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Five Ways to Finance a New Business Idea

As moms, new ideas constantly flow throughout our minds, often including the idea for a better future for our families. We have a strong desire to show our kids that they can do anything they want by example, and encourage them to do hard things. Though, starting a business can be a daunting task, especially for moms who are already juggling the responsibilities of running a household and raising children. One of the biggest hurdles when starting a business is figuring out how to finance it. Over the course of my entrepreneurship journey I’ve researched several ways to finance a new business idea to make your entrepreneurial dreams a reality.

1. Personal Savings

One of the simplest ways to finance your business is to use your personal savings. If you have a nest egg set aside for emergencies, you could dip into that to fund your business. This can be a good option if you’re starting a small business that doesn’t require a lot of capital, and if you’re willing to take the risk of putting your own money into the venture.

This is the way that my husband and I typically fuel our business ideas. We have come from a family of 9-5 jobs, so to fuel our growth we took on more side work or utilized funds from our day-jobs or other businesses to invest in a new business idea when it felt aligned.

2. Crowdfunding

Crowdfunding is a great way to raise money for your business without having to give up equity or take on debt. There are several crowdfunding platforms out there that can help you reach a large audience of potential investors. If you have a compelling business idea, a well-crafted campaign, and a solid marketing strategy, you can raise a significant amount of money through crowdfunding.

3. Small Business Loans

There are many different types of small business loans available to entrepreneurs, including SBA loans, microloans, and lines of credit. These loans can be a great way to get the funding you need to start your business, but keep in mind that you will have to pay them back with interest.

We’ve also utilized credit cards in the early days of our business growth to help fund an investment in our business ideas. Keep in mind that you will need to flex your financial discipline muscles when utilizing any form of credit to grow your business.

4. Ask Friends and Family

If you have friends or family members who believe in your business idea, they may be willing to invest in your venture. This can be a great way to get the funding you need without having to go through a formal loan process, but it’s important to set clear expectations and boundaries when borrowing money from loved ones.

5. Grants and Awards

There are a number of grants and awards available to small business owners, particularly those from underrepresented groups like women and minorities. Do your research and find out what grants and awards are available to you in your industry or community.

Create A Strong Support Network

No matter how you decide to finance your business, remember that starting a business is a journey, and it’s important to have a strong support system in place. Surround yourself with other mom-preneurs who can offer advice and support, and don’t be afraid to ask for help when you need it.

And if you’re looking for more guidance on starting and scaling a business as a mom, check out my new book “Welcome To The Room, Mama.” This tell-all guide will help you overcome your limiting beliefs, build a successful business, and find the balance between work and family that you’ve been searching for. It’s available for purchase in both e-book and paperback formats on Amazon beginning February 19.

Let me know in the comments what your new business idea is! Do you have a special way to finance it?

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