If you have a good business idea, typically you may need to seek funding. There’s many ways to fund a business, and I will talk about the most popular and conventional ways along with some non traditional ways I’ve been looking into.
Some things to keep in mind:
-Try not to borrow from friends and families or it can strain those relationships when things don’t go well.
-If business doesn’t go well, and you’re in debt for many years, the burden can be more emotionally draining than you expect.
-Try to think of the possibility chance that your business will do well vs. failing so that you have reasonable expectations.
There are three stages of a business you have to consider:
- Just starting out:
- Funds for covering cost of goods for sales:
- Funds for expansion based on prior success:
The traditional ways to get funding is:
Some new things to try: