Where can I get money to open a business? The sad truth of the matter is that most banks will not give money to start ups, unless of course you already have money and for the most part government grants are difficult to tap into. So how can the average guy or girl get a break when you are not a millionaire, have an idea but zero capital?
My first business that I purchased was an arena football team and I did that by working as a server at the Cheesecake Factory. No, someone did not leave me the team as a tip ☺. I had to get creative and you will also. Remember that there is no such thing as a money problem. There is only a wisdom problem. To increase your wealth increase your wisdom, but I guess you are already doing that by reading this article aren’t you?
Here are three ways to creatively finance your start up business:
- Purchase an Existing Business – Sounds oxymoronic does it not? When you purchase a business most owners realize because they were in the same situation as you are in that banks will not finance so they are open to the owner financing option.
- Partnerships – If you can work and you are close to someone with money who knows that you work hard present your business plan to them. With the expectation that if they put up the money you will put in the work. People who have money are always looking for more avenues to build their wealth. Oh here is my disclaimer. Everyone is nervous and even a little scared to approach someone to ask them to invest, so you are not alone. Courage is not acting in the absence of fear but in spite of it…go on be a Tiger.
- Start Small – My experience has proven to me that most big ideas can begin with under $500 capital. “Well, what about a restaurant?” you may declare. Most restaurants market one main dish or product, such as the Cheesecake Factory. Start with that one dish. Make the food at home and creatively sell the item, if the product is food or not, and then slowly expand.