I assume you’ve got an idea for a business venture. It’s either something you are passionate about, or a gap in the market you think you could fill. But how do you take it to the next level? Let’s face it – the major factor is going to be money. It will take your costly time to create, while your monthly bills continue to come. You want to have a website, premises, employees, to fund marketing and create products – the list goes on.
You’ll need to create a business plan and do your maths first, ready to pitch your business to everyone. Let’s have a look at some different avenues for you to consider.
Your Own Money
This is technically known as bootstrapping! It involves looking at what financial resources you have to offer personally. Can you sell anything to release some money? Can you sacrifice a regular luxury or hobby? Do you have credit cards or savings you can draw on? How about home equity links? You’d be surprised to find this is the most used options when starting a business from scratch. Before taking a further step, weigh up the risks and consider what you will lose if this business doesn’t take off!
Family and Friends
Who do you know who’s interested in your ideas? A gift from a family member may not be too hard to obtain. Other people who like taking chances might have some money to invest in your business. That’s why you need to do your sums and create a business plan in advance. If your relatives or friends are willing to lend you a sum of money, that has a positive side. Yes, they want the money back eventually, but you won’t be paying interest. Your house may not be at risk if you can’t pay it back!
Crowdfunding
Different sources of crowdfunding offer different terms and benefits. The two most famous ones are Kickstarter and Indiegogo. You create a campaign and say
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