This is a question that has always intrigued me. Finding out the many different ways that businesses have funded their adventure and growth. I have had the pleasure of starting three businesses all with different types of funding.
My first business started off of no funding period. I didn’t have a dime or even a website to speak of. The business actually began off of a forum like this one. I was just looking for information to read and to find out how a few extra tips about insurance products. After a while, I was able to help some of the members that were also on that site and build a business that helped those members, provided commissions for both the members and myself (a small 5% percentage for myself) to build the first business. It was pure luckiness is what it was.
The second business and also a failed one. I had taken a loan of about $20,000 USD to start a online retail store that focused on military veteran type products. However, it also had an additional facet to it. It was made to donate some of the profits to military charities and to be a free service for veterans to find resources and get help. I thought it was a GREAT IDEA! However, I was alone in this endeavor of mine. I would have loved to see it work myself as I am a veteran as well. After six months, I did sell products and did well on the retail side. However, my dream of developing an established service to veterans struggled and I didn’t have the resources for myself to build upon this second business, help veterans, and run the first business. I was unable to get the business truly going. In November of 2015 I closed the business.
The third business (after I paid back that $20,000 Loan), I started in February of 2016 it was strictly online based and I said I wasn’t going to dump money into something that hadn’t generated its own revenue stream. So again, I started without a website, with no capital, and the only resource was myself. I began a web designing business which stemmed back to 2007 in my early days of coding and design class. I did some small jobs here and there to get the ball rolling, then got help with staff members willing to work as hard as me. The business took off and I have now ran both businesses successfully for two years.
Let me hear your story, how did you start your business? Does anyone have a case where they took captial and made way more in the first few years?