If you have a brilliant business idea and you need some capital, you have come to the right place, as in this short article, we offer a few ideas on how you can finance a business start-up.
- Find a sleeping partner – If you can find a private investor who is looking for a venture and convince them your business plan has all the answers, this could work. The hard part is presenting you concept in such a way that the investor makes a decision to fund your venture. Of course, you will have to give a slice of the business to your silent partner in return for the initial funding. You could place an ad online or post on social media looking for the right investor, which might put you in touch with the person you need.
- Online lender – For Australians, there is always Cashify Loans and with super-fast loan application processing, you will soon be able to implement your business plan. The online lender can tailor the loan to suit the customer and spreading the payments over a couple of years is the best way forward.
- Equity in your home – If you are halfway through your home loan payments, it is likely that you have quite a bit of equity in the property; talk to a mortgage broker about taking out a second mortgage and releasing the equity. This might not be enough, but combined with a business start-up loan, you should have the money it takes to launch and support your new enterprise.
- Sell assets – If, for example, you own a rental property that makes a nice income, why not look for a buyer who is looking for a sitting tenant? You might have inherited some land, which would be very easy to sell and the proceeds would be enough to get you started. If you have an investment portfolio, take a look at investments that are not performing well and consider liquidating these to use for start-up capital. Click here if you are looking to get into crypto trading.
- Go into business with an active partner – Find someone who has something to bring to the table and form a 50-50 partnership, which means you only have to find half of the start-up capital. Partnerships usually work out because each has certain skills and when you come together, you form a complete package; you might be the one who is good with your hands and your partner is more sales oriented. Business partnerships are commonly a main reason for success and if you are already friends, even better.
It should be noted that your business plan should be comprehensive and any questions that a potential investor might ask, should be answered in your business plan. Play devil’s advocate and look for reasons why the business might encounter issues and seek the advice of a well-known business guru, who can certainly help make your business plan better. Here is some important information about setting up a business in Australia.