How to Fund a Business [Video]
This is a question I get all the time and my answer is always the same.
I don’t suggest you get loans or venture capital money to start a business.
I coach so many entrepreneurs that go into massive amounts of unnecessary debt. Instead of focusing on growing their business, they’re focused on making payments and staying above water. Debt increases risk and magnifies mistakes. It’s a terrible place to be and can become a huge stress in your life.
Instead, start small. When you believe in your vision, bootstrap it! If you make great tacos, dont open a restaurant. Start with a warming cart. When you’ve made enough money, move up to a catering truck. If you’re continuing to make great amounts of money, buy another taco truck or move into a brick and mortar store. Stock pile money then move on to the next step. Self-fund your business growth with sweat equity and profit, not debt.