Business ownership is something that we all dream about. The reality is, no one wants to go into an office and work to make someone else’s pockets bigger. We want to work for ourselves, our family, and our future! That being said, it’s no surprise that more and more consumers are putting down the employee hat to pick up the employer one. However, business ownership comes with its own set of hurdles that you’ll need to get over. Today, we’re going to talk about the first hurdle, the financial obstacles involved in trying to kick start your business.
Even Online Businesses Chew through Money
There’s no doubt that as a business owner, you’ll be spending a good amount of money to keep your doors open. The reality is, even if your business is a 100% online company, there are going to be expenses that you’ll need to deal with. For instance, as an online company, you’ll have to cover fees like business licensing, domain registration, hosting, and employee related costs. When you open a brick and mortar location, you take on even more costs. With a brick and mortar location, you’ll need to cover everything above along with office rent, electricity, and other utilities and taxes.
Don’t Worry, I’m Not Writing This To Scare You
If your dream is to one day open your own business, that’s great! The last thing I would want to do is create fear that would hold you back from doing so. I’m honestly not trying to scare you, but it’s important that before you open the doors to your business you understand the costs associated with doing so. Now that you know a bit about the costs of opening and running your own business, let’s talk about ways to ease the financial burden so you can focus more on obtaining and retaining clients. Here are a few options you have.
Small Business Loans – Small business loans are one of the best ways to go. The reality is, just like individuals, businesses are entities. That means that you may be able to take out a small business loan using your business credit rather than your individual credit.
Take Advantage Of Relationships – Although this option won’t get you fast money may be able to get it to you, taking advantage of your current relationships can really help you build your client base quickly. In doing so, you’ll be able to bring money in quickly. To do so, think about your friends and family members that might either have a need for your product or service, or have friends that have a need for your product or service. Now, use your social skills to peek their interest and get them to want to buy your products.
Work During The Startup – Another option you have is to do a double. That’s right; you can work a full day, go home and slowly work on your business after work. Truth be told, this is what I did, and it worked out for me. However, things would have gone much quicker for me if I took out a business loan…I just didn’t know my options.
Starting a business is a time consuming and expensive process, there’s no denying that. However, don’t let that stop you from realizing your dream. You’ve got tons of options when it comes to financing your business, it’s up to you to pick the one that’s best for you.