So you’ve decided that you want to start your own business. You’ve built your business plan, including revenue projections. What’s the next step? Funding. How exactly are you going to start this business, especially if you do not have all of the capital to get going? Acquiring a loan from the bank is not always the easiest option, but thankfully, it is not the only option. Below are a few options to get your business up and running.
1. Grants
Government grants are a great option because they are not required to be paid back. However, there are a few downsides. Grants usually come with stipulations, such as strict application requirements and periodic updates on the status of your business. Entrepreneur’s 11 Grants for Women-Owned Businesses You Need to Know About is definitely worth a read. 2. Online Lending
This is quickly becoming another way to receiving business loans. The biggest advantage is they are much faster than the typical bank loan process. A few sites gaining popularity are OnDeck and Kabbage, which are both rated A+ with the Better Business Bureau (BBB).
3. Crowdfunding
Within the past couple of years this option has become a popular way to raise money for anything from help with medical bills to college tuition. Sites such as Kickstarter and GoFundMe allow users to pool from multiple potential investors. There are regulations on some platforms, such as the site keeping a percentage of earnings.
4. Friends and Family
The age-old way of getting a loan is still very effective. Lenders only invest in businesses they believe in, partially because they trust the founder. This option allows for more flexibility with matters such as length of repayment and interest rates. As long as you show your loved ones how serious and dedicated you are by having a strong business plan, it’s worth it asking them to invest in you.
The best way to find funding to jump-start your business is to do research. A great tool is Fundera. It allows users to compare a list of lenders based off of the information they entered about their business. Another great way to do research is to ask other entrepreneurs with a currently running business for advice; they were once in your shoes and will most likely provide great financial pointers.
Summer is usually the busiest season for travel. Since this time of year when many people travel for vacation (and sometimes work), prices tend to be high for travel related needs (airfare, hotel, etc). Here are some tips to ensure you don’t go broke by the time the Fall season rolls around:
1. Save for your vacation in advance
Most people tend to book vacations using the money they have at the time. Having a savings account (preferably online) dedicated just for traveling funds is a better alternative. This allows you put a little bit aside each month, instead of incurring the cost of booking the vacation all at once. It also prevents you from splurging – you can only spend what is in your vacation fund!
2. Travel during offseason
Traveling is not only limited to the warm months. If you are looking for warmth, there are many places around the world that are warm year round (such as the Caribbean). Offseason prices are usually significantly cheaper and allow you to get the most bang for your buck.
3. Book your vacation at the right time
Booking a vacation way in advance is not always the best solution. Sometimes, it only requires a few weeks. BuzzFeed has a great guide for when to book vacations. Google Flights also has a great tool to search flights from all airlines and it will give suggestions for cheaper days to travel.
Traveling is a great activity; however, it doesn’t have to break the bank.
Are there any other tactics you use when booking your vacations?