You may be one of the many people who choose to start a small business each year. You might just want to be able to work from home, be more available to your family, or just be able to get away from a boss peering over your shoulder everyday. Whatever your reason is, you most likely need some money to get you started.
If your business idea is small enough, it is possible to get it off the ground without having to get a loan. This is a much better, and easier, route to go in the long run. Funding your own business without a loan rids you of the need to pay this money back when your business gets off the ground. You will most likely agree that it’s much nicer when you get to actually KEEP your profit.
A lot of small businesses can be started by simply saving the money you need for supplies. For example, if you are interested in beginning a gift basket business, the first thing you are going to need is baskets, and lots of them. You can find these in many places, but if you happen to live near a basket factory, you can buy a lot of them for a bulk price. As these will be an ongoing need for your business, it is impossible to buy too many of them.
Decide what sort of baskets you will specialize in, and buy enough supplies to make a reasonable number of those baskets. Use your printer to make flyers for advertising in shops and anywhere else that allows flyers to be posted. At first, you can simply use your existing telephone for business calls, so you don’t have to pay for a second line. Take the money you start receiving for the baskets you sell and reinvest into the business. Branch out and start making custom baskets.
While that is only one example of how this can be done, there are many other small businesses that do not require a loan to start. If you are more eager to get your business up and running, it is possible to take on a partner, or an investor. Either of these options should be entered into only with people who share your dream or vision, or it will simply not work because your business will never be truly yours.
Think seriously about what you want to accomplish with your business and go from there. Plan for your venture and make a list of everything you need in order to begin it. It might just be easier than you think to keep banks out of the picture.