Have you every been in the frustrating situation where you need to buy something for your business and don’t have the money?
Maybe one of the following techniques will be the answer you’re looking for.
You’re probably aware of the credit card industry for purchases. Did you know you can actually “buy money” with credit cards? You can withdraw the money no questions asked, assuming you have available credit of course.
Not only can you use your card, many credit card providers also can send checks that you can write against your credit limit.
If you have five credit cards you can cash a check or “draw money” (cash advance) of $1000. That makes $5000 if you use this method on all five cards. Cash the credit card check at the bank or institution that provides the credit card.
Many banks also offer overdraft protection these days. Using this method a check can be cashed for higher than the amount in the bank account. The check is processed even though the funds are there. The bank honors the check, therefore , as a benefit, no overdraft fees for you or the person whom you issued the check. This method is actually “revolving” credit.
Another method is using your home equity to borrow money. If you have $25000 equity in your home You could take out a loan using the equity in your home. Many astute people use this method in order to start or expand a business.
The next method, which has been used very frequently is borrowing from friends and family. For example if you have 10 friends that each loan $100, that’s $1000 right there. Imagine the possibilities if have hundreds.
Even though you don’t realize it you probably have cash laying around. I’m not talking about finding money in the pockets of old jackets. Old furniture, dolls, antique items can all be sold to raise funds. Almost anything in your bedroom, attic or basement stored away has the potential to generate funding. You could even have a yard or garage sale as a fund raiser.
There are many more methods that can be used. Use your imagination to see the endless possibilities. They are out there, spend a little bit of time contemplating and less time worrying. The world is full of endless opportunities for anything and everything. Be prepared to use any or all the methods when the need arises.
If any of these methods work for you, you’re well on your way.
Article written by Farida Madre