The creation of a company is key to the creation of wealth. But the truth is that many companies urgently need funds to grow, but the funds are not available. Many entrepreneurs were unable to start their dream business due to lack of funds. However, many people don’t know that the fund is available only if they can apply simple strategies to get the amount they need for their business. Here is one of the methods to finance a business with ease.
PERSONAL SAVINGS:
Personal savings should be the first thing a serious potential entrepreneur will turn to when venturing into a business. If you are not willing to commit a substantial portion of the necessary financing, most lenders and investors will assume that you are not truly optimistic about the success of your business or that you are not willing to stay with the company if things are difficult; and they will also refuse to be a part of it.
To show that you believe in your dream and idea, you must put your own money first as your personal contribution. Do not ask others to take the risk for you when you are not ready to bear the initial up-front cost or invest at least 30% of it. This personal savings can come through:
I. SAVINGS: from current employment, retirement benefits and advance salary from your employers.
II. WORKING ON SOME IDEA TO GENERATE FUNDS: Do not hesitate to do any kind of work to get the capital/money you need. It could be manual labor, part-time job in the form of a laundry, marketing or research work for some institutions, etc.
3rd SALE OF LUXURY ASSETS: Even having strongly believed in your idea, it is still very difficult to raise start-up capital through conventional means; therefore, you can do yourself well by taking inventory of your possessions. Sell your luxury items such as VCRs, cars, jewelry, etc. Since you can always replace sold items and buy even more when you get rich, why not go ahead and do it now if that’s your last option? . The dice are cast and the choice is yours.