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Getting Funding to Start Your Own Businessby Valerie Young Send Feedback to Valerie Young Career change resource for entrepreneurMore Details about Career change resource for entrepreneur here.
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When you discover your True Calling, you may find your life taking you in unexpected directions.
You see, anyone can get a 9-to-5 (or maybe for you it’s more like 8-to-late) J-O-B. A job is something that pays the bills but all too often fails to feed the spirit. And when your spirit is starved for meaningful satisfying work, your happiness suffers. But that’s not all.
Do you believe you were put on this earth to sit in commuter traffic, to suffer through the performance evaluations and reorganizations, to have to answer to a boss that is well… you know….
Were you really created to spend your life having the Sunday night blues?
Or Do You Believe, As I Do, That You Were Put Here to Follow a Calling That Is Uniquely Yours? If the idea of loving what you do appeals to you, the way I see it… here are your options: You can keep plodding along week after week hoping that inspiration will somehow, someway suddenly strike and – in a flash – your true calling will be revealed.
The SBA site (SBA.gov/financing) is a good source of information on small business loans. And be sure to contact your local SBA office for information on government-sponsored programs in your state. Another viable source of funding is to find investors. Don't think big venture capitalists here. Twenty or so years ago, a local woman named Lin told me she and her partner were trying to start their own bar and restaurant. At the same time that I encouraged her to go for it, I have to admit, I never really thought it would happen. She didn't own a home and had an average paying job teaching at community college. At the time it just didn't seem feasible to me that they'd be able to come up with the kind of money they'd need to do it. Boy was I wrong. They raised the money by tapping friends, family and acquaintances to be small investors. It was a big success, but as anyone who's worked in the restaurant business knows, it was also a lot of work. After about eight years they decided to sell and Lin changed course once again. She got her real estate license and is living her dream on the island of Vieques off of Puerto Rico where she opened her own vacation rental real estate company. I remember reading an article a long time ago in Entrepreneur or a similar type magazine on a creative way of coming up with money to start a small business. Keep in mind my memory on this is a little hazy but as I recall, the general idea was this: Say you need $10,000 to start your business. Instead of trying to borrow and be liable for the full $10,000, get 10 people to each kick in $1,000. Half of the money is considered a loan to be paid back under terms negotiated ahead of time (and in writing). The other $500 is considered an investment. That way you and your investors share the risk. If the business succeeds, then everyone gets the loan portion back with interest but also earn some kind of return on their investment. If the business fails, the most you are out is $5,000. To make the deal more enticing, tell the original investors that if the business really takes off they'll be given the chance to re-invest. Of course, you will want to talk to an attorney before drafting any agreements. Finding the money to start your business may not be easy but it almost always is do-able!
Valerie Young abandoned her corporate cubicle to become the Dreamer in Residence at Changing Course, a career change website for people who want be their own boss and work at what they love. Her career tips have been cited in The Wall Street Journal, USA Today, Woman's Day, MSN, CareerBuilder, and iVillage. Go to http://ChangingCourse.com/ebook.htm for a free report on how you can make a career change that gives you the freedom to do work you love.
Keywords: career switch, changing jobs, midlife issues, work at home, home based business, self-employed This article has been viewed 324 time(s).
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