Starting A Business 6: Money
Assuming that you have already figured out your money situation in your business plan does not mean that you have thought through all the ins and outs. This is a good time to get this planned out. There is plenty of money and the main strategy is where to find the money you need for your business.
I started Lisa's e-Store and More with my own money. I put what I make back into my business. This is not to say that this is what you should do too. It is a good way, I find, in that I do not have any business debt. On the con side, I have never had very much money of my own, sometimes it can take a long time to get anything done.
The main questions to ask yourself during your contemplations about money include but are not limited to:
Do you have your own money to start out?
Do you need to borrow money elsewhere?
If you already have your own money, great!
If you need to borrow money from elsewhere here are a few ideas where to get it:
Make your own money via part-time job or your full-time work.
Ask your family and friends.
Apply for a bank loan, similarly, get a cash advance.
Find an investor or several.
Launch a crowd-funding equity campaign.
Apply for small-business grants.
Sell your things.
What I have done specifically to raise the funds that I need is:
Make and sell my own products.
Resell my own things or items that others have given me.
Do labour work for it.
Getting money can be a creative process in business and the best thing to do is brainstorm every possible solution. After, of course, knowing how much money is needed. Planning is essential.
Apply for a bank loan, similarly, get a cash advance. Image by Wix.