VAPULUS > Posts > 6 ways to finance your new business 2

6 ways to finance your new business 2

Credit cards

I financed my first business with credit cards, and it was incredibly stupid, since my company could have failed and would have left me with thousands of dollars in credit card debt that would have to pay up to a year 2099. It worked for me at the end, but if you decide to finance your business with plastic, keep in mind that you will pay extremely high interest rates on the money you borrowed and unless you hit it big, you will pay for that money for many years to come.

Mortgage The farm

Bank loans are almost impossible to obtain if you do not have guarantees and a track record of business success, which is why many entrepreneurs use the equity in their homes to finance their business after being refused for a bank loan. While this makes more sense than building a business on a deck of credit cards, financial risks are not less abundant. You have to repay this amount if your business is successful or not, but it is a good source of low interest money to start and interest can be tax deductible (check with your accountant to be sure).

Angel Investors

An angel investor is typically a wealthy individual who invests in start-up initiatives for a share of the property. Angel investors are usually the first formal investors in a company and provide the initial capital to run the business. Some angel investors will write you a check and leave you alone to manage your business, while others consider their investment a license to “help” you to manage and make decisions. If you accept angelic money make sure the terms are clearly defined on both sides. The money of the angels always come with the ropes. Make sure you know if those strings come in the form of an arc or a loop before accepting an angel’s check.

Capitalists of fortune

The venture capitalists are for angel investors as the pitbulls are for Chihuahua. This does not mean that all VCs are big and bad dogs, but they have powerful jaws that can chew your business and spit it out if things do not go the way they want. Money VC does not come with strings, it comes with chains and locks and many legal documents. VC always has the best in any deal in which they invest. Here’s how it works and this is the price you pay to get access to VC money.

If your company reaches the level that VC money becomes a viable option, do not jump to the first bone that a VC falls before your eyes. If a VC likes your idea, others will do it too. Submit to multiple VCs and carefully consider each offer before accepting control.

Remember, no matter how you finance your business, use your money wisely. Do not buy $ 1,500 plasma monitors and $ 1,000 Hermann Miller chairs.

Have a very clear plan on how the money will be used and how it will be returned.

And remember this, the more you can do shoestring, but more of the business you have at the end.

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