After a lot of research and development, or maybe a moment of clarity or divine inspiration, you finally have your great, money-making idea that you are ready to turn into your own business. There’s just one problem: you have no capital, or, funds to get everything going. And as they say, it costs money to make money, right? So what can you do? Sell your family heirlooms and head to Vegas? Put your faith in the lottery? Learn as much as you can about horse-racing? Of course, none of these are good ideas, and will pretty much definitely fail. Fortunately for you, there are alternatives.
I know, this stinks. I mean, the whole goal here is to not have to keep your current job, but that might not be as “instant,” as you would like. However, this might be the only way to keep money coming in while you start to get everything set up.
This may also not be very exciting, but getting a line of credit or a small business loan could be a quick way to get you the money you need. This isn’t a guaranteed cash advance though. There may be issues getting one of these if you have questionable credit. This idea may also not be for you if the idea of paying these back with interest makes you cringe. But sometimes, “you gotta do what you gotta do.”
This option is definitely worth a try. Applying for a Canada Small Business Grant, isn’t guaranteed money, and it might not take the form that you expect. “A grant may also be in the form of tax credits, free consulting or educational programs, fees that are normally paid by your business. Of course, the great thing about a grant is that they don’t have to be paid back. All you have to do is fill out a simple form, and someone will get back to you within a couple of days. Just be ready to have some sort of a business plan prepared.
Everybody’s doing it these days. There’s Kickstartr, GoFundMe, IndieGoGo…and many more sites that you can turn to set up a page where people can donate money to your cause. Movies, tv shows, board games…anything you can think of has been funded this way for over a decade now. In 2014, a guy raised $55,000 because he wanted some potato salad. Now, you’ll have to be aware of any charges and fees that will be deducted from the money you collect, and you will also want to research the differences in the crowdfunding sites. This won’t guarantee you a windfall, but there are plenty of philanthropists out there looking to donate to a worthy (or not) cause, so why not you?
We all have friends or know of someone who is able to invest in the business, provide great ideas for business growth but not very good at operational side of things. These are great friends to approach. There are so many hats you have to wear when running a business and what better way to move a head is with someone who believes in your ideas.
https://corepro8.com/Some businesses that are in the initial phases of starting up do require some financial groundwork, but some you can get away with using free accessible resources or funding. If you don’t feel like you have enough to build on, it can be very intimidating and is probably one of the main obstacles you have in getting started, but you do have options! Try any of these that we have talked about here, and let us know how they worked for you.
Best of luck to all of you entrepreneurs!
If you are for the next level, CorePro8 can be your one stop shop for setting up your business. Click here to learn more.