Starting your own jewelry business is a great way to turn your hobby into an income-generating venture. While your business will likely need some startup cash to get it going, as you make sales, you will be able to feed that money back into the business to continue its growth. If you aren't sure how to fund your new jewelry business, then you have four different options to explore, including:
Funding Option #1: Self-Funding
If you have a robust savings or checking account and want to self-fund your new business venture, then that may be the cheapest and easiest way to start.
If you have a personal credit card with a zero balance you can dedicate solely to the business, this is also a very workable option. However, since many credit cards have higher interest rates than other types of small business funding, you need to be very careful to pay off your debt as soon as possible, or all of your profits will be eaten up.
Funding Option #2: A Loan
If you want a larger chunk of cash all at once so you can purchase your jewelry findings in bulk and get a much better price, then you always have the option of taking out a loan. Some popular loan options include:
In addition, the Small Business Association (SBA) also offers a special low-interest startup funding loan you should at least take a look at.
Funding Option #3: Venture Capital
If you are swinging for the fences and want to quickly expand your jewelry business into a major venture in short order, then you have the option of seeking venture capital. Venture capital can be hard to obtain, but if you are able to get it, then you will have what you need to more quickly expand your empire.
Funding Option #4: Crowdfunding
Lastly, one of the best ways to fund a new jewelry business is to open up a crowdfunding campaign. The crowdfunding sites online everyone has heard of offer many simple ways to create a website you can drive traffic to. Once on your site, visitors who want to see you succeed will often open up their own checkbooks and help you out. By offering them each a sample of your product or another perk, you will further expand your sales as well which will bring in more income.
By using one or more of these strategies, you can attain your startup funding.
27 June 2019
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