FUNDING A NEW BUSINESS - 1
Apr 2, 1999 -
© Barbara Massie
A truism: You must have money to make money. A crafter wrote to ask how to borrow business money. He wants to start a full-time craft business, but needs funding to do so. His wife plans to continue working to help with daily living expenses. He asks how to go about obtaining needed money and asks what steps to take. Where do you get the capital to be in business? First determine the amount of money needed for the next twelve months, analyze and prepare lists of start-up costs, operating and living expenses. Many entrepreneurs have some personal money set aside for start-up expenses. Perhaps you are frugal and have saved enough money to carry the business for a year or more. If not, you must get funding from outside sources. Go to The Money Game to read current, ever-changing news about money. There are several sources available for financial backing. Home-based entrepreneurs find it difficult to borrow business-related money, so learn about the different options and don't concentrate on just one source. Let's look briefly at several options: CREDIT CARDS PERSONAL RESOURCES FAMILY FUNDING A BANK LOAN
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