Sources of Funds for Self Employment
One of the major challenges of a self employed person is Money/Funds. Many people have business ideas, skills and attitude that can make them self employed but could not achieve this due to unavailability of cash of funds to start self employment.
See Also, things you need to know about Self Employment
But few people were able to get cash to start a business somehow and the method some of them use to get funds includes;
1. Family and Friends : One of the easiest sources of self employment is from families and friends. Family members and friends may contribute money/funds for a business especially if you are able to convince them about your business idea. Its easy to tell and seek funds from families and friends and you get the funds.
2. Personal Savings : Another source of money for self employment includes is through personal savings. You can do this by reducing your expense on consumer goods and you could also get money simply embarking on daily or monthly contributions with people, friends, families and colleagues.
3. Loans : you can source for funds for self employment through loans. It may not be too easy to secure a bank loans as a young entrepreneur but there are other means of getting loans which includes thrift societies,cooperatives and other informal lending agencies.
See also, 5 Ways to Get Funds without Banks
4. Grants : grants are like donations which Governments or groups give to individuals to start a business and get self employed. There are so many agencies that can help you with money to start, you only need to visit some Government offices for more information on this program.
5. Pension : Pensions is a good source of funds to be self employed mostly for retired people who are still active to work. Some may invest their pension into another business while other may decide to give their children some money out of their pension to start a business, this is a good way to invest a Pension.
6. Sales of Property : People source for funds to start a self employ business by selling their properties. Such properties like shares,land, houses, jewelries and other belonging can provide huge sum of money to commence a business.
There are good source of money for self employment projects. Any the sources above works especially if only a little money is required to start a small scale business. Thanks for reading.