Now that the global financial climate is a little more stable, many people all over the world have decided that 2023 is the best time for them to start their own company. Most governments are waiving business rates at the moment, and this means you have the best chance possible of making your idea a success. However, people with a bad credit history could find themselves unable to jump certain hurdles relating to funding without first doing some research and finding out what kind of help is available to them.
With that in mind, I’m writing this article in an attempt to point you in the right direction and hopefully help to alleviate some of your concerns. Funding a business is very difficult when traditional creditors are unwilling to lend you cash, but that doesn’t mean you should give up. There are a number of solutions you might like to consider, some of which I’ll list over the next couple of paragraphs. Hopefully, this information will make realising your dreams a little easier over the next few months.
Remortgage Your Home
Obviously, you’ll need to be pretty certain your business idea will work before heading to the bank and asking about remortgage, but if you’re in the situation where alternative options are limited, you might have little choice. So long as you’ve already paid a considerable amount of your original property loan off, remortgaging could give you all the money you need.
Bad Credit Credit Cards
If remortgaging seems a little drastic, then it might be worth looking online and applying for a few bad credit credit cards. You might be surprised by the amount of companies willing to accept your application, but just be careful to budget accordingly because the interest rates for people with a low credit score are usually higher than you might find with standard credit cards. Still, if all other avenues are closed, this money could help you to get your idea off the ground.
Sell Your Collectibles
Whether you’ve got a stash of unopened original Star Wars figurines, or even if you’ve been collecting modern art for the last ten years, opting to sell your most valuable collectibles to fund your startup could be rather sensible. Utilising this technique will mean you don’t accumulate any debt, which is obviously beneficial should something go wrong with your business plan.
Borrow From Friends And Family
Presuming you really have come up with an idea that everyone you meet is impressed with, obtaining investment from your friends and family might be easier than you think. Try to get in touch with anyone whom you feel may be interested and pitching to them for funds. If they have money lying around in their savings accounts, they’re very likely to consider your proposal.
So guys, now you’ve read through my suggestions for basic funding, I hope you’ll be more inclined to move forwards and seek the financial assistance you need. Having a bad credit history needn’t mean you’ll struggle these days. You just need to start thinking outside of the box.