Sources Of Funds

Of all the reasons I hear for people not following through with a business idea, a lack of funds comes right at the top of the list. There are always options though. Here are a few to consider:

1. Get A Business Partner With Funds To Invest – There are plenty of people out there with money but no ideas for investing it.

2. Investigate Government Initiatives – The government offer numerous financial incentives to entrepreneurs. There could very easily be something in your area, sector or situation.

3. Try Crowdfunding – Very easy to try out online and there have been some major success stories. Yours could be the next.

4. Charge Up front – Insist on your customers paying in advance for your product or service. Not always possible, but it will depend on the market.

5. Keep Your Job – Working part time on your idea while retaining your job, is tough, but it can provide funds for that difficult start up period.

6. Strike A Deal With Suppliers – If you can get your suppliers to give credit, it will help get over the initial cashflow problem. They will only do this if they expect you to become a significant customer though.

7. Get A Loan – Family is probably the best place to start with this.

Leave a Reply

Your email address will not be published. Required fields are marked *