As you all know that, a good business needs a natural capital for it to build a strong business foundation. You might want to start a business, but due to the financing of the firm you get pissed off, I mean ways by which you will get the money for funding for the business always pull you down t the extent that you will feel like giving up and look into another thing else.
I understand how you feel, when you don’t have funds for the business you have passion for, read on and choose the way you will love to finance your business:
Loan: if you want to start a business, and you need a support in terms of financing, you can go to the bank for loan, but mind you before you go to the bank and ask for a loan, make sure you have a structured business plan and know how to explain yourself when you get there because before they can offer you a loan you must present your business plan. More to the explanation part, some loan officers are very cunny, they want to know if truly you know about the business you want to look into. So my advice for you is that you should get yourself prepared before going to ask for a loan. Act in a manner whereby they will love to give you the loan because most banks don’t give out a loan just like that, it might take time before you get the loan but you just try your best by giving it all what it wants and remember that you will pay back with interest. Also, know the appropriate date you will put down for the refunding of the loan, make sure you think logically, I mean don’t just choose a date, fix a date that you know by then the refunding will be ready.
Equity: Financing a business through equity is just like partnership. You and the other person contributing to the business will be the owner of the business, share the gain together, and bear the loss together. But if you are to go for this option, plan it with a good person that knows how business life is, because business partner is not to rely on, they might flop any day anytime.
Savings: I love this idea, this type of funding is just by saving some money in other to use it fund your business, if you are to use this option you must be self discipline, don’t be the type of person that will be saving the money and when it get to one extent you will spend the money, make sure you set limit for your savings in other for you to be serious with the funding of business. One thing about funding your business through savings is that It risk-free, because you are not loaning from any bank or involving it with somebody, it’s only you and your business.
Friends and Family: You can also fund your business by asking your best friend or family to lend you money in other to use it and setup a business, but the risk there is that you must know the actual date you will fix for the repayment so as not to ruin your relationship with them. Is always good to let them know what the business is about and when you are sure of giving them back their money, be careful this just another means of funding your business.
WHAT DO YOU THINK?
What option would you like to go for and why do u choose it? Also, if you have any other option let’s hear your opinion by using the comment section and don’t forget to subscribe to our RSS or subscribe by using the Email subscription box by the top right-hand side on the sidebar for a quick and daily update! Thanks.