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How to start working for yourself

Working for yourself is a dream of many. Especially when it comes to young people. And everyone is interested, above all, how to start working for yourself. But no one even understands how difficult this task is.

Who of us at least once in my life did not come up with the idea to start our own business. But for many, this thought remains a thought, and only a few achieve the desired. Naturally, before you start working for yourself, you need to find available funds.

Where to find money for business
Today, there are so many ways to find free money.

The fastest way to solve a money problem is simply to borrow it. If you need a small amount to start your own business, then it is best to ask this amount from relatives or close friends. For the peace of your borrower, you can offer him a small percentage of your company’s interest. Or you can take money at a small percentage. However, for those who are embarrassed to ask for money from relatives or friends, this method is absolutely not suitable. The main advantage of this method is that there is no need to go through the banks. In addition, you will save a huge amount of time that would have taken you walking around the banks. Another plus is that in case of failure or if unforeseen difficulties arise, you can always ask for a delay in paying the debt.

The second way is to get a bank loan. In this case, the most correct way is to prepare a competent business plan that will clearly reflect all the pros and cons of your idea. With this document you should go to the bank and try to get a loan to create a new business.

In practice, banks are extremely reluctant to lend the so-called start-up. In this case, in order to increase the chances of receiving a loan, it is necessary to offer the bank collateral, which will be the guarantor of your refund. This can be a private car or an apartment, or any other real estate. There is also the possibility of attracting a guarantor, which may be either an individual or a legal entity. The main thing is if you received a refusal in one bank – this is not to give up. Do not forget that in our country a lot of banks.

A big plus when lending is having a positive credit history. However, bank lending has its drawbacks. First of all, quite high interest rates from 14% to 40% per annum. Secondly, the rigid framework of cooperation, which are determined by the loan agreement.

If suddenly you have difficulties, and you cannot make a payment on time, the bank will punish you with all possible sanctions. Remember that if a specialist comes into your position, then an organization with thousands of borrowers will never. Constant search for money and sleepless nights does not contribute to the right atmosphere of business development. But lending often becomes a debt hole in the case when the business “calms down” and the borrower cannot pay the money on time. What then? If this situation has happened to you, then you must notify the bank in advance of this and try to jointly resolve this issue. The bank is interested in your payment, so it will go on a deferment of payment.

If you are hiding from representatives of a credit organization, then you will be prosecuted for “fraud” and you will be called to the court to testify. Practice shows that the court always takes the side of the credit institution, so your property, including collateral, will be sold to pay off the debt.

The most correct, and most importantly safe way to start your business is to start it with your own accumulated money. This method has one big plus – you risk your own money, but do not have debts. This situation of business development suggests that you do not need to frantically search for money to pay for the next payment and you can safely and leisurely do business. In this case, you will have much more chances to promote your own business.

There is another way to start your own business. This is the so-called franchise. You take a product from a large company for sale and save money from the profit earned to start your own business. This method is interesting, but very long.

Business rules
Starting a business is possible and it is not very difficult.
The main thing is to be patient and persistent. These qualities are inherent in this entrepreneur.
Do not give up at the first failure. Need to go ahead.
You should always be a person, no matter what situation you have.
It is necessary to think carefully about your actions and not stop there.
Realizing yourself, you show a positive example to your children and acquaintances.

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