First Step to a Successful Startup: 12 Ways to Eliminate Big Loans for Startups

When it comes to startups, the common problem most entrepreneurs face today is money to start a business. Being an entrepreneur is not easy, you have to take risks and move forward with the psychology of optimism. You need to think of ways that you can get the most output with the least input. Well, that’s the basic rule of business and widely followed by businessmen all over the world. You have to be creative in what you do and innovative in your decisions. Few opt for business start-up loans, while few look for different alternatives. Bright ideas make for a better future, and a few good initiatives can lay the foundation for you to become a successful entrepreneur. If money is scarce, that does not mean that you leave your dream on hold, you always have better options to look forward to. So here are some creative ways to finance your business.

Steps for a better future

• Sell your product to raise money – Well, if you resell your product and find a suitable buyer, then you can effectively raise funds for your business. No doubt, there are many successful entrepreneurs around the world who started this way and once they complete their goal, they expand their business with the funds they raise.

• Support from family and friends – It is the traditional way and the most effective way in this contemporary world. You can convince your friends and family to invest or provide a small business start-up loan that can help you better implement your ideas without any pressure. This way is much better than taking loans from any other alternative.

• Double Dip: You can always start a side business to raise money for your business startup. In this way, you will not be under any kind of debt and burden and thus it is the safest way to start the business.

• Selling Stuff – Well, sometimes it’s hard to sell your stuff, but as Jarod Kintz said “Instead of burning midnight oil, you should try to sell it.” Sometimes you have to compromise to be successful. You can make good money with it.

• Credit card: You can use a credit card to finance your money. This is an easy way, but it involves risk. If something goes wrong, then the interest rate goes up at a very high rate.

• Angel Investors: This is one of the recommended methods and has been used by many leading companies such as Google and Yahoo. Angel investors give you the amount needed to start the business. You get a friendly environment, plus a better, faster way to do business.

• Microloans: You can search for several companies that offer small loans for young entrepreneurs. These businesses are generally better than taking a business startup loan from a bank.

• Get a new order and deliver it: There are a number of entrepreneurs who receive the customer’s order, but cannot supply it due to lack of money for production. There are some companies that offer loan in this scenario. With this you will be able to raise funds for your startup in a better way.

• Real estate: This is an investment that provides a higher return if made after research. Before investing your money, always do some work to find out current rates etc. and do the right thing. With this you can raise money successfully and without complications.

• Reduce Liabilities: Well, it’s another creative way to make good money. For example, you can rent out your house for a while and raise a good amount of money doing so. Many entrepreneurs have employed this way and managed to earn enough money to start their business.

• Crowdfunding – It is a very popular way among entrepreneurs. In this, you can make good use of the Internet by finding people who have similar thoughts about investing with small amounts. Taken together, these small amounts when added up will give you a better alternative to starting your business.

• Vendor Financing – This is very helpful in getting the material to sell your product. Manufacturers do not accept any payment from you until your product is sold. This way you get a better extension to sell your products much more efficiently.

After reading these 12 ideas, you must be very confident in your startup. But remember that things are not as easy as they seem. You need to work harder to get the best out of it. Also, just visualizing ideas in your mind will not be able to implement them in practice. Must be able to adapt to situations and work in a practical manner to achieve the required goal. Risk is always involved for young entrepreneurs, but that doesn’t mean you can’t do it. Get over your fear and be creative and innovative and always ask yourself: do I have what it takes to become a successful entrepreneur?