More people are taking the leap and going into business for themselves. Nothing can be more satisfying than being your own boss.Starting your own company isn’t always a cheap endeavor though, depending on what business you are going into.
No matter what your business plan, you at least need some living money saved up before you quit your day job. Your new business may be in the red for a little while, and you don’t want it to fail before it even begins!
Look Into Local Funding Options
If you have the entrepreneurial spirit, check local for funding options. You may find a great source of money locally. Sometimes you can enter contests for entrepreneurs, all you need is an idea and a dream and you could win yourself some money toward your new business.
Check with city offices and at your local library…even do some research online! There are plenty of local grants available, you just need to find them and apply!
You can also look into the crowdfunding options that are splattered all over the internet. Take some time to look into what each offers and what you need to put into each. Some are better for businesses, while some are better for individuals looking for help. Some require you to offer some sort of reward to people that donate to you as well.
The biggest bonus of crowdfunding is that it’s money you don’t have to pay back. The most difficult thing about it is that you have to promote yourself all over the place to get the most people to consider donating.
Get A Small Business Loan
There are loans out there specifically for small businesses and entrepreneurs. You do need to remember that loans have to be paid back. Getting a loan, instead of a grant or donations, means you definitely start deep in the red, so make sure you’re ready for that.
Look For Funders
You could also look for other people interested in funding your business. This could be from silent partners, people that simply want to help you out or believe in your cause, or philanthropists that simply have some money to spend.
Some funders will be willing to put money in without asking for something in return, while others may loan you the money or ask for a cut in the business.
You could come up with some other creative and unique ways to make money, such as asking social media friends to all donate a dollar a piece. You could have a bake sale or a rummage sale. You could even sell stuff on eBay to make some extra money.