Let’s face it. You
simply can’t start a home business if you don’t have the money to start it up.
Sure, there are certain businesses that can be launched without the need of
capital, but that pretty much restricts your options. Thankfully, it is fairly easy to fund a home
business.
We have chalked out 5 major ways in which you can fund your home
business, whether it’s part time or full time, large scale or small scale.
Some of these amazing options are as follows:
Crowdfunding:
Crowdfunding utilizes one of the best technological
advancements man could ever have made –the internet. What you do is that you simply list your home
business ideas on sites like IndieGoGo, GoFundMe, GiveABuck etc and ask people
to invest in it. Here are some of the reasons why this is such a good idea:
- It gives you access to potentially millions of users because of the wide scope of the internet.
- You can choose which website you want to put your idea onto. You can simply search on a web engine and many options will come up.
- You don’t have to pay back your investors in terms of money or equity. You can pay them back with bonuses or perks. Say for example, your idea of a home business is to make and sell beauty products.
- You could pay back your investors by giving them the contact details of your clients. So if those investors were interesting in the same business, they would have access to clients too, and that would be a big bonus to them.
Bank loans:
Almost everyone would agree that this is a conventional or
traditional way to fund a home business. But hey, it’s tried and tested, and
it’s fool proof. You can loan a principal amount of money against a certain
percentage of interest that you would be liable to day according to the terms
and conditions of the contract. It could be monthly, quarterly, semiannually,
or even yearly. You have to pay back the principal amount of money at the end
of the term. One thing that you should
make sure is to go to a bank which provides you with the set of terms and
conditions that you like.
Business plan
competitions:
Business plan competitions are all the rage right now
because they allow investors, such as people in the corporate social
responsibility sector of big companies, to meet people who have great and
practical business venture ideas. These
investors often come to universities and hold competitions, asking students to
pitch in their best ideas, demonstrate how they can be workable, and then
reward the winners by giving them the means to making their ideas materialize.
Business incubators:
These are public-private partnerships, which reward you by
offering perks like clerical assistance, work space etc.
Corporate venturing:
This means you get incubated by a larger company. So if your
idea is worth it, you will easily be able to find someone who is willing to
fund a home business.
These options will have you up and running your business in
no time!
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