One of the tallest hurdles facing new businesses and entrepreneurs is funding their new venture and the fact remains that securing loans for any new project is next to impossible. Many people are willing to put themselves in debt by maxing out their credit cards, using their savings and borrowing from family and friends to come with enough money to get their project off the ground.
Face it, getting a new product to the market takes time and money and most times the money is going to be hard to come by. It is the experience of many entrepreneurs that it’s nearly impossible to get a loan for a new venture unless you prove to can the bank that you really don’t need the money. However, if you don’t need the cash, many banks will trip over each other to get their cash into your hands.
There is a way to fund your project without borrowing money from banks, friends and family. While venture capitalists sometimes want more than a piece of your business, they will want to see one of their representatives involved in how your business operates before they put money into it. And, many times if things don’t work out the way they think it should, they can pull their money out leaving you broke.
The best way to launch any new product or business, regardless of its scope, is to design a program that is self-funding, bringing in money for product development, packaging, marketing, advertising and sales. You believe in your product so strongly that you are willing to put all of your available financial resources into it, but there’s no reason you should have to. There is a way to find the funding without leaving you and your family without grocery money.
Finding people, friends, relatives and total strangers with money waiting to be invested in a good product or in a valid business is never difficult. However, you will have to show them a good return for their willingness to help you get the business off the ground.