You dream of starting up your own business and being the next successful tycoon. However, everyone needs to start somewhere. You already have a business format in mind, but you aren’t able to implement it yet, since you still lack the funds for even a dry opening. No worries, as we had enumerated a few practical ways for you to finance your own business:
1. Utilize your Credit Card.
This may have been mentioned first, but it is ranked lower in our list due to the fact that it is also a bit risky. If you ever fall behind on your payment, your credit score would take a hit, damaging your chances of ever getting any future loans. Be vigilant in using your card and never, even for a single month, miss out any payments in order to avoid blemishing your credit score
2. Borrow the amount from friends or family members.
It can never be embarrassing if your intentions are good. The thing about us Pinoys is that we have certain camaraderie, a fellowship that we have come to know as “Bayanihan.” Being helpful towards our friends or family member in need is one of our most common traits as a Filipino, and financing a startup business is a perfect example of such act. Of course, never forget to pay them back, or even give them a piece of your profit, so that you may avoid any grievances in lending after.
3. Try out crowdfunding.
Crowdfunding is the process of rallying people behind you in order to acquire the funds that you would need for your business or offered services. A particular website enables modern-day inventors and developers to showcase their ideas via videos and visual aids, thus, providing an opportunity for community engagement and funding on the needed capital. The more impressive your idea is, the more support that you will get from your potential patrons.
4. Utilize your own savings.
No pain, no gain. No sacrifice is ever unworthy of a great return in investments. Case in point, a startup business funded by your very own savings. We know, you might be keeping it aside for a car, a new cellphone, a house, etc. However, you should also consider the fact that once the business becomes a huge success, you would not only get back the amount that you had spent as a capital, but you would also get twice or thrice the amount that you had first invested. Now, that’s what we call a success story!
5. Get funded by an Angel Investor.
You might be wondering what this means. Basically, they are individuals who inject capital for startups in exchange for ownership equity or convertible debt. Some angel investors invest through crowdfunding platforms online or build angel investor networks to pool in capital. They may provide one-time investment to help the business propel or an ongoing injection of money to support and carry the company through its difficult early stages.
If these mentioned ways are not enough for your own liking, then we have got just the right thing for you. Get a jumpstart on your business venture with a trusted name that offers only the best service possible. Cebuana Lhuillier’s Lucky Loan is definitely your top choice. It is a multi-purpose loan offered to registered entities such as tricycle operators, credit cooperatives and other groups, as well as SMEs such as restaurant and mini groceries, among other businesses. Our network of more than 2,200 Cebuana Lhuillier branches and online presence give customers unlimited access and utter convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time. So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.
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