Dianacional Business Blog: finance

Thursday, April 6, 2017

Should You Use Other People's Money to Finance Your Small Business?

It can be extremely challenging to find the money to start a business. In fact, this is one of the biggest hurdles most entrepreneurs face. There are many options -- small business loans, investors, small business grants, self-financing, crowdfunding -- but the process of zeroing in on the one funding option that is best for your business may not be a clear cut process.

So, what are some things you should consider when you’re looking for capital to start your business?

The biggest question is: should you fund your business yourself, or should you use other people’s money (OPM) to get your business off the ground? Here is a look at each option.

4 Small Businesses You Can Start for Under $100

1. After-School Tutor - Tutors are needed provide educational assistance in just about every subject area for students of many ages. The key to starting a tutoring business with little investment is starting with one or two students and asking them to refer you to others.
2. Garage Sale Consultant - It takes a lot of work to have a garage sale and you don't always get the results you want. Many people are willing to pay for the assistance of a seasoned garage sales expert to help with pricing, displaying merchandise and negotiating with buyers. If you have these skills, a business as a garage sale consultant may be a great fit.
3. Handyman - Many people need repairs and other small projects completed around the house that don't warrant the help of a professional contractor. If these homeowners don't have the skills or the desire to do the work themselves they look to hiring a handyman. If you are often called Mr. or Ms. Fix It, starting a business as a handyman can provide you with a great low-investment business opportunity.The biggest cost for this business idea will be liability insurance.
4. Personal Concierge - A personal concierge handles your errands, manages your schedule, takes your dog to the vet and helps to plan your travel itinerary for your next vacation. Starting a personal concierge business can be a great small business idea for anyone who enjoys assisting others, has a flexible schedule and thrives on variety.