Self-funding your business startup may seem risky, but there are several tips that can make it a successful strategy. First, start small, testing the market before fully diving in. Second, be prepared to make short-term sacrifices. For the first few years, consider forgoing a salary and investing your earnings back into the business. Last, add expertise as needed. As your company grows, your business structure will become more complicated, and you may need to work with banks and brokers. In doing so, however, you will still retain 100% ownership in your business.
- The author states that from the moment that she conceived the idea of starting her small clinic she was met with the hurdle of buying her own machinery.
- She was resolved that she would find a way to fund her startup business and was against the idea of taking an investment.
- The author has worked for a long time in the commercial world and was able to buy a house and this helped her in buying her machine.
“The majority of new business ideas start off as a side hustle. Find a low cost model to test the market before making the leap into a full scale business.”