Trying to start a business in a world where banks are refusing to help? Try these practical and unconventional tips for raising revenue below.
Recycle Your Clothes
You would be surprised what your gently used clothing can be worth. Take items that you have not worn in a while to a consignment shop to cash in on the old stuff hanging in your closet.
Sell Your Talent
If you can play an instrument, sing, cook for groups or do something special try to market yourself for parties or tutoring services. Most of these talents can pay $100 an hour at parties or $20 an hour for a private tutoring session. That is a lot of extra money for very little effort.
Get Business Credit
People tend to forget or shy from the business credit card. With the credit to open up one of these you can get an instant line of credit to get the things that you need to start a successful business. You will have the freedom to choose the right items and services to get things started instead of just having to stay within a small and limited budget. Just make certain to keep your head and have a good business plan so that you can afford to repay your debt.
Check Re-discounting
This practice requires you to find a lender willing to take a post-dated check. The way it works is that you would write them a check marked for a future date with the principal amount you would like to borrow with some additional interest. The lender would give you the loan and then hold the check until the date agreed upon. They would then cash it and keep the full amount plus interest. This is primarily a short-term loan and can be difficult for businesses that do not have a plan for immediate repayment.
Get a Business Partner
Rather than borrowing money completely on your own, get those friends and family that you are borrowing from to go into business with you. It can be tricky to mix friends and business and so you will need to make sure that they are responsible. If the two or more of you pool your resources, the business venture can be a lot more fruitful.
Give Up a Piece of Capital
A venture capitalist is someone who is willing to pay for your business startup in exchange for some ownership or other stake in the company. These can be anything from a small percentage, to the majority of the stocks or royalty fees. It is easiest to get started this way because of financial freedom. However, you may not like having to consult with your venture capitalist before major decisions.
Sell Your Gold
Uncertainty in the world economy has turned the world’s masses back to gold and other precious metals as a safe place to invest. It is at record levels right now it there is no telling if it will ever be this high again. If there is any gold that you are not sentimentally attached to, swap scrap gold for cash while the price is sky high. There are many electronic and scientific industries that will continue to need gold for materials in spite of what the demand for it as a jeweler’s material might be.
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