Lacking Startup Funds? Don’t Let it Stop You

Do you have a great idea and a passion for a business, but lack the startup funds? You are not alone. There are many would-be entrepreneurs in the world that never pursue their dream because they don’t have the capital they need to get started and don’t know how to obtain it. Lack of startup funds should not be a reason to put your passion on the back burner and give up starting your dream business. If you lack the cash you need, but don’t want to give, read on. Network and Find Mentors Sometimes it isn’t how much you have, but whom you know that will propel your business forward. If you are serious about starting your business, hit the street and start networking. Set coffee meetings with other business owners in your industry and in other industries. Listen to what the successful owners are doing. Pick their brains and take constructive criticism. Learn from those that have done it before. Choose these people wisely, finding those that are ambitious and positive and stay away from the naysayers. This is a great way to build the contacts you need to launch your business. Take Advantage of Angel Investors If you don’t have the capital you need to get your business off the ground consider looking for an angel investor. Many times angel investors are family members or friends of the business owner, however don’t let that idea stop you. Growing your network and expanding your contacts is a good way to get in touch with a potential investor. These investors might be people who are also passionate about your business, or they might just be looking to make a wise investment. Buy Used Pride can cause business owners to think that they need to start with the biggest and the best of everything, however this isn’t reality for many. Instead of looking at new equipment or purchasing a building see what used equipment you can find or areas that you can rent to keep your expenses low. You might even be able to borrow the equipment you need to manufacture your product. Consider the “baker model” when starting out, as there are many stories of bakers who begin their companies by using the commercial kitchen of local restaurants during their closed hours. Start Small Many entrepreneurs dream big and can become easily discouraged when they aren’t able to start where they want to end up in business. If this is where you are, don’t give up. Look for ways that you can start small. Look for small businesses that you can afford to start that can earn you the capital you need to fund your dream business. Try Crowd Funding Many businesses have taken to the idea of testing the market before developing the product. Sites like Kickstarter have made it possible for you to sell your product before you have created it. If you get enough support in your campaign you will have the funds necessary to get the ball rolling. Some existing businesses have used this strategy to launch several new products for their company. Lack of startup funds is one of the biggest excuses that would-be entrepreneurs use for not starting their business. If you have a dream of being a small business owner (or big business owner) don’t let your lack of resources stop you. Get creative and exhaust every option to fund your dream.
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