Credit: Olu Eletu/ Unsplash
By: MJ Gonzales | Executive Chronicles
They say you need money to make money. Apparently it’s true when you establish your own business as you need capital to sustain your cash flow during your startup period. With determination to raise money, saving money for your business fund is not impossible. Here are four suggestions to have your business capital:
Find part time jobs
It is good to use your skills, and it’s very good if you do it to earn money for your dream business. Thus, find part time jobs that will give you extra cash and ideally, connected to venture you want. In this way, you’ll save money aside from your main source of income and learn for free.
Ask for financial help from your connection
Though it’s natural to ask for help from your friends and relatives, somehow shyness scare some people away. If you have outstanding balance from your previous debt, that’s going to be an issue. However, if you have clean record and sure that you can pay the money you’re going to borrow- then don’t hesitate to borrow. One thing that’s good in borrowing money from your connection is the flexible paying scheme with guaranteed no interest.
Search for financers who can help you
There are financial firms out there that are offering business loans budding entrepreneurs. All you have to do then is present your requirements and details of your business concepts to some financing firms. These firms can be banks, government agencies, cooperatives and private institutions that provide help. A friendly reminder though is be meticulous with the contract you’re going to sign. Check the conditions and procedures.
Have a sideline business first
It’s not about testing the water, but working your way up to your ultimate goal. Like part time jobs, you’re focus is to earn and save money. Thus, you may or may not do business that’s related to what you wish to do. You can do buy and sell, home service foot spa, and delivery service first just to make your money bigger.
