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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
How You Can Raise Money to Start Your Own Business
There are a number of reasons that people are attracted to the idea of starting their own business. In some cases, this is as simple as wanting a little more freedom and independence in their lives. In other cases, it is about being able to make their own opportunities. Whatever the motivation, no business idea can get off the ground without funding. Here are some ways you can fund your next business venture.
Savings
This is perhaps the most obvious source of funds for a new business venture. If you have accumulated savings over the years, either from previous ventures or from general fiscal responsibility, these provide an excellent way of funding a new business venture. For one thing, when you are using your own money you aren’t beholden to other individuals or institutions, and you can take whatever risks and opportunities you deem worthy.
Of course, you shouldn’t rush into any investment. You should always make sure that you know exactly what you are getting into, and what your chances of success are. When you are putting your own savings on the line, you will want to make sure that you are investing them wisely. If you are in any doubt about the viability or security of your proposed business, and aren’t willing to stake your own money, this might be a cause to rethink things.
Personal Loans and Investments
Friends and family will no doubt want to support you throughout your entrepreneurial career. This support can come in a variety of forms, both direct and indirect. In some cases, your friends and family might consider giving you a loan. Or, better still, they might choose to join your business as investors. Seeking out loans from friends and family will take some of the stress out of taking on new debt. Those closest to you are likely to be far more flexible about repayments than a bank or similar institution.
Crowdfunding
Crowdfunding is a relatively new phenomenon, but websites like Kickstarter have helped to dramatically increase its popularity and made it a viable investment route for businesses of all varieties. Crowdfunding takes advantage of multiple small investors, rather than seeking a single big cash injection from a single source.
Sell Your Stuff
Once you start thinking about the things which have value that you own but don’t need, many of us realize that we are sitting on a goldmine — sometimes quite literally! In fact, selling any gold you have inherited or come to own is an excellent way of generating some cash. The only caveat is that you have to know where and how to sell your gold. You can find information, including historical information, about the value of gold and silver online.
One of the main obstacles between the average person and their entrepreneurial dreams is the cost of getting a business venture off the ground. Starting a business isn’t something that everyone can afford to do, but you shouldn’t let a lack of funds stop you. If you truly believe in your vision, look at how you can secure funding.
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