Feras Alhlou walks through five ways to fund a services business: save and cut expenses, find a silent partner, bring on a working partner willing to take a salary cut, get an SBA loan, or use non-traditional options like home equity or zero-APR credit cards. He warns that the last resort methods require discipline and family support.
Afraid you won't have enough funds to start your services business? Here are 5 proven ways to get funding. Save and cut. Yes, it sounds boring, but it works. Figure out the minimum amount of money you can live on and then build a nest egg. Find a silent partner who'll fund the business and your salary. Find a working partner who's willing to take a salary cut until the business is profitable. Loans from business organizations like the SBA. And number 5, and these are non-traditional ways. Only do these if you're very financially disciplined and your family's on board with these decisions. You can borrow against your home's equity. You can open credit cards with zero APR offers, or you can borrow against your retirement fund. These are a last resort.
