I have started many businesses in my lifetime. I know the process to get the work side up and running, but finding ways to fund larger-scope business ideas caused for creativity and the art of selling the idea before it was fully developed.
Pitching your business is a skill that works best when thought out. Giving your business and idea a ‘catch phrase’ will allow you to use that catch phrase for every facet of your business platform. It also helps when finding and recruiting funding sources for your business.
There were several ways I have funded new businesses and observed friends fund their business with much success, here are some below.
Family and friends investing in each other’s businesses
This is the way many families help each other achieve their business goals. Investing in each other first. It is a first stop option for many small businesses. My family used to have a family relief and business fund where all of my grandmother’s sisters and brothers would pay $500 every quarter into and the family member in need would get the loan or payout, then pay back into it the next quarter so that another family member would get the loan or payout.
Grants, State Funded Programs or utilize credit lines if you are sure your business could benefit from these options
I, personally, seek businesses with the least amount of capital needed upfront. I consistently reinvest in my business and when needed have investors that are willing to step in after I pitch a viable expansion idea. However, when publishing books, games, or selling specialized products, crowdfunding can pay off in a major way by allowing you to find investors.
All businesses require initial capital of some sort, think of ways to create a business with multiple streams of income and sells potential.
My business Empowered Steps has a focus on coaching. I started with mentorship coaching, then expanded to include coaching parents, college students, career candidates, publishing, course creation and now recently added a financial investment and trading aspect to my coaching. All facets of the business fits nicely under the business focus and allows growth with the least amount of capital needed for startup or expansion.
Be creative in funding your business, and you will be shocked at the amount of resources you have acquired to get you off to the best start possible.
Content courtesy of LM Preston, author of Building Your Empowered Steps and Homeschooling While Raising Amazing Learners, www.empoweredsteps.com
CONTRIBUTING AUTHOR, LM PRESTON
LM Preston, is an author, business owner, wife and mother who has written both fiction and non-fiction books that have reached best-seller status. Her passion for writing and helping others to see their potential through her stories and encouragement has been her life’s greatest adventures. She also is a personal coach who supports clients in writing, publishing, goal realization, career imagination, parenting, homeschooling while working and much more.