Easy Ways To Source Cash For Your Business Capital

Often times when we suggest people to start a business or even if we tell ourselves to start a business, the normal answer will be a question “How to start a business?” I don’t have a capital”. Yes, it is true; we need capital to start a business. It doesn’t mean though that we have to break the bank to start it with. All we need are great ideas, the will to start small and the will to invest how much you have. When I mentioned ideas, it doesn’t only mean business ideas but also ideas on how to source for capital.

business-money-pink-coins

Depending on what type of business you want to start with, it can be an online business where you sell anything you want to sell from shoes to clothes to gadgets and even digital printouts or maybe you want to start a small food stall or you want to start a rent-a-bike-shop. The amount of capital you need depends on what type of business you want to set up.
Below are some of the ideas you can think of as a way to source for capital. I can tell you right now the big help for me to start my business is #2 and #4 😊
1. Sell Items That You Don’t Use Anymore
Garage Sale or Porch Sale or Carboot Sale or Spring Cleaning Sale, whatever way you want to sell items you have that you don’t use anymore is one of the great ways to source for money that you can use for your business capital. Why do you want to keep things that you don’t use? It also helps you to declutter your house. Remember it may be your trash but some other people’s treasure or maybe your own treasure in the future.
2. Bonus Money
Are you getting a bonus once or twice a year? If so it can be the best way to source money for your business capital. I wish I have done it a long time ago. I was working in a bank for 6 years and I’m fortunate enough to get an annual bonus of US $9000. For some, it may not be a lot but for me it is. Unfortunately, I didn’t realize this until the last year I got my bonus. I used it to buy an electric stand mixer to double the capacity of cakes and cupcakes I can produce and sell. It did help a lot and I manage to get back the money I spent and plus profits. I wish I have used the previous bonus money I got as a business capital instead of spending it for gadgets and clothes and vacation. It is true that sometimes people learn the hard way.
3. Apply For A Bank Loan…If Only It’s Necessary
This item is optional, a suggestion but not recommended. Loaning from a bank is always the way for many people to start a business I don’t have doubt and disagreement about it. In my own humble opinion, it is still best not to owe any banks or anybody money for your business. Why? In starting a business, there’s always a risk. Risk of not making any money at times or whatever reason that will leave you no choice but to discontinue your business. With these risks mentioned, how will you be able to pay the bank the money you owe them if you are not making any money at all? How to handle the situation when what you are getting from your business is not enough to pay your bank loan? Is what you are making even enough to pay the interest? If you use your hard earned money in a business, it is either you grow it or lose it, it is still yours. You don’t have to crack your head or even worse, borrow money to pay for your loan. It’ll become the reason why you’re doing your business. Good news is when it grows it will only be yours. Bank loans though is still a viable source of business capital since it often provides a big loaning amount.
4. Save For Your Capital
Maybe this method is a bit slow but trust me; it is still one of the best ways to start with when you are raising your business capital. If you are still working on your corporate life and still earning a hefty amount of monthly salary why not allocate a part of your paycheck for your business capital. Until you are confident enough to ditch your 9-6 job and confident enough that what you saved is enough to start the business of your dreams then you can go ahead. I will post a separate blog on how this method worked for me best.
5. Sell Your Service
Do you have any skills that you are proud of that you can monetize? Are you good at writing? If so, you can start blogging and monetize it. Is your tolerance for children high? If so, you can babysit for a part-time job so you have extra dollars to put your business capital savings. There are so many ways how your certain skills can help you start an extra cash flow that when you monetize, your earnings can be allotted for your business capital.
6. Become A Reseller
This one is a bit tricky. There are brands that offer an opportunity for people to re-sell their products without spending even a dime. However, there are organizations or business affiliations that require membership fee before you can re-sell their products, most of these fall under networking which I am not a fan of. How this work is either you sell a product and adding a certain percentage to the retail price or you get a commission. This is also another way of getting extra cash for your business capital.
These are just some of the many ways you can do to source cash to be used as your business capital. The key to these methods is basically religiously allocating amount and growing it until it is enough to start to build your dream business.
Lots of Love,
Ann
Advertisements