It’s a bit of a knee-jerk reaction for many entrepreneurs to automatically think they need investment when they’re attempting to launch a new business, but it isn’t necessarily the case.
There are many ventures that don’t need outside funding at all, and to seek it out, can be expensive in either cash or equity loss. Having said that, there are circumstances where there is no alternative but to seek funding. For example
1. If you need a prototype – where you have created something new. Having samples made, testing and modelling can be expensive.
2. If you need specialist equipment – This will be particularly relevant in high-tech and engineering. Computer technology and bespoke tooling doesn’t come cheap.
3. Where you have a run away success. This is something a lot of people don’t think about. Strong sales can create a problem if you don’t have the funds to finance production and distribution.
If none of the above apply, think very carefully about whether you really need outside funds. It’s always best if you can retain full control of your venture and aren’t weighed down by heavy interest repayments.
Motivational Quote Of The Day
“A sense of humour is a major defence against minor troubles.”
Alternative Quote Of The Day
“A friend is the guy who will bail you out of prison, but your best friend is the guy sitting in jail with you.”
Tow And Go Service
It doesn’t take a great deal of ingenuity to set up as a taxi driver, but even with a simple service like this, it’s possible to add a twist and set yourself apart from the crowd.
Jackie Robinson Jr, a taxi driver from Kentucky, set up what he calls a ‘Tow and Go’ service….although strictly speaking, there’s no towing involved. The idea is quite simple. When you call for the service, Robinson takes along a colleague who will drive both you and your car to it’s destination. Needless to say, this is potentially life and livelihood saving for someone who’s had a few drinks more than intended and doesn’t wish to leave their car in a vulnerable place.
There are obviously insurance implications to a service like this, but it’s definitely something you could change a premium price for. I can see a high demand for this is any urban area – particularly at weekends.
Today’s National Day
NATIONAL SAY SOMETHING NICE DAY!
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