So You Want To Start A Business: Part 3 | STACIE RAYE

So You Want To Start A Business: Part 3

The next topic that I'm going to talk about is, financing your dream. Now, I am NO financial advisor, but I'll show you a few different options for getting your start-up off the ground.

1. Fund your start up yourself. Do you have any cash reserves? Getting a nice tax refund and not sure where to spend it? Think of applying a bit toward your business endeavor. Most people have started businesses with as little as $500 they had stashed away.

Another option is working a part-time job. Save the money from a second job, and put it up until you have a nice amount to start with.

2. Do you have a rich Uncle (or Aunt, for that matter)? Your family will often support you by borrowing you money, and they will be more flexible than banks when it comes to payment arrangements.

3. Pay with credit cards. Gasp! Girl, no you didn't say that! I know, I know, this is not the most economical way to start a business. But the truth of the matter is, many people have used credit cards to make purchases for inventory and supplies while they awaited for their accounts receivables to come in. However, you must pay it back at the end of the month or shortly thereafter. Otherwise this can be a terrible way to gain debt. Ask me how I know!

4. I don't necessarily recommend this, but you can also take out a second mortgage if you need a lot of cash. It's a quick fix, but it may bite you in the end. PLEASE look at all options before you proceed to do this. Again, been there, done that.

5. Look into taking out a loan with the Small Business Administration. They have loans just for budding entrepreneurs and are more apt to work with your ideas. You WILL need a business plan to obtain this kind of funding, so have all your ducks in a row.

These are just a few ideas to get you thinking. Ideally, you would just have the money saved and could apply it toward your business, but times are tight and a lot of people just don't have it. As I said before, these are just ideas, and I am not qualified to advise you. But I will share what I have learned along the way. It's up to you to ponder and most importantly, pray about which direction you are to go!

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