Starting your own business can be one of the best things you’ll ever do. It allows you to become your own boss, choose your own working hours, and experience more freedom when it comes to decision making. These are all major plus points you would have a hard time ignoring. However, it’s often the financial side of things that stops people from ploughing ahead with their ideas. Considering that problem, this article has been written with a view to providing you all with some ideas you might like to think about if all traditional means of funding are close to you. No matter how much you beg the bank manager, if your credit rating isn’t perfect, the chances of them offering you a business loan are pretty slim, unless you can prove your idea will make millions of course.
Don’t get me wrong here, the suggestions I’m about the make won’t be suitable for everyone reading this post. Some of them actually have the potential to get you into hot water if things go wrong, which is precisely the reason why I chose to call it “last ditch business funding solutions”. Proceed with caution, as there are most definitely not the safest means of sourcing the capital you need, but in some circumstances where there is no other option, you may find them fruitful endeavors.
Remortgaging Your Home
Obviously, this is a rather dangerous way of getting the money you need, especially if you’ve already paid a considerable amount of your original mortgage. Still, so long as you know you can make the new repayments, at least you won’t owe thousands to a loan shark or a less than reputable company. To make sure you’re opting for the right solution, spend a few weeks meticulously going over your business plan to determine whether or not it’s worth risking your home.
Gambling / Betting
Again, you should be very careful when trying anything like this with the express intention of making a profit, as sod’s law states something will go awry. Even so, there are many people in the world who have walked into casinos or logged into the Legitimate Sports Betting website only to come away as millionaires, and so it’s certainly not impossible. Just make sure you stay well away if you’re one of the very few people who lose all self control. Personally, I don’t believe in addictive personalities, but you may feel differently.
Asking Your Family / Friends
You’ll need to be pretty certain your business idea will work before asking friends and family to invest, as you’ll have a lot of explaining to do if their money doesn’t resurface. That said; if you’ve got a rich uncle or auntie who won’t notice the funds missing from their accounts, you could arrange the loan on much more favourable terms than you’d ever get from a high street bank.
Of course, there are many other ways of funding new businesses, and many of them are more reliable than the techniques I’ve just listed. However, these are last ditch solutions for when all other doors are closed, and so you’d do well to keep them in mind.
Just don’t forget to thank me when you finally get to float your company on the stock market!