The past few decades have marked a huge change in people's perception of the world and their lives when it comes to the true meaning of success. There have been countless stories of successful people who chose to walk away from their fortune and follow their true ambitions, however "small" they were.
The need to follow one's passion is something that never truly goes away, and people are becoming braver and braver with going after what they truly want, at any cost. For many people, this self-fulfillment and the need to succeed on their own terms has a lot to do with waking up every morning and doing what they love. That's exactly why there are so many new businesses popping up with owners deciding to run their establishment in whichever way they choose.
Unfortunately, until a better financial system comes along, money is a necessary evil that most of us can not live without, let alone start a business and create our own job opportunities. The first step towards starting a business is having the seed money for it, and you will be surprised by how many ways there are to get that initial financial boost your business needs.
5 Ways to Finance your Very Own Business
Financing a small business means having at the very least an initial sum of money to get things going. Most people have some savings, but most of the time it's not enough to finance a business and everything it entails. From renting a space to provide your services, through hiring help and getting the necessary paperwork to launch a business, here are the top 5 ways to create and finance the job of your dreams:
1. Open your 401(k)
It can be difficult to think about opening your 401(k), so you have to make sure you have a solid business plan before you do it. The money in your retirement nest egg can be used as an investment for your business, and thanks to tax provisions, you won't necessarily have to pay a penalty. Before you break your piggy bank, consult an accountant on how you should go about it, how you can avoid penalties and how to open an alternate retirement plan when you have your business.
2. Crowdfund your dream
The world becoming a global village thanks to the internet has made it possible for people to ask others to fund their goals. Websites such as Kickstarter.com can help you reach the amount of money you need to open your business without risking your account or 401(k). on these websites, you will need to set up a goal sum and also a deadline to get it, say 10,000 over the course of 3 months. Once you do, people all over the world will be able to contribute to your cause and help you invest in your new business.
3. Get a loan from the bank
Taking on a loan from a bank can be pretty tricky - especially if the business goes belly up. In order to prevent your personal finances and credit score from taking the heat in case of a failure, you can get a special loan for small businesses that several banks, like Bank of America and J.P. Morgan, provide.
4. Take a personal loan
These days you can get a loan not only from banks and credit companies, but also from online lenders that provide personal loans. The best thing about these types of loans is the flexibility in the payment methods and also the amount you have to pay back each month. This means that with personal loans you will be able to get the amount of money you need and have a re-payment plan that works best for you. Doing a personal loans comparison can help you find the best one for you and decide which one is the best for you.
5. Search for unclaimed money
Many Americans are entitled to unclaimed money that they are completely unaware of, and you can be one of them. As of 2018, there are $58 billion tied up in estates, uncashed paychecks, unclaimed pension funds and other places that their rightful owners don't claim back. You can find unclaimed money that you may be entitled to in different unclaimed money search websites and get the money you need to build a business.
Financing a business is one of the hardest things when it comes to chasing after your dream job, and many people stand in place in fear that they won't have the funds to pursue their passion. Luckily, there is more than one way to get the seed money for the business you want to build, and any of the ones listed above can give you the financial jump-start to get up every morning and do what you love most.
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Author, Freelance writer