Have you been hopelessly searching for small business funding for a new venture? Well, today I’m going to share my #1 secret with you for finding money to start a business – and without the need for HUGE start up loans. Drum roll please. The secret is Bootstrapping. I know it sounds quite simple, but it is no less effective. Unfortunately, many of us have been trained to believe the only way to start a successful new business is with bank loan financing. This is simply not true.
Having done it both ways (with start up loans and by bootstrapping) I can honestly tell you that bootstrapping is what I practice and preach. I remember all too well the sleepless nights my husband and I would have pacing the floor when we were first starting out in business. We were “up to our eyeballs” in bank debt – all the while juggling cash flow from our seasonal business. Although we had a very profitable company with annual sales of $2.7 Million, we soon realized that funding our small business with debt financing was eating up all of our profits! This is just not the case with a bootstrapped business. The profit you make is the profit you keep.
We ended up selling that business in March 2005 – and never looked back. It did however teach us a valuable lesson: never use borrowed money to start a business if you can help it! The repayments inhibit true growth by eating up all of profits – and you’re still not free. The borrower becomes the servant (some say slave) of the lender, until the debt is paid in full. If for some reason you cannot repay the debt, the lender takes possession of everything that you’ve worked so hard to build.
Now I teach budding entrepreneurs the secrets for finding small business funding without BIG bank loans. I love my job as a Certified Start Up Business Consultant. I would have never taken this career path, if I had not experienced first-hand the perils of building a new business on a mountain of debt from huge start up loans. Did You Know? You can find the money to start a business by bootstrapping – even if you have little money, poor credit or don’t own a home. Get started TODAY!