Life always seems to be a challenge. Yes, we get some great times when everything seems to be working wonderfully and flowing our way. Too often, though, we find ourselves in the midst of challenging times. Even the basics of living, such as making enough money to make ends meet, can prove to be difficult month after month. If you work for someone else, you toil endlessly and have very little to show for it after you pay all your expenses. That’s because, as an employee, you exist to make someone else rich.
Some people go through life and are okay with being an employee throughout their career. Others, though, find themselves yearning for more freedom and rewards. For them, the opportunity to chart their own course in life and be their own boss has a compelling, almost magnetic pull. They yearn for a world where what they do truly matters, where they have an opportunity for personal and financial success. Then one day, in the midst of their yearning, a great service or product idea comes through and their business is soon to be born.
Tap into the Equity in Your Home
When you start a new venture, one of the first things you’ll have to figure out is how to capitalize your business. You need to be sure you have adequate cash on hand to fund your company through the early days. This is especially true if you have a product you are producing. As a homeowner, one possible way to raise needed capital is to tap into the equity in your home. If you refinance at today’s great rates you can probably save money on your monthly payment and you can pull cash out based on the increased value of your home. You can also free up cash by securing a second mortgage line of credit.
Selling Your Life Insurance Policy
Often times in life we spend the majority of our years working for someone else. Then, as we get older, we finally come to a time when we ask “is this all there is in life?”. We start looking for a better path, and from that quest our new business startup is born. If you are older and own a life insurance policy, it’s possible to put money in your pocket now by selling your policy to an investor. Basically, the investor gives you cash for the future value of the policy. Once the value of your life settlement is determined, the investor will make future payments and will then collect on the face value of the insurance policy when you pass on.
Getting Funded by Your Future Customers
With the advent of the Internet and social media, it’s now also possible to set up a funding account and get your future customers to give you the seed money you need for your startup. When you reach your potential prospects and get them excited about your new product or service, they’ll often pay in advance so they can be one of the first to receive what you offer. By using social media to build a great marketing campaign, you can create a viral buzz that gets the market excited about your product or service. From there, friends will tell friends and your momentum and funding will grow. The viral excitement may also get you media coverage, and from there you’ll see your idea and money soar.
