Posted by Trina Newby on November 15, 2008 at 8:01pm
Raising money for your business can be quite a challenge and with today's economy on the low, it's almost impossible to get a small business loan without having to have at least 10-20% of the amount requested already in cash as good faith on your part or pay a higher interest rate. In addition, you must have what they call a good, "liquidity ratio". That simply means they want to see seasoned (90 days or more in account) cash in your checking.If you're needing $5,000 or less to give your business a cash boost the best thing to do is to come up with creative ways to raise the funds yourself. Below are 3 ideas:1. It's the holiday time and other business owners are trying to show their wares. Think about giving a holiday expo using the local community center. Charge a reasonable amount for vendors. Depending on the space arrangement, you can clear about $500 to $1500.2. Sale your electronic items that you are not using. Have one too many computers, televisons or game players? How about holding a garage sale. Speaking of garage sales, I know of a client that raised more than $5,000 holding garge sales twice a month for about 4 months. She also went to other thrift shops and found other things that she could sell. With so much success, she decided to join a swap meet and do it on a regular basis to help fund her business.3. Hold the old fashion fish or chicken fry and sell dinners over a period of weekends. Let your friends, associates and family know that you are raising investment funds for your business. Design and sell tickets ahead of time.The above are just some ideas on how you can raise money for your business. There are hundreds of other ideas and I'm sure you probably have some yourself. Grab some quite time and sit down for a brainstorming session with yourself or friend. Think of at least 10 ways you can raise funds for your business without having to borrow it or getting a loan.Make sure you open up a savings or separate checking account to deposit your funds as they come in. This way you'll be able to keep up with how much you're accumulating and also gain motivation from knowing you don't have to pay it back, it's yours!For more great ideas on starting or growing your business, click on the link below and check out the Women About Biz website.Click here for Women About Biz WebsiteHere's to your successTrina NewbyYour Business & Success Coach
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