The reality is that most of the working folk are not satisfied with their jobs and would rather be pursuing their own ventures. But the need for financial security keeps most people employed, regardless of their sentiments. It’s a classic rock and hard place scenario and the economic climate does little to help ease the conundrum. For those who are willing to subordinate the reassurance that comes with regular compensation for the satisfaction that comes with entrepreneurship, you will soon learn that the leap of faith is well warranted. You might find yourself falling at first, but only until you have enough momentum to take flight and soar further than you could possibly imagine.
For those risk-takers, the biggest hurdle in the path is funding. Without access to a small fortune, your ideas might be eclipsed by the apparent difficulty of finding the resources necessary set up your venture. You shouldn’t throw in the towel so quickly, or at all. Here are some ways you could gather the funds you need to get started.
Do you have something tucked away for a rainy day? You could use a percentage of that amount to inject some financial life into your idea. The great thing with using your savings is that you are not bound to anyone financially, and any failed first or second attempt can simply be treated as lessons learnt.
Small Business Loans
With a stellar credit rating, this is possibly the path of least resistance. You can approach your lender for a personal business loan to help you get started. If the government-enabled SBA loan is within reach, you can take advantage of that too.
Friendship and business don’t mix, but when push comes to shove, this is one way you should consider looking. If the terms are agreeable, and you conceive a plausible plan for repaying, this line of financing could work out well. You don’t have to necessarily pay back with interest, and the pressure that comes with meeting repayments is oftentimes lifted.
The internet has given life to crowdfunding and now, the smallest ideas and even the most preposterous can earn contributions. If your idea has a particular mass appeal, like some of those uncanny products on coolstuffbro.com, you can get enough funds to get started far beyond the prototype stages. Kickstarter and Indiegogo are two of the most popular crowdfunding sites available.
Attracting the attention of an angel investor is far from easy, but when you deeply believe in your idea, and can pitch it well, an angel investor should be in your cards. You might have to concede a portion of your business if it materializes, but your gains will greatly eclipse your losses. Besides, the value this kind of investor adds goes well beyond the capital extended.
If your idea has the potential for high impact and high growth, you can apply for a grant. There is a vetting process though and you can need to check out the dedicated sites to see if you qualify.
With these and many other funding options being so readily available, you have no excuse for sitting on any potential business idea you have.