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.