Photo credit: wsbdc.org
By: MJ Gonzales │ExecutiveChronicles.com
Commonly the path and dead-end in starting a business is the capital. It’s good if you have enough savings and sources of income, but what if these are not enough? What are your other means to fund your business?
SSS and Pag-IBIG Loans
Contributions in Social Security System (SSS) and Pag-IBIG fund or Home Development Mutual Fund are basic deductions in your salary. Now that you need money as supplement in your dream enterprise, it is best to have salary loan in any or both from these institutions. In fact, to use your loan for business is way better than buying fancy gadgets.
Try to sell online or garage sale
With the advent of classified ad sites such as OLX, selling used items become so easy. Thus, don’t hesitate to use those online platforms to market and sell items such as musical instruments, second hand, antique furniture, and gadgets. Of course, you can also use these sites to sell brand new and big items like jewelry, clothes, printers, cars, and even a house and lot.
Apart from online, you can also do the traditional way and that’s to do a garage sale. Now that you need money and most likely try to build network, garage sale may help you to connect with your neighbors.
Have a savings account for your business
Most of the time, funding your business is just a matter of self-discipline. If you only know how to keep money every payday or after you go shopping, you may raise fund for your business capital already. A simple, but smart move is to open a separate bank account wherein you can deposit money. This is where you put your income from your part time job, money you earn from the items you sold, and the extra cash from your bonus or overtime.
Separating your savings like from personal to business or retirement is helpful especially if you’re not good in tracking. Organizing and dividing immediately your money from the beginning will help you to fulfill your goals such as putting up a business.
