With unemployment rates still high and limited job options out there, it's no surprise that more people are turning to becoming their own boss and starting a business of their own to run. If you're thinking about breaking free from a low-paying or unrewarding job to start your own online business, you're certainly not alone! Still, the biggest challenge you will most likely face is initial funding.
Where will you get the money to start the business of your dreams and become your own boss? If you have bad credit and limited experience in the industry, you may feel like your dream is dead on arrival. After all, banks don't hand out personal or business loans unless you have excellent credit, and many alternative sources require steady business income before lending you money. If you need the start-up funds, there are a few option available, including crowdfunding and car title loans in Miami.
Possible Funding Sources
The following options are possible during the initial idea and experiment phase. While it's best to use your own money from savings during this part of the business setup, it's not always feasible.
1. Loans/Investments from Friends and Family
Before turning to high-interest options like Miami car title loans, find out if any of your family members or friends are willing to invest in your new business. Reach an agreement and consider the money an investment with the possibility of a return, although no guarantee the money will be returned. This way, you can both view the cash as a grant with no strings attached.
2. Crowdfunding
Crowdfunding is a fairly new concept and it's a huge boon to start-ups and entrepreneurs in Florida. Unlike high-interest credit cards and Miami title loans, crowdfunding doesn't require a loan as it allows you to connect with a huge pool of very small investors with very few restrictions. If you have a really unique idea or something that people like, you may be able to find support with this option.
3. Credit Cards
If you don't have luck with grants and donations, consider turning to personal credit cards to get the start-up funds you need to get a website up, products ready and marketing down. Of course, credit cards do come with very high interest rates, so make sure you have a plan to pay the balance down as fast as possible, regardless of how the business performs.
4. Car Title Loans in Miami
Finally, if you can't get financing through any other available means and you don't have access to credit, the solution may be car title loans. Miami lenders will allow you to borrow up to $15,000 based on the value of your car and take up to one year to pay back the balance. For many, this can be the answer to their problem. Of course, title loans come with a huge risk, as your vehicle will be repossessed if you default on the loan. Interest rates are also high, so make sure you have a good business plan in place before you use this option.
