You have a great idea for a business, but the age-old problem of how you’re going to be able to fund it keeps you from actually getting started. You might have considered selling your soul but the logistics of doing so have held you back. Contrary to what you may think, there are ways to raise the capital you need to get your business up and running and you still get to keep your soul. Interested to hear more? The following are five great ideas to help you get your business started.
Sell Your Life Insurance Policy Through A Life Settlement
If you are the owner of a life insurance policy, it is possible to sell it and receive a lump sum called a life settlement. By doing so, you will have access to the cash you need to get your business up and running. If your business idea is viable and has the potential for success, it will be an investment. You can use a calculator for selling your policy to determine if you qualify to sell your life insurance and what its value may be.
Crowdfunding is a great way to raise the money you need. It’s not as easy as simply asking people to contribute, though. You need to understand how to communicate correctly on social media networks to sell your business to potential funders. If they’re not interested in the idea, they’re not going to be interested in giving you money towards it.
Explain how your business will benefit others, give your story and show how passionate you are about making a success of your idea. Social media is the perfect way to get your crowdfunding off the ground and to get the word out about your goals, so make sure you involve family and friends and research social media marketing.
Small Business Loan
If you need capital to get up and running, a small business loan is a good way to go. Banks will offer businesses loans at relatively low interest rates, so it is one of the less expensive ways to secure capital. Different lenders have different criteria for assessing if you are eligible for a loan so some research is necessary.
Relatives and Friends
Asking a relative or a friend for money to help with your costs may seem nerve-wracking but it is a way to potentially borrow money interest-free. Before approaching the person and asking them to lend you the money, ensure that you have a clear, presentable idea of what your business does and what benefit it will bring to them. It is also important to be very clear on repayment terms so that you are both on the same page and have a clear understanding. It may seem formal when dealing with a relative or friend but it will save you from misunderstandings later on.
If you already have a clear idea of what you want to do and you have access to the service or product you will provide, funding your business through advanced orders is a good way to start. It will also give you validation as to the viability of your business. If you’re making presales and advanced orders then there is a good chance of success. You must ensure that you have guaranteed access to what you are providing. If you do not you risk your business failing before it has even started.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.