You may have up with a nice business idea? Great! But now you need a startup capital- this is the initial amount of money to actualize your business idea. And from there, it becomes challenging on how you’ll be able to go about it.
If you’re just starting out, many traditional lenders will not agree or be interested in funding you. But if you are just determined to put your idea into practice, then this should not be problem at all. We have various ways from which you can be able to raise money for your startup business other than the venture capital, they include:
- Borrowing from your family members- these ones can be able to chip in so as to help you actualize your idea.
- You can also decide to sell some of your most valuable assets such as TV sets, House Couches, Music system etc.; as long as the money won’t be going to waste, then you’re just justified.
- You can also maximize out of your own credit card; and lastly,
- You can ask for loans from your loved ones and friends.
These four ways can enable you get that startup capital for your business idea without necessarily getting funded by investors or getting a loan from traditional lenders. However, one thing you must put in mind is that there will be a lot of risks involved, such as running bankrupt with your own personal finances and also having a sour relationship with some of your friends and family members. Thus, you should be prepared for any eventuality.