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Are you someone who is always struggling with money?
Do you need assistance and guidance of experts to help you with sorting out your monetary issues?
Well, scroll no further because you have come to the right place. We help you with all your queries, issues and problems related to finance.
Sources of Business Finance
Are you someone who has an incredible business idea in mind and looking for sources to finance your idea? Are you someone who is opting to set up a start-up but not sure where to start? Well, worry no more because we have compiled a list of sources, which you can consider when looking for a way to fund your start-up. Let us look at them one by one.
Getting a Bank Loan
For Entrepreneurs, Banks are supermarkets, where they can get finance for their business. Banks provide various packages or plans, which you can choose as per your needs or wants. Usually, the financing plans are of three basic types including short term, mid-term and long term plans. These plans contain finance for all things you need for your business including equipment, working capital, real estate and any other asset needs. Banks want you to provide them with some kind of security when you seek to get a loan to assure that you will pay back the money. Unlike other business options, banks provide you the most flexibility. You can choose the best-suited plan for your business and decide an appropriate time for paying the money back. If you want, you can always pay back the money earlier and end the contract.
Going for a Smart Lease
When starting a new business, you will need to purchase some property or space to set up your business. You may also need to buy equipment, machinery and other things as well. This can be very tough decision to make and a heavy burden to bear. In such a situation, going for a smart lease is a good option for you because doing large down payments will be difficult and painful for you. In this case, you have to pay the money back in instalments at regular intervals of time. The instalment amount, time interval and payment criteria are set before you sign the lease contract. There are, yet again, various options for you to opt for and many plans and packages to make it easier for you to pay the instalments.
Getting funding from friends and family
This is the most flexible and lenient option for you if you are lucky. You might not even have to pledge your property to provide assurance to them. Your family and friends are the people who have faith in you and they trust your abilities. If they are good investors, they can be the best option for you when starting up a business because while others might be looking at your initiative as a big bag of risks, your friends and family will be there to back you up, support you with your idea and help you to make it successful because they are the ones who personally believe that you have the potential to do so.Read More
Starting Your Own Business with Little Capital
Entrepreneurs put many wonderful ideas on hold because they believe they do not have enough funding to finance it. They believe that their idea does not have the potential to lift up from the ground unless they get either the Aladdin’s lamp or a major funding from a generous resource. In this article, we are going to tell you some tips and provide you guidance as to how you can start your very own business with a little capital. Let us now look at some of them.
Give Services and gather funds
Having no or little capital is no excuse. If you have an idea, which is perfect and has the potential to succeed, then you should not wait for an uncle with heavy pockets to leave you money to start your business. The easiest thing, perhaps, is to start a service-oriented business. You start by offering some services to people as per their requirements, needs or wants. The next thing you do is collect some funds. A product-based business is the one, which requires a significant amount of up-front capital to be started up. If you are such a situation, then you should sell your services, collect funds, and then use those funds for setting up your product-based business.
Sweat a little
Constant struggle with commitment to some objective provides success to the entrepreneur. If you cannot find a door to get opportunity to acquire success, then you should build a door. Especially when you are starting up a new business, you will have the need to struggle. Knock on a few doors, tell people about your business idea, work on your booth and close your own deals. Many billion dollar companies have started from merely someone’s backyard or garage and have lead their owners in to becoming big business tycoons. Hard work always pays off so get your butt of the cozy chair and start your struggle today.
Find sources for funding
According to a traditional theory in entrepreneurship, you should not deviate from your idea and stick to it no matter what, in order to become a successful businessperson. If you have started your business with the little amount that you have, then you need to struggle to keep it running and keep the funding coming in somehow, as desperate times must call for desperate measures. Look for resources around you that might help you with financing your start-up. There are many options, which one can choose from. These options include the following:
- Getting a loan from a bank or financial institution.
- Purchasing assets for business on the lease.
- Getting funding from close friends, family or peers.
- Consider a business incubator.
- Go for crowdfunding.
- Apply for Small Business Innovation Research (SBIR) grants.
- Consider bootstrapping.
In a nutshell, do not let the lack of money, finances and resources to discourage you from struggling on the path to accomplish your business goals and become successful.