Getting Your Start-up Off the Ground

It has never been easy to get a business off the ground and the current economic climate has only made things more difficult for young entrepreneurs.

But there are options out there if you are looking to finance a business project. The following are a some ways to go about financing your start-up:

  • The first person you should to for help is yourself. If you believe in the venture, you should put your money where your mouth is. You may be taking more of a risk but you will be getting more of the reward than if you have to start splitting the equity.

  • Borrowing money against the equity in your home, using personal credit cards and taking out personal loans is another solution that doesn’t require you dividing the equity of your business.

  • Your family and friends are all potential investors.

  • If you do not mind dividing the equity of your business, you can always bring someone on board who is business savvy but instead of paying them a salary, offer them a stake in the business.


The Need for Financial Guidance for Entrepreneurs

Lack of capital funding is one of the most significant issues faced by many entrepreneurs. While an entrepreneur may have a great idea and be incredibly passionate, the absence of operating cash means that a business will struggle to remain viable.

It is also a difficult situation when entrepreneurs who have already experienced success choose to devote all of their personal net wealth into their business. In this situation, personal finances are very likely to suffer.

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Minimal Interest Rate Cuts Drive People to Pay Off Credit Cards Faster

In the wake of banks choosing to only pass on a fraction of the interest rate cuts made by the Reserve Bank, credit card customers are rushing to pay off their credit card debts. People with car loans and personal loans are behaving in a similar way too

Figures recently released by the Reserve Bank show that in the 2013 year to March, the average credit card debt was $3256.70. This marks an average reduction of 2.4%

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