CHICOPEE, Mass. (Mass Appeal) – You have an idea for a home-based business, but where can you get money to fund it? Business Coach and Consultant Mychal Connolly and John Sortino, Founder of Vermont Teddy Bear Company and CEO Cambridge Entrepreneur Academy, shared a few ways to get capital to help you get your business off the ground.
Getting Capital to Start Your Own Home Based Business (Ex. Bakery)
- Government Funding – If your business is going to create jobs, then government funding is available, especially in communities, where unemployment is high and jobs are needed.
- Willow Tufanio method: Willow wanted to buy a house with her mother, she needed 6000 dollars. She built a web site, and sold used household items that were put to the curb.
- Sacrifice where you are for where you want to be. When Mychal started Stinky Cakes instead of going to restaurants to eat he bought business cards. Instead of buying expensive clothing he bought postcards. Instead of buying a car he bought a website. He then used those business cards and postcards to send customers to his website. Once he started making money he invested it all back into the company.
- Ask family and friends for small amounts. This will help you to sell your idea. You don’t want to have your family or friends to put in a lot of money that would hurt them in case your business fails.
- Get a wealthy angel investor. If your idea is to build a business that has worth after 3- 5 years, and has an exit strategy, then investors will be interested.
For tips on starting your business click here.