How Am I Going to Fund My Business?

I get asked quite frequently, “If you don’t have any money saved for the business, then how are you going to open a hair salon?”

And my answer to that question is and has always been, “I don’t know.”

Because the truth is, I really don’t know yet.  When I jumped off the Corporate Ladder, I literally took a huge leap of faith and JUMPED!!

I jumped believeing that some way, somehow, I’d attract the money I needed to get my business up and running. And yes, the economy is much worse than I had anticipated when I resigned, but I still believe and trust that the money I need is out there with my name on it!

This past Friday when I met with my SCORE couneslor, we considered all of my funding options:

  1. Family & Friends
  2. Credit Cards
  3. Bank Loans
  4. Venture Capitalists
  5. Grants
  6. Selling the book I plan on writing
  7. Placing ads on my blog
  8. Cashing in my 401(k)

Of the two hair salon franchises I spoke with last week, they said it’d cost between $150,000-$200,000 to build out a new salon depending on the location.  So, I’m anticipating that I’ll need  between $300,000-$450,000.

But, we’ll see. I may not need that much.

I know it’s not going to be an easy task. But I also know that once my business plan is finalized, I’ll be able to shop it around and see what happens. 

I’m looking for a miracle… Expecting the impossible…

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One Response to “How Am I Going to Fund My Business?”

  1. Bill Cash Says:

    I just stopped by your blog and thought I would say hello. I like your site design. Looking forward to reading more down the road.

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