When asking military spouses what the biggest barrier is in their business, the number answer is funding; funding is holding military spouses back from starting and running their business. It’s always funds, funds, funds.
I remember starting my first business as a blogger in 2014 and bootstrapping to get a website build to add my blog. This is way before Wix and Square Space template plug-and-play options. I’m so glad it since has evolved. I ended up taking money from our savings to pay for a WordPress site and logo. It was expensive at the time considering I didn’t have a job and we were on one income at the time with three kids.
Since then, after launching and scaling multiple successful businesses to include my recent venture at the Association of Military Spouse Entrepreneurs, I have learned about more opportunities to raise funds to run and expand a business.
Don’t let funding stop you from starting. With so many barriers to establishing a business, funding doesn’t have to be one of them.
If you have a zero dollar budget or are bootstrapping to get your idea off the ground, you do have other options. Don’t let lack of cash flow stop you.
You can seek outside funding! There are different business financing options available at your fingertips. All it takes is a little research and time to find those opportunities.
For example, you may pursue outside funding in the form of:
- Small Business Administration (SBA) loans
- Investments from angel investors
- venture capitalists
- Credit cards
- Bank loans
- Crowdfunding
- Grants
- Loans from family and friends
As always, before you decide to go with outside funding, weigh the pros and cons of each option. Ask yourself questions for each option. Each decision comes with a responsibility.
- Do you want to give up ownership of your business?
- Do you want to take out a high-interest loan or line of credit?
- How easy is grant writing? Can you do it yourself or hire someone?
Whatever you decide, know that you have many opportunities to build the business of your dreams from wherever the military takes you.
And you don’t have to go it alone. Our program at AMSE is here to guide you every step of the way. Take steps today to get more information on funding your business with business blue prints and Unit 4 of “Building Your Business the AMSE Way” Curriculum available on your program portal. Visit www.amsemembers.com to get started for free.
Now go out and get that money!