So, you have an amazing business idea. One that you can do from home. However, you don’t have the means to get it up and running like you would have hoped. Fortunately for you, there are options that allow you to self-finance and begin a small booming business from the comforts of your at-home office.
Consider Your Current Cash Flow with Spreadsheets That Outline Your Financial Obligations and Monthly Expenses
The number one rule to beginning a business from scratch, especially one from home, is: don’t quit your day job. Keep your current cashflow, and outline your highs, lows, and financial obligations for 3 months ahead of time. You will want to see your monthly expenses, then plan for them–as well as map out your prospective business expenses, and plan for those. Two separate bank accounts would work wonders here; one for your current cashflow, another for the startup of your small business.
Submit Applications for Business Loans
If you have fair to very good credit, you might be eligible for a business loan from your personal bank. However, this could take weeks, or even months, of repeat business and consultation before your loan manager can make a decision. If you want quick approvals, make sure you have excellent credit histories and show your manager a concise, detailed outline of your business ideas with projected revenues for the next year.
Fund a Business Venture with a Handful of Credit Cards
If you want to take the credit route, you could fund a small business venture with credit cards. Some of the best brands in the world began with a business idea and a handful of credit cards. However, this can be a risky move if your business doesn’t lift off like you expect. So, think wisely, and seriously, honestly examine your business ventures to ensure you have a solid plan that can pay off.
Or, Social Network for Sponsors and Crowdfunds for Your Business Ideas
If business loans and credit cards fall flat, consider running your business ideas through online crowdfunds to gather sponsors via social media. There are hundreds of thousands of people that could back your business if given the right idea. Make pledges, promise samples, and deliver on your goods when you reach the funds you need. The most important aspect to crowdfunds is showing your appreciation after you have what you need to begin your business. You could also ask these funders for product help through advertisements, like custom graphics, small flyers, and custom stickers.
Small at-home businesses are capable of being booming successes, but you have to work twice as hard to accomplish your business goals from the comforts of home. Ergo, you should take the aforementioned self-financing advice to heart.