It takes money to make money. The success of your small business will depend on whether you have adequate capital needed to start and run the business. However, it is not easy, especially if you do not have the money and resources. Or you do not know where to get the funds you need especially in these tough economic times.
Here are some options:
- Fund the business using your own resources and savings.
- Use credit cards.
- Borrow money from your family and friends.
- Apply for a bank loan.
- Look for an investor.
If you cannot raise the funds, you need to have alternatives and back up plan. Should you launch a downscaled version of the original? Will you postpone starting the business until you have all the resources you need? Start by determining the resources needed for your business. Knowing how much you need to start your planned business will allow you to make more informed decisions in your next steps.
Watch the video for a few ideas on how to raise the capital you need for your home business.