Creating an Optimal Future for Yourself By Rick Wallace, Ph.D., Pys.D. | Courtesy of Visionetics...
8 Creative Ways to Fund Your Startup
8 Creative Ways to Fund Your Startup
8 Creative Ways to Fund Your Startup ~ I founded The Visionetics Institute to be a comprehensive mechanism with the capacity to assist people in converting their visions into reality. A significant part of reaching the heights of an expansive vision is achieved in your mind. I often tell my clients that having the best strategy in the world will have little benefit if your psychology does not align itself with your passion. Often, people know that there is something better out there for them, but they are still holding on to limiting beliefs that are associated with a paradigm that robs them of the confidence necessary to take the required actions to achieve what they so desperately desire. It is these limiting beliefs that keep most people in a holding pattern wishing that things would change in their favor. The truth is that you cannot change the results you are getting without taking the necessary actions to change the cause. One of the seven universal laws that govern everything in this world is the Law of Cause and Effect, which states: "Every cause has its effect; every effect has its cause." In accordance with this Law, every effect you see in your outside or physical world has a very specific cause which has its origin in your inner or mental world. This is the essence of thought power. Every one of your thoughts, words or actions sets a specific effect in motion which will come to materialize over time. To become the master of your destiny, you must master your mind for everything in your reality is a mental creation. Know that there is nothing like chance or luck. They are simply terms used by humanity in ignorance of this Law.” While your success in life — whether in business, marriage, finance, social impact, etc. — will require that you have a cognizance of certain strategies and mechanisms, your thoughts remain the seeds of your destiny and that is where you must begin. I have written and published 19 books, and I am currently writing my 20 th. I have launched and brought to profitability 46 companies, and I have been actively involved in the success of countless others. I have lectured before a wide array of audiences on multitudinous topics ranging from success in business to epigenetics and its impact on the biological vulnerability to diseases like cancer, diabetes and heart disease — as well as its impact on the intergenerational transmission of trauma, as well as countless other accomplishments that will go unnamed here. So, does all of this mean that I have had advantages and opportunities that those who have not experienced this type of success have not had access to? Absolutely not. Opportunities and advantages are created through the processes of toil that is birthed from a belief that what you seek is possible. The only difference between me and someone who is struggling to achieve success is our mentality.Fortunately, it is possible to rid the mind of limiting beliefs and to adopt a mindset that is conducive to massive success at any level. The only limits you have are those you accept as reality in your mind. When you step out of the box of limited expectations, you will find that the world will begin to bend to your will. The energy you emit because of your confidence and the actions you take because of it will literally cause the entire universe to conspire on your behalf to bring you the things you seek. Okay, now that I have that out of the way, let's get to the reason that you are here. Once you have straightened out your thinking, your aspirations to become an entrepreneur will lead you to one unavoidable challenge — the need to fund your business idea. Whether you need capital for your initial rollout, product development, or your initial payroll expenses, you will have to find a way to generate the necessary capital. First, you should understand that money is only one form of capital, and while it is the most fluid form, it is not the only one. Many times, you can use your current skill set to barter for things you need, or you can use your most powerful form of capital, your mind. Moving forward, I will be focusing on creative ways that you can acquire money as capital to fund your business idea outside of the traditional methods used for financing businesses. There are multitudinous alternatives to traditional financing, but I am going to give you 8 that have a proven track record when effort and persistence are applied. One of the greatest skills that you can acquire in the world of business, or life in general, is the ability to think laterally or creatively — meaning you must be able to think outside of the box. The first matter is to develop a mindset in which you never say never.
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It is important when you are attempting to use external funding sources to fund your startup, you must have a lucid perspicacity of the need to sell yourself more than you sell the business idea. Following are 8 proven funding strategies that exist outside of the traditional funding structure.
- Personal Financing
- Personal Credit Lines
- Family and Friends
- Peer-to-Peer Lending
- Crowdfunding
- Microloans
- Vendor Financing
- IRA Financing