6 smart ways to get money to start your own business
How do you obtain financing for your project? Many of us have creative and creative ideas to create our own project. However, the lack of a hand may stand in front of them, and prevent them from translating those ideas into reality, which enables them to realize their dreams of financial independence and financial freedom. Many questions revolve in their minds, all of which revolve around the sources available to obtain the money needed to start a private enterprise. Like: How do you collect money? How much is the amount of money to be collected? And who is the candidate or party for that? In this article, we will talk about some of the smart methods and methods that can be resorted to some of them to obtain the necessary capital to start your own project.
6 smart ways to get financing to start your own business
1. Family and Friends:
This is probably the easiest and safest way to get money. Your family members and friends care about you, and they love goodness and success for you, so it is very possible for them to give you what you need without requiring you to provide guarantees, proofs and studies about your project. In fact, they are ready to help you again should you run into difficulties or fail in the beginning. Although this method is considered a good technique, its main problem is the lack of the incentive for success. You are – in most cases – not required to return the amount you borrowed within a specified period of time, or you may not be required to return it from the original; This may lead to complacency and not working seriously and actively. Despite that, this option remains on the table for those looking for a source of funding to start their own project.
2. Self-made wealthy:
You might say to yourself: It is not easy for the rich to give their money to others, and that they demand guarantees for that. Although this is true in most cases, many of the people who built their fortunes with their diligence and diligence tend to help beginners in the world of self-employment, because they have gone through the same conditions previously; This creates a real desire to help others, and it also makes them feel successful, but you will have to convince them of the viability of the project. These rich people may offer you more and more valuable money. That is, their directions, advice and suggestions.
3. Professional Investors:
These differ from the adventurers; They seize real, well-thought-out opportunities, and give their money to people who have creative ideas, carefully studied and proven to be economically feasible, in pursuit of making money. You can offer them the project idea supported by documented numbers and statistics, and they are able to read and analyze them and make a decision to invest in the project if it is proven to them that it is a promising project that will generate sufficient income and good profits. In addition, professional investors may contribute to providing their technical and administrative support, expertise, experiences, and advice to the project owner to increase his chances of success, as long as he will benefit them and profit.
4. General Shareholders:
They are the ordinary or legal persons who buy stocks and bonds that companies offer for trading in the financial market. Most companies use this method to obtain the funds needed to start and grow the project later. But you must provide all the evidence and proof of the viability of your project to be examined and analyzed by the specialists in the financial market, and if it is proven that your project is capable of achieving profits, then you will be able to offer shares for public subscription and increase the chances of obtaining the necessary financing.
5. The good rich:
You may be surprised by this expression, and read it again. But we assure you that the likes of these rich people do exist; They love philanthropy and are ready to donate part of their wealth to help beginners in freelance work. They believe in the famous saying: “Give me a fish and I will eat for one day, or teach me to fish and I will eat every day.” For example, Bill Gates, the founder of Microsoft, donated half of his fortune years ago to charity. Not to feed the hungry, but to support everyone who has a successful business idea and is looking for a source of funding. And you might be surprised when you know that some of the good rich will not ask you to return the money or ask you about anything that proves the success of what you want to do. While there is a category of them asking you to return the money after your project has made enough profits in order to recycle it and give it to other people. Here, you must abide by your promises and not evade your obligations so that the act of good will continue and not be a reason to stop it.
Although it is easy to obtain money through banks, this method is among the most dangerous methods of obtaining project financing. The bank is ready to give you the money you want in exchange for presenting some papers that guarantee its right to recover it at a certain time, and it does not care whether your project succeeds or fails. Moreover, banks deal with interest, so we advise you to deal with Islamic banks through murabahah and musharakah.
These were some of the methods available to finance the idea of your own project. We decided to put them in your hands, so that they might help those who are considering entering the world of self-employment to achieve their dreams and aspirations and to reach financial freedom and financial independence.
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