A genius business idea with the right execution can completely transform your life. But it’s not all that simple. Building a business from scratch requires hard work, determination and well, like most things in life, money. In this post, we’re summarising some popular sources of finance for kickstarting a business.
1. Employ Personal Savings
Using your personal savings is one of the most convenient and conservative sources. You don’t have to be approved by a lender and it doesn’t dilute your control over your business operations.
However, on the flip side, there’s only a limited amount at your disposal. If you’re willing to take a risk, you could take out a home equity line of credit on your house. But in case your business fails to take off, you can lose everything.
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