Finance

 

Best & Quickest Source for Business Financing

Business Financing Tips

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.

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.

Reinvest any profit into building the business. So, don’t spend any money on yourself or your needs unless it’s urgent.

Invest your time and abilities as much as possible into your business. You’re the receptionist, cleaner, etc.

Start from your home part time or full time so that you don’t have to pay extra for rent or lease.

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.

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.

All your initial investments should look at how you can operate at no or minimal cost.

Crowdfunding  

Crowdfunding is another way aspiring entrepreneurs can raise business funding. Sites like Kickstarter, IndieGoGo, RocketHub, FundAnything, and Peerbackers are some of the most popular. The average successful crowdfunding campaign raises about $7,000. To get an idea of how much your campaign might raise you can use a resource such as  Crowdfunding.io.

most common ways of financing a business Your savings or personal funds Funds from family and friends Sell equity – including organizing a garage sale and selling off a second car Refinance mortgage or get a second loan on your property although I would not recommend increasing the debt on your home to finance a new business due to the risk involve in any new startup business. Credit cards – That should be your last source of funding since it has high interest rates. You can get a business loan with lower interests. Business cards come in handy if you need revolving funds for your business and you don’t have the working capital for it.

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Most Common Source of Business Financing

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

  1. 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.
  2. Invest your time and abilities as much as possible into your business. You're the receptionist, cleaner, etc.
  3. 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. 
  4. Start from your home part time or full time so that you don't have to pay extra for rent or lease.
  5. Work full time at another job & part time at your current job or vice versa in order to have enough capital to operate.
  6. 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.
  7. Make the best use of your current resources e.g. your home phone is your business phone number.
  8. All your initial investments should look at how you can operate at no or minimal cost.
  9. 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.
  10. Reinvest any profit into building the business. So, don't spend any money on yourself or your needs unless it's urgent.

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