FUND YOUR BUSINESS WITH MULTIPLE STREAMS OF INCOME
By LM Preston, Author of Building Your Empowered Steps and
Homeschooling While Shaping Amazing Learners www.EmpoweredSteps.com
I have started many businesses in my lifetime. I know the
process to get the work side up and running, but finding ways to fund larger
scoped business ideas caused for creativity and the art of selling the idea
before it was fully developed.
Pitching your business is a skill that works best when
thought out. Giving your business and idea a ‘catch phrase’ will allow you to
use that catch phrase for every facet of your business platform. It also helps
when finding and recruiting funding sources for your business.
There were several ways I have funded new businesses and
observed friends fund their business with much success, here are some below.
Family and friends investing in each other’s businesses.
This is the way many families help each other achieve their business goals.
Investing in each other first. It is a first stop option for many small
businesses. My family used to have a family relief and business fund where all
of my grandmother’s sisters and brothers would pay $500 every quarter into and
the family member in need would get the loan or payout, then pay back into it
the next quarter so that another family member would get the loan or payout.
Grants, State Funded Programs or utilize credit lines if you
are sure your business could benefit from these options.
I personally, seek businesses with the least amount of
capital needed upfront. I consistently reinvest in my business and when needed
have investors that are willing to step in after I pitch a viable expansion
idea. However, when publishing books, games, or selling specialized products,
crowd funding can pay off in a major way by allowing you to find investors.
All businesses require initial capital of some sort, think
of ways to create a business with multiple streams of income and sells
potential.
My business Empowered Steps has a focus on coaching. I
started with mentorship coaching, then expanded to include coaching parents,
college students, career candidates, publishing, course creation and now
recently added a financial investment and trading aspect to my coaching. All
facets of the business fits nicely under the business focus and allows growth
with the least amount of capital needed for startup or expansion.
Be creative in funding your business, and you will be
shocked at the amount of resources you have acquired to get you off to the best
start possible.
By LM Preston, www.EmpoweredSteps.com
