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Other Ways To Finance Your Business
The reality is that starting a business can easily become a money pit.
So for those of you thinking about launching a new venture, what financing options do you have?
Well, there’s the possibility of taking out business loans from your local bank, of course. But what if your bank has turned you down?
1. Bootstrapping.
2. Peer to peer lending network.
3. Venture capital or angel funding.
4. Bartering methods.
5. Funding from friends and family.
6. Credit cards.
7. A HELOC or home equity loan.
8. Borrowing from your 401k.Photo by yirsh.
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Jaclyn on April 29th, 2009 12:33 pm
Some of those are good ideas on where to find funding, but i would stay away from borrowing from friend’s and family as that can prove to turn into a sticky situation if you can not pay them back in a timely manner. and i would also stay away from borrowing from your 401k plan. the money is there for you to retire and live off of one day, what if the business does not go as planned and you never put the money back…now what will you do for your retirement?
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