Best Ways to Fund Your New Business without a Lender

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  • #5045
    Avatar of SusanSusan

    While there can be numerous sources for new business funding via lenders – which also includes money from credit cards – there are many scenarios that may not lend themselves to getting any type of loan or credit at all. But does this mean that you should give up your new business idea completely?

    Not at all. In fact, there are actually many ways that you may be able to come up with some or all of the funding that you need, without having to meet any credit guidelines, or even having a loan to repay.

    For example, if you have any money that is just sitting in a savings account, it could be wise to use at least some of these funds to put towards your new endeavor. Today, with banks and other financial companies only paying out 1% or less in interest on savings and money markets, the funds could end up providing you with a much higher return if they are used for a new company or idea.

    You could also come up with the funds that you need by selling items that are no longer needed or wanted. For example, take a quick look around your house or apartment. Are there things that you have not used in many months (or longer)? An unused computer, for example, a video game console, or possibly even some unneeded jewelry? While it may not sound like much, if you truly take a good hard look, you could find that you have several hundred, several thousand – or more – dollars worth of items that could be sold in return for start-up cash.

    Today, with the tremendous reach of the Internet, you can quickly and easily post the items for sale – in turn, putting cash in your pocket within days, or even hours. Websites like eBay and Craigslist provide the ideal forum for taking your business funding needs to the next phase.

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    • #5082
      Avatar of Matthew KingMatthew King
      • Total Post: 164
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      Business Consultant 1

      I am glad that you brought this up as another to supplementing start-up cash. I still do this to a degree by selling collectables on Amazon. I don’t have big store and I only really sell every now and again. However, anything i’ve sold and shipped I bought so long ago that $100 is $100 I didn’t have today. Another way to complementing a business start up is reaching out to co-founders or “a shark tank” of people that might be willing to dive in for a piece of the pie as it grows. This is known as sweat equity that only takes time and effort rather than money investments. You may have a great idea and others might agree with you and be willing to put in some work to make it real.

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