Funding strategies for your new business
I know of many people who managed to fund their new business by asking for money to start in both conventional and unconventional ways.
Some have a good job but cut back on spending to create additional funding for their new business. They continue to work their regular job just until the new business is stable enough to support them financially.
Ask your community. I know of people who have reached out to their large family network to lend them money to fund the launch of their enterprise.
Use retirement funds. This one is not one I'd normally choose but sometimes you need to think creatively to see your dream of self employment to reality. There is a downside with taxation issues but if you want something bad enough then everything is on the table.
Take out a loan from a financial institution. Depending on your credit worthiness, this path may be a viable option for you. I know of clients who have begun with an SBA loan.
If you want it bad enough, the money will find a way into your hands. You just have to plan really, really well.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 12/03/2011