All small business start with three things, an idea, passion and cash. While almost all entrepreneurs have fantastic ideas and are passionate about their goals, not everyone has the cash they need to start their own business. However, there are actually many ways to get money in order to take your vision and make it a business. Here are a few places to start!
If you are wary of asking people you know for money to help start your own small business, you should definitely consider taking out a cash loan. A traditional business loan can take weeks, even months to be approved and then the money needs to be spent only on specific business related expenses. A personal cash loan can be approved extremely fast, usually in one business day and you can use the money as you wish. The cash will go into your account and you can then use it to rent office space, buy supplies, hire employees or just pay for your lunch while you work on your business plan. Cash loans will typically rely on your financial history and personal credit score but you will be able to find loans even if you have struggled with credit in the past. That is why cash loans are a great option for your new business- you are almost guaranteed to get approved!
Family and Friends
An entrepreneur should never hesitate to ask family and friends to help fund their business. Even if people are only able to give you a little bit, any amount of cash helps! It can be a good idea to put your agreement in writing, documenting the amount your acquaintances give you and if they expect you to pay them back. Having everything written in black and white will help preserve your relationship while still driving your business forward. Don’t be afraid to ask- your friends and family likely believe in you are your business goals too!
Crowd funding is a fairly new way to get money for your business using social media to help drum up sponsors. You can create a website for your small business and write a brief description about your goal, your product (if you have one) and what you need to help start your business. Anyone who sees your site can give money to help you start your business, with no strings attached! Crowd funding relies on lots of publicity coming to your site in order to get more and more donations to your business. You can also offer a form of compensation to your donors as a thank you, giving them a gift card to your business after it opens or one of your new products once they are on the market. Create a unique and intriguing site to help get more donations!
These three ways to get cash will definitely help you on your path toward being a small business owner. Once you have the money you need, nothing is stopping you! So take out that loan, ask your friends and family for assistance or being a crowd funding account- you will have cash in no time!