Ask Questions 
Share Tips 
List Your Business 
Coffee Talk with Experts 
Biz Planning | Sample Plans 
Idea 
Name 
$ 
Do It! 
Promotional Merchandise
Managing | Operations
Work @ Home 
Yoga @ Your Desk 
|
|
Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Financing Your Small Business Idea
Starting a new business venture can be very exciting and if you come up with the right idea for a business you can look forward to huge rewards. However, before you can start reaping the benefits of running your own business, you have a lot of organizing to do. One of the things that you will need to sort out is how much you will need to get your business up and running and how you will secure the funds.
The cost of starting a business venture can vary based on what you plan to do. For instance, if you are looking to set up as a freelancer working from home you may need nothing more than a home office and computer. However, for some other business ideas you may require more initial funding so you need to think about your options.
What are the options for funding?
When it comes to funding for your business venture, there may be a number of options open to you. This will depend on the amount of money that you need to get started and on factors such as your credit score, your financial status, and your circumstances. Some of the options available include:
- Taking out a personal loan: You may be able to take out a personal loan and even get fast loans online if you need the money quickly. The amount that you will be able to borrow will generally depend on various factors such as your credit history, your income and outgoings, and your circumstances. The borrowing levels can also vary between lenders, so make sure you take this into consideration if you need a set amount of money to get started. You may also need to create a business plan if you intend to take out a personal loan through the bank.
- Equity loan: If you own your own home, you may be able to consider an equity loan to get your business started. The borrowing amounts are usually much higher with secured loans but this does depend on the amount of equity you have in your property. However, you do need to remember that the loan is secured on your home so you need to keep up with repayments to avoid risking the roof over your head.
- Credit card: If you only need a small amount of money or you are able to get a credit card with a decent limit, you can look at using plastic to fund your business setup. This means that you can repay the money gradually but you should try and clear it as quickly as possible because of the interest rates that are charged on these cards. Alternatively, you can look at cards such as interest free credit cards.
Another possibility is to look at getting private investment for your business. You could even go through crowd funding websites if you feel that people may take an interest in the product and may therefore be keen to invest.
|
|
Small Business Tax Center • Idea Cafe Home • Sign Up • Biz Grant Center • CyberSchmooz •Coffee Talk with Experts • People in Biz Profiles • Starting Your Biz • Biz Planning • Running Your Biz • FREE Trade Publications • Marketing • Financing Your Biz • Human Resources • Legal & Biz Forms • Managing Your Biz • eCommerce • You and Your Biz • Gen X • Work@Home • The Fridge • De-Stress • Send an Award • Send an eGreeting • Yoga @ Your Desk • Web Guide • Idea Cafe in the News • About Idea Cafe • Advertise on Idea Cafe • Contact Us • Privacy Policy • Site Map • Small Biz News
Copyright 1995-2023, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.
DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.
|
|
|
|