Funding Advice For Young Entrepreneur
BYTRADE
subscriber Posts: 63 Bronze Level Member
here are some of the ways to get fund for The Young Entrepreneur
1) Fund yourself. Easy enough right? Truth is I put everything I had into the store, I cashed out my mutual funds and emptied my bank account. This is an obvious choice.
2) Hit up friends and family. I bought some light up signs at an auction in Maryland and my parents drove them up to me, that normally would have cost shipping and such. I borrowed 5K from a friend. If you have a solid plan and a repayment schedule your friends and family will have faith in your idea.
3) SBA Loan. Here's where I got the bulk of my money from. I went to the local Small Business Development Center (SBDC)and worked on a solid business plan for over six months and submitted all the paperwork and next thing you know I had over a 100 grand in startup capital.
4) Lines of Credit. I got lines of credit for everything from magazines to concessions to DVDs. If you get a tax number and open lines of communication then more than likely a company will extend you a line of credit.
5) Bank Loans. After I got my business up and running I got a small loan to continue operations. All I needed was my taxes and quickbooks file and they extended me 10K to continue operations.
1) Fund yourself. Easy enough right? Truth is I put everything I had into the store, I cashed out my mutual funds and emptied my bank account. This is an obvious choice.
2) Hit up friends and family. I bought some light up signs at an auction in Maryland and my parents drove them up to me, that normally would have cost shipping and such. I borrowed 5K from a friend. If you have a solid plan and a repayment schedule your friends and family will have faith in your idea.
3) SBA Loan. Here's where I got the bulk of my money from. I went to the local Small Business Development Center (SBDC)and worked on a solid business plan for over six months and submitted all the paperwork and next thing you know I had over a 100 grand in startup capital.
4) Lines of Credit. I got lines of credit for everything from magazines to concessions to DVDs. If you get a tax number and open lines of communication then more than likely a company will extend you a line of credit.
5) Bank Loans. After I got my business up and running I got a small loan to continue operations. All I needed was my taxes and quickbooks file and they extended me 10K to continue operations.
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