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Most startup have little to few amount of money to fund their project. Different amounts of funding differs to the type of project that is being created and depending to what type of prototype is being created, a small to large capital can make a big difference even in an early seed fund for early startup. In this post i will talk about different ways we can start doing to get the funds we need.
1 Accept overtime
If you are currently working for someone lease you need to add additional working hours on top of the regular working hours of your job. This can be physically demanding but you wont be doing it forever. We are only doing this as an additional alternative for the needed capital boost, remember your ambitions and focus on that.
We are only doing this overtime hours to increase the paycheck in a short period of time which will be for our own advantage once our prototype will take its commencement stage.
2 Get a part time job
Self funding is one of the hardest things that we must be willing to do. Getting a part time job for additional capital boost for our startup is another option that we can do besides the regualr job that we have which most of our daily expenses come from. A part time job creates additional source of capital and almost all the money we earned will be funded to the project that we are creating.
3 Get a private loan
Banks will certainly require a lonee a collateral to be able to provide the needed capital. A prototype at an early stage need to create traction in order to receive funds from investors but in order to create traction first we need to create a running prototype. A running prototype requires money or capital to be created. This is the downside of creating a startup, you alone will be on this stage of creation and might need a co founder a friend or a family member to help you along the way.
Now a private loan gives you access to a good amount of capital for your project. There are situations that collateral are not required as long as you have a job to repay the money back in the form of installments.
4 Close friends and family members and co-founders
This is not entirely a self-funding but asking for additional financial support from close friends or family members will give you additional financial support adding advantage to your plan. Almost all startup start this way asking support from families and friends .
There are other ways you can start self-funding your startup. Different situations need different financing round but some ideas i have shared in this post gives us additional access to capital requirements.
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