You've scouted out your location, developed a marketing strategy, even considered who you'll hire. Everything is ready except one "minor" detail ... raising the capital needed to get your new business ready to open!Of course, getting business start-up funding is the most difficult part of starting a new business. With today's unstable economy, new business entrepreneurs are finding it difficult to get the business start-up funding they need. Even in a booming economy, new companies usually struggle to find investors.
Never fear new business men and women ... there is some good news! Below are several beneficial options available to get the business start-up funding you need:
Get Personal.
Using personal financing to raise capital is usually the first option. Money can be raised from checking and savings accounts, credit cards, any 401k funds from previous employment - even borrowing from their whole life insurance policy. Funds can also be obtained through the sales of property, vehicles, recreation/sports equipment - as well as rare collectibles. Because the risks are greater using personal financing, many new entrepreneurs choose to use this in combination with different sources available.
All in the Family.
Asking family and friends for financial assistance is an easy way to raise business start-up funding rather quickly. You may feel awkward about asking for a loan, but the reason you need the money is an opportunity - not an obligation. Often times, family and friends are extremely enthusiastic about the idea and would love to lend you money - and support!
Outside the box.
Using outside sources, or "Angel investors," is a very effective way to business start-up funding. Since they can offer a larger sum of money, the borrowed funds can completely fill the needed start-up equity gap. But remember, you should be ready to provide your Angel with company stock options, percentage stake in ownership, and a large return on investment. If you do not want to give up complete ownership of your new company, then an Angel investor may not be the right decision.
You Can Bank On It.
Bank loans provide a new business owner with another means of business start-up funding. A major requirement - and a determining factor at most banks - for obtaining a bank loan is having a good credit history. Another key is to see your business plan, which reflects the products and services offered, as well as your company's mission statement. Your business plan should also include financial predictions since it will show lenders that the company will be able to generate enough cash to make loan payments.
There's No Business Like ... Your Own Business!
So many people dream of owning their own business. It takes guts, determination and prayers - not to mention good business sense. With that, let's hope your business dreams all come true - and your bottom line lives happily ever after.
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