Making Business Startup Funding Simple
Finding business start up funding can be one of the biggest challenges for a would-be entrepreneur. While launching a new business venture calls for a great deal of research, skill, and preparation, many people have a difficult time coming up with the financial resources to get their new business off the ground.
How Much Does it Cost to Start a New Business?
Some of the most critical pieces to answering this question include: Do you have to invest in capital equipment? Will you be renting or leasing a location for the business and, if so, will that space require any renovations? Will you need to hire and pay employees? Will you need to purchase and maintain inventory?
Sources for Busines s Start Up Funding
Here are just a few sources you might consider Your savings or investments Borrow from friends or relatives Credit cards Loan from the bank
Your savings or investments
For starters, you might look to your savings account or liquidate some of your investments.
Borrow from friends or relatives While this is an avenue many new entrepreneurs take, it should be approached with caution as it can lead to discomfort and hard feelings.
Credit cards This is another method that should be undertaken very cautiously and only if you believe you can pay off the balance very quickly as credit card debt typically carries a very high rate of interest.
Loan from the bank A bank loan is often difficult for a new business to acquire. To be successful, you will probably need to show a professional and welldeveloped business plan along with a plan for repaying the loan.
Five Cs of Business Startup Success
Most people are familiar with the 4 Cs of diamond quality, but are you familiar with the five Cs of business startup success? Keep these five things in mind while starting a business.
Courage Confidence Commitment Cash Character
Courage Starting a business is not for the faint of heart. Successful entrepreneurs are not afraid to fail, not afraid to learn new things, and not afraid to change direction. Courage is critical every step of the way, because startups don't leave time for indecision or fear.Â
Confidence Often, the courage found in entrepreneurs is driven by confidence. The belief that one is better, faster, and stronger than all the others is very motivating and makes it easier to deal with setbacks and frustrations.
Confidence allows an entrepreneur to quickly become comfortable with new information and new circumstances, and is an important factor in effective marketing.
Commitment Business success doesn't happen overnight, and it doesn't happen for free. Entrepreneurship requires significant commitment of time, money, and energy to even get off the ground.
Commitment to a startup is absolutely necessary -without commitment, a great business idea will remain just that -- an idea.
Cash
No legitimate business can be launched on zero dollars. While there are free resources available (advice, web-hosting, informational sites), you almost always get what you pay for -- nothing for nothing.
Character The image and culture of a startup is wholly encompassed within the owner, and any lack of character will quickly be revealed in the course of business. Honesty and integrity are critical -- the consumer public has had enough of corporate thievery and greed.
The quality of a diamond is defined by the 4 Cs. The Five Cs of startup success -- courage, confidence, commitment, cash, and character -- will determine the quality of your business.
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