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Funding a business
Starting business from scratch.
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[QUOTE="Thelma Ronald Green, post: 252828, member: 80160"] [B][SIZE=26px]5 Ways to Fund a Small or Medium-Sized Business from Scratch.[/SIZE][/B] We’ve all heard the phrase from scratch, but how many of us actually know what it means? For those of you wondering what it takes to fund a small or medium-sized business from scratch, we have great news: it’s doable! You just need to be willing to put in the time and effort required to get your business going. But before you can get any funding, you’ll need to determine what kind of funding you want and how much you need. Here are five ways to fund a small or medium-sized business from scratch. [B][SIZE=18px]1) Bootstrapping.[/SIZE][/B] Starting and running a business without external funding is called bootstrapping. The term comes from an old metaphor: boots-trappers are people who help themselves by pulling themselves up by their own bootstraps. Bootstrapping isn’t just a financial technique—it’s also an emotional mindset. You have to believe in yourself and your ability to succeed, even when no one else does. There are many benefits of starting a business from scratch, including lower overhead costs, higher profits due to lack of competition, and fewer restrictions on how you run your company. But don’t let all these advantages fool you into thinking that starting a business from scratch is easy; it takes hard work, persistence, and resilience. If you want to start a business from scratch, then be prepared for failure and rejection. And if your plan is to become rich overnight with little effort, well... good luck with that! In any case, here are some basic steps for how to start a business from scratch: 1. Decide what kind of business you want to start 2. Create a business plan 3. Find financing 4. Make sure you know how to legally operate your business 5. Start making money Title: How to Start a Business From Scratch Step-by-Step Guide [B][SIZE=18px]2) Advertise Yourself as an Employee.[/SIZE][/B] Depending on your business, you may be able to start by advertising yourself as an employee. For example, if you're starting a marketing agency that specializes in S.E.O, then you could take any S.E.O clients who need help with marketing campaigns and offer them services at discounted rates in exchange for equity. This will help you get started with no cash outlay required and give you something to show potential investors later on when they ask about your first big wins. Be sure to have a clear understanding of what you can provide before getting into bed with new partners; you don't want to make promises you can't keep. The last thing you want is a partner who's unhappy because they didn't know what they were getting into before taking up space in your company. [B][SIZE=18px]3) Trade for Services.[/SIZE][/B] One of the easiest ways to start a business with little cash is to barter your services for those of others. Cleaning businesses and landscaping businesses are perfect examples of industries that can start in your spare time while you still work another job. You’ll need to talk with other business owners, such as contractors, plumbers, electricians, etc., who may be willing to trade their services for yours. For example, if you clean houses on weekends and evenings, ask a contractor if he/she would be interested in hiring you to clean his/her office during weekdays. This way, they get cleaning done at an affordable rate while also saving money on labor costs. If you don’t have any experience in commercial cleaning, then spend some time getting familiar with how to operate different types of commercial vacuums and floor buffers. Ask questions about what needs to be cleaned where, how often it should be cleaned, and so forth. [B][SIZE=18px]4) Raise Funds From Friends and Family.[/SIZE][/B] Friends and family are an excellent source of seed funding. You can start your business with as little as $1,000, but if you are going to take it seriously and run it like a real business (which you should), I would plan on raising around $10,000 for startup expenses. Many times, friends and family are happy to invest in your small business if they know it is legit. Just make sure that you have a solid business plan before asking them for money. They will want to see that you have thought through all aspects of your new venture and that there’s potential for success. If you don’t have enough people willing to invest in your idea, look into getting a loan from a bank or other financial institution. Title: How To Raise Money For Your New Business From Friends and Family [B][SIZE=18px]5) Get an Angel Investor.[/SIZE][/B] If you have trouble getting financing for your small business through traditional means, such as banks, an angel investor may be just what you need. Angels are wealthy individuals who invest in start-ups in exchange for equity. They can be an invaluable source of capital, but that’s not all—they’re also likely to offer guidance and mentorship along with their money. Before seeking out angels, though, make sure you know how to find them and how they work. For example, there are different types of angels (some will give you money without taking equity; others won’t), so do your research before approaching one. Once you’ve found some potential investors, here are some tips on how to approach them: Make sure you understand their investment philosophy: What kinds of businesses interest them? How much do they typically invest? How many investments do they make per year? What is their typical exit strategy? [/QUOTE]
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