However, fulfilling the dream is often not possible for a lot of people due to lack of funding.
If you plan to start up your printing business, here are some fund raising tips that you will find helpful.
As everyone knows, banks can help many business owners to start up their own business. In the past, most big banks would only consider loan applications from organizations with at least a two-year business track record. As a new start-up, that leaves a considerable number of would-be business people without a 'financial' friend in the world. But, times have changed. Since 2016, many banks now offer affordable rate business loans to new entrepreneurs. Do a little research and check out the banks in your area (and online as well). You will find that many may be eager to offer loans to new business start-ups.
2. Self Financing: Do it without anyone else's help.
Many entrepreneurs come to the realization that they should self-finance their business venture as more formal subsidizing options are not available to them.
Translation: Banks won't lend you the money. So, if it comes down to 'doing it yourself', here's some approaches you can take:
a. Tap into your personal savings. If have some money in the bank, put it to use.
b. Use your credit cards. Believe it or not, thousands of business start-ups have been launched by using a line of credit from a credit card.
c. Sell personal items—convert them to cash and use the proceeds to finance your new business. Have some valuable guitars, a motorcycle, or other items of value? Cash them in and get your business rolling. Ebay and Craigslist are great places to sell your stuff.
If you have confidence in your vision and refuse failure as the alternative, you should feel at ease putting your own cash into the business.
3. Funding from family and companions.
Funding from friends and family is one of the most common ways to get a business up and running. If you have a good relationship with your parents or siblings, it may be well worth the effort of approaching them for a loan. Your likelihood for success will increase substantially if you present them with a well prepared business plan for your new venture and a written agreement outlining the terms of how you intend to pay them back.
Hitting your 'rich uncle' (or other well healed relative) up for a loan has launched countless businesses throughout history.
4. Loan from the non-banking financial institution.
Another option is to get a loan from non-banking financial institutions. This can be an alternative when banks may not be willing to lend you money. Small savings and loan institutions and 'finance' companies offer small and 'micro' loans that may be sufficient for you to get your business up and running. There are also many 'capital lending' businesses that specialize in providing the financing of new equipment for screen printing and t-shirt printing businesses. A search on the web will reveal many companies who offer equipment financing plans.
5. Funding by partner.
Your partner could be a safe option for funding. Does your spouse or companion have sufficient financial resources--and faith in you and your business idea? Consider approaching your partner for the needed financial banking. Again, presenting a well prepared business plan for your new venture and a written agreement outlining the terms of how you intend to pay them back will help your chances substantially.
According to Wikipedia: 'Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people. It is a form of crowdsourcing and of alternative finance. In 2015, it was estimated that worldwide over $34 billion was raised this way. Although the concept can also be executed through mail-order subscriptions, benefit events, and other methods, it is now often performed via Internet-mediated registries.
Crowdfunding has been used to fund a wide range for-profit entrepreneurial ventures such as artistic and creative projects and entrepreneurship projects'. There are numerous companies online that offer crowdfunding. GoFundMe.com and KickStarter.com are two of the more popular ones.
7. Hit the lottery.
We couldn't help but include one fun, but very unlikely way to get the needed financing for your new business venture. Play the lottery! How many times have you heard that? Buy a couple of one dollar lottery tickets and hope for the best! Who knows? You might get lucky!
Good luck with your fund raising efforts!
Tom Sandersen reporting for American Screen Printing Association.
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