Like it or not, starting a business requires some level of financial investment. Because bank loans are hard to get, especially with no track record of revenue, entrepreneurs often reach into their own pockets to fund a startup. But if those pockets are empty, it’s time to get creative.
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Learn More About LLC’s or Limited Liability Companies
👉WHAT IS A LLC – https://www.youtube.com/watch?v=I22XvWHC_pI
👉DO LLC’s GET TAX REFUNDS? – https://www.youtube.com/watch?v=d4VTnJ-N5B4
👉7 BENEFITS OF AN LLC – https://www.youtube.com/watch?v=uBaN3D56GO4
👉WHAT CAN A LLC DO IN FLORIDA – https://www.youtube.com/watch?v=7P_gI06xUUs
👉HOW DOES AN LLC MAKE MONEY – https://www.youtube.com/watch?v=HTKgIryNPtQ
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Unlike most product-based businesses, service-related businesses are relatively inexpensive to launch, said Burnham. They can often be started out of your home with no employees, and can therefore be a great way to generate income as you develop a more robust business plan.
Other ideas include launching an e-commerce store before opening a retail storefront or working an umbrella cart or food truck while you save up to open a brick-and-mortar restaurant.
Some owners have successfully funded their startup using credit cards, but it’s not typically recommended since interest rates are so high.
Taking out a loan against your IRA or a 401(k) is another option, but that’s also a risky move. This route is really only remotely reasonable for young entrepreneurs who will have time to recover if things don’t work out.
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*Disclaimer: This information is provided for educational purposes only and in no way constitutes legal, tax, or financial advice. For legal, tax, or financial advice specific to your business needs, we encourage you to consult with a licensed attorney and/or CPA in your state.