There are several different ways to start a new small business. Some businesses can be started with literally $0, whereas others may require millions upon millions of dollars to start.
Whatever your case may be, you may want to look into one or a few of the options below in order to successfully start and maintain your business.
If you are able to, then saving up cash for your small business can be a great idea. This way you fully own your business, and you don't have to worry about paying any interest. However a downside is that you may not have enough money to do anything else, and you may use all of your cash and may eventually run out of money.
For me, I was able to completely start my business with cash. That was really only because my business had very low start up costs though.
2. Small business loan.
A small business loan can allow you to fully own your business as well. Companies such as Borro provide small business loans to small businesses. They don't run credit checks; they offer great solutions to small businesses who may have irregular income flowing in, and more.
This can be a great way to finance your business. It can help you get on your feet, and you won't have to delay your dream of owning a business for an extremely long time just because you can't save up the cash to do so.
3. Asking those you know.
You may know someone who may be interested in lending you the money you need for your business. However, one big downside of this is that many relationships are often ruined by tangling money and friendships. You should always be safe with this, and only approach this option if you know for a 100% fact that this friend or family member is actually interested in loaning you the money for your business.
4. Credit cards.
This can be dangerous, so you should only use credit cards if you know what you are doing. Credit cards usually have very high interest rates, so you want to be strategic with how you use your credit cards if you decide to take this route.
Some credit cards do have fairly high limits, so this is possible. I recently read somewhere where a person had around $200,000 in available credit on their credit cards. Crazy!
What type of funding option for a small business are you interested in?
Images via Flickr by crazyneighborlady and wonderlane
The above was sponsored.
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