If you had a ‘Eureka’ moment and a brilliant business idea was born, further research is needed and if crunching the numbers leads to a profitable outcome and the venture is doable, funding will be required.
Here are a few avenues that you can explore to fund your business venture.
- Secured loan – The great thing about caveat loans is they are processed very quickly, usually approval is received within the hour of making the online application. There is no need for proof of income or anything like that, as the loan is secured by an asset (your home) and rates are lower than an unsecured loan. This is likely to be the cheapest form of loan and if you have equity in your home, this would be your best course of action.
- Find a sleeping partner – If you can find an investor who believes in your idea, you could make a deal whereby they finance the operation in return for a share of the business. This is called a sleeping partner, an entity that has no involvement with the day to day running of the business, you retain your independence and there are no restrictions on you. Both parties are usually happy with the arrangement, the investor would require regular reports on the company and their involvement would likely be minimal.
- Crowdfunding – There are numerous digital platforms that connect entrepreneurs with investors; put together an impressive digital presentation that potential investors can view and should there be enquiries, make sure you have a comprehensive business plan. The bonus is that you do not have to repay the investment, which is idea for a new venture and if your target is reached, you can turn your idea into reality.
- Re-mortgage your home – If you own your home, there’s nothing to stop you remortgaging and the great thing about that is the fact that you can spread the repayments over 5-10 years, which eases the strain on the growing business. The online finance company would be the best place to start your quest for business start-up funding.
As you can see, there are several ways that you can fund a business start-up and the best place to start is with the online finance company and you can discuss your options with an expert. Once you have funding, you can start planning with some confidence and your new venture is born.