Virtually Yours Personal Assistants

Though it doesn’t grow on trees, there are many ways that you can find money to fund your startup. Here are a few tried and true methods: 

• Use credit cards - Over 2/3 of small businesses use credit cards to pay expenses. If you already have trouble managing your personal credit cards perhaps a card for your business may not be the best idea. However, if you are disciplined and have a decent credit rating, you can obtain a card that has a great rate, offers discounts from retailers, and provide an easy way to establish credit for your business. Read the fine print. Look for cards that offer zero or low financing and make sure finance charges don’t accrue during the initial grace period. 

• Family and friends - A staggering 87% of businesses are started with funds borrowed from friends and family. To make this work you should minimize the risk to your business and to your personal relationships. Don’t want to share the long term rewards or share decison making? Consider a loan rather than an investment. Clearly outline the details of the transaction, put them in writing, and stick to it! 

Here are a few more funding options:  

• Venture capital/Angel investors  

• Business plan competitions 

• Loans 

This blog lists several other methods worth considering.