From startup funds to investors, loans and credit cards, ensuring that your business has the financial backing it needs is essential. Knowing the most efficient and cost-effective way to generate funding can make or break your revenue stream.
Savings, Credit Cards, Home Equity
If you aren’t confident enough to put your own money on the line to finance your business, who else will? Be prepared to tap into your savings or money market accounts, cash out your stocks, sell your boat, even secure a home equity loan, if necessary. Many small businesses charge their way through the first year or two of operation. If you choose this option, tread carefully: Use only cards with favorable interest rates, read all terms and conditions up front, monitor due dates and make every payment on time.