Jacob

Hello. I was just wondering. When you are starting a new business or maybe extending your other businesses. How do you come across about doing that? I mean how do you prepare the funds.

Extending or starting a new business is a lot of money. It only gets higher I suppose. So how do you make sure you have the appopriate way to fund it without making risks?

Thanks,
Jacob.

Christopher D

Obviously would first make sure you have saved the proper amount of funds. Then if you had enough saved and also enough coming in to pay out what needs paying. Then you would be able to proceed.

Matthew S

I would agree. You would need the money saved away so that it dosen't affect your income. Then when you have enough saved and enough coming in. Then buy and expand.

William P

I get a job related to what I am trying to fund. There I can earn from something simular to what I want to establish and also at the same time get some experience and reputation in the niche I am going in.

Emily A

Very good method. I like that.

It is good because reputation will get you somewhere faster. Providing that it is all good reputation you have.

Olivia

I also get jobs. Usually I look for online work. However some work gets boring so I am currently trying out some new and more professional things to get funds for projects.

Zippy

Networking is the cornerstone around which all sustained business will be built. Do a good job for one client, and everyone in his network will want to know who did it.

Or, alternatively, you can ask each satisfied client to recommend you to his friends and colleagues.

Worked for me.

Matthew S

That is a very, very good way to do it Zippy.

For example say you create a website for a popular company. Then all the competitve companies want a simular one or maybe the same designer to do a better job for them.

I know what you mean.

Christopher D

Even though this is for my online business. I will tell you here as it can be used for online and offline businesses.

What I do is. I ask a relitive. Usually one who you are close to and as some spare cash. Explain the business to them. I always get loans this way and this way is better also as no debt risks with companies and banks will occur.

Less pressure.

Alan

you could go into a 50/50 partnership or what some people do is when planning to extend is put some of the profit aside and use that, its always better when you can come up with your own cash instead of getting a loan from the bank in my opinion.