Do you dream of starting your own business, but lack the funds? Do you have an idea that if you were given the chance you know it would work? If you’re like most aspiring entrepreneurs you are never short of ideas, but finding the money to finance your idea, well that’s a different story.
It would be great if every idea was pitched like the next Silicon Valley savior and venture capitalists where lining up at the door to shower you with you millions. However, for most entrepreneurs it takes dedication and creative ideas just to scrape up the funds to begin.
In every city there are success stories of entrepreneurs who have persevered even when funding was a challenge. For example, in my community one of the fastest growing restaurants was started by two brothers who took a loan on their house and within two years have already opened a successful second location. The bottom line is if you have drive you’ll find money.
While many of these options involve great risk, for the entrepreneur risk and passion is usually the driving force. Here are a few options you may consider.
- Borrow against your home
- Borrow from friends and family
- Borrow from your retirement fund
- Cash out your savings
- Get a line of credit
- Lower your expenses
- Use your credit cards
- Work a side job to raise funds
If you’ve started your own business, what ways have you used to fund your business?
image by: Dawn M. Armfield