Well, seeking a job? Why not become a job provider? It is obvious that you must have thought about to start your own business and become a successful entrepreneur, yes idea pretty is good!!!
But here you are not done with it yet before you can put your idea to reality, money is all you need! Obviously, how can you ignite a stove without using any ignition source? Right? Okay no need to worry about it, here are some workable plans to fund your startups, let's talk about these.
1. Use Your Savings (self-funded)
Why look for others? When help is at your own hand, the best way of funding for startups is your own savings. Statistics prove that 90 percent of the businesses are free from startup business loans and these are self-funded.
Taking an initiative free of startup business loans is not that easy, it demands you to be a man of actions but still, advantages of self-funded business are fruitful enough, at least you don't have to worry about returning loans and stuff.
Self-funded startups might take you bit longer to work with your plans but this can give all control to your hands because when money is yours, you are the king of your empire!!
2. Turn to Your Friends and Family
World is full of selfish people, you might find some people ready funding for startups but when it comes to some professional investor, obviously there are some commitments for payback as well as there are some terms and conditions associated with these investors so better pitch your needs to your family members and friends and simply keep the outsiders away.
This way you may not need to worry about deadlines and other legal issues related to startup business loans even, after all, we all surely have some good friends around those can help with money when it comes to funding for startups.
3. Cash Your Idea
You can never be a good entrepreneur if you don't have the guts to get your idea cashed, I know it's too straight forward but sorry that's how it works! In the world of presentation, you can present your idea to government and private firms to get funding for startups.
Local Governments have funds allocated to support innovative ideas so here is the best opportunity to grab funding for startup of your business, this process might be long and complex but at the end doesn’t give you reasons to worry about.
4. Looking for Angel Investors
Let's talk about some business that requires proper funding for a startup, so what to do now? Your dream of becoming an entrepreneur is in a big trouble when you can't get it done with your own savings, help from family and friends and even no government schemes to get your idea accepted.
Still worrying is not the only option when you can refer to the term ‘angel investor'. Angel investors are business individuals those provide startup business loans or make a one-time investment to get your business established.
Angel investors provide more favorable terms as compared to other investors in the market since their aim is to put your business on its legs rather than gaining profit from the business you are starting. Life seems easy? Calm down you are done yet, like real angels, angel investors are also not easy to find, you need falcon's eye to spot them.
Here again what might help you is the internet where you can look for angel investors online as these investors invest through crowdfunding platforms online, you can also use local networking to find angel investor related to the type of your industry and passion. Thank you all the angels!!
5. Join a Startup Incubator
This is the safest way you can get funding for startups, these days if you are educated so better make use of it, incubators are very popular these days, they are mostly associated with universities, non-government organizations, and research institutes. Once they find your business idea of their use, they are ready to jump in.
let's discuss them in detail! Looking for such incubators will cost you no more than few visits to their bases to present your business details, and they provide resources to startups, including office space and mentoring services but here a question that might be coming to your minds is that why they are so good to us?
If you are guessing of a charity then surely you are wrong this time! Well, it’s always about a deal; they provide you all what you need in return for an equity stake in your business. Although there are no direct exchanges of cash still an established office and expert supervision can be proved significant for startup business plan.
6. Pledge or Sell Your Assets
Money is always a reason to worry about when it's about starting a business. You can do nothing until and unless cash is in your hand, assets are no doubt to be used in extremely difficult times but using them as funding for startups is not that bad option, at least you are doing it for yourself, better using your own assets rather seeking for some startup business loans that you need to pay-back at heavy interest rate. This plan is risky but sometimes you have to go for it.
7. Bank Loans
Whenever discussing business startup plans, getting a business loan might be the first thing to pop up in entrepreneur's brain. At the same time if the plan is to start an organized medium scale business without any bank loan so better forget it! Getting things done by bank loans are not that easy, you need to come up with detailed research of the banks providing a loan at the least interest rate, after all, you need to pay it back.
In general, a bank loan is one of the most complex startups because it requires strong credited history and existing assets. Alternate to this problem is to look for some other lender communities with lenient loan policies, this may keep you safe from vicious trap but one way or other sometimes a loan is the only option you are left with.