Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
Even if their first business went under, they’ve likely made investment contacts and client connections necessary to give them a leg up in a new enterprise. As a new entrepreneur, you’ll be starting from scratch, which means you’ll need to start networking like crazy and thinking through all your possible funding options before landing on one.
Depending on the industry you want to be in will dictate the financial commitment you need to participate in it. In general, service type businesses are substantially less to start because they are not required to maintain hi levels of product inventory and real estate. If you need to borrow money, you must be well informed, industry educated and passionate about your business. Be persistent with your efforts to fund your business, and do not let the nay sayers obstruct your vision. I had a friend once tell me “they do not erect statues of critics and those afraid to try”. Be the Me on your team that will make the difference for your future.