Raising Start-Up Capital for Your Business
You have a great business idea but are lacking the funds to get it started. It’s a common scenario. Many people give up. You’re not like other people though, right? You’re familiar with the phrase “Where there’s a will, there’s a way.”
Let’s talk about the “way.” Here are some very useful ways to raise start-up capital for your great business idea.
#1 Sell Your Stuff
Seriously, you probably have a lot of things in your home that you don’t use. Gather these items together and hold a garage sale. If they’re valuable or expensive items, consider selling them via eBay or Craigslist. You can raise a lot of start-up capital this way. And as a side benefit you’ll eliminate clutter and make room for your new lifestyle.
#2 Get a Part-Time Job
Sign up to work during the holidays or for a few months during the summertime. Get a newspaper route or manage a few freelance jobs. Put all of the money away in a savings account. As soon as you have enough cash saved up, quit that part-time job! You now have a business to start and grow.
Write a book, or get others to write it for you, and publish it. Use the proceeds from the book to start your new business. For example, if you’re starting a pet care business then ask fifty people to share their favorite inspiring or funny pet stories.
They’ll gain an opportunity to promote their business when you include a link to their website. If they don’t have a business or they’re not interested in promoting it, then they gain an opportunity to be published and to share a story.
Sell the book and raise money for your business.
#4 Friends and Family
Consider approaching friends and family. Decide in advance whether you’re looking for investors or a loan. Present your business idea professionally and have your budget, needs and terms spelled out. Consider creating a formal business plan to give your friends and family. Also be prepared to negotiate.
#5 Micro Loans
Finally there are micro loans available. Determine how much you need, make your pitch and create a plan to pay it all back quickly. It can be difficult to manage cash flow with a new business if you have a hefty loan to pay back. Be sure to plan for expenses when you create your budget.
There are many ways to raise capital for your business. Consider one of these five ideas or a combination to see your dreams become your reality.