Funding
Lacking of money is very common in our business.So getting access to the funding will do great help to you.
Going the traditional way and opting for a loan from your bank wont really get you very far, especially when you consider the fact that they don’t like lending out money to start-up businesses that have no assets or history. But, before you allow this to dampen your spirit, it is time to take a look at all your personal assets. You never know, you might actually have the required ‘wealth’ to get your small business started.
Some possible Personal Funding Sources
Here are some sources:
Life Insurance Policy
401 (k) plan
Friends and family
Credit cards
These are all potential sources that can be tapped into to fund your business. In doing so, you will become your own bank. This will give you full control over your own money. And this control is the very thing you wanted in the first place right? That’s why you chose to become an entrepreneur! If you do have a life insurance policy, then you can now put it to work. Though it sounds weird, think about it - a life insurance policy will provide money to your family and spouse in the vent of your death. What most people don’t know is that you can actually borrow against the cash value of the life insurance policy and then pay it back at flexible rates, on your own terms. Read the rest of this entry »
