10 ways to finance your home business

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10 Ways to Finance Your

Home BusinessBy: Xandra J. Zielinski 109 87

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Here are some options on how you can finance your new home business.

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The customersThere are several ways you can get funded by potential customers.

The best way is to demonstrate your product or service in a way that creates demand for it instantly.

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You then just need to get orders or a written letter of credit, and using that as

part of your legitimate business plan, you should have a much easier time getting financed by one of these other options.

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Check your assetsEven if you don't have a bank account stacked with money, you

probably have some other assets. If you own your home, you could take a home equity loan or line of credit.

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There’s the possibility to borrow from your 401(k )or IRA savings account as well.

Selling expensive items you own will also bring you some startup capital.

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Borrow the money from friends and

familyDon't panhandle, but if you are a trustworthy person and know someone that would loan

you money, it's not an awful way to go.109 87

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Just be careful about legal issues here.

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Credit cardsFinancing with maxed out credit cards can include some huge risks and high interest

rates. 109 8754 32

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Bank loansA bank loan to finance your home business is a

good way to go. 109 8754 32

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It works along the lines of a mortgage, with monthly

payments and a fixed interest rate.

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SBA 7A Loans

With these loans, the Small Business Administration pays back a portion of the

loan if the small business fails.109 8754 32

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Micro loansThese micro loans are administered by the

Small Business Administration affiliates, and work with small businesses that often might not

get funding.

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Trade creditBy establishing a relationship with suppliers, you are able to

receive product without paying at delivery. You would typically set up a period of time to handle payments, this way you can

make money before spending everything you have. 109 8754 32

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This can free up funds for other things.

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Social lendingSocial lending involves

private loans acquired The terms must be discussed

and set between both parties, and then an

intermediary usually handles all the transactions.

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InvestorsSometimes business men are willing to invest in a company for partial ownership. The perk here is that this isn’t a loan. You don’t have to pay anyone back, but that partial ownership

means that you will probably be faced with the challenge of working with someone else on

your new project. 109 8754 32

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