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The first part is Personal Savings Personal Savings A lot of people dream about owning their own business. Ive seen potential businesses close their doors even before theyve opened. Why? One of the problems is their failure to secure any type of business financing. Personal savings are probably the number one financing source that most businesses take when starting a new business. These are the most important sources of finance for a startup Seek investment from family, friends. Besides the capital accumulated from ourselves, then the mobilization of family and friends is one of the most effective search for capital. Because they are the ones to supporting your success will be easier compared to other funding sources such as banks or credit institutions Credit card The following, I will tell you one more way to have more financial resources for the activities of your company. That is to use a credit card.
Personal Savings • Personal savings are probably the number one financing source that most businesses take when starting a new business These are the most important sources of finance for a start-up • Nobody is going to want to invest in your business if you not invest in your business yourself Personal Savings • • You won't incur any interest expense • However, most beginning entrepreneurs don’t have adequate personal savings to fund a business start-up and no one will come after you for money if your business fails or isn't successful right away Seek investment from family, friends • Besides the capital accumulated from ourselves, then the mobilization of family and friends is one of the most effective search for capital • With advantages such as easy to convince, fast, simple, many young people see this as an end to his career entrepreneur But you also need to understand, these funds are very difficult to control time Whenever, you can also be active on the issue of pay Seek investment from family, friends • • Find funding from partners • • Mobilized from the general business This method is quite popular choices when starting a business By convincing those who have idle capital flows to invest in your company In some cases, start-up from a group or at least two people With a unique idea, a full feasibility plan, you absolutely have the ability to search for people starting a business together Venture Capital • • • Venture capital is money for new, young, and/or small businesses that typically have little or no access to capital markets • Typically, venture capitalists decide which companies to invest in by reviewing hundreds of business plans, meeting entrepreneurs and company managers, and performing extensive due diligence on investment candidates Although some venture capital comes from private individuals, most venture capital comes from venture capital firms If and when the venture capital firm invests all of the fund's money, or if it simply wants to expand its investing activities, it may start another fund Venture Capital Advantages: Disvantages + Business expertise + Loss of control + Additional resources + Minority ownership status + Conections Bank • • • • Banks may be one of the first sources that come to mind when you begin searching for a small business start up loan it may be difficult for a new business to get a loan from a bank since lenders usually prefer to lend to established businesses I suggest you approach your bank and get to know the commercial banker Remember, you need equity to leverage a small business loan credit card • • • • • If you have good credit - is the easiest way to get money to start a business Credit cards allow customers to "pay down" the amount paid in the account So, equipment, suppliers, advertising and postage (for mailings) can all be purchased with a credit card But using a credit card to start your business bears some significant risk, too If you're not careful you can quickly run up a huge credit card bill - a bill you'll be responsible for paying whether your business is successful or not Insurance Companies • When starting a new business, you should borrow from the insurance companies as an individual • After at least a year, the insurance company will sign a contract with your borowing unsecured loan if you have demand for loans with lower interest rates than banks • In Vietnam currently only two companies that VP Bank and Prudential Finance to support borrowing unsecured loan banks conclusion • • • Money is the lifeblood of business Financial intelligence is the ability you can think of how many different financial solutions to manage a problem Money is the lifeblood of your company