Do you have money in the bank, assets placed in buildings or diamonds? If you believe in your venture you should use your own funds first. If you don´t, it will be difficult to borrow money elsewhere.
Many entrepreneurs have little money so they have to go elsewhere for funding.
Family and friends can be a good source of financing, especially in the early stage of your business when relatively small amounts of money are involved.
Consider borrowing from several people rather than trying to get it all from one person. This way, you can ask for an amount from each person based on what they can afford to give you, and not on what you need.
An alternative to borrow money is to keep your day/night job. It is hard to have two jobs but if it is the only way to finance your start it is worth the investment. Consider double jobbing an investment in your future.
If you are married and the spouse has a job, he or she might be able to support your work. Cut all private expenses for six month and invest the hardship in your common future.
Embrace surprises that arise from uncertain situations, remaining flexible rather than tethered to existing goals.
- Saras D. Saravethy, professor in entrepreneurship