Save Your Pennies Many business owners used their own savings to start. Cut out the daily latte or nightly takeout to save $200 to $300 a month and reinvest it in your idea.
Find Investors Start with friends and family. They can give small loans interest- free or at a low rate. If you need more money, map out a business plan, and then join industry associations and trade groups (also look online at sites like GoBigNetwork. com). There, you’ll meet potential “angel investors.” Just know that if they give money, they’ll own a stake in your biz.
Take Out a Line of Credit Apply for a corporate credit card to cover some initial expenses. Warning: You’ll be responsible for the debt if your biz fails.
Apply For a Home Equity Loan Some banks will let you take out a second mortgage for as much as 85 percent of your home’s total value. The only snag? If your business tanks, you could end up living with your parents.
Look into a Small Business Loan Once you’ve launched (even just a website might do), gather paperwork, such as earnings, tax and pro forma statements, and update your business plan. Then take your case to the bank!
Plus, more from The Nest:
The Best Credit Card Rewards for You
Get the Most from Your Savings Account
Stock Up: Investing for Beginners
See More: Career Coach , How to , Investing , Money , Money Q&A