The best and quickest source for business financing is your own resources. Banks lend mainly to credit worthy businesses and/or persons. If you’ve enough capital & or customers to sustain your business, you’re likely to get credit.
Below are some tips on business financing
- Raise money from your current employment or source of income. Model your business on how much money you currently have and build your business from the ground up.
- Invest your time and abilities as much as possible into your business. You’re the receptionist, cleaner, etc.
- Your initial business plan should be able to succeed without any outside investment for at least the first 12 months, if you want to start your business quickly.
- Start from your home part time or full time so that you don’t have to pay extra for rent or lease.
- Work full time at another job & part time at your current job or vice versa in order to have enough capital to operate.
- Invest a lot of time into your new venture. Normal hours are 8 hours a day. Invest double or more time in your business/job.
- Make the best use of your current resources e.g. your home phone is your business phone number.
- All your initial investments should look at how you can operate at no or minimal cost.
- Clients pay a deposit upfront. That would be your operating budget. Please don’t take customers who won’t pay. If they don’t have the funds, don’t give them the product otherwise you run your business to a halt.
- Reinvest any profit into building the business. So, don’t spend any money on yourself or your needs unless it’s urgent.