10 Wise Ways To Start A Business

0
33

Do you have an idea that you think can sell millions? Or perhaps you are passionate about something that you feel like it will attract clients? Maybe you are itching to try on the new trend in the food industry? Are you tired of living with your parents’ support? Do you want to feel accomplished? These are only some of the reasons why people choose to build their own company. As easy as it may seem, the hardest part is of course, finding the way to do so. Here are 10 ways in which you can try to start your business:

Personal Savings

If you have been saving well enough during your years of stay with your employer, or from your college allowance, then you can use this to start your business. You just have to make sure that you know how much capital you will need, and that your savings are sufficient to cover up for the expenses. Remember that there are a lot of factors to be considered when starting a business– the initial operating cost, the salaries of the employees and all other permits necessary to bring your business to life.

Sell Some Of Your Stuff

If you do not have enough savings, then you may want to consider selling some of your items such as old clothes, shoes and gadgets. While you may not earn as much from this one, it can probably pay for at least the licensing costs.

Partner Savings

Do you think you can better work with a partner? Then go ask your friend or a close relative if she wants to go on a partnership with you. This way, you can split all the costs attributable to setting up your desired company.

Invest First!

Try investing your cash first, to get off better returns than use the money to build your empire.

Windfalls

Invest any tax refunds, gifts, lottery winnings into your business.

Retirement And Savings Plan

Dip into your retirement savings, especially if there is a government incentive such as a qualified tax break. You may also take advantage of home ownership programs from retirement plan funds, then you can now use your original rental funds towards your business. The only risk in this one is that if you cannot pay back, you may be given a penalty and you will probably asked to declare the funds as earnings.

Grants

Take advantage of the government grant programs for specific types of start-up businesses. However, you have to bear in mind that the accountability is higher, and you might be asked to work within a difficult timeline.

Small Business Loans

While the funds may be relatively small, you can combine this with another technique then you might at least get higher chances of succeeding. Remember that small business loans can also take longer time due to credit investigation but once you have passed, then you are set to go.

Factoring Companies

This means buying your pending invoices such as accounts receivable for cash, minus a transaction fee.

Public Offering

This will widen your potential for selling shares thus getting you capital when you need it.

 

Tracy is a  business consultant who has just joined a leading consultancy firm after graduation. In her free time she loves to write resourceful articles that can help others get a direction in starting their own business.

Comments Closed