Ways to Get Money to Start Your BusinessYou have a clear vision of the perfect business. You have the drive and motivation. You have the knowledge and skills. However, you have no money to make it a reality. You are not alone. Many great business people and entrepreneurs had no money when they started, but they set out to find it. They had a dream, and they knew it was worth it. And you can do it too! Here's a list of ways to get money for your business venture; these have proven successful over and over again and are recommended by business coaches all over the country:
1. Credit line
You may obtain a credit line with a bank through some valuable asset you possess, like your home or another business. A credit line can give you the opportunity to access up to $100,000; however, you only pay interests over the amount you use.
2. Personal loan
You may apply for a loan from a bank in line with your credit history, or the assets that you own. In this case, you get the full amount and must pay back the interests and principal within an established period of time. If you fail to pay the loan, you may lose what you used to secure it, so keep this very important point in mind.
3. Credit card Today
Many credit card companies offer 0% financing opportunities. If you can pay back quickly, this is a fantastic way for you to get money for free, however, be cautious, because interest rates may go up unexpectedly.
4. SBA loan (only in the US)
Commercial loan This doesn't mean the SBA will lend you money, but that they will guarantee your commercial loan for the bank. In order to apply for this kind of loan, the bank will demand a business plan as well as your personal financial information.
5. Grants In the United States
The NIH awards grants for Small Business Innovation Research (SBIR) as well as Small Business Technology Transfer (STTR) grants. For further information, visit the Office of Extramural Research, there you may find other grants related to your industry. You may also research within your industry's association.
6. Micro loans
These loans are given by nonprofits or government agencies that work with weak communities and marginal groups. They are normally for small amounts, typically under $25,000.
7. Venture capitalist
These are funding groups that are prepared to take on bigger risks, like on new technology, and expect to earn a lot of money. This option works best for a business that is already well-established rather than for one that is just starting out. The venture capitalist invests a lot of money in the business, and thus, owns a big part of it. It expects to sell the business fast, probably through an IPO (Initial Public Offering).
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