If you’ve ever been a home based business entrepreneur, you know the top ten concerns people have when looking to get started. Some of these concerns are legit, while others are just excuses. We all know that change is hard, and even though the person on the other end of the phone wants to change their financial situation, most of them are still going to resist.
In my experience, the top concern is always the start-up cost. No matter what the entry fee, people will act like they don’t have the money. But if you’re good at resolving concerns, you’ll find out whether or not it’s true. If it is, here are 12 ways to raise start-up money you can offer your prospects.
- Find something to sell. In order to fully maximize my business, I sold my Jeep. It gave me the exact amount I needed.
- Gather old scrap metal around your property/neighborhood to recycle. Then, find the recycling business that will pay top dollar. Rural areas may not pay as much but will still pay.
- Ask a family member for a loan and pay them back with your first profits.
- Use a credit card. If your choice of business doesn’t accept credit cards, you can get a cash advance.
- Have a yard sale. If you’ve been in your home for more than five years, you probably have plenty of stuff you don’t need that you can sell.
- Take a loan out from your 401k or retirement funds.
- Use your home equity. If the start-up costs are a large some of money, borrow against the equity in your home.
- Become a collection agent. At some point in time, you’ve lent money to someone that hasn’t paid you back. Well, now would be a great time for them to return the favor!
- If you’re handy, crafty or creative, you can make something and sell it. One year, my wife and I gathered up some old crates, took them apart, and made some rustic kitchen hutches. We sold every one of them at a local craft fair.
- Bake something and sell it. This is an add on to number nine above.
- If you’re employed, work overtime. The only secret to this is not spending the money on something else when you get paid!
- Ask a private investor. Create an actual business plan showing your profit margin and present it to a private lender.
HINT: Another idea would be to take a little from every paycheck for a few months and set it aside. I DON”T recommend this method. Nine times out of ten, if your prospect waits, their excitement to get started in your opportunity will fade, and they’ll end up losing their motivation. Urgency in any home business is key.
If you have any other ideas to suggest, please leave them in the comments, I’d love to hear them.
David Allred is the author and creator of CFW. David has been teaching entrepreneur minded people how to earn a full time income working from the comfort of home for nearly a decade.
Think about it. Never miss your kids’ events, set your own schedule, choose your own income and enjoy a lifestyle and income which most people only drool over!
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