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| Saturday, February 28, 2009 |
| Business Financing |
Even though you are starting an online business that could, in theory, start very easily with little to no money at all, some people find they need some startup capital. In this case you may want to consider the information below:
The initial financing is obviously a very important piece to the puzzle. It's always a good idea to build the business on your own funds. You can do this by living on a lean budget. Cut personal costs as much as possible. Try and save up enough to keep the business going at least long enough to start showing you a return on your investment.
Obviously, this is not an option for everyone so you may have to look into other funding options. Other options include but are not limited to:
SBA: The Small Business Administration is a good place to go for funding. They provide government backed loans specifically designed for small businesses.
Credit Cards: Many businesses have been built on personal and business credit cards. This can be a slippery road if you do not manage the funds carefully. Use your best judgment when dealing with credit cards.
Terms: Many of your suppliers may offer you a credit line or terms for services or products. An example of this would be an office supply warehouse that bills you for the products you buy and allows you 30 days to pay the balance.
Sweat Equity: Trade services to help get whatever it is you need.
Family and Friends: The people you have strong personal relationships with may not have any problem loaning you money. They usually have a good idea about how trustworthy you are and may be more inclined to loan you the money than a bank would.
There is one final school of thought when it comes to funding for a new business and that is to start small. By starting small, you can manage funding on your own and as the company and the profits grow, increase the size of your business. This eliminates the need of having to pay back anyone as you start making money.
Have a Blessed Day |
posted by Arch Bishop, Dr J. O Faola @ 2:01 PM  |
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| About Me |
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Name: Arch Bishop, Dr J. O Faola
Home: Shibiri Ekunpa Oto-Awori LGDA, Lagos, Nigeria
About Me: His Grace Prof. Prince J. Faola (JP)., He is the Senior Pastor of the Shield Of Faith Gospel Mission Int. and the founder of the “Joel International Ministerial and Theological Academy”. He is an international Bible teacher and a passionate author and bible expositor, he is a patron and adviser for Christ Believers Ministry. He is a member of BSN and IMCGBN, the President of JECAL CLUB, The founder of the PARLEY CLUB INT, Chairman of I.M.A.T.E.B. Chairman Board of Regents Christ’s College of Theology, a well known Radio Pastor and most sought after aggressive motivational speaker.
See my complete profile
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