It’s time to make New Year’s Resolutions and yours may just be to start your own business. Maybe you are tired of making money for someone else while struggle to make ends meet, or maybe you simply have a great business idea and want to put it into action. Whatever the reason you want to start a business you’re going to need some money.
There are some types of businesses that you can start with little to no funds, but not many. If your business idea requires start up funds you need a plan of where you are going to get them from. Here are some business options and tips on getting the funds to make them happen.
Opt For Franchising
One way to get the most from your investment into a new business is to consider franchising. You get a good deal for your money, and that’s not just the fact that you are getting a business with an already established brand and name, like Starbucks. You also get help setting up, training employees, and help down the road as you establish your own little corner of this business.
Go Into Direct Sales
If you enjoy selling things, don’t have a lot of money to invest into launching your own business, and want something with an established name like a franchise, considering direct sales may be the right option for you. You can sell anything from makeup to storage containers. Just make sure you look at competition in your area because no one needs three Avon dealers!
Use Crowdfunding
It’s not always timely to save up money from scratch when a business idea suddenly comes along. You could try crowdfunding to raise the money that you need, though. It’s easy, and free, to set up an account.
When people donate the site you choose to use will take a cut. However, in order to earn money you need to have people that will donate, so you need to share your campaign with family and friends, via email, on social media, and anywhere else you can think of.
Go Into Business With Friends
If you have some business minded friends that have a passion for your own business idea you could opt to go into business with them. Pooling the money of more than one person can be a great way to get a business started without the need of breaking the bank.
Get A Small Business Loan
You could go the traditional way and simply get a small business loan in order to get started. How much you need will depend on your business plan, and how much you can get (if any) will depend on your credit. Loans need to be paid back, so it’s important to make sure that you start having your business bringing in income quickly.