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Insights on money, career and trading

Getting Support For Your Small Business

Posted on August 30, 2015 by Daniel at 11:36 pm

America is the land of opportunity, and for many people, what this means is they have the freedom to pursue a great idea – an idea for a business, a product, or a service that will hit it big. Some of the greatest heroes and most revered people in our modern day are entrepreneurs who did it all themselves.

From the creation of the Apple computer to the invention of Facebook, small people with a big idea have made names for themselves and achieved incredible things. Their names have become synonymous with success and the fulfillment of the American dream.

But what if you have one of these great ideas, an idea that could be worth millions, and something is holding you back? If you have a history of bad credit, it may be difficult to get financing for your concept, regardless of how good it is. Banks will ignore you and refuse to help.

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Why should bad credit or a lack of funds stop you from realizing your dream? Here are a few ways you can fund your big idea, even without support from a bank.

Start Small

Try out your business on a small scale to generate funds and raise interest. If you have a product you want to sell, make a prototype that you can show to people who may see its potential. Someone who understands your vision may help you to start a larger line.

If you are selling a service or running a business, you may be able to start with a smaller version until you have the money to expand. For a service, the Internet is your best friend – you can book clients and communicate online, without paying the overhead for an office.

Running a food truck can be less expensive than opening a storefront – there is no rent to pay and you can serve a small menu, plus the popularity of food trucks allows for a sizeable markup in price. If you are just beginning, consider a fridge van hire that has a flexible term leasing. There are additional costs to this business model, so be sure you have the money to maintain your truck before investing.

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Finding Funding

Even if the banks won’t help, you can try other ways to find merchant funding, perhaps with the help of companies such as L3 Funding or similar others. In a similar scenario, many people with great ideas have also found interested investors on Kickstarter, a website centered around “crowdsourcing” funding for independent projects.

Another option is to take out a loan from somewhere other than a bank. This is not the best choice for a risky venture, as you could end up in debt if the idea fails. However, if you are positive your concept will succeed, it’s worth it to take the chance – your idea will be able to pay the interest many times over.

Follow Your Dreams

Many people don’t have what it takes to come up with a great idea or to follow through with it. If you are one of the special people who does, don’t give up! Do whatever it takes to make your dream a reality and success will follow.

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Insights on money, career and trading