If you’ve finally decided to start your own business, well then congratulations! However, now the real hassle starts. From office space to funds to employees, you need to focus on all these factors to make sure your business is set up properly. If you are in need of funds, here are some of the easiest and common solutions you could try out.
1. Fund yourself
If you are strong player and would not take no for an answer and are sure that your business will be successful, then do not hesitate to invest your savings. You could also opt for interest free credit cards. Your investors would also be more interested in your business since they know you are completely in the game and will work hard to achieve your dreams since you’ve put your own money. It will also assure them that the company will not be in debt since you haven’t taken a loan and not be blacklisted by credit rating Hong Kong.
2. Family and friends
If you don’t have much personal savings, these guys could be of great help. Your family and close friends must truly believe in you and hence would not hesitate to help you out to start up your business. The benefit is that they would most probably not charge you any interest and also will allow you to take as much time you need to pay them back. No interest, no time period, what more could you ask for? However, the downside of it is that money is never a good thing to come between relationships. If there is any problem, you might end up losing the ones closest to you.
3. Small business loans
You might think bank loans are not a good idea since banks are very stringent on credit worthiness and credit rating. They might see your business to be unsuccessful and hence be reluctant to lend money. However, if you have a great business plan with you, they might be willing. Show them that you are confident about your business idea and determined to make it successful. Sometimes, confidence is all what you need. Some banks and financial institutions give loans for entrepreneurs at concessionary rates since the government encourages it and gives tac concessions to them for helping small businesses. Use it for your advantage and approach them. See this page if you are looking for some information regarding due diligence.
4. Angel investors
Angel investors could be a great choice too. These people are always willing to give a helping hand to small business owners. However, you need to keep in mind that these investors own a part of your business and hence you have a responsibility to act in the best interest of the business and keep them satisfied. If not, they might take out their investment