Posts Tagged “success”
Becoming an entrepreneur can be expensive and takes some detailed thought. Having said that, there are ways to become a business owner without going into bankruptcy.
Most people depend on what they pull in each year to live on which means that they don’t have enough to plan a business venture, much less fund one. In that case, there are other avenues to travel in order to try and get enough money to begin the business start up.
First, anyone wanting to start fresh should make sure that they have less debt attached to their name instead of more. Check your finances thoroughly and recheck them again. The more capital you have to use on your own, the less you’ll have to borrow from some other source. If in fact you do have to borrow funds, check first to see if you can borrow against what you already have; your 401K plan, yearly savings account or some family inheritance.
If those avenues don’t bring you enough to begin, then perhaps a small business loan or an asset based loan is in order. In this case, check with the Small Business Administration, to see what they can offer you. Make sure that you have all of your paperwork in order when you contact them. You’ll need your previous year’s taxes, household accounts, school loan paperwork, and any other places where money is being held up. Also, your car payments, mortgage payments, and insurance payments, all play a role in helping the Small Business Administration determine your eligibility.
If this source is lacking in funds, and sometimes they are, then check into the local businesses in the area to find out where they got their funding from. They are usually so proud of their success they won’t mind sharing some knowledge with …