How to Fund Starting Your Own Business
Updated: Aug 4
A side gig begins with a good idea. There are many types of businesses. For long-term success, you'll want to start with something you have experience or an interest in.
In 1955, a salesman named Ray Kroc was able to make a good living selling milkshake mixers to small restaurants across the country.
Even though someone else started the McDonald’s restaurant, he ended up being the one with the dream to take it coast to coast. When he came across the McDonald’s franchise business, he decided to turn it into a corporation.
That struggling door-to-door salesman became a millionaire with one big idea. He had a net worth of $600 million at the time of his death in 1984.
He perfected the McDonald’s idea, although not his own, and turned it into a chain business. He realized the income potential and that alone was the drive for success.
What I am introducing you to today has the same structural backbone. Take something you have experience in, something you love to do, or something you see the potential in, and turn that into your own business.
Don't Quit Your Day Job
Don’t quit your day job until your business is thriving and successful, or until you see a necessity to run it full-time. Even then you can hire managers, marketing experts, & other experienced professionals to help you.
Your day job is your backup plan, so you don’t want to get rid of that until you see that your realized “dream” is one worth chasing. I've seen too many people quit their job and do without a paycheck for a business that never even got its foot off the ground.
Weigh out the pros and cons of running your business and then decide if it is worth taking the risk of losing your invested time, effort, and money.
If you don’t have the money to start your own business, there are online platforms that can help you generate start-up funds.
My life and business have given me the privilege of meeting some of the wealthiest people in Alabama.
I've learned that some of those wealthy people are investors who invest in other people’s business ideas. They make their money off of funding other people’s businesses. Ask around and who your connections know. You just might find one of these investors that you have friends in common with.
Service-Based Business First
Another option is to start a service-based business. You can usually run this type of business with little to no start-up funds.
Save the money from the service-based business until you generate enough income to get the business you want to do off the ground.
NOTHING IS IMPOSSIBLE. You just have to learn the ins and outs of how to accomplish your goals.
If you're willing to patiently endure whatever it takes to reach success, you can look back in the future and be glad you did it.
It may mean being willing clean houses, pressure wash some driveways, or create your own delivery service.
A business worth doing is a business worth making short-term sacrifices.
While I don't recommend borrowing money to get a business started, it may be a person's only short-term option. There are ways to borrow money such as through Fundera which is powered by Nerdwallet. There are other loan options as well.
There are also ways to get loans without having to pay high-interest rates.
I've had experience with the Small Business Administration. They can help you get an SBA-backed loan with a low-interest rate and little money down. They offer 7(a), 504, and microloans.
How I Can Help
Having your own business doesn’t have to be impossible. You can find help. Send me an email and let’s get you off on the right foot.
I will research the business you want to start and see if I have some connections or resources that might help you.
I can help you get your business off the ground and turn it into something tangible. I do it for FREE so there's no reason to hesitate in asking for my help!
If you don't like accepting free help, you can make a donation that will help others in need.
Each family has a path. It only takes one person to change that path for the better. Wealth begins with ONE person. Be the one that makes a difference.