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10 Ways to Finance Your

Home BusinessBy: Xandra J. Zielinski 10

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Here are some options on how you can finance your new home business.

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The customersThere are several ways you can get funded by potential customers.

The best way is to demonstrate your product or service in a way that creates demand for it instantly.

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You then just need to get orders or a written letter of credit, and using that as

part of your legitimate business plan, you should have a much easier time getting financed by one of these other options.

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Check your assetsEven if you don't have a bank account stacked with money, you

probably have some other assets. If you own your home, you could take a home equity loan or line of credit.

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There’s the possibility to borrow from your 401(k )or IRA savings account as well.

Selling expensive items you own will also bring you some startup capital.

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Borrow the money from friends and

familyDon't panhandle, but if you are a trustworthy person and know someone that would loan

you money, it's not an awful way to go.109 8754 3

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Just be careful about legal issues here.

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Credit cards

Financing with maxed out credit cards can include some huge risks and high interest

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Bank loansA bank loan to finance your home business is a

good way to go.

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It works along the lines of a mortgage, with monthly

payments and a fixed interest rate.

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SBA 7A Loans

With these loans, the Small Business Administration pays back a portion of the

loan if the small business fails.109 8754 3

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Micro loansThese micro loans are administered by the

Small Business Administration affiliates, and work with small businesses that often might not

get funding.

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Trade creditBy establishing a relationship with suppliers, you are able to

receive product without paying at delivery. You would typically set up a period of time to handle payments, this way you can

make money before spending everything you have.

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This can free up funds for other things.

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Social lending

Social lending involves private loans acquired The terms must be discussed

and set between both parties, and then an

intermediary usually handles all the transactions.

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InvestorsSometimes business men are willing to invest in a company for partial ownership. The perk here is that this isn’t a loan. You don’t have to pay anyone back, but that partial ownership

means that you will probably be faced with the challenge of working with someone else on

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NHBS Inc provide start-up capital

and small business equipment financing

Contact us!https://

www.facebook.com/NewHorizonBusinessServicesInc https://

twitter.com/NewHorizonOrghttps://

www.youtube.com/user/CreditRepairCoachhttp://www.newhorizon.org/

customerservice@newhorizon.org

1-888-308-7160