We are in a times where you must make money. Anyhow as long as it is legal means. A small business is a good source of income. Even when you have been employed, you need to have other sources of income calling a side hustle. That is an extra source of income. This will hold you up in case you get fired or anything happens to you. If you wondering how to start this small business, and don’t have source of capital, read on and get tips.
Source of capital
If you have had any saving from your job, this can be a good source of capital. You only need to identify a good venture take part of the savings and get started. You should not invest all the savings in the new business however, because, its business, can fail or prevail. When it picks continue saving and use the money for earned from business to make more orders and expand the business.
Family and friends
If you are lucky to have a family that can finance you, then good for you. You can explain to your dad, mum or siblings what you have in mind and have them support you. They can either give you the money as charity of loan you out. The good thing with family loan is that they don’t charge interest and in case the business fails they will understand and pardon you or ask you to pay in lesser installments. Friends can be another good source, your best friend can be of help during this moment. Talk to them and promise to refund the cash soonest.
Although this is not a good idea, when you do not have any other source you can approach the bank or other financial institutions for a loan. Make sure to understand the terms of payment, including interest and consequences of default.