How Can I Find Funds To Start A Home Business?

by Cecilia Chapman on 3 July 2012

in Earn Money Online, Work From Home

Starting a home based business requires that you have some capital to begin with. This will vary greatly with the type of business you have chosen but you will need something. Let’s face it… even if you want to be a window cleaner you still need to buy a bucket, a leather, a ladder and perhaps even a vehicle.

Then you will need to think about ongoing costs such as marketing your business and running costs – so you will need to decide on the methods you will employ to promote yourself to get your customers.

This is why so many people now like to work from home because it keeps the costs low. That’s not to say that you will be any less professional or business like that other businesses out there.

If you find you are struggling to raise enough money to start your business you need to seriously wonder if running a business is right for you.

To be perfectly honest some people are just more suited to having a paid job than the freedom and commitment a home business requires.

Setting up and running any business requires effort and commitment. It’s not for everyone. But if it is for you…

How can you get the funds to start?

1. Use Your Own Savings The quickest way to come up with cash to start your business is if you already have enough of your own savings that you can use. You may have some long term savings accounts you can cash in early.

2. Use Your Credit Card If the business start up cost is not insanely expensive then it would be easy enough to put it on your credit card. That way you defer the cost until next month giving you time to get into earning mode.

3. Sell Your Unused Items Most people have a stack of items at home that they no longer use. Have a yard/garage/boot sale, sell items on eBay, Gumtree, Craigs List, your local Classified Listings or on local notice boards. Get rid of all your unwanted or unused clothes, music CD’s,DVD’s, toys, games, old electronic equipment, garden furniture, home goods etc. You might be sitting on a gold mine without realising it.

4. Buy Items for Resale You might consider going to car boot sales, second hand shops, auctions or anywhere where you might pick up a bargain to buy items specifically for the purpose of cleaning them up and reselling on for a profit. A keen eye will sift through and spot potential gold. “One person’s junk is another person’s gold”.

5. Cancel Subscriptions Cancel that expensive Cable/Satellite TV Subscription and save the money for your business. Consider other ways to reduce monthly bills by shopping around for the cheaper options.

6. Don’t Buy The Latest Shiny Object Do you really need the most up to date gadget or will something a little older and cheaper do the job just as well. Expensive mobile phones, computer gadgetry, TV and Audio equipment, cars etc will cost you a lot. Opting for the cheaper or older model will save a small fortune.

7. Sell Your Skills If you have a hobby or a skill where you have developed a level of skill or even expertise you can sell those skills. e.g. If you are good with computers there will always be people needing someone to look at their PC’s and ‘sort it out’ for them. This can get you a good reputation and repeat business as long as you provide a good service

8. Get A Paid Job If you are serious about earning some money to get your business started you may need to look for a Part Time or even Full Time job in your local area to save up enough money to get your business started and to keep it going until you are in profit. Having some regular income will stop you appearing desperate for business when you first start.

9. Consider Applying For A Bank Loan You may consider apply for a loan at your bank for a business loan but do ensure you do not get yourself into any difficult payments you are not able to meet. Many businesses are not immediately profitable and take time to build up clients.

10. Cash In An Insurance Policy If you have a longstanding insurance policy or other fund you may consider cashing it in early. Beware that sometimes you get back less than you have put in so this may not be your first choice in that case.

11. Ask Family And Friends You can always approach your family and friends and ask them to lend you the money to get started. You will need to ensure you pay them back in a timely manner if they do oblige you as you do not want to lose friends or alienate family.

12. Take Online Surveys You can earn small amounts of income, sometimes paid in vouchers to use online, for taking part in paid surveys. There are a myriad of sites out there just do a Google search and loads will pop up.

13. Take In A Lodger If you have a spare room that you want to make pay and you are happy to have a relative stranger living in your home you may consider letting a room to a paying guest. In the UK you can earn a good amount before you are liable to pay tax on it.

14. Remortgage You Home You may decide to remortgage your home to release some equity. Make sure you do not over extend yourself with the repayments.

15. Downsize If you own your own home downsizing to somewhere smaller, cheaper to run, or in a less expensive location can pay dividends. It’s a great way to unlock the equity you have built up in your home. If you rent you may consider moving to somewhere where the rent is cheaper.

 

If You Have The Funds And Are Ready To Get Started With A Home Business… Look HERE

 

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