Business Tip: How To Finance A Young Business
Good morning #AdventureBusinessTip! today…
Financing a business can be most frustrating; and without capital there is no business. For start-ups and young entrepreneurs where do you find financing? Not financial institutions or financial markets.
1. Personal savings tend to be adequate although mostly underestimated
2. Family, friends & connections are useful if you are loud enough. Talk to people, meet & connect with leaders. Strengthen and articulate your plans.
3. Start-up funds/organisations are out there. Use them. Find a couple on our website.
In that order of priority, those are the only safe sources of funds for a young business. Start-ups can be characterised by major shocks or expenses regardless of plans or creativity of the entrepreneur. Finding adequate financing IS A CRUCIAL PART of building business. Stay away from loans as much as possible and keep spending at the minimum.
If financing is inadequate ALWAYS find innovative ways to manoeuvre without it. Ingenuity knows no limits, so never be afraid to push it beyond what seems possible. It’s important to keep moving in business.
I hope you got an edge today! Stay on top of business, and look out for the next tip on Monday!