How To Find Money You Don’t Currently Have In Your Possession.
Not having money to start a business to get out of the daily grind has been a growing theme in the past few years. People see the value of having the ability to start and grow their own business – for the mere purpose of having the power to control their time and financial freedom.
However when it comes to taking that step to do so, often I hear the complaint or excuse that they do not have the money to start or that they just “don’t have any money”.
I’m sure if you were to jog your memory, you could find a few sources to get started. Although some of these sources might be either painful or have you swallow a bit of pride to actually use them.
Here’s a few tips on where to look for money to start your business up the right way.
Your Own Funds
That’s just what it says. If you say you don’t have money, perhaps it’s time to prioritize your priorities and start making arrangements to start your business.
I’ve not exactly been in the scenario of being hundreds of thousands in debt, living in a van on the river. But if it did get to that point I’d be sure to make better decisions and start learning how to generate financial freedom using leverage of other resources.
Borrow From Your Retirement
Most people these days that have a job are able to contribute to a 401k. That said, you can also take a loan out from it and pay it back without having to pay huge penalties on it.
I did this a few years ago before I started in business and it does make it a bit easier to purchase some larger ticket items. Just be cautious as to how much you take and know that you can only have 1 or 2 loans out at a time. It all depends on the company that is handling your 401k.
Borrow from Life Insurance
Borrowing from your life insurance is an option that most do not know they have. It’s just like making yourself a loan to your retirement account. This is because it’s an asset that continues to grow throughout time as you invest your money to it.
Look at Your IRA Account
Although there will be penalties for taking out your IRA, you definitely have the option of taking your funds out of your IRA (Individual Retirement Account).
I would encourage you to talk to your tax consultant and see exactly how much you will be penalized and then make a decision as to how much you take out or if you take the whole thing.
Getting yourself setup financially is the whole goal of starting a home based business. Just like any other business, it’s not a fly by night sort of thing that you invest and then expect a check to come flying in. Hard work is necessary – but we teach you the shortcuts to getting there faster.
That said, if you’re coachable, teachable, and passionate then you will be far better off taking out your IRA and investing into yourself and family.
Home Equity Line Of Credit
For some this option is not an option because you have to own a home that has equity.
The other issue is that the pure volume of banks that used to offer this sort of service is just not there anymore but the banks still do use them.
If you believe this is an option you should look into, you’ll want to get started as soon as possible. These types of loans can be fast but if you have credit issues, you’ll need to start cleaning things up.
- LOC (Home Equity Line Of Credit). The rates are typically very low and can fund a business start-up or give your business some capital that will allow you to multiply your money. Want to find out more about multiplying your money?
Sell Your Stuff On Craigslist
I’ve seen it done many times over but it’s one thing that seems to be removed from the equation when people go looking for money.
It’s crazy how much money is locked up in items that are just sitting around the house. Turn this into start-up capital to get you on track to setting your home business up on the right track.
Sell On eBay
This one is a bit more involved than Craigslist but if you are looking for a steady stream of income on the side, you may consider selling your items on eBay.
I’ve personally been able to sell on eBay and make that extra $500/month that everyone refers to. You know how the statement goes..”if I only had another $500/month, I’d be able to (insert desire here)”
Sell other people’s stuff on Craigslist or eBay
I’m not one that loves to do e-commerce which can be very profitable if you know the right way to do this sort of money-getting strategy.
This type of money-getting strategy can be very profitable in a very short period of time. Selling on Craigslist is a great way to go due to the nature of it. No fees.
eBay on the other hand has its upside of being world-wide and therefore a bigger audience – but you pay about 12-15% in final value fees.
Sell Your Extra CarIf you have a car that is just sitting around and you rarely or never use it, take it off the books and sell it. You’ll be happier that you have more space and that it’s being used by someone who needs it.
Sell The Boat, Jet Skis, or Motorcycles
Where I live it’s not too often that you can use a boat, jet skis, or a motorcycle. So it makes perfect sense to sell one of these items and start a business using the funds from one of these items.
The mindset that you would have to have is that you will be able to buy something newer or better after the business is thriving. Typically the amount of cash you can gain from one of these items is well over the range it takes to get all the tools you’ll need for an online business.
Above you’ll find ten different hacks (with one bonus) to get money to start a business from home. If you’re not able to find money from these strategies, I’d have to question your desire to be free financially as well as get your time back.
Like most in this economy, people are struggling in a very honest and sincere way. If you’re really, truly looking for a way to change your life financially, I hope you take these suggestions to heart and get the money you need to start a business.
I’d love to have you join me in business but if not, I hope this is what you were looking for to start your business or help it get to the next level with advertising.