Ten Creative Ways to Finance your Small Business - Part 2
Here is the second part of our list of creative ways to finance your small business idea:
6. Cash in an IRA - Be careful now. You’re messing with your retirement funds. See if the bank will take the IRA as collateral without cashing it in.
7. Assign a CD - same as above.
8. Vendor financing - Buy equipment directly from the vendors. You’ll pay a little higher interest cost than from a bank, but you’ll get the equipment you need. Note that vendors will tell you they don’t charge “interest,” but they do have fees and charges that look and act like interest. When you add them all up, they’re usually more expensive than a bank, but they are a good source if you are looking at large pieces of equipment.
9. Borrow from yourself. It’s been said that the definition of an entrepreneur is someone who steals office supplies from home and takes them to work. Look through your house, to see what you can find. You don’t really need the best, newest furniture. Can you get by with your old computer? I know a dentist who used good patio furniture for her reception area. Then a year or so later, when she could afford it, she bought new furniture. It reminds me of when I was newly married several decades ago, and our furniture was Early Goodwill.
10. All of the above. If you really want to get that business started, you will need to be even more creative.
If you can add to the list, let us know.
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