If wishes were horses, beggars would ride. This is one of the oldest sayings, I guess. Who doesn't wish to own a big business? Almost all of us have the wish. I have even had an interview with senior employees of big companies, and most of them have expressed their desire to run their own businesses, despite being in high paying jobs. However, starting a business, whether small or big, needs money. And lack of money is what keeps off most of us. So, what options do we have? Today, that is what I will be looking at in this article. So, let's walk the journey together.

Funding Our Startups: What Options Do We Have?

Personal Savings

This has to be our first source of funding as far as starting our own business is concerned. Yes, looking for money elsewhere is still a good idea, but what savings do we have to top up our startup budget? Unless we are living from hand to mouth, we should be having savings. And while money saving culture is still a mirage to some of us, it is advisable to save even the least amount we can afford. We should never forget that a single step is what begins the journey of a thousand miles. So, if we have the dream of owning a business, then we should start saving money from our income, however small it is. If we are not able to save money from the income, then we may explore the option of selling our own assets to raise funds for our businesses. After all, starting a business is all about risking, and there is nothing wrong with selling our, say, car and investing the proceeds in a business.
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Lending Institutions

Yes, this one comes second in my view. Once we have ascertained that we cannot fully fund the business from our savings, turning to lending institutions for secured loans will automatically come in our mind. In fact, this is what most entrepreneurs out there do. They would rather borrow from lending institutions than sell their assets. It works, as long as what we are investing the money in will be able to service the loan. I must appreciate those lending institutions which take the risk of funding startups because not all lending institutions have that courage. In fact, the majority of these entities prefer funding businesses that are already running. So, we may want to scan through the options that are available to us to know which institutions will accept to lend us money to start a business.
 
Window shopping can help us given that there are many options we will come across, with each of them having their own terms and conditions. Comparing these terms and conditions to determine ones that work best for us is something we shouldn't need to be reminded of. However, most lenders will want to conduct a background check on our credit scores before they can trust us with their money. It pays to be in good books with lenders at all times as poor credit scores can prevent us from getting funding.
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Friends

However unfriendly we may be, each of us has at least that one friend we can turn to when in need of money. In fact, there are those friends who want to see us dive into business and grow. Now, it is upon us to sift through the list of friends we have and see who can lend us money. While considering this option, we should put in mind that not all friends can lend us money. Or, some of them will give us money only for them to go out there and share the information with other people in their circles, despite the fact that this has to be a deal between two parties, and it should be accorded the confidentiality it deserves unless it involves a witness. To that extent, we must choose our friends wisely.
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Grants

Most governments have good strategies in place when it comes to funding entrepreneurs. This is free money we can take advantage of and grow our businesses. However, these grants are usually up for grabs, and we may need to have a convincing business plan in place to get the funds. Naturally, the authorities will fund business ideas based on how viable they are.

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