Starting a small business but can’t decide how to fund it? Here are three smart ways to go about it.
Dig into your pockets
At the initial stages, your best move is to self-fund for some time before relying on other people’s pockets. Start digging into your savings or valuable assets you can leverage on. When you’re risking your own money, you’ll refuse to fail and focus on making more profits.
Approach family and friends
While there is a possibility of ending up with broken relationships due to unpaid debts, there are also safeguards that you can implement. Borrow money that is just sufficient to open and operate the business profitably. Borrow for the short term but promise to pay higher returns.
Seek small business loans
There are many companies assisting small business start-ups. Be ready with a great business plan and cash flow projections that show your company can turn out profitable.
Decide on a practical funding route for you but whatever it is, make sure you stay on top of your business at all times.