Do you have a billion-dollar idea or an idea for a new company or product that could take the market by storm? If you do, then congratulations! The main problem most people with a great idea run into is taking the next step, getting their idea off of the ground.
A quick internet search can show that most businesses need a website, tech team, office space, retail space, and enough cash to cover initial startup costs such as:
- Rent
- Equipment
- Salary
What all of this boils down to is one simple word, cash. This stark reality often brings people down to the ground and most likely there are a ton of great ideas that stayed just that, ideas. Here are four ways to get your idea off the ground and make it a reality.
Bootstrapping
For many entrepreneurs, the first step that they can take to achieve their dreams is bootstrapping. Bootstrapping is a shortened version of the old adage “pull yourself by your bootstraps”.
Basically, it tells people to help themselves. Bootstrapping asks business owners to look to these sources for funding:
- Personal savings accounts
- Stocks
- Bonds
- Credit cards
- Home equity lines of credit
For many, this is the preferred method as it makes sure that you have “skin in the game” so to speak. It also allows for entrepreneurs to avoid extensive loans, especially as they work with their idea as the business works towards profitability.
Family and Friends
Asking family members and friends for money can be an anxiety-inducing task, even for something small and innocuous. Asking for funding for your business? That can be a whole new level of stress. However, family and friends can be great sources of funding.
While single members may not be able to fund your business outright, several family members and friends may be able to pool together enough money to help fund your initial investment.
What is even more beneficial about this source is a friend or family member may be so impressed with your idea that they put you in touch with someone they know that can provide guidance and who may want to invest as well.
For a business owner, it is never too early to network.
Before approaching family and friends and asking for money every future business owner should have a business plan that answers the following things first:
- Identify clearly what your idea, product, or service is
- What exactly will you be selling?
- How much will you charge?
- What will your profit margins look like?
- What equipment or products will you need?
- Does your business need a physical storefront?
- Are you asking for a loan or a gift?
- How will you pay loans back?
- What is the timeframe?
- Will they get interested?
- Are you going to provide ownership of the company?
Get a Las Vegas Business Loan
If you can show that your business is working at a small level after bootstrapping it or you can present a business plan that makes sense chances, are you can procure a Las Vegas business loan.
Many businesses offering loans are always looking for local business owners to support. A business loan can help supercharge your idea or can help your new business grow at a rapid pace.