As a budding mompreneur, you’re already an expert in juggling multiple responsibilities, working through long nights and putting the needs and interests of others above your own. The beauty of running your own business, however, is that it’s you that is firmly in the driver’s seat, and you’re in complete control over the success and projection of your investment.
You may have a dozen of potentially great business ideas up your sleeve, or maybe just one that you’re certain will take you from great mom to entrepreneurial matriarch. But there’s one thing standing in your way – funding. Sourcing the capital to hit the ground running with your business is one sticking point that prevents many mompreneurs from taking that first step – for more advice on how to fund a new venture, click the link.
It’s worth remembering that although many great businesses had humble beginnings, they also had funding that gave them the flexibility to chase their dreams and make them a business reality. In this post, we’ll explore how to source the funding for your startup ideas, read on to find out more.
Asking Friends and Family
Depending on your personal circumstances, reaching out to friends and family to help you with your funding could be a viable option. Of course your friends and family may not be in a position to give you every penny you need to completely fund your business idea, they could – collectively – be able to give you enough money to hit the ground running, buy supplies, purchase the software you need or the stock you have in mind. Asking your loved ones for a lump of cash might not always go down well, so consider approaching them fully prepared with a business plan and a full, detailed explanation of how their money will be invested and when they’ll expect to have it returned.
There’s No Shame in Bootstrapping
If your financial options are limited, then bootstrapping is the perfect way to get started. Bootstrapping means funding your business with any personal funds you have available, whether that’s whatever is left in your bank account at the end of the month, or saving as much as possible on your monthly budget and funnelling those savings into your business idea.
While progress may be slow, you won’t have the added pressure of interest rates or banks breathing down your neck. You could use bootstrapping to get yourself started and then reach out to another source of funding when you’ve already laid your business foundations.
A Bank Loan
The most traditional method is often the smartest and most effective one. While many people may feel uncomfortable reaching out to their bank for a loan, for others it’s a perfect way to source the funding they need to get their business off the ground. As long as you have a good credit history, can make the repayments and have a strong business plan, there’s no reason why a bank loan shouldn’t work for you.
The road to being a successful mompreneur is a long one. However, with the right approach and funding behind you, you’ll be closer to your goal of owning a business whilst enjoying family life.