5 Ways to Fund your Start-up
If most people haven’t started their businesses it is either because they haven’t been pushed until the point of no return just as yet or more commonly, because they simply lacked the cash to start- up. What if we could find out ways to raise cash for your start-up?
Even before we dwell on these points, it would be prudent to mention that the following are the pre-requisites that you got to have:
•You would be cocksure that you have decided that you will start-up and make this your long-term objective
•You don’t really care about your corporate career anymore, now that you have decided.
•You will live with the decisions you have taken or will take and you will make corrections rapidly once you know you have done something wrong or taken a wrong decision.
•You will be very confident about yourself -- no matter what happens.
Now, let’s think about how we could raise cash with nothing but effort:
1.Sell stuff you or others don’t need on eBay: Easy, isn’t it? Just look around and you and pick all of those things you don’t need anymore -- your old books; furniture; rotting etc. If you don’t find much for yourself, put calls through your neighbors, relatives, friends and offer to sell their unwanted stuff on eBay-- who knows this might just be business you might want to be in?
2.Savings are a gold-mine: For some of you who must have worked somewhere for sometime -- savings would have accrued over time. Not just the conscious savings that you would have done all by yourself ( good for you!) but also the part where companies save on your behalf -- like Provident Funds, 401 K and the like. Ask for these savings when you quit - they could be quite a lump sum depending on how long you had worked.
3.Get a job and fund your business: This is the route most of the new-age entrepreneurs take -- get a job and earn money. They put this money back into a business that they run part time. You could do the same. Of course, all those days of weekend partying and freaking out at your friends’ place are over.
4. Raise cash through your business itself: How could we over look this one? You start with nothing but your skills and competence and start raising money. Every penny you earned goes back into your business and you will the then try to grow it.
5.Whatever you do, don’t borrow: No one is asking you to set up a ceramic plant or steel mill. You don’t have to beg for loans, ask friends or even parents. You could do everything yourself. Do whatever it takes. But you will stand on your own feet. You will not borrow -- that’s the new entrepreneurship creed.