How Do You Finance Your Business Venture

When you decide to become an entrepreneur, one of the major hurdles most entrepreneurs face is the financing of their idea. This is key to the realization of your idea becoming a reality as there are different businesses that rise from the ideas from each of us. In many cases, the entrepreneur has the following choices:

  1. Franchise
  2. Technology
  3. Network Marketing
  4. Service
  5. Agriculture
  6. Construction
  7. Retail/Wholesale

 

Whatever business embarked upon by the entrepreneur, there has to be a plan in place. You will see the necessity of having a timeline from idea to end product; therefore you will have an appropriate step-by-step process in mind. This is where a business plan comes in; ask any entrepreneur in the traditional sense and they will tell you that this is typically the first thing that is inquired about.

 

Once the business plan is written, the time comes to inquire about financing your idea. The first stop for financing is normally the Bank, however it may not be in terms of a loan. In many cases if the entrepreneur has residential property, they may be able to secure a Home Equity Line of Credit.

 

Another means of financing which is a means of financing an entrepreneur’s idea is through Venture Capital. Your idea is presently to investors who look at the feasibility of the proposal then they will put stipulations in place such as shares in the proposed business or return on investment (ROI).

 

Another form of financing could be from Family members but such arrangements need to be properly drafted in my opinion to protect all parties involved. This is based on what I’ve seen experienced when family members are involved in business together.

 

Some businesses such as Network Marketing require a minimal investment in most cases up to a maximum of around $1500.

I would suggest before starting any business, seek to gather as much information from persons who have had success in whichever venture you choose.

To sum it all up, any business venture you decide to embark upon will require an investment of capital.

 

Why Blogging? A continuation of my Entrepreneurial Journey

Today marks the continuation of my journey as an Entrepreneur. This is something that I have given much thought to, as I knew that I have a lot more to offer to the world around me. Have you ever given this some thought? I have and I said to myself, “Courtney, stop thinking and take action”.

I recently listened to a webinar where the host mentioned a “Mind Dump”. This is the start of my Mind Dump as I have a lot of information which has been acquired throughout my years of schooling and my work life. Did I mention my entrepreneurial journey?

There are a number of things which I should mention; I have worked for someone else for the greater part of my adult life and have been in the position of being downsized on a number of occasions until it finally occurred in July 2015. The decision to embark on my current journey was to avoid being downsized and adhering to what I had started to consider as unreasonable conditions with which I was faced. Have you ever reached your breaking point? I think I was approaching that and was looking for a way out so there was a light at the end of the Job tunnel.

One of my mentors has said it best, “If it’s to be, it’s up to me”. When it was said I did not know who originally said it but have since found it attributed to Robert Schuller. My success on this journey is dependent on me and I have decided that I will share as much information to help my fellow entrepreneurs on their journeys.

Until next time, I would like to recommend reading “Think and Grow Rich” by Napoleon Hill as this was one  of the first Personal Development books which I bought and continue to read.