Your passion can either be a business or a really expensive hobby, if you don’t have the right tools to sail through these economic waters. Money is crucial to the growth of your business and lack of it can sink your ship. It is said that most businesses fail within 5 years but we are in a time where if you have passion, persistence and money, your business can succeed.
Which of these 5 options are you using to finance your business?
You can invest in your business from you own wallet. This is where most entrepreneurs find their financial backing. If you have no savings start by putting away $20, $50, $100 or more a month towards your passion. Start saving something and you will have money in no time.
The Small Business Association (sba) has business grants are available for entrepreneurs. You need to go to Sba.org and apply. Some grants are bias and you can only receive funding if your business is in a particular market. There are other organizations that can help fund your business, just ask google.
You may have to seek investments from family, friends and even venture capitalists. To get funding, you may have to give up a piece of your company. If you are ok with that, partnership may be a great idea to fund your business.
Your bank may be willing to loan you money, if you fit the right credit profile. Banks usually require a business plan along with financials to see if your business is worth the risk. If your business is not making any money more often than not the banks will not lend you a dime.
One of the biggest phenomenon of the Internet is crowdfunding. People who don’t know you are willing to give money to you ideas and business. On some platforms there is a medium of exchange that needs to occur the higher the level of funding.
There are many options available for funding. It’s important to find what is best for you. In the end, it’s is all about growing and running a successful business. How are you financing your business?
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